Jack Dorsey on Bitcoin
On the heels of his Joe Rogan podcast appearance, Twitter Founder Jack Dorsey was unusually talkative with the urchins of "crypto Twitter" yesterday, even using his Zap wallet to accept and receive a Lightning payment. Asked by an onlooker whether he would also get some ETH, Dorsey responded simply, "No." Meanwhile, yet another fatuous altcoin project (ZEC) discloses a critical vulnerability.
Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.— jack (@jack) February 5, 2019
Well played @jack— Peter McCormack (@PeterMcCormack) February 6, 2019
Your move Zuck (I bet you fuck it up)
Zcash Counterfeiting Vulnerability Successfully Remediated
"The counterfeiting vulnerability was discovered by a cryptographer employed by the Zerocoin Electric Coin Company (aka The Zcash Company) on March 1st, 2018. It was not reported publicly at the time in order to protect against it being exploited prior to its remediation, and to provide information and remediated code to other projects that were also vulnerable. We employed stringent operational security measures to keep its existence a secret, even from our own engineers."
On the Zcash Counterfeit Flaw Fix: Questions to Ponder
"What elements of the Zcash team’s approach should be emulated? Was the in-house performance such that the episode should be characterized as a win for the Zcash Founder’s Reward? Should they have done anything differently? Lastly, let’s say an attacker had discovered the Zcash counterfeit vulnerability before it had been fixed in Sapling. What would the appropriate response have been from the Zcash team? How should projects react to actual incidences of malicious inflation?"
Privacy focused cryptocurrencies: Grin and bare it!
"It is foundational, like another TCP/IP, there will be interesting stuff built on top of it and using it, but that will take time. But if you are excited by the possibilities that Grin might offer up, the opportunities for value creation are truly exciting. If you are technologist you will love Grin; if you are an investor, you are probably on the fence, despite all the hype."
Navigating Bitcoin, Ethereum, XRP: How Google Is Quietly Making Blockchains Searchable
"Within a month of the meeting, Kolinko was using Google’s tools to search for a smart contract feature called a 'selfdestruct,' designed to limit a contract’s life span. Using his own software in conjunction with Day’s, Kolinko took 23 seconds to search 1.2 million smart contracts—something that would have taken hours before. The result: Almost 700 of them had left open a selfdestruct feature that would let anyone instantly kill the smart contract, whether that person was authorized or not. 'In the past you couldn’t just easily check all the contracts that were using it,' Kolinko says. 'This tool is both the most scary and most inspiring I’ve ever built.'"
The Monero Network Possibly Showing Signs of an Imminent Attack
"Many of us are at a loss for words. The economics of the hashrate and difficulty increasing while profitability decreasing simply does not make sense. My intuition says that malice is the intention for this phenomenon, and Lunar Digital Assets will be watching the Monero network very closely."
Winklevoss Exchange Gemini Shuts Down Accounts Over Stablecoin Redemptions
"According to the trader based in Latin America, Gemini pitched the company on a discount deal that offered his firm the ability to buy tokens at below market value. (The company declined because the desk wanted to obtain GUSD so that it could be transferred to fiat.) When the desk later acquired GUSD from its own network, the trader said he was warned by Gemini staff that redeeming millions of dollars would harm the stablecoin. In another instance, a U.S.-based OTC desk told CoinDesk its Gemini account was promptly shut after redeeming several million GUSD. He now believes this was part of Gemini’s strategy to 'maximize their status on CoinMarketCap.'"
Spending by SoftBank Vision Fund Raises Need for More Cash
"SoftBank said Wednesday the fund has spent about $50 billion of its approximately $99 billion in capital. At the roughly $7 billion-per-quarter spending rate it has logged so far, the Vision Fund’s remaining money will last only another year and a half—likely less, when taking into account amounts already set aside for paying fund employees as well as existing investments that may get transferred to the fund from SoftBank’s own books."
Bitcoin Is Becoming More Decentralized, Indicates New Research
"Canaccord said, in mid-2014, mining pool GHash.IO controlled about 50 percent of the total bitcoin hashrate, making the largest cryptocurrency “vulnerable” to a potential 51 percent attack (controlling a majority of the hashing power allows bad actors to potentially rewrite transactions). In 2019, however, no single mining pool controls more than 20 percent of bitcoin’s hashrate, with five mining pools having from 10–20 percent and the remaining groups controlling less than 10 percent of the total hashrate."
"Here are transcripts of two interviews that were done with Ghana based Bitcoin pioneer Kofi Akosah @CryptoTraveler1 . Data from Local Bitcoins shows that Bitcoin use is growing exponentially in the places where it is needed, and Azteco will be supplying Bitcoin to these people."
0/ Crypto is slowly reinventing many of the tools startups + entrepreneurs created over the last 20 years. Coordinating groups of humans to create long- term value is hard. Human nature still has consistent failure modes. There will be crypto-native versions of all of the below.— Avichal Garg ⚡ (@avichal) February 4, 2019
Stanford Blockchain Conference 2019 - Day 1
"This conference will explore the use of formal methods, empirical analysis, and risk modeling to better understand security and systemic risk in blockchain protocols. We aim to foster multidisciplinary collaboration among practitioners and researchers in blockchain protocols, distributed systems, cryptography, computer security, and risk management."