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Notices tagged with cryptocurrency, page 3
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> Jonathan Meizhi Khoo, a former employee of Australia's national science agency CSIRO, is not going to prison after mining cryptocurrency with the help of the government's supercomputers, The Daily Telegraph reports.
https://nu.federati.net/url/282216
Basically, he was stealing from the government (and therefore the people) of Australia in order to enrich himself. I don't know what penalty Australia would have levied for a comparable misuse of government resources that earned a comparable amount of fiat currency. I think that #cryptocurrency tends to shut people's minds off and they respond by reflex. He's probably lucky they didn't behead him or something.
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Circle audit reveals #USDC stablecoin underpinnings, while Tether remains mum on #USDT stablecoin underpinnings and regulators circle the #stablecoin market. https://nu.federati.net/url/282053 [cointelegraph com]
#cryptocurrency #Circle #Tether
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#Ethereum upgrade coming: https://blog.ethereum.org/2021/07/15/london-mainnet-announcement/ [blog ethereum org]
I don't know whether the "London" upgrade is considered a major upgrade or a point release. I do know that the "OpenEthereum" client will be deprecated once London happens. London follows April's "Berlin" release.
#cryptocurrency
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https://decrypt.co/75622/chinas-crypto-projects-plot-their-plan-b [decrypt co]
#cryptocurrency businesses in #China plot their next move.
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https://decrypt.co/resources/1inch-dex-aggregator-decentralized-exchanges [decrypt co]
Decrypt dot io explains the #1inch #cryptocurrency exchange.
They didn't explain how it got its name. That's probably a more interesting story.
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Elizabeth #Warren writes to chairperson of the #SEC to ask about their regulatory authority over #cryptocurrency exchanges. https://decrypt.co/75526/what-exactly-does-elizabeth-warren-want-sec-do-crypto [decrypt co]
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In some ways, both of them have some resemblance to “the Hawala system”:{https://en.wikipedia.org/wiki/Hawala} … except that by buddying up with the banks, Ripple the #XRP #cryptocurrency promoter has to comply with government KYC and money laundering rules and rules against organized crime.
I’d say Hawalas, being often part-timers whose main business is something else, probably don’t have the time or resources to devote to compliance. (It isn’t enough not to allow criminals to transfer money; they also need to document their systems and certify their compliance.)
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https://ripple.com/files/ripple_consensus_whitepaper.pdf [ripple com] versus https://ripple.ryanfugger.com/Protocol.1.html [ripple ryanfugger com]
What is the relationship between the two forms of Ripple? Is the Ripple #XRP #cryptocurrency the same Ripple that is referenced in https://villages.io/ documents?
It seems that @jeffcliff@shitposter.club believes they are the same #Ripple … or at least that they derive from a common ancestor. I don’t know, though. By the time I first heard of Ripple, they were the cryptocurrency that was trying to buddy up to the big banks. (And now, their big thing is international payments … including through banks and other intermediaries.)
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@guizzy I saw that much of Tether's funds are held as commercial paper. If there was a 'run on the bank' and they needed to sell quickly, they could have substantial losses.
Now, that risk is true for every commercial bank as well, (which is why the FDIC exists) for a company that depends on the peace of mind that 'we have $1 in the bank for each USDT token' gives, that could easily be enough to trigger a run.
#cryptocurrency #stablecoin #token #USDT #banks #FDIC
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https://villages.io/
Jeff Cliff ( @jeffcliff@shitposter.club ) often refers to Villages Hours. It seems like a time banking system, but he just now said it is also #cryptocurrency ( Ripple / XRP ) in some form.
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@geniusmusing Yes, which is why I’ve been concerned for a while that most people seem to use #cryptocurrency exchanges (or LocalBitcoins, but that’s basically a form of exchange) as their onramp to cryptocurrencies.
That’s replacing one set of untrustworthy intermediaries (banks and PayPal) with another (cryptocurrency exchanges). And making it so that people who buy have a lot of assets tied up, hoping that someone comes along and pays more to gain those assets (greater fool theory).
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https://www.nytimes.com/2021/06/14/opinion/bitcoin-cryptocurrency-flaws.html
https://www.tbray.org/ongoing/When/202x/2021/06/26/Shorting-Bitcoin
Tim Bray is someone I deeply respect, and have for a long time.
I am sharing these links with the kids, so we can discuss this in our next #cryptocurrency discussion.
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Congressperson: The Federal Reserve is "Dogecoining the US dollar" https://decrypt.co/72818/federal-reserve-dogecoining-us-dollar-rep-davidson [decrypt co]
#The_Fed #BTC #Bitcoin #Dogecoin #USDollar #cryptocurrency !econusa
Obviously, there is a point where the combination of the Fed's policies and Congress's borrow-and-spend policies will trigger inflationary price increases. No one knows for certain where that point is, but the Fed's operative assumption is based on doubling the money supply in one year during the 2008-2011 recession without any perceptible impact on prices.
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Vitalik Buterin explains how and why he (and the dev team) designed #Ethereum 2.0 https://www.youtube.com/watch?v=-R0j5AMUSzA
#cryptocurrency #DeFi
This is probably great, but it is way too long. I'm using listen for half an hour, then pause and go do something else. But I can't promise I'll be able to continue all the way through.
"Bankless" has a series of videos, but this is the only one I've listened to.
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https://nu.federati.net/url/281396 [www techdirt com]
#Wall_Street_Journal opinion: ban #cryptocurrency to stop #ransomware
I think ransomware predates cryptocurrency. They can just as easily require bank transfer to accounts in Eastern Europe.
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The #cryptocurrency discussion within the family is getting interesting. It sounds like one son may be about to download the mining software for #DOGEcoin. At current prices (and electrical rates), he might make a small profit.
More importantly, he’ll actually have some cryptocurrency, so our discussions won’t just be theoretical.
I already had the “choose a coin / token that you can spend on real world products and services” talk with him. Despite my feeling that DOGE is not at that point yet, it sounds like this is the one he wants to pursue.
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https://www.bbc.co.uk/news/business-57169726 #Bitcoin and other #cryptocurrency prices continue their fall.
#BTC #ETH #DOGE
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I followed a link to https://www.truthcoin.info/blog/pow-cheapest/ ... but it has more econ stuff than I was prepared to think through right now.
#cryptocurrency #blockchain #PoW #PoS
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Last night, over #Wire, #Daddy_A and I were discussing #cryptocurrency again. I compared DOGEcoin's rising and falling based on Elon Musk's tweets to the penny stock "pink sheets" ... except that Mr Musk is probably smart enough to only have minimal exposure to the rollercoaster price movements his tweets are causing.
Of course, I also compared his tweeting to that of a well-known former politician. Both have tweeted things which should never be said publicly, if at all.
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I don't have an account with a #cryptocurrency exchange because they all seem to require me to link a bank account.
That requires multiple levels of trust:
(1) trust that the organization, its leadership, and its employees will not abuse that access;
(2) trust that their technical infrastructure is hardened enough to prevent (nearly) all attackers from getting in and segmented, so that the rare attacker that might get in cannot drain my bank account;
(3) the third level is also about their technical infrastructure, but it is not about bank access, just that any on-site "custodial wallet" balances are held securely, so attackers cannot drain those balances either.
To the degree possible, I would regularly move custodial wallet balances into personally held wallets, so number 3 is less of a concern. (Though seeing the unmentioned USD$300 minimum to move ETH funds raises that again. https://pleroma.guizzyordi.info/objects/7851dee5-c1d3-40de-aaf4-91f9493b87d8 )
This isn't just a cryptocurrency thing. I do not currently have a stockbroker account, because I perceived market manipulation in the 2000s and do not have thousands of excess dollars to lose.