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Notices tagged with cryptocurrency, page 2
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Most of those have public blockchains, so with some correlating work, a sufficiently resourced adversary could de-anonymize many users already.
I think the #Monero #cryptocurrency ( #XMR ) has a mandatory mixer that blends several transactions together in order to make it harder to map transactions to specific parties.
But Monero used to be the currency that people would try to mine in other people's browsers and servers, so I still feel like it is tainted by criminals.
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Rereading #Ethereum Foundation's report (from 2022-04). https://ethereum.foundation/report-2022-04.pdf
#cryptocurrency
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The Bankless podcast discussed some of this on the 2022-05-16 episode (118). https://www.youtube.com/watch?v=nzGMSKbqjco "118 - Raoul Pal | Should We Be Scared Right Now?"
(Note: #cryptocurrency podcast; some references to BTC, ETH, UST)
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https://cryptoslate.com/more-bad-news-for-terra-as-fresh-allegations-emerge-about-mirror-protocol/ [cryptoslate com]
Seems to claim that someone involved in #Terra / #Luna knew about a protocol flaw and took advantage of it to defraud other Terra investors over a yearlong period.
Does this mean that there were no external attackers, just greedy insiders who collapsed the algorithmic #stablecoin?
If that is the case, this isn't just a #cryptocurrency thing. There are regulated financial institutions (e.g., savings banks, commercial banks, investment banks, REITs, mutual funds, and more) where insiders divert funds into their own hands. Many of the ones that get caught are eventually prosecuted, but by no means all.
It sounds analogous to the claims made around the collapse of the MTGOX exchange several years ago, but there are likely some similarities to the Wells Fargo scandal from a few years back as well.
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@geniusmusing Thanks for this post. I was just investigating #Juno recently as one of the ways a future venture might receive payments.
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As I understand it, a lot of online & mail order retailers have issues with chargebacks after the product has been delivered, so accepting payments in #cryptocurrency can be a way to reduce such fraud.
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Reading the article again, it really does seem like the people behind the Beanstalk #stablecoin hadn't engaged professional security people before they structured their "smart contract".
For one thing, the only way to remove the reserve currency & #cryptocurrency used to pin the bean's value to the dollar should have been to surrender an equivalent value of the bean cryptocurrency for destruction.
For another, there should have been a delay between purchasing the coin and obtaining the voting rights it brings. This allows someone to notice large swings in bean ownership, so they can possibly try to counteract it.
And finally, just because computers and the Internet allow transactions to be rapidly performed does not mean that every transaction must be performed speedily. If the outbound funds transfer is slow enough, someone may be able to stop it before it completes.
Yes, each of these comes with its own negatives. But overall, if the only way to extract funds is to surrender equivalent value of stablecoin, and if both rigging elections and transferring loot takes a substantial time period, the thief is likely paying interest to someone. Raise their costs and reduce the likelihood of success enough and the DAO may scare off most of the people who would attempt such things.
I haven't checked further, but I presume Beanstalk is winding down, unless someone comes along and re-funds it enough to validate the pin again.
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I need to look for financial institutions (banks, savings banks, credit unions) that have a presence in the area of the country where I'm going. The current bank skips that entire part of the country.
Likewise, I think I need to add a second credit card. When I got this one, it was going to be for online purchases. But when I'm on the road, it isn't easy to get cash for transactions, so I've been using my card. I still pay it off every month, but it will be easier for me to keep to track if there is a card for in-person transactions and a different card for online transactions.
And thirdly, I need to find a #cryptocurrency exchange that doesn't scare the **** out of me with the kinds of financial access they require. We (potential customers) have no easy way to judge their security, but we can definitely see whether a breach in their system could easily become a breach in our own bank accounts. (For example, if they use a 3rd party that scrapes your bank's website and therefore requires your login info. Which, if you think about it, is scary as ****.)
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#Samsung to add #cryptocurrency functionality to Samsung Pay on upcoming S22 phone. https://beincrypto.com/samsung-unveils-crypto-wallet-and-storage-on-new-s22-smartphone/ [beingcrypto com]
I don't think that keeping your "wallet" on an always-connected device is a good idea. Now if they made it easier for you to connect and then disconnect a hardware wallet when you desire to transact, that would be good. But this is dangerous bunk in my opinion.
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First of all, I appreciate Moxie's honesty and directness. This isn't some cheap bash-and-trash. He actually tested some aspects of the #cryptocurrency and #web3 infrastructure and pointed out some glaring weaknesses.
Secondly, though, if you don't know history, you might not know that Moxie advocates for centralization, despite long-known security and privacy weaknesses that come when a centralized organization is the center of gravity in an ecosystem. His messaging software (Signal Messenger) is centralized.
And as Andre points out, Moxie glosses over one alarming consequence of centralization (the organization's ability to effectively disappear his NFT).
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Moxie Marlinspike discusses #web3 ... #web2 ... #web1 ... and how much of the #cryptocurrency & #nft ecosystem (supposedly Web3 and decentralized) is already moving toward Web2 style decentralization.
https://moxie.org/2022/01/07/web3-first-impressions.html
See also Andre Staltz' response: https://staltz.com/some-people-want-to-run-their-own-servers.html
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S told me that her friends are going to some kind of seminar to learn how to make "Metaverse Art". I'm not sure whether #Metaverse art is "in game purchases" for #VR & #AR or #NFTs (non-fungible #cryptocurrency tokens).
Maybe I shouldn't have been, I was surprised that the seminar industry is that up-to-date. I remember when they had seminars for things like pay phones, arcade games, and "non-profit vending machines" (vending machines where a cut of the profits are pledged to support particular non-profit organizations).
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Someone suggested that #Ledger Nano S is a #cryptocurrency hardware wallet, but #Trezor is "certificate storage for cryptocurrency keys“ as though that's different.
https://www.investopedia.com/trezor-vs-ledger-5193580
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The thing with NFTs of artwork is that we don't have to participate, just like with numbered prints. I have never purchased an #NFT, and I have never bought a signed and numbered print.
If an artist chooses either path to help support them, that's up to them.
As for the #cryptocurrency angle, the thing I favor isn't increasing prices. I favor them as a tool to dislodge crooked bankers' grip from our throats. So not being against cryptocurrencies means I don't hold that against NFTs.
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Listening to the #Bankless Podcast (about #cryptocurrency) ... and queuing up an episode of #HPR to follow.
I don't & can't listen often anymore, so I'm just flipping through recentish episodes looking for one that seems to be worth hearing.
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https://evanhatch.medium.com/len-sassaman-and-satoshi-e483c85c2b10 [evanhatch medium com]
Speculation about the identity of #Satoshi, the pseudonymous creator of #Bitcoin. Brings lots of coincidences in to support the choice of candidate.
Probably a much more solid case than Craig Wright’s claim.
#cryptocurrency #BTC #Satoshi_Nakamoto
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@lxo I admit I am no expert, but I have not seen a #cryptocurrency based on #git and #gpg.
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https://nu.federati.net/url/282348 [dailyhodl com]
SEC chief asks Congress to fill in the regulatory gaps in the #cryptocurrency space
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https://dailyhodl.com/2021/07/29/litecoin-ltc-sparks-crypto-adoption-with-big-e-retailer-on-board/ [dailyhodl com]
#NewEgg now accepts #LiteCoin ( #LTC ) #cryptocurrency for payment in addition to #Bitcoin ( #BTC ) and #DOGEcoin ( #DOGE ).
> According to Newegg’s senior brand manager Andrew Choi, the integration of Litecoin is about making the customer experience more flexible and convenient.
> "Delivering a better online shopping experience isn’t only about price and selection – it’s also important to let people shop however they want, and that extends to offering flexible payment options."
> Newegg has been using BitPay to accept Bitcoin (BTC) since 2014 and Dogecoin (DOGE) since early this year.
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https://nu.federati.net/url/282269 [cointelegraph com]
> Ethereum co-founder Vitalik Buterin has hailed the London hard fork a success adding that it has given him more confidence over the upcoming merge to the Eth 2.0 chain.
> Speaking to Bloomberg News from Singapore, Buterin said that EIP-1559 is “definitely the most important part of London.” The upgrade, which went live around 15 hours ago, has tweaked the fee generation mechanism resulting in a portion of the fees being burnt.
It looks like the change from #PoW (proof-of-work) to #PoS (proof-of-stake) is proceeding well, though it is taking longer than originally expected. I knew a guy three years ago who tried to sell me his #Ethereum #cryptocurrency mining rig because he was convinced that the PoS switch would happen rapidly.
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I'm still not clear on why someone would want a #stablecoin in the first place. Since their value is tied to dollars (or another national currency), one can just use the nation's fiat currency instead a hybrid #cryptocurrency.
https://nu.federati.net/url/282223 (seen because Guizzy posted the link earlier). [dailyhodl com]
It seems that Itchy ( #ICHI ) is behind several stablecoins already.