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Block which renamed itself from Square to rebrand itself as a blockchain platform is winding down its blockchain platform efforts.
It’s now clear that there is little value in blockchains and crypto as a technology platform. Crypto has found a niche as a form of speculative assets for financial risk takers and a tool for moving money around while avoiding regulation (e.g. ransomware payments, foreign remittances, etc).
https://www.cnbc.com/amp/2024/11/08/jack-dorsey-dramatically-shutters-blocks-tbd-crypto-unit.html
When it came time to reckon with social media’s failings, nobody ran to the “web3” platforms. Nobody asked “can I get paid per message”? Nobody asked about the blockchain. The community of people …
Here's a thread of AMAZING Blockchain ideas that I just pulled out of my arse.
I *guarantee* that every single one of these will be proposed by someone who takes this VERY seriously indeed.
Buckle up etc etc etc etc 🧵
if you buy a donut and get a receipt, and the donut itself gets stolen and eaten, you still have the same asset because the receipt still exists, nothing has changed
The creator of a memecoin-turned-top cryptocurrency says his interactions with Elon Musk didn't impress him, and predicted that crypto is still headed for a big crash.
2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak. It still sits on the address we received at 👇. Never moved or sold.
Address:
finder.terra.money/mainnet/addres…
With crypto crashing, hopefully to zero, we have a potential ~0.1 Gt-CO2 per year savings in greenhouse gas emissions on the table.
Cool. That’s 10,000x larger than all the world’s carbon capture technologies to date. And it could happen immediately.
Really wonder how Matt Damon, Lebron, Spike Lee, Larry David, etc feel or will feel when this is all over. This ain't like selling someone a product. They straight up convinced naive fans of theirs who admire and trust them to be bag holders. How does that not weigh on your soul?
Also Silicon Valley: “the future is going to built on distributed databases of jpeg receipts. It requires more computational power than several nation states.
After we make a trillion dollars from this idea, we’ll fund some carbon offsets or something.”
And let’s not forget how thanks to the nature of DeFi, inside jobs are just as plausible as an attack.
If you develop a protocol, would you not be tempted to leave a small door to make off with tens of millions, and never be charged with any crimes?
It’s so tempting.
Stealing $100M in diamonds is a criminal act, and those committing it were caught and imprisoned.
Exploiting $80M via a DeFi protocol is… not even stealing, apparently? No police involved, and all the DeFi protocol can do is… ask nicely to return the money:
We’re engaging all efforts to try to move forward. As a decentralized project, we are asking the DeFi community and experts in chain analytics to help us limit the exploiter's ability to withdraw funds via CEXes. If the exploiter is open to a discussion, we are as well.
twitter.com/losslessdefi/s…
Is it considered stealing if the attacker goes by the rules coded in the protocol?
DeFi is learning the lessons the rest of the finance industry has done so the past ~100 years, and put guardrails against them.
All I can say it’s very profitable to exploit DeFi right now:
Post details
Beanstalk is a credit based stablecoin protocol that was hacked for ~$80 million an hour ago
How? By flashloan-ing enough collateral to become a supermajority voter and create a proposal(BIP) to effectively rug the protocol all in 1 tx
lets dive in 👇
Here's the thing - I've a degree in CompSci and have spent my professional life working with all manner of high tech kit.
I find the whole crypto space baffling.
There is nothing that I've found which is even close to mainstream acceptability.
And most of the back end is 🔥
Just in case there's anyone else out there who hasn't seen this work of genius. Keep an eye on that counter in the bottom right as you scroll down.
web3isgoinggreat.com
Now that The Tinder Swindler has proved to be a huge success on Netflix - a documentary of a con artist scamming ~$10M from women over the span of years until arrested - I’m waiting when they’ll do The Crypto Swindler where hackers drain 10x this amount from unsuspecting people.
Write a blog post about B*tCo*n and you'll get ALL the pingback spam from the dodgiest sites.
This is such a scammy "industry".
On the pus side, I now now my full name in German is "Terence Eden, ein britischer Nerd und Blogger,"
Crypto tokens are going to be around for a while and sadly for the wrong reasons.
This stuff is being pushed like penny stocks and lottery tickets; not some revolutionary monetary system.
They’re really really putting millions of dollars into trying to get you to feel FOMO over crypto, huh? Can you think of a reasonable, worthwhile, durable investment that they had to beg regular folks to participate in?
If cryptocurrencies are actually money, why do we need Super Bowl ads using FOMO to sell them?
I’ve never seen prime time ads about buying Euros, Yuan or Yen.
With inflation at 7.5%, you lose half your money in 9 years. The only way to outperform that consistently, that I have found, is crypto. Just this year I’ve already lost half my money.
I just realized that the:
"I had $10 in my bank account and crypto made me rich!" CNBC article
And the "Our account had less than $1, and now we're rich!" CNBC article
And the "Crypto will make you more attractive on dating sites!" CNBC article
Are all by the same journalist.