I got an invite from one of the noise.cash peeps I follow to come over to this site and it seems hella confusing, why do they have another website and why is it invite only?
How is this app different from noise.cash and what can you do here that makes it better? I can see the user experience looks better and seems like more work has been put into that but other than that what’s the buzz here?
Do people still earn anything here or are we back to Jay posting for the fun of it?
Anyway here’s a pizza 🍕 to get you guys engaged
If you are going to use a centralised exchange to trade your digital assets you're only exposing yourself to risk and you don't understand why bitcoin is valuable, a lesson people will learn the hard way like in the case of the 3commas fail
->>https://peakd.com/hive-167922/@chekohler/ftx-3-commas-users-get-cleaned-out
One user wrote they lost almost 104 BTC (~$2 million) from an account that they said they only ever connected to FTX a year ago, with an API key they had not saved, and which had since expired and been downgraded to a free account. Another reported losing about $1.5 million.
Another day another so called "Web3" company giving away free money they weren't supposed to, it wouldn't be shitcoins if people didn't do stupid things with the make-believe money they create out of thin air
-->> https://leofinance.io/@chekohler/syntropy-suckered-for-15-million-tokens
The web3 company Syntropy who are supposed to be so fucking innovative and will change the way the web works suffered the loss of 15 million of their $NOIA tokens when they attempted to transfer them to a venture capital firm, but they couldn't even get a simple transfer on-chain right and, the tokens ended up with a wrong person.
When you're picking a wallet to store your cryptocurrency you better be sure about the software you use and do research on how it all works, or you could end up like bitkeep users
-->> https://leofinance.io/@chekohler/bitkeep-couldn-t-hold-on-to-usd1-million
In a story we've seen play out several times with #shitcoin wallets the Swap feature of the BitKeep crypto wallet suffered an exploit that landed a hacker more than $1 million worth of BNB.
Centralised exchanges are always going to be the first target of attack by governments when they don't like where capital is flowing or what's happening in these alternative markets and we have a prime example of that in the latest case with Bittrex
-->> https://leofinance.io/@chekohler/bittrex-fined-for-violating-sanctions
The U.S. Treasury Department announced fines against Bittrex, a U.S.-based cryptocurrency exchange. The Office of Foreign Assets Control (OFAC) announced a $24 million penalty against the company, and the Financial Crimes Enforcement Network (FinCEN) announced a $29 million fine.
A year ago In August 2021, DAO Maker (not to be confused with MakerDAO) was hacked for $7.38 million and they promised that within a year the would pay it back, and as a year comes rolling around they are singing a different tune
-->> https://leofinance.io/@chekohler/dao-maker-tries-to-skimp-on-hacker-payments
Now that year mark is approaching, and a report from Rekt News alleges that DAO Maker is trying to wiggle out of their promises through a governance vote, clearly because they haven't got the capital to meet redemptions.
Find out more about this juicy drama in my latest post
Another day for ETH heads to see more funds stolen from another protocol, this time from Earn Finance, a small DEFI tool that was used for yield farming but the only one winning was the person who was able to walk away with nearly 750 ETH
-->> https://leofinance.io/@chekohler/earning-farm-taken-for-for-nearly-a-usd1-million
This week we saw one of these smaller DEFI projects called Earning.Farm lose 748 ETH (~$971,000) to a hacker using a flash loan attack. Find out how it all happened in my latest post
I have no faith that people will learn that DEFI is only a scam to see you part with your money and when you put your money in these make believe protocols you are going to see some or all of it taken from you as did people who used Stax and TempleDAO
-->> https://leofinance.io/@chekohler/stax-finance-hacked-for-usd2-3-million
A user of the service discovered a vulnerability in the smart contract for the STAX project, which is built on the TempleDAO defi protocol.
Due to poor access control on a function in the smart contract, it allowed the user to withdraw 321,155 xLP tokens, which they subsequently converted to 1,831 ETH (approximately $2.34 million).
Another day, another fail in the shitcoin market as Rabby wallet users found out the hard way when the swap feature on this wallet was opened up and a user was able to walk away with $200 000 of user funds
-->> https://leofinance.io/@chekohler/rabby-wallet-users-get-rugged-via-their-swap-feature
A user discovered an apparent vulnerability in the Rabby Swap smart contract that enabled them to arbitrarily transfer other users' funds. Rabby urged its users to revoke approvals for the contracts across multiple chains but as is always the case people aren't taking note of these things and that leaves their funds exposed.
Another day another DEFI hack and another bunch of people get the pleasure of losing their money to another user who knows what they're doing, its hilarious and sad at the same time, but these shitcoins clearly are only there to rug pull its users
https://leofinance.io/@chekohler/qanx-bridge-shot-down-for-usd1-6-million
QAN is a layer 1 blockchain that claims to be quantum-resistant, but it wasn't idiot resistant as you can probably tell. QAN not only has its own blockchain but has its tokens minted on both ETH and BNB exposing it to off-chain risk too and thus begins the tale of failure.
I don't know how many more times solana and products on solana need to fail before people realise this shitcoin is only going one way and that's to zero, the latest hack has been quite a massive one
--> https://leofinance.io/@chekohler/mango-markets-fresh-off-a-100-usdmillion-loss
Mango Markets, a Solana-based Defi project offering borrowing, lending, and leverage trading, had some rotten code in its batch of juicy-juicy returns and a user was able to pick out a ripe old profit to the tune of more than $100 million and we don't know if this is the final damage as the leak continues
Apparently, word on SOL street is that Unknown hackers have been airdropping nonfungible tokens (NFTs) to Solana cryptocurrency users over the past two weeks while disguising them as a new Phantom wallet security update.
https://leofinance.io/@chekohler/fake-nft-drops-used-to-scam-solana-morons
Using NFTS called “PHANTOMUPDATE.COM” or “UPDATEPHANTOM.COM” and are posing as members of the Phantom team and informing users of a new security update.
Read all about it in my latest shitcoin review -
Yet another hack seeing people lose money in the crypto space, and how people fail to learn is beyond me
-->> https://peakd.com/hive-167922/@chekohler/transit-swap-gets-rekt-for-usd21-million
Transit swap lost roughly $21 million after a user found a nifty back door and walked right in, exploiting an internal bug on a swap contract, and was handsomely rewarded. According to Blockchain investigator Peckshield they narrowed down the issue to a compatibility mistake in the swap contract.
Unlike some other White Hat hackers who would report it and get a free, it looks like this one is going for bank, and why should we blame him.
We are moving into very uncertain times economically with inflation raging all over the world, at the same time, central banks are trying to keep inflation down, by raising interest rates and those with debt are really starting to feel the burden of the money they have borrowed.
The bank of England has already begun to pivot and intervene in the market while other central banks are watching the market closely. I really think once they do give in we are going to see money printing on an insane level as we've never seen before.
If you aren't holding funds outside the system, you're going to have a bad time
Permissionless exchanges are now starting to evolve onto the bitcoin side chain, the liquid network, you can now provide liquidity for different pairs on liquid and earn fees on trades, while not as lucrative as the scam token DEFI space I think it does provide some helpful options for those looking to move in and out of bitcoin
-->> https://thebitcoinmanual.com/articles/liquidity-pools-liquid-network/
A liquidity pool is a crowdsourced pool of funds like bitcoin or a stablecoin locked in a smart contract that is used to facilitate trades between the assets on a “decentralised exchange (DEX)”. Instead of traditional markets of buyers and sellers looking to match up with one another. These decentralised finance (Defi)” platforms provide automated market makers (AMMs), which allow bitcoin assets to be traded in an automatic and permissionless manner through the use of liquidity pools.
A lot of advocates of bitcoin claim we should be focusing on mass adoption and miss the steps in between, I think selective adoption is more important, by bringing in people who believe in the thesis and want to focus on improving the network, we need them first to build a moat around the protocol
-->> https://thebitcoinmanual.com/articles/btc-focus-selective-adoption/
As selective adoption moves on, these people will gain an outsized reward for their conviction and their examples will bring in more people who will adopt their way of thinking and the way they see the world
A review of proof of stake as a consensus method and why it's shortcomings are not worth potential negative environmental impact
->> https://thebitcoinmanual.com/articles/pos-bad-environment/
A lot of fuss around POW and POS has been going on this year as ETH kept pushing the merge but no one talks about the downstream effects of POS and why it's a worse system than proof of work
If you like gaming and earning some #bitcoin then check out the latest release by Thndergames, its called Club Bitcoin Solitaire, a game we're all familiar with especially if you used to play around on windows back in the day
-->> https://thebitcoinmanual.com/articles/bitcoin-gaming-club-bitcoin-solitaire/
get back into the game and earn some sats in the process
As the economic climate continues to deteriorate people still don't get that bitcoin is there only out, they would rather have central banks twist their nipples and be happy about it, I sure do love watching them try to rationalise all this nonsense while my funds sit cosy in cold storage
If you're using the liquid network to transfer #bitcoin or any asset on the network, there is no need to spend your bitcoin, instead, you can use a stablecoin, which removes possible future losses too.
-->> https://thebitcoinmanual.com/articles/bitcoin-app-liquid-taxi/
The Liquid Network application Liquid Taxi which allows users to move non-native assets on Liquid without having to hold any L-BTC to pay fees
Bitcoin volatility is often used to dismiss its ability to combat inflation, but is inflation hedging just a meme, or is there more to it
-->> https://thebitcoinmanual.com/articles/btc-inflation-hedge/
Inflation hedging is an investment strategy where you seek out an asset class to store your wealth in, intending to protect the value of an investment against the decreased purchasing power of a currency, which typically results from inflation.
If you've ever wondered what's going on with #bitcoin second layer options like the Liquid network then we've got the scoop. Sure you won't have to use it now with block space still pretty cheap but in the future, it could become far more attractive to get on liquid rails
--> https://thebitcoinmanual.com/articles/liquid-fits-into-btc-ecosystem/
A look at the current use cases for the Liquid Network and how it could expand to support future uses as the bitcoin ecosystem continues to grow
Do you browse Youtube, Twitter, Google, Bing and Wikipedia regularly and would like to turn that time into #bitcoin, then check out this latest app that pays you to view ads on these sites
-->> https://thebitcoinmanual.com/articles/bitcoin-app-slice/
Slice is a browser extension that allows users to monetise the time and attention they invest in internet browsing. Slice is the browsing standard that may become the norm in the future with the backing of micro-payments and the bitcoin network finally unlocking a practical way to reward people for actions online.
Have you ben tempted to spend your bitcoin? What did you spend it on and why?
-->> https://thebitcoinmanual.com/articles/considerations-before-spending-bitcoin/
As bitcoin continues to rise in price, those satoshis you have stored away can start to buy you a little more, and I can understand why this becomes a temptation. You want to realise those sweet gains, and it will only get harder as you can afford more stuff. If you’re starting to feel the need to spend your bitcoin, I will encourage you to consider the following before you pull that capital out of cold storage or click the sell or spend button at any checkout point.
If you're worried about locking your funds into the lightning network so you can spend #bitcoin and wondering if someone could steal your funds if you open a channel to them, the answer is yes there is a possibility, but you also have the option of penalising them if they do try it
-->> https://thebitcoinmanual.com/articles/what-is-a-bitcoin-penalty-transaction/
A penalty transaction allows one party in a Lightning channel to reclaim funds stolen during the dishonest closing of a Lightning channel. To send a Lightning channel payment, the sender signs a Bitcoin transaction called a commitment transaction which rebalances the channel.
As bitcoin becomes part of the internet a web standard was bound to emerge that would help make it easier for app developers and web builders to create awesome products that leverage bitcoin. WebLN aims to be the building blocks for that
-->> https://thebitcoinmanual.com/articles/what-is-webln/
WebLN is a library and set of specifications that lightning apps and client providers can use to facilitate secure communication between apps and users’ Lightning nodes or custodial Lightning nodes. It provides a programmatic, permissioned interface for letting applications ask users to send payments, generates Lightning invoices to receive payments, signs into websites with LN-Auth and much more.
Stablecoins have become a popular method of value transfer in the blockchain space, and many stablecoins are minted on EVM chains, but they are not the only place they can be created and transferred, bitcoin-backed synthetic assets are also possible, even on the lightning network
-->> https://thebitcoinmanual.com/articles/standard-sats/
Standard Sats is a service built on the Lightning Network to solve the high volatility of bitcoin against various faith currencies by hedging. It is an independent bitcoin bank for geographically-distributed communities or businesses. The product consists of an open-source protocol client (mobile bitcoin wallet; modified version of Simple Bitcoin Wallet, SBW) and node.
Find out how it all works in our latest post
Since #bitcoin cannot be printed or rather created without effort, if you're not mining you either have to buy or work for your bitcoin, which creates quite the incentive to go out and get a job
-->> https://thebitcoinmanual.com/articles/btc-get-job-technology/
That's why I am calling bitcoin Get a Job technology, check out my latest argument on why this is good for society
WHen you've been talking to a friend for a while about #bitcoin and they finally get it and start to buy its a wonderful feeling to be able to orange pill another person and watch how their mindset changes
Have you been able to orange pill anyone? How long did it take?
If you're looking to learn more about #bitcoin, I would highly recommend listening to the bitcoin standard podcast by Saifedean Ammous, he is by far one of the best at explaining bitcoin and its downstream effects on the world
Every week he debunks myths and has some awesome discussions with great guests
@Cesc0410
