How about the Tornado cash news today? USDC blacklisted a bunch of contract addresses...we all knew it was coming some day
Sounds like they can just perpetually fork it. If the govt wants to waste resources playing whack a mole, god bless em, and Circle prob just killed their stablecoin. UST had the right idea, just poorly/irresponsibly executed.
If they want to keep USDC as an option they can fork. But in reality, not even sure they need to...contract is still up and front end is mirrored on IPFS, it just can't use USDC. LUSD / Rai will benefit from this quite a bit and Frax / Dai if they can figure out how to reduce their USDC exposure
Agreed - govt overreach and resisting political coercion has always been BTC's political aim. First shot across the bow. Thankfully I have never used Tornado Right now the maxi's are too busy having a little civil war atm
I generally like Nic, but also think he’s being hyperbolic and whiny as fuck lately. It’d also help if he didn’t start with a false statement; Luke Dash is longest tenured core dev.
Nic as the martyr is funny. This issue lacks key language definitions. If “maximalism” is dead, why’s he going on about it so often? If no one credible believes whatever it is, then why’s he think it’s so harmful? He’s also built up a huge following by being very publicly pro-btc and can’t hide from the fact that his financial interests in running a VC crypto fund are directly aligned with drawing capital to other projects. Far be it from me to tell him how to make money. But acting like he’s the objective morally pure one in the back and forth is a bit much. This doesn’t help either.
I have come across this guy, he is a nutter and the epitome of the guy Nic is talking about. This guy and Adam Back are the ones that immediately come to mind. And that crazy guy who’s always ripping up US dollars at Bitcoin Miami
Could not disagree more on Adam. He’s one of the most mild mannered general technical experts in the space. Legit can’t recall a signal time he’s gone after anyone aggressively. The guy is cited in the white paper. And there’s a reason no one mentions his name in this. Max Keiser is the other one you’re thinking of. And sure but that’s his entire schtick. He acts like he’s Hunter Thompson. Grubles’ points above aren’t particularly off base imo. Especially the last thread on the “scam” debate. The whole thing is silly. Debates about a term no one can define in a tiny section of the internet on Twitter that I’d venture 99% of btc owners don’t know exists.
There are 20,000+ coins. I think the most pro-crypto people would identify ~20 that they would keep personal money in for more than 5 years. Xrp, doge, cardano, shiba, are top 20 in market cap. He’s not exactly wrong. Chamath and friends basically had a running joke about dumping Solana on retail. The founder of Swan passed along info to journalists about some crypto vc funds just being given random tokens from crypto founders to then tout AUM and pump/dump the coins they were being asked to wash and dump on retail for a 2% fee. The vast vast majority of the space is worthless and/or a scam. Not to mention an unregistered security.
Think it will be more like...if we can link you as a US citizen to a wallet interacting with Tornado, you're eff'ed. I agree they won't be able to take it down, there is no one to compel to do it
It’s a mixer, it blends transactions from a variety of users to hide the source and destination of funds. For example, let’s say 100 users/day deposit ETH in generic round amounts that will blend in and be indiscernible from other transactions, say 1-5-10-20 ETH increments, and everyday users are depositing and withdrawing similar generic amounts, you’re entitled to withdraw the amount you deposited, but it doesn’t have to be the exact same ETH transaction you deposited on chain, you could be withdrawing user XYZ’s ETH who also deposited that same generic amount of ETH a month ago, then you can send it to a new address with no direct on chain ties to you. Often used in money laundering, hackers will steal say 1,782.67 ETH, they’ll make a bunch of 5, 10, 25, ETH deposits and leave it in Tornado for weeks, months, years, the more time you wait the more transactions and users you have to mix/jumble in with, and then withdraw 5, 10, 25 ETH to clean addresses so no one can find or associate you with that stolen ETH. *I guess should mention there are also legitimate reasons one would want to obfuscate their transactions, say a crypto fund/trading desk with a large position they don’t want front-run by chain sleuths. Though it’s most notably being used for money laundering large crypto hacks and at the lower levels tax avoidance.
Says the Twitter guy into Stacks that Cory has been shitting on as a scam all day. Also this is all par for the course for Cory. He was calling out Celsius and Luna as scams months before they fell apart. He saved a lot of people a lot of money. Not remotely surprised that he’s pushing back on Udi, Carter, and Eric Wall.
“BlackRock is committed to providing clients with access to their choice of investment opportunities and has launched a spot bitcoin private trust. The trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust. Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities. Bitcoin is the oldest, largest, and most liquid cryptoasset, and is currently the primary subject of interest from our clients within the cryptoasset space. Excluding stablecoins, bitcoin maintains close to 50 percent of the industry’s market capitalization.”
Doing taxes for crypto across multiple exchanges fucking sucks The button on Binance to "consolidate small balances" is for fools like myself
Anybody planning to buy or sell ETH prior to the merge? I know user15000 s stance, anybody on the other side? I've got a small stake and have been waiting to buy more, but I've been thinking I'll wait until after to see the initial response.
I don’t own any, but the change in protocol is pretty wild to watch play out. The tornado cash sanctions event, slashing, 51+% on exchanges, etc. all make me think this is a long-term mistake and at a minimum something that is being rushed and not fully thought out. But another delay after years of delay would probably be a disaster. Also tough to trade most anything in crypto with macro and Powell driving everything.
Vitalik was openly debating the issue with Brian Armstrong of Coinbase like 1-2 weeks ago on Twitter, so this is hardly a btc talking point. Tornado cash is an open source privacy mixer that just got sanctioned by ofac: addresses, developer arrested, etc. Post-merge, like 3-4 of the exchanges will have >51% of all eth staked through holding customer funds. There is a legitimate concern that those organizations are not censorship resistant and subject to govt rules/regulations in a way that threatens the base layer censorship resistance of eth. The eth plan to handle something like that is essentially “we’ll just slash their funds and kick them out,” which best I can tell is not a thought out plan at all and is based on social consensus. The fact that this is something Vitalik and others are actually discussing 2 weeks before a change of the entire protocol is not a good sign. But there’s also roughly zero chance they could stay with proof of work at this point while maintaining any credibility. Nic Carter article on it(not exactly a maxi): https://www.google.com/amp/s/www.coindesk.com/layer2/2022/08/25/if-ethereum-starts-slashing-it-burns/?outputType=amp Good YouTube summary from a guy who has like 20% of his funds in eth iirc.
https://www.toptradersunplugged.com/podcast/nathaniel-whittemore-global-macro-series-june-22nd-2022/ Good podcast