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SHIB Rocket Pond Trailer
Attention all Shib-fans! Get your engines revved up for an exhilarating ride! We're thrilled to unveil the mind-blowing teaser video of Rocket Pond! ? Brace yourself for a journey through the Metaverse like no other. Join us and get ready to be amazed!
#SHIB #crypto #cryptocurrency
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https://www.youtube.com/watch?v=M0tSz2MMkEQ
#SHIB #crypto #cryptocurrency
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https://www.youtube.com/watch?v=M0tSz2MMkEQ
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VIDEO
US SE
us-senators-express-concerns-over-el
El Salvador’s adoption of Bitcoin as a legal tender has caused concern among American lawmakers, who are calling for a risk report on the potential impact on bilateral economic relations and law enforcement cooperation.
Last month, US Senators Jim Risch and Bob Menendez reintroduced a bipartisan bill requesting a State Department report on El Salvador’s Bitcoin adoption.
The bill, dubbed the Accountability for Cryptocurrency in El Salvador (ACES) Act, was initially introduced in February last year.
American lawmakers want an analysis of El Salvador’s adoption of Bitcoin and the risks for cybersecurity, economic stability, and democratic governance in the country.
In a Foreign Relations Committee blog post, Risch expressed concern regarding the implications of El Salvador's move to adopt Bitcoin as legal tender, claiming that it could weaken economic and financial stability. He added:
“Given U.S. interest on prosperity and transparency in Central America, we must seek greater clarity on how the adoption of Bitcoin as legal tender may impact El Salvador’s financial and economic stability, as well as El Salvador’s capacity to effectively combat money laundering and illicit finances."
El Salvador Continues to Double Down on Its Bitcoin Strategy
El Salvador made headlines in 2021 when it became the first country to make Bitcoin legal tender.
The country has since continued its Bitcoin push, with President Nayib Bukele purchasing large amounts of the cryptocurrency.
In mid-November, Bukele even announced that he will begin buying one Bitcoin per day starting from November 18.
As of now, the country is estimated to have around 2,381 BTC, worth around $65 million, acquired at an average price of $43,357.
Bukele’s Bitcoin experiment has been praised in the cryptocurrency world, but criticized by institutions like the International Monetary Fund and the World Bank.
More recently, El Salvador also welcomed Saifedean Ammous, a prominent economist and author of "The Bitcoin Standard," as an economic advisor to its National Bitcoin Office (ONBTC), an entity that manages all cryptocurrency-related matters in the country.
El Salvador's National Bitcoin Office was created by President Nayib Bukele in late 2022 in conjunction with known Bitcoiners Stacy Herbert and Max Keiser.
Meanwhile, reports about the adoption of Bitcoin in the small Central American country have been mixed, with indications that it has been slow to take off.
According to government figures, crypto accounts for less than 2% of all of the remittances made to El Salvador.
Remittances, mostly from overseas-based Salvadorans, are a major source of income for the country.
In fact, for this same reason, the government promised that BTC would provide more options and greater convenience for those sending and receiving remittances.
The country even launched a dedicated BTC app, designed in large part to facilitate BTC remittances from overseas. But data from last year showed that only two in 10 people who initially downloaded the app are still using it.
#crypto #elsalvador #bitcoin #cryptocurrency
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https://www.youtube.com/watch?v=hd6mk4HEybU
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Controlling
VIDEO
TWITT
twitter-verification-is-making-scammers
The biggest change to Twitter since Elon Musk’s takeover — the monetization of verification — appears to have been very costly for many crypto advocates and NFT collectors and a boon for phishing scammers.
According to a Twitter thread from @g13m, these scammers appear to be focusing much of their activity on individuals who are very young or very old, have problems with reading, or have other learning disabilities.
The scam goes something like this: a criminal — in this case, we’ll focus on a YouTuber and internet troll going by the name BlueXBT and JB’s Adventures — purchases verification (blue or gold) for a minimal amount of money (as is widely understood, a blue checkmark costs $8 a month and a gold check is $1,000 a month) and sets their name to be nearly identical to a well-known brand or individual.
Once they’ve done this, they bump up their follower numbers using bots and spam, set their avatar and bio to be identical, and block the account they’re impersonating so as not to tip them off right away.
At this point, the scam is relatively easy to run, needing little more than an automated bot to reply to large accounts that tweet out regularly, and occasionally checking direct messages for marks. You’ll notice that large brand accounts attempt to fight this by posting a tweet at the end of a thread stating that any tweets below the final one are not from their account and are inevitably scams and spam. However, this alone isn’t enough to counter the problem.
While the former verification system obviously had serious issues — namely that there was very little transparency around who was verified and why — the monetization of verification has completely destroyed the meaning of a checkmark. This has allowed scammers to thrive.
While Musk assumed that putting a paywall between scammers and verification would hinder their endeavors, it has instead simply put a price on doing business. And it’s a price that scammers are more than willing to pay.
Indeed, in this latest reported scam, BlueXBT was able to steal over $200,000 worth of cryptocurrencies and NFTs from just one individual, 200Xing his initial investment in a single Twitter Gold verified account.
It’s unclear how Musk plans to solve this issue, as raising rates will make verification impossible for many simply from a fiscal standpoint, and doing nothing leaves scammers able to regularly phish and earn an income.
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https://www.youtube.com/watch?v=jMwRpG2_hHY
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Controlling
VIDEO
DEFI
defi-protocol-umami-finance-sours-as-ceo
A dramatic week has resulted in the mass-resignation of #Umami Finance’s core team and a crash in the price of the UMAMI token, as the project’s ex-CEO allegedly dumped his token holdings.
Umami Finance claims to be “pioneering the institutional adoption of #DeFi,” but TradFi investors are likely to be put off by recent developments. The Arbitrum-based platform focuses on ‘real yield’, one of DeFi’s latest buzzwords, with the aim of attracting institutional investment with low-risk, delta-neutral plays and careful compliance procedures.
However, following the Jan 31 announcement that staking rewards would be paused, Umami’s staking TVL began to drop sharply, from over $20 million to just $5 million at the time of writing. The project decided to suspend the flow of funds pending completion of a compliance review by legal partner Fried Frank, exercising caution as regulatory pressure in the crypto space heats up.
In what now reads as crystal-clear foreshadowing, the project’s CEO, Alex O’Donnell (also known as DeFiAlpha) posted on Twitter:
“‘Kill your darlings,'” O’Donnell tweeted. “It refers to novelists who face tough tradeoffs in pursuit of the perfect narrative arc. Applies to startups, too.”Less than a week later, when UMAMI’s price began to crash from over $18 to a low of $7, an Umami developer wrote on Twitter that O’Donnell’s wallet was dumping tokens and triggering the drop. The dev assured users that treasury funds are safe, and the team had resigned from the project’s legal ‘wrapper’ Umami Labs LLC with the aim of returning to a DAO structure.
O’Donnell’s alleged address cashed out a total of 44,000 UMAMI tokens, valued at approximately $800,000 at the time. These were then market dumped for USDC, netting around $380,000 as the price of the token crashed by over 60%.
Apparently, users still have confidence in the team’s ability to deliver as a DAO as the price of UMAMI has since recovered to $14 at press time. The team plans to move forward with Umami’s roadmap, with new vaults set to be released soon. The control of treasury, contracts, and the protocol’s front-end all remain in the hands of the DAO multisig, a type of wallet which requires the digital signatures of multiple parties to execute transactions.
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https://www.youtube.com/watch?v=FX2Ym6rfNfQ
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LATES
latest-attack-on-arbitrum-network-costs
DeFi protocol Rodeo Finance has seen its total value locked (TVL) drop from $20 million to less than $500 after a hacker used oracle manipulation to relieve it of more than $885,000 in ETH. This is the second major hack to hit Rodeo in the past week.
The Arbitrum-based protocol lost 472 ETH in Tuesday’s attack. The hacker exchanged 285 of the stolen tokens for unshETH before depositing it on Eth2 staking. The funds were moved via Tornado Cash.
The attack comes just days after Rodeo was exploited for nearly $90,000 by attackers exploiting a vulnerability in its mintProtocolReserves function. This latest exploit first was uncovered by blockchain security firm PeckShield, which tweeted Rodeo suggesting that it “may want to take a look.”
According to Cointelegraph, the attacker used “time-weighted average price oracle manipulation” which is how DeFi platforms calculate asset prices within a specific timeframe. This helps them to protect against market volatility.
However, it also allows hackers to manipulate prices.
The address linked to the mystery attacker still apparently holds somewhere in the region of 374 ETH (over $700,000). The exploit has also negatively impacted the price of Rodeo Finance’s native RDO token which dropped more than 50% following the hack.
The exploit continues a run of bad luck for the Arbitrum network. In April, Arbitrum-based Sentiment saw $1 million stolen, and in May, Jimbos protocol lost $7.5 million. There have been a reported 21 exploits on Arbitrum since the start of the year, with total losses of over $20 million.
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https://www.youtube.com/watch?v=W4M8Xvdc6CQ
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CHATG
chatgpt-can-you-write-me-a-rap-song
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VIDEO
ETHER
ethereum-staking-is-highly-centralized
Lido’s dominance in the Ethereum staking market should raise serious concerns about Ethereum’s centralization, say the heads of the decentralized autonomous organization Asymmetry Finance. The potential impact of centralization on Ethereum could be catastrophic, leading to market crashes and protocol failures. Will regulators and community members wake up in time?
Since the Bitcoin Whitepaper in 2008, centralization has been the dream and driving force behind cryptocurrency. However, like many good things, it is easier said than done. Ethereum’s upgrade to proof-of-stake (PoS) last year brought many benefits. But, if you ask many in the liquid staking community, it also had serious downsides. Although, to first understand the problem, you need to understand Lido (LDO).
What Is Lido?
Lido (LDO) solves one of the biggest issues with staking tokens on a PoS blockchain like Ethereum: illiquidity. Essentially, in traditional staking, your tokens become locked up in the staking process—the consensus mechanism that secures the blockchain.
Instead of completely locking up your crypto assets, liquid staking allows you to receive tokenized versions of your deposited funds.
Launched in 2020, Lido supports Ethereum 2.0 liquid staking, as well as other layer-1 PoS blockchains like Solana, and Polkadot. Lido makes staking on Ethereum easier by allowing users to stake smaller amounts of Ether and still earn rewards. However, the minimum barrier for staking Ethereum is 32ETH (or about $60,000 at the time of writing).
An intimidating amount of money, to be sure. Although Lido Finance presents a solution. It lowers the financial barrier to staking ETH by enabling users to pool their ETH and stake any amount. So what’s the problem?
The Centralization of Ethereum Staking
Unfortunately, Lido’s popularity has been a double-edged sword. It dominates the Ethereum ecosystem’s liquid staking derivatives and raises concerns about its impact on Ethereum’s decentralization as it experiences rapid and exponential growth. Even Vitalik Buterin, Ethereum’s founder and mastermind, has acknowledged the risk it poses.
“Lido running 38% of validators is more than double that of which Vitalik said is too much for any single entity to control,” Justin Garland, co-founder of Asymmetry Finance, said in a discussion with BeInCrypto.
“Additionally, only 18% of ETH is currently staked. In Solana, more than 80% of the native token supply is staked and securing the network. In Avalanche, that number is above 60%. More ETH must be staked, as it further secures the entire network.”
Learn more about liquid staking with Lido:
The Ultimate Guide to Lido Staked ETH (stETH)
Asymmetry was founded to address the centralization of the Liquid staking tokens and derivatives market. When you deposit into Asymmetry, you receive a share of multiple staked Ethereum derivatives, which helps decentralize the staked Ethereum market. They plan to launch their flagship product afETH in the fall of this year.
One Attack Away From Disaster
Should the centralization vis-a-vis Lido keep you up at night? If you build or operate on Ethereum, maybe. For Hannah Hamilton, Asymmetry Finance’s other co-founder, the potential outcome is catastrophic.
“[It] means mass chaos. Crash of markets. Potentially the loss of everything that is on Ethereum. DeFi protocol failure for those integrated with Lido. It would be the worst crash within DeFi we’ve ever seen – nearly incomprehensible,” Hamilton told BeInCrypto.
“One protocol’s failure should not ever be allowed to obtain enough reach such that it would have an impact of this magnitude on the entire industry. This is why it is imperative that we decentralize this market,” she added.
It’s not entirely clear that everyone understands these risks, added Garland. Which calls for more education on what exactly decentralization means in practice.
“To note, 66% of the nodes on the Ethereum network must agree on the state of the network to reach consensus,” Garland explained.
“According to Rated Network, Lido has 32.9% ‘network penetration’ or the amount of stake that maps under one entity. Meaning if Lido gets to 33% and there was an attack or bug, Lido could single handedly stop the Ethereum network from reaching consensus. This means Ethereum itself stops functioning properly.”
#ethereum #crypto #cryptocurrency #lido #staking #stakingcryptocurrency #stakingrewards #stakingcrypto
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https://www.youtube.com/watch?v=JXr1l27dBBg
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VIDEO
GLOBA
global-finance-regulator-fsb-shares
The Financial Stability Board (FSB), a global finance regulator, has issued its set of recommendations for international crypto regulation that will inform the G20 this September.
The framework published on Monday seeks to address the risks of crypto to global financial stability. The recommendations are based on the principle of “same activity, same risk, same regulation.” In essence, the FSB believes that crypto activities must be regulated exactly how their traditional finance counterparts are regulated, regardless of how crypto firms market their products.
The safeguarding of client assets was top of mind in the FSB’s crypto recommendations. Like many other finance watchdogs, the FSB recommends that client assets are segregated from a firm’s own assets. It points to national authorities in order to solve this; “authorities should require that crypto-asset service providers maintain adequate safeguarding of customer assets and protect ownership rights, including in insolvency.”
What’s more, the FSB is keen to crackdown on a principle employed by major crypto exchanges such as Binance, wherein they “combine multiple functions.” In traditional finance, certain functions need to be carried out by different entities to avoid fraud — in crypto, it’s common for firms to act as a jack of all trades. As the FSB points out, this leads to some firms not being transparent about their governance structures.
Setting up complex affiliate corporate structures that finance each other leads to “acute conflicts of interest” as well as increases the risk of contagion, the FSB warned. To solve this problem, the finance regulator has recommended that crypto exchanges and their affiliates be subject to “legal separation of certain functions” by authorities.
‘Global stablecoins’ received their own set of recommendations within the framework. According to the FSB, issuers should safely store and report data, have robust risk management guidelines, and otherwise comply with regulators. Of note, the FSB believes that global stablecoin issuers should need official approval before operating in a certain jurisdiction.
Finally, the FSB has stressed the importance of cross-border cooperation. As some countries enforce stricter crypto regulations than others, firms will naturally seek friendlier shores; many already have. The FSB is vague on how it hopes to achieve this — but said that its recommendations “have been strengthened on information sharing, including about the level of compliance of activities spanning multiple jurisdictions, especially those in jurisdictions that have not implemented international standards.”
So, what’s next? The FSB is working together with the IMF to deliver a joint report to the G20 in September. This will combine macroeconomic and monetary issues stemming from crypto (compiled by the IMF) with the FSB’s work on regulation. By the end of 2025, the FSB hopes to conduct a review of how these recommendations have been implemented “at the jurisdictional level.”
In the meantime, the finance regulator will be focusing on ways to improve cross-border coordination. This includes engaging with more jurisdictions to get them onboard and monitoring cross-border issues in crypto as they occur.
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https://www.youtube.com/watch?v=a4QxgBetZfo
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VIDEO
CHATG
chatgpt-satoshi-nakamoto-rap
Listen up, y'all, let me tell you a tale
'Bout a man who made digital currency prevail
No name attached, just a white paper so fresh
But soon the world knew, he was the best
He called it Bitcoin, and it shook the game
No more third parties, no more blame
Decentralized currency, that's what he proposed
And now we know, Satoshi Nakamoto's the boss
Satoshi Nakamoto, we hail to thee
You gave us the gift of financial liberty
Your vision lives on, in every block we mine
Satoshi Nakamoto, we'll forever shine
A world without borders, a world without banks
No more inflation, no more thanks
To the governments and their meddling ways
Thanks to Satoshi, we're living in better days
Some say he's a group, others say he's a he
But his identity's a mystery, can't you see?
He wanted to stay anonymous, but his work speaks loud
Thanks to him, we're free from the banking crowd
Satoshi Nakamoto, we hail to thee
You gave us the gift of financial liberty
Your vision lives on, in every block we mine
Satoshi Nakamoto, we'll forever shine
He gave us a way to transact without fear
No more middlemen, no more tears
Instant, secure, and without any fees
Thanks to Satoshi, we're living with ease
A digital ledger, where every transaction's recorded
Immutable and transparent, the blockchain's rewarded
With every block mined, we're closer to the goal
Thanks to Satoshi, we're on a roll
Satoshi Nakamoto, we hail to thee
You gave us the gift of financial liberty
Your vision lives on, in every block we mine
Satoshi Nakamoto, we'll forever shine
The world's changing, and Satoshi's to thank
He showed us a new path, and broke the bank
No more relying on the traditional ways
Thanks to Satoshi, we're living in better days
A man of mystery, who changed the game
No more middlemen, no more shame
Thanks to him, we can all say
We're living in a world without delay
Satoshi Nakamoto, we hail to thee
You gave us the gift of financial liberty
Your vision lives on, in every block we mine
Satoshi Nakamoto, we'll forever shine
The world's watching, and Bitcoin's the star
Thanks to Satoshi, we've come so far
A revolution in finance, that's what he's wrought
Thanks to Satoshi, we're living as we ought
The mystery man, who changed the game
A digital currency, with a new aim
Thanks to Satoshi, we're living in a better world
A world without borders, and our flags unfurled
Satoshi Nakamoto, we hail to thee
You gave us the gift of financial liberty
Your vision lives on, in every block we mine
Satoshi Nakamoto, we'll forever shine.
#bitcoin #satoshi #satoshinakamoto #cryptocurrency #crypto
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https://www.youtube.com/watch?v=xR21RNW68XU
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VIDEO
'WE H
'we-have-made-no-decision-at-all-to
Coinbase Chief Legal Officer Paul Grewel says the firm has not yet decided whether it will delist any assets from the crypto exchange in the wake of the lawsuit its facing from the U.S. Securities and Exchange Commission.
"To address the question of whether or not we're going to delist any of these assets, of course we're always looking at new facts, new information, new allegations to understand whether or not our previous analysis was incorrect," Grewel says in a forthcoming episode of The Scoop. "But as I sit here today, we have made no decision at all to delist assets, and we remain confident in our original analysis."
Grewel's comments come after #Coinbase was sued by the #SEC on June 6 over allegations that it violated U.S. securities rules by operating as a broker, exchange and clearing agency without registering as such.
The SEC had sued the rival crypto exchange Binance and its CEO Changpeng 'CZ' Zhao on June 5. The firm's American arm Binance.US opted to pull about 100 trading pairs and suspend its OTC Trading Portal on June 7 in response.
For now, it seems Coinbase will not follow suit.
"We believe we are operating not just a lawful, but an extraordinarily positive and productive business. And so until we are convinced that anything that we do is in violation of law, we're going to continue to run our business as usual," Grewel said.
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https://www.youtube.com/watch?v=ImB85LqeA1c
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