thank you so much for your suggestion
Is it too soon to talk about Crypto yet?
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How much overlap is there between some of the proposed Federal Bitcoin legislation, and the promoter group that put up the Argentine Sovereign Wealth, and Melania, coins?
Coffeezilla on YouTube spoke about this recently.
He discovered the promoters sniped the initial releases in moments and were who got rich, not the retail participants.
Coffeezilla on YouTube spoke about this recently.
He discovered the promoters sniped the initial releases in moments and were who got rich, not the retail participants.
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OP
MinnesotaEric
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Utility coins let alone meme coins aren't in publicly in the loop about regulation other than at least Charles Hoskinson (one of the founders of Cardano and Ethereum) talking about having a seat at the table to suggest good regulation. New meme coin launches happen dozens of times every day and their primary purpose is to enrich the insiders. Look at Hawk-Tua, Trump, et cetra.
That said, Charles is pretty chatty about what (he) thinks is going on. Here is his profile link on X.
If you must own meme coins, get the OG of all meme coins, Dogecoin which is both amusing and ticking off a whole bunch of people in our government.
If by "hater" you mean "anti-scams" and "unsupportive of greater fools schemes" (which are a superset of the pyramid scheme) then.. sure I guess.. sign me up.
Ah yes the famously reliable coinbase. The hotel california of crypto, you can check in but you can never leave (in fairness most of the exchanges are similarly scammy so it's perhaps unfair to single out coinbase as being an exception.. because they're not). The meme is more "which rules did I break" .. followed by a laundry list of them hah.
At least they're not ByBit which just had $1.4 Billion hacked by (reportedly... we'll see if that ends up being true... or if there was some sort of "shared gains" scam lol) North Korea.
Inb4 "not your wallet not your coins" to remind everyone that the transaction rates are still single digit/s. It doesn't scale.. And for the "no need to sell, just hodl diamond hands" response "what good is an unsellable asset", money has value as a medium of exchange.
Also worth noting that if the details on the hack are correct it was a wallet attack which.. "how cold is your cold wallet" lol (and frankly if the people running exchanges get hacked for everything what are the odds joe consumer can adequately protect themselves). Unless ofc you're the guy trying to desperately buy a garbage dump to get the hard drive with his wallet on it back. Truly the future of finance.
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MinnesotaEric
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That hack wasn't against the Ledger wallet, it was conning the users. That said, I rest my case: you're in the hater category while it is being telegraphed that the ground is going to shift under our feet.
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No they hacked the exchanges "cold" (lol) wallet (which isn't their ledger wallet - which actually wouldn't have been .. quite.. as bad). There are, of course, as you're admitting a lot of scams directly targeting the users as well but that wasn't specifically the problem in this case.
"Dolev said the Ethereum multisig cold wallet was compromised through a deceptive transaction, tricking signers into unknowingly approving a malicious smart contract logic change. This allowed the hacker to gain control of the cold wallet and transfer all ETH to an unknown address,”
That's part of the great thing about "smart wallets", you can get incoming transactions that create trap doors you can't ever touch or they'll drain your wallet (or sometimes even if you don't touch them there are vulnerabilities in the wallet... which can also drain all of your assets...).
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MinnesotaEric
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Again, nothing failed in the security, what failed was not checking the actual address on the hardware wallet since only the hardware wallet showed where the ETH was being sent.
How the hack worked was by spoofing the address on the software side. The software user front end was compromised showing the "correct" address where the ETH was to be sent (which was really being sent to an altogether different address), but the hardware device itself showed the real address that the ETH was being sent to. In other words, it wasn't a failure of the security of the hardware wallet, it was a con on the software front end of the user interface.
The amusing fallout has been a discussion to back ETH to a former hard fork, thereby locking out the stolen ETH from the float. The unintended consequences from this suggestion are making other coins that are significantly more secure than Ethereum much talked about than the second highest market cap to Bitcoin.
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quicksandfarmer
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I'm sure the crypto regulators will make sure that the crypto insurance fund makes everyone whole.
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MinnesotaEric
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Regulation is expected to
1) Provide a clear framework framework for launching coins. What is allowed, not allowed, and how they should be treated.
2) Regulations to manage staking as a way of creating yield for stakeholders and this to include crypto ETFs.
3) Regulations allowing domestic banks to custody crypto—especially stable coins that a lot of multinational companies use for transferring profits from offshore to domestic accounts.
4) Currently if crypto is used to buy something like a meal, right now we pay capital gains tax on the crypto used to purchase that meal because the crypto used was "cashed out." In other words, our tax code does not reckon crypto as "money" used in commerce. So we need a framework that differentiates crypto used as an investment where capital gains taxes would be applicable from crypto used as money to purchase goods and services.