it's going to zero boys
BITCOIN
- Thread starter Weather Man
- Start date
ZERO
David Marcus was previously head of the cryptocurrency efforts at Facebook (Meta), and President of Paypal
David Marcus was previously head of the cryptocurrency efforts at Facebook (Meta), and President of Paypal
I was reading about Dfinity releasing a solution for contract storage and execution on bitcoin coming out in q1 or q2 '22.
I may take a flyer on some
It blows me away some people can read into all this and not see what's happening, once I've seen and understood... you can't really unsee it.
But it's been awesome to be able to scale in on this retrace.
I can't get enough money in fast enough, I'm basically 50% SPY 50% crypto. Week in... week out.
Hopefully is stays sideways/downwards until I get profit sharing and tax checks.
I may take a flyer on some
It blows me away some people can read into all this and not see what's happening, once I've seen and understood... you can't really unsee it.
But it's been awesome to be able to scale in on this retrace.
I can't get enough money in fast enough, I'm basically 50% SPY 50% crypto. Week in... week out.
Hopefully is stays sideways/downwards until I get profit sharing and tax checks.
Wormhole DeFi protocol hacked for $320M; Solana tokens dip below $100
SOL-USD -9.28%Feb. 03, 2022 8:57 AM ETCross-chain decentralized finance protocol Wormhole was hacked for more than $320M on Wednesday, making it one of the largest attacks in the space.
Solana (SOL-USD -12.1%) tokens dipped below $100 per token on Wednesday afternoon, erasing most of its January gains, now changing hands at $96. Ethereum (ETH-USD -6.2%) is falling to $2.6K on Thursday. Bitcoin (BTC-USD -4.8%) edges lower to $36.5K as well.
Note that Wormhole allows users to move their digital coins and non-fungible tokens between Solana (SOL-USD) and ether (ETH-USD).
"The wormhole network was exploited for 120k wETH," the company wrote in a Twitter post on Wednesday. "ETH will be added over the next hours to ensure wETH is backed 1:1." A few hours later, "the vulnerability has been patched," the company wrote in another Twitter post. "We are working to get the network back up as soon as possible." The protocol's website is currently offline as "a fix has been deployed and all funds are safe."
Collateral damage:
Moreover, the hacker's profits currently amount to $251M worth of ether (ETH-USD), nearly $47M in Solana (SOL-USD) and more than $4M in stablecoin USDC (USDC-USD), CNBC reported, citing preliminary analysis from CertiK. Specifically, the attacker exploited a vulnerability on the Solana side of the Wormhole bridge to create 120K wrapped ether (WETH-USD) tokens, which are pegged to the value of the original ether (ETH-USD) coin, to claim ether that was held on the ether side of the bridge, CNBC reported. “This exploit breaks the 1:1 peg, as there is now at least 93,750 less ETH held as collateral,” according to CertiK's report.
Recall in August when cross-chain protocol Poly Network was hacked for $611M, the largest DeFi hack to date.
Boston Fed, MIT create open source code for hypothetical CBDC in research project
Feb. 03, 2022 2:30 PM ETThe Federal Reserve Bank of Boston and the Massachusetts Institute of Technology's Digital Currency Initiative issued its first findings into researching technologies for a central bank digital currency (CBDC).
The collaboration, called Project Hamilton, focuses on experimentation and doesn't aim to create a usable CBDC for the U.S., the bank said. Rather, it's meant to understand how emerging technologies could support a CBDC and the challenges that remain.
"This collaboration between MIT and our technologists has created a scalable CBCD research model that allows us to learn more about these technologies and the choices that should be considered when designing a CBDC," said Boston Fed Executive Vice President and interim Chief Operating Officer Jim Cunha.
The research described a theoretical high-performance and resilient transaction processor for a CBDC by developing open-source research software, OpenCBDC.
In the first phase of the project, the team created a core processing engine for a hypothetical general-purpose CBDC and explored it in two architectures.
They produced one code base that could handle 1.7M transactions per second.
The vast majority of transactions reached settlement finality in under two seconds within architectures that support secure, resilient performance, and offer technological flexibility needed to adjust to future policy direction, the Boston Fed said.
Neha Narula, director of the Digital Currency Initiative at MIT, said there are still a lot challenges in determining whether or how to adopt a central bank payment system for the U.S. "Open-source software provides an important way to collaborate, experiment, and implement. In addition to supporting collaboration, monetary systems benefit from transparency and verifiability, which open-source offers," she said.
The second phase of Project Hamilton will delve into alternative technical designs to improve its already robust privacy, resiliency, and functionality of the technology outlined in the first phase, the partners said.
Last month, the Federal Reserve issued a discussion paper on CBDC and is currently seeking comments on the issue.
How would it be different from FIAT money though?
Will it be censorship resistant? Can funds be frozen or persons be unbanked (Mike Lindell)? Will they inflate the supply as they did with FIAT currency, thereby devaluing the CBDC? Isn't the dollar already digital? I barely use cash except when I go to the car wash sometimes, and even then I don't always use cash.
Fast transaction speed is easy in a centralized system. The current FIAT monetary system is centralized. I will be a lot more impressed with Ethereum scaling to a million transactions per second while remaining decentralized and censorship resistant.
Shit happens. The FIAT world is not immune to this. With bank robberies people also sometimes die.
Cybercrime To Cost The World $10.5 Trillion Annually By 2025
Special Report: Cyberwarfare In The C-Suite.
cybersecurityventures.com
Bank Crime Statistics 2020 | Federal Bureau of Investigation
The 2020 Bank Crime Statistics Report. In 1934, it became a federal crime (under FBI jurisdiction) to rob any national bank or state member bank of the Federal Reserve.
www.fbi.gov
25+ Attention-Stealing Bank Robbery Statistics for 2024
Bank robbery statistics are going to reveal the biggest bank robberies in the world and which country had no bank robberies in 2020.
capitalcounselor.com
Each year there are approximately 3,000–4,000 bank robberies. According to the Federal Bureau of Investigation, in 2019, out of 267,988 robberies, 1.4% were linked to banks. In addition, banks lost an estimated $482 million due to robberies. In other words, $4,213 per offense.
In 2017, there were about 4,000 bank robberies in the US. In 2018, there were 2,975, in 2019 there were 2,405, and in 2020 there were 1,778 bank robberies.
Shit happens. The FIAT world is not immune to this. With bank robberies people also sometimes die.
Cybercrime To Cost The World $10.5 Trillion Annually By 2025
Special Report: Cyberwarfare In The C-Suite.
Bank Crime Statistics 2020 | Federal Bureau of Investigation
The 2020 Bank Crime Statistics Report. In 1934, it became a federal crime (under FBI jurisdiction) to rob any national bank or state member bank of the Federal Reserve.
25+ Attention-Stealing Bank Robbery Statistics for 2024
Bank robbery statistics are going to reveal the biggest bank robberies in the world and which country had no bank robberies in 2020.
Each year there are approximately 3,000–4,000 bank robberies. According to the Federal Bureau of Investigation, in 2019, out of 267,988 robberies, 1.4% were linked to banks. In addition, banks lost an estimated $482 million due to robberies. In other words, $4,213 per offense.
In 2017, there were about 4,000 bank robberies in the US. In 2018, there were 2,975, in 2019 there were 2,405, and in 2020 there were 1,778 bank robberies.
Bank deposits are FDIC insured. Crypto, you might be made whole and you might not.
It will kill off any private crypto by being backed by the full weight of the USA. 99% of people value security of the currency used over what maybe the Feds can't track. IRS requires reporting crypto this year. I got a feeling that people who didn't report may find out just how much the IRS can and cannot track.
The IRS Whistleblower Program is one of the strongest anti-fraud award programs available to whistleblowers. Whistleblowers can receive between 15 and 30 percent of the monies collected from a successful prosecution. IRS whistleblower rewards are also available to non-U.S. citizens who report serious frauds committed by U.S. taxpayers, as well as foreign actors and entities who assist in the tax fraud, such as off-shore banking. Overall, the IRS has awarded over $1 billion to whistleblowers.
Again, you're missing the whole point of Bitcoin and crypto in general. The point is to DECOUPLE your monetary assets from the Fed and Gov't control. Bitcoiners don't want or need US Gov't backing - ie INFLATION and all the rest of the manipulation that goes with it. Digital FIAT is just that - FIAT. So what.
How was your short stint back at mcdonald's? Lol
Fringers. People who want their crypto money safe/secure/stable will swarm to it. That is if paying with crypto even becomes a thing. Also assumes that the VISA/MC/AMEX/ETC don't simply co-op it into their plastic that already rides in every single wallet and purse in the country.
People will swarm to fiat seems like an odd statement to make, unless you mean the people that are already in crypto will leave it for a Fiat USD pegged CBDC. Which wont happen.
cant wait to see how it shakes out. Here's to hoping consumers navigate to the cheaper, faster, freer alternatives.
I say swarm to it, because I could see a melding of traditional credit card with Fed crypto that improves all aspects of security in using a CC. Any idea that makes your CC more secure for you or the vendor is going to get traction.
If the Fed also ties FDIC insured to it, game is over for the competition.
Cash is a losing investment, digital or paper doesn't matter much - especially with higher inflation. I can post charts and connect dots too.
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Game over boys!
Fedcoin going to magically fix all the issues of fiat currency by being a more invasive fiat currency.
I'd add, fedcoin can't claim to offer the best "security" when they have total access to your funds on a whim.
Do you really believe that if you were a serious big money crypto player with a taxable crypto event that the IRS wouldn't come knocking on your door?
Feds with a digital currency will be able to track your (and everybody else's) every expenditure down to the penny. That will be fun, huh? Talk about "Big Brother"..
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