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Utopia Talk / Politics / Crypto
Nimatzo
iChihuaha
Wed Oct 13 06:38:09
http://uto...hread=88681&time=1634109166687


So, let's talk personal security! I understand there are a lot of ways to manage seed phrases, but how do you manage them?

Also what other protection do you use? VPN, Navy seals, condoms? :)
Nimatzo
iChihuaha
Wed Oct 13 15:51:49
http://app...2e8034000100000000000000000011

The lazy option for buying into the FTM ecosystem :)
Nimatzo
iChihuaha
Wed Oct 13 16:12:33
"Following sweeping crackdowns by China against Bitcoin mining activity, the United States has now emerged as the leading nation in terms of hash rate.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Bitcoin (BTC) miners in the U.S. account for 35.4% of the total global BTC mining hash rate distribution."

Rugian, it is now a matter of national prestige and sticking it to the authoritarian communist dictatorship. We all know why China banned crypto, because they hate freedom and liberty. Stop hating America!
nhill
Member
Thu Oct 14 12:57:38
Heya :)

Personal security is a favorite topic of mine. Have a lot of thoughts on it. We're on the road right now in the RV and I'll get back to you when I have some downtime.
Nimatzo
iChihuaha
Thu Oct 14 13:41:42
I could have guessed ;)

Have a nice trip!
nhill
Member
Thu Oct 14 18:13:42
Thanks!
nhill
Member
Thu Oct 14 18:34:18
As for seed phrase, I use KeePassXC on a flash drive.

I run a VPN server on Vultr with algo (http://github.com/trailofbits/algo). I use the Wireguard protocol.

I think it's idiotic to buy a VPN service and trust that they don't store your data. Defeats the whole purpose.

But I do have NordVPN to access media when travelling in different countries (as they allow you to choose servers). But I'd never use any VPN service and expect it to be private. That's seriously stupid.

I use Fastmail and my own custom domain (through gandi.net) for my email.

I run Linux as my primary operating system (Arch Linux if I'm feeling motivated, Manjaro if not). I have an M1 MacBook Pro that I use for iOS development (my former career was as an iOS Software Engineer). That runs macOS. Anything that's not Windows works for me (unless I'm gaming).

Windows is terrible for OpSec, mainly because it's targeted so often. Victim of its own success. I can write a virus for macOS just as easily as Windows, but the virus is more likely to make a profit if it targets Windows. Part of my career was being a grey hat hacker (hack systems to perform security audits), and Windows and Mac are extremely simple to hack if a user installs software of my choosing.

Linux is also easy to hack, theoretically, but anyone using Linux uses a package manager, which makes it difficult to distribute malware. Also, the market share is miniscule for a portable Linux executable, so I'd be wasting my time targeting it.

I never use native apps on my phone. Why? Because I make those apps, and I know how much data I can steal from you (it's a lot).

For example, if I'm using Twitter, I'm doing it from the mobile web browser. I'd never use the native Twitter app.

I primarily use iPhones. Partly an artifact of being an iOS programmer, but also it has a higher emphasis on security. It's way easier for me to hack an Android phone than an iPhone for a variety of reasons. But, rest assured, I can hack both, so proper OpSec is important.

I never enable Bluetooth or location services on my phone. If you have Bluetooth enabled it's extremely easy to track you.

Ever had an ad that was creepy? Like it knew what you were talking about?

I haven't. I don't give out my data for free like that. I never use Siri, "OK Google", or Alexa.

But, I also don't hide anything. I understand that hiding things is a red flag in itself, so I inject a fair amount of normie noise into the system.

As for crypto specific:

I never give out my main public keys. Even the one I shared in these forums with the NFT I was going to give to Rugian is under $70,000 net worth. I don't try to attract attention IRL and if you met me, I'd probably tell you crypto is a scam and to stay away from it like a crusty old boomer. Last thing I want is people begging for handouts. This forum is an exception because it's part of my childhood.

Any other questions? What do you do for OpSec? :)
nhill
Member
Thu Oct 14 18:36:14
Oh, and I don't use the Tor Project. It'd be trivial for a nefarious actor to run enough nodes to gain visibility into the traffic if they really wanted to catch you doing something.

The illusion of security is more dangerous than the lack of security. Few understand this.
nhill
Member
Thu Oct 14 18:38:19
http://github.com/trailofbits/algo
nhill
Member
Thu Oct 14 18:55:15
Oh, and I use Trezor for my hardware wallet. Had a Ledger and it was not pleasant to use. Switched to Trezor, and been okay with it. I use Metamask addresses for my degen stuff (as speed matters), but transfer long term holds to the hardware wallet.
Nimatzo
iChihuaha
Thu Oct 14 19:48:42
"https://keepassxc.org/"

Thanks!

"I don't try to attract attention IRL"

+1

"Any other questions? What do you do for OpSec? :)"

hehe clearly not enough and sinning like hell! I have been using iOS binance app a lot, mostly checking things, but I am moving everything off Binance, only a little left. No wallets on mobile though. Exclusively working on windows PC. I do have a macbook, so I am familiar with the inherent security in Mac being a much smaller share of the PC market, so that is food for thought, I should hook up the Macbook. I don't use location services, unless I need the GPS, but unfortunately due to airpods, bluetooth is on all the time, they are so darn convenient :( Does malwarebytes count? Yea I am running around naked in forrest of razor blades compared to you :P

It has become a growing concern. So the follow up question would be, if one is not a grey hat hacker and an iOS developer :P (I have no idea how difficult it is to set up my own VPN) what would I do? I think VPN is a minimum.

Funny enough I recently came into contact with "ethical hacking" professionally. I work at a technical research institute and there is a lot of TIC, Testing Inspection Certification going on. Which is what I do. With all the new digital products (like digital door locks) PEN testing is becoming a critical component of it. lol if I had known I would consulted you :) like 6 months ago, all of this was very on topic. We got technical experts, but they were not that experienced. PEN tests are very different from the physical tests that are most common, those tests normally have very clear standards with step by step instructions and classifications. Not so with PEN testing, which relies a lot on the experience of the tester... Look at me mansplaining PEN tests for you :P
Nimatzo
iChihuaha
Thu Oct 14 20:37:12
Scary drop on OHM. Wonder if it has anything to do with the V2 announcement.
nhill
Member
Thu Oct 14 21:39:49
Probably a sell the news thing with V2. Not worried about it. It's already bounced back most of the way.

A lot of people have already 5x their money at this point and are thinking that now it's a good time to take profits and move on. In the end, that makes a project like this stronger (due to the compound interest). Nobody likes to miss out on price action (me included), but I don't look at $OHM as a trade. It's my reserve currency. :)

Whether or not it goes down in fiat-denominated terms is irrelevant as my $OHM denominated holdings continue to grow.

I deployed some of my generous stablecoin reserves buying the dip today.

$TIME had a similar dip today, being a closely associated project (crypto reserve currencies). That's part of the game. People in it for a trade, take the trade. Nothing wrong with that!

Even I had beefed up my stables recently for this type of situation. As I said in the last thread, I was more highly allocated to one asset class (reserves) than I'm normally comfortable, so I forced myself to move a bit of $MEMOries into $MIM. :)

Dollar cost averaging the stables back into the reserve currencies for another leg up.

A little bit of profit taking is natural. We were making all time highs every day for weeks. =)
nhill
Member
Thu Oct 14 21:44:25
As for setting up your own VPN, it's really easy to follow on macOS (Catalina or above) or Linux. Just follow the instructions on the algo link I sent. It has a wizard to follow.

If you're on Windows, things get more complicated. Windows isn't very good for software development.

But the purpose of this project is to set it all up for you. Just provide your cloud computing api key and it'll spin up the server and everything else for you.

http://github.com/trailofbits/algo

It may seem overwhelming (idk), but it's not as complicated as it looks. Playing Utopia was more complicated than running Algo.
nhill
Member
Thu Oct 14 21:46:34
And yeah, pen testing was my forte. There's no process you can follow for it. You just poke and prod at the app, its API, and try to find clever ways to exploit it (like sending your user token on a request to modify or viewanother user's data... sometimes works if the developer forgot to validate the authenticated user matches the target user's data).
nhill
Member
Thu Oct 14 21:53:28
$TIME is so close to printing a bullish engulfing candle on the 1HR chart. Sad. I was hoping to be able to load up more under 6K. But there's still 10 minutes, maybe we can get one last dump. Fingers crossed.

Right now I have my $MIM in Tarot earning 30% APR. About 30% of my crypto now that the reserves dipped so far. I'd love to deploy 5, maybe even 6, figures in buying a deep dip, but need a price under 6K before I'd consider aping.
nhill
Member
Thu Oct 14 21:56:22
http://new...4bd-43c8-833f-0b5f50001e07.png

These three areas would eat most my stablecoins. I'd DCA all 3 with the rest of my reserves sans ~5%. :) That's how bullish I am long-term.
nhill
Member
Thu Oct 14 21:59:25
> About 30% of my crypto now that the reserves dipped so far.

I mean about 30% of my crypto is stablecoins, not 30% in $MIM, and my $MIM is on Tarot. Also have $DAI, $USDC, $USDT, $UST, $LUSD, $BUSD, and $FRAX scattered about. Gotta diversify the stables to decrease risk and keep a good yield (for example, if I was only in $MIM there's no way for me to get 30% APR lending on Tarot, because I'd saturate the whole pool).
nhill
Member
Thu Oct 14 22:24:55
Well, the plot thickens with $OHM.

Looks like the real reason behind the V2 announcement is they want to migrate to a new contract because one of the admins lost a multisig key (exposing the entire project to risk if someone found that key).

So the selloff makes sense in that light. The migration to new contracts should resolve it. Sucks that one of their core developers was careless enough to lose the multisig key. There's no way to know what "lost" means in this context. The most likely scenario is "lost lost" as in he forgot the key or threw it away on a piece of paper or something and it's already decomposed in the landfill.

All I know is they've been unable to prove one of the admin keys when a signature was requested. This caused fear in the DeFi community and so they decided to migrate contracts where they have all their keys again to the new contract.

It's pretty cool that they had other ideas just waiting to be deployed in this event, so the real news was masked by this "V2" product. Pretty cool in the sense that it shows they are very active in their development.

Losing the key ain't cool, but the project is literally 7 months old. A speed bump, no more, IMO.
nhill
Member
Thu Oct 14 22:35:11
I picked a bad time to go on a road trip. >:| Should have been on top of this one. Oh well.
murder
Member
Thu Oct 14 22:37:28

Reminds me of the time Ben Bernanke lost the keys to the Federal Reserve Building and he had to give Janet Yellen a boost to get through an open window so she could open the door from the inside.

That was almost a crisis.

nhill
Member
Thu Oct 14 22:48:25
lol :)
nhill
Member
Thu Oct 14 22:51:51
I like you, murder.
murder
Member
Thu Oct 14 22:55:24

Don't gay it up.

nhill
Member
Thu Oct 14 22:56:37
No homo.
nhill
Member
Thu Oct 14 23:09:21
Ask and you shall receive, apparently. $TIME is back under $6000. But I'm going to wait for my second buy zone now that I have the full story. Thought it was a sell the news event, but this is a legitimate (but ultimately innocuous IMO) concern.

Not buying any more dips until this has bottomed out fully (within 24 hours it should be completely priced into the market).
Nimatzo
iChihuaha
Fri Oct 15 05:05:41
"I deployed some of my generous stablecoin reserves buying the dip today."

Yea I have come to realize as I have complicated my DeFi holdings, that I need reserve SC's on the major chains. For me these will be ETH, FTM and AVAX, SOL where I see action happening.

"It may seem overwhelming (idk), but it's not as complicated as it looks. Playing Utopia was more complicated than running Algo."

I will look into doing this then :)

"Losing the key ain't cool, but the project is literally 7 months old. A speed bump, no more, IMO."

Yikes.. I have failed to find any news about this.

"I picked a bad time to go on a road trip."

There are no good times for vacations, there is always FOMO. There is really no good time for sleep, the most dramatic stuff always happens when I am sleeping lol :D dam time zones..

"$TIME is back under $6000. But I'm going to wait for my second buy zone now that I have the full story."

You think there is risk for a "contagion" effect from OHM?

The good news of the day is that BTC broke 60k.
Nimatzo
iChihuaha
Fri Oct 15 05:24:50
The twitterverse is only talking about this as a liquidation event. So judging by that this multisig key loss isn't out in the open yet. So, probably more dip incoming?

I love this though, there are so many OHM hodlers, some people have understood there is a new "BTC", i.e better attempts for a store of value.
Nimatzo
iChihuaha
Fri Oct 15 06:41:03
Well I'm ready for TIME, yesterday I moved over Avax and started lending it on Joe. As a reserve on Avalanche main net. Gonna let OHM be for now, it is still much larger stake than my TIME.
nhill
Member
Fri Oct 15 09:33:02
> The twitterverse is only talking about this as a liquidation event. So judging by that this multisig key loss isn't out in the open yet. So, probably more dip incoming?

Yep, the price action is being pitched as a liquidation event, which is partly true. But the reason behind the selling that caused the liquidations is the multisig key being lost, IMO. Apparently the Ledger the project owner was using broke and he didn't write down the seed phrase (rookie mistake). Provided this is true, it's not a risk, just means it is inaccessible.

I haven't deployed much of anything yet. I've kept my $OHM staked, but sold a good portion of my $TIME. There's definitely contagion risk, as $TIME uses $OHM for a large part of its treasury (33%).

I think both projects should be good long term, but I want to see how the price settles from this news/event cycle. TBH I'm not super happy with them sweeping the multisig stuff under the rug. Doesn't change my long term view of the importance of reserve currencies, but short term it makes me hope they get their shit together. :)
Nimatzo
iChihuaha
Fri Oct 15 11:16:36
Well, I didn't, I actually bought some more at 5100. So if you excuse me, I'm gonna go sacrifice a goat to Satoshi and pray this works out :P
murder
Member
Fri Oct 15 11:25:24

Wouldn't he prefer a bluefin tuna?

Nimatzo
iChihuaha
Fri Oct 15 12:05:21
Do you think he would accepted the canned variety or would that anger him and poof all my monopoly money would vanish?
murder
Member
Fri Oct 15 12:53:29

You have to fish it yourself, dude. It's got to be fresh.

Nimatzo
iChihuaha
Fri Oct 15 15:27:06
The more important question is, how far will the composite man manage to pump BTC before he crashes it? Will he reach an all time high? That would be sweet, then everyone waking up monday can FOMO it to 70K. Then I will offer an entire school of tuna to Satoshi, may his code forever confirm our transactions.
nhill
Member
Fri Oct 15 15:32:24
nhill
Member Mon Oct 11 17:53:45

Bitcoin is technically in the bull phase now. :)

All time highs are inevitable.
nhill
Member
Fri Oct 15 15:38:10
One thing to watch out for is a sell the news event with the ETF.

But hot damn. Bitcoin is on fire! As per usual, I'm looking for some consolidation and then alts will send if BTC doesn't dump (distribution of the BTC trade into alt liquidity).

These look like fun trading conditions, but I'm mostly hands off on vacation. Should be back at home base next Thursday. :D

I did notice a new vault on SpookySwap for $wMEMO (the wrapped version of staked $TIME from Abracadabra). It's a $wMEMO-$MIM pair so naturally it'll have impermanent loss. But I put a little bit in there to help bolster the liquidity pool. We now have access to $TIME on Fantom! (just be sure to compare the price and slippage to Avalanche, as the liquidity is pretty low right now).
nhill
Member
Fri Oct 15 15:40:38
You can use AnySwap to bridge your $wMEMO from Avalanche to Fantom.

I like having access to liquidity for $TIME on Fantom, as when I sell it, I like to go to $MIM and do a single stake on Tarot. So that's nice. And, in general, having a reserve currency accessible on Fantom is great.
Nimatzo
iChihuaha
Fri Oct 15 16:06:13
Nhill
I understand the liquidity pool is set up as such, but has TIME ever behave like a leverage AVAX? Not really right? For whatever reason it hasn't and if things proceed according to plan, it shouldn't.

I have looked on trader joez and JOE actually correlates very well with AVAX price, of course that pair is the biggest pool, 75% of the liquidity of JOE is the AVAX-JOE pair. JOE is to AVAX what RAY is to SOL. JOE is a true leveraged AVAX position, the price correlation confirms this.

Traderjoez is the largest Avalanche DeFi platform. I also like that they have a lot of services, with decent APYs. Because of TIME as a candidate reserve, the speed and low fees, Avalanche has become a very interesting network for me. It pretty much has it all. No audit! That is a checkbox I personally would like to be able to check.

I have tried to do some due diligence on JOE and looked at the emission plans and such. 20% to devs, 10% for future investors, sounds reasonable to me, but my frame of reference is limited.

Shoot me down! :)
Nimatzo
iChihuaha
Fri Oct 15 16:07:10
Sorry my comment there lacked a "this weekend", because it looks like they could hit the ATH this weekend :D
Nimatzo
iChihuaha
Fri Oct 15 16:16:06
"We now have access to $TIME on Fantom!"

Woho! My largest stake in DeFi is about to grow larger >:) just waiting for that pullback 1,6-1,8. This is great news. haha I erased it, but I was gonna lament that "now we need TIME on FTM" in the Joe post.

This is awesome!
nhill
Member
Fri Oct 15 17:00:06
No, $TIME hasn't behaved as a directly levered AVAX position very often. And it shouldn't long term.

They bootstrapped their liquidity with the $AVAX pair, so it was a levered position in this sense:

If nobody bought or sold $TIME it would follow the price action of $AVAX. $AVAX +10%, $TIME +10%.

That's a feature for something like $TOMB, which is designed to stay pinned to the price of $FTM.

It's a temporary feature for $TIME. Allowed them to appreciate in value along with $AVAX after release (Avalanche was in the middle of a huge run when $TIME came out).

But since I initially said that (what was it, a couple weeks now maybe? $TIME moves fast), the liquidity structure has changed a lot.

The $TIME-$MIM pair now has 30 million in it! 10 days ago it had 14 million.

As that pair increases in liquidity, it'll eat up the leverage through arbitrage. And, of course, as overall liquidity increases, the volatility will decrease due to how AMM algorithms work (this tends to hold true in all markets, but it's actually coded into DeFi exchanges).

The past 48 hours have been a shitshow for predicting behavior, it's hard to find signal in the noise right now. But once this settles the effect of the AVAX leverage should start to disappear as more people use it as a reserve currency (e.g. converting their trades, most of which would be something like $JOE that is more directly leverages to $AVAX, to $TIME when taking profits)

And now we have a whole new variable in the equation with the $TIME-$MIM pair on Fantom. That will provide even further stablecoin-based arbitrage opportunities (I did a +6% arb earlier by buying $TIME on Avalanche and selling it on Fantom).

That will cause further decoupling $TIME from $AVAX, and allowing it to behave more like $OHM.

tl;dr:

$TIME is still partly leveraged by $AVAX, but it's becoming increasingly irrelevant as the intended usage as a reserve increases, the liquidity pools deepen (& transition out of the AVAX pair slowly), and the number of chains multiple (first Fantom, next Arbitrum I believe).
nhill
Member
Fri Oct 15 17:02:18
Lot of typos. Stayed up way too late last night putting together the $OHM puzzle.
nhill
Member
Fri Oct 15 17:11:44
As for due diligence on $JOE, I don't have any for you. I know nothing about the code or team behind it, but it is the #1 exchange on Avalanche, much like SpookySwap is the #1 exchange on Fantom, and Raydium on Solana, etc.

So it's probably a good play. But I'd have to understand the token economics, team, and code behind it.

This whole $OHM debacle has exposed a weak spot in my due diligence. I've focused so much on the code, that I ignored the human factors to a degree. I do try to research the developers as much as possible, although it can be difficult when they are anon, but the founder of $OHM losing the admin key to the ERC-20 contracts is such a huge error, I have to wonder if I could have spotted his sloppiness had I put more work into researching him personally.

Not saying it would have changed my thesis one way or another. Don't think it would have. But it's always nice to be aware of potential risks and allocate accordingly.

Did I tell you about Klima? It's an OHM-sponsored project coming out on Polygon Network on Monday. It looks really interesting. It's like OHM but instead of using stablecoins as liquidity they are using Carbon Credits.

Their goal is to have a reserve currency that's uncorrelated to both crypto and fiat markets (as carbon credits don't have much correlation to any traditional asset class). Very promising.

If it works as intended, it should capture and lock up billions of dollars worth of carbon credits. The thought there, is that it'll decrease the supply and increase the price, therefore increasing the incentives for carbon capture related projects.

I'm skeptical of the carbon credit system, overall (as I'm sure a lot of it is big bankers greasing their dirty fingers issuing the credits via backroom deals), so the greenwashing crypto angle isn't as interesting to me. But having a reserve currency that's decoupled from both fiat and crypto is very compelling.

I'll probably be allocating 5% of my reserve currency stake to the project. This debacle has given me a good chance to rebalance. Something like 15% $TIME, 5% $KLIMA, 80% $OHM.
murder
Member
Fri Oct 15 17:21:09

People are confounded about where millions of American workers have gone, when it's obvious. They are at home selling each other weed, day trading, and investing in cryptocurrency.

Nimatzo
iChihuaha
Fri Oct 15 18:10:43
"tl;dr:"

Nothing is every to long to read in these threads for me ;)

Ok, that puts things into a bigger perspective. Thanks.

"As for due diligence on $JOE, I don't have any for you."

Ah, as valuable as that would have been, I meant more specific. I know some time ago you mentioned the distribution of tokens being an important, as in how it is distributed to whome? Liquidity and SOL being examples of two where some majority share of the tokens is in the hands of a few investors. 20% of Joe is released to the dev team, 10% is set aside for future investors. Is that reasonable?

"I ignored the human factors to a degree."

"I have to wonder if I could have spotted his sloppiness had I put more work into researching him personally."

I understand how you think and such auditing is always valuable, but the thing with human errors of this kind are that they are unpredictable, yet to be expected.

"Did I tell you about Klima?"

No, I don't have any knowledge about the credit carbon system. I will try to read something about the CC system first. But I am open to innovative ideas, who know how many times we have to try to get it right. You believe it can be a sustainable model long term?

"They are at home selling each other weed, day trading, and investing in cryptocurrency."

Pretty much captures everyone from grey hat hackers to high school drops outs :) You know I having been living in this bubble now for 5 months, so I am inclined to agree. It has never been easier to learn to trade than now. There are so many books, dozen of youtube channels, instructions videos on every indicators you can imagine, lectures by Williams on fractals on and on. 20-30 years ago you actually had to be there at William's lectures! The other side of the token is that, there are gonna be a lot of broke mother fuckers too, sadly. But if you are not a complete degen and have just a little brains, a piece of this new world can yours.
Nimatzo
iChihuaha
Fri Oct 15 18:25:15
But have I understood the wMEMO thing. It is on spiritswap. Would I be double earning? The TIME is staked at wonderland and the MEMO receipt you wrap and bridge over to FTM Spirit, earn more staking it as an LP pair. But IL will very likely mean that I won't have enough memos to get back all the TIME over at wonderland. Right?
Nimatzo
iChihuaha
Fri Oct 15 18:26:36
God dam it murder, I confused you with Nhill, but the answer still applies :P
nhill
Member
Fri Oct 15 22:33:41
> 20% of Joe is released to the dev team, 10% is set aside for future investors

Those are both a lot higher than usual, seems like more of a corporate project than a decentralized one. Most projects allocated 5-15% to the devs. And the "future investors" part is pretty sketchy, IMO.

That said, it's not always a bad thing to have more funds allocated to the developers. They are more likely to hold, after all. The "future investors" I'd want to dig into more. That's vague and non-standard.
nhill
Member
Fri Oct 15 22:41:05
> But have I understood the wMEMO thing. It is on spiritswap. Would I be double earning? The TIME is staked at wonderland and the MEMO receipt you wrap and bridge over to FTM Spirit, earn more staking it as an LP pair. But IL will very likely mean that I won't have enough memos to get back all the TIME over at wonderland. Right?

Yes you'd be double earning. wMEMO is redeemable for $MEMO on Avalanche no matter where it comes from, and the redeeming takes into account the compounding.

Yes, the IL will most likely reduce the amount of $TIME you get back, but it's a question of whether or not the yield makes up for it.

For example, if $TIME doubles in price, you'll have 5.72% IL.

The gamble is whether or not you earned more than 5.72% yield by the time that happens. It's also a hedge where if $TIME goes down, you can continue to harvest a yield, and then when it gets back to the original price you could break the LP for no IL and then decide what to do with the $MIM.

Many possible strategies. I keep a few stable paired yield farms to diversify.

This one is isn't a money play though. I wanted to add liquidity to support the ecosystem and allow more people to access $TIME without slippage. Not always about the money. :D
nhill
Member
Fri Oct 15 22:51:46
Btw things look less dumpy for $TIME, so I started DCAing back in around $5800.

Just slow buys. I was out for an average price of $7500, so there's no rush. Wanted to make sure this wasn't going to do one of crypto's famous -85% corrections before going onto new ATH. Been there, done that, got the t-shirt.

In the end, I'd probably have been better off just leaving my position alone and keeping it staked, considering the compound interest. But I look at is as paying for insurance. Helps me sleep at night when I don't see 6 figure drops.
nhill
Member
Fri Oct 15 23:01:12
I realize this kinda defeats the purpose of it being a reserve currency and I was part of the problem.

But, this wasn't a reserve currency issue or an issue with the protocol. It was an issue with humans, and that's not something I was comfortable weathering. Still love the protocol design and elegant code.
Nimatzo
iChihuaha
Sat Oct 16 06:17:45
Thank you so much for answering all these noob questions Nhill. TIME really makes FTM more complete as an ecosystem.

Saw that spooky is now getting the NFT section up, preparing the way. NFT cat art may actually become my first venture, if only for fun :)

As for violations, we are still in beta. Remember what you said, we are in a bubble and 99% of this stuff will collapse. I guess this is especially the case for the really new stuff like TIME and OHM, the experimental stuff trying to compete with BTC and stable coins, themselves already innovative products. Your level of caution is the benchmark for me. Only reason I didn’t pull was my reserve currencies had not ballooned out of control in value like yours. Perserving capital is easier than making new!

You are right though, perticularly in the beginning as things are rapidly developing, the human factor is a much bigger concern.
Nimatzo
iChihuaha
Sat Oct 16 07:26:12
I wouldn't mind a sell event at this point. I still want more ETH, MATIC, LINK, FTM, don't mind getting into DOT, really I can buy a little more of everything. Still sitting on too much stable coins. Lending it out of course. I have some on Beefy (FTM), because I see FTM as a winner I probably want to put more into. Maybe leveraged through BOO, I saw that BOO has added a stake farm that pays out in SPELL :)
nhill
Member
Sat Oct 16 12:08:15
Thanks Nim, good thoughts!

Yup, I put my $xBoo in the Spell farm. When I have enough Spell for gas fees to make sense (~$5000) I plan to bridge it through AnySwap to Ethereum and stake it.

SpiritSwap really got smoked this week. It was associated with $TIME, $OHM, and $SPELL. Dani, the $TIME and $SPELL dev had been working hand and hand with them. Looks like everything he touched had a violent correction. Collateral damage. Some secret alpha ;) SpiritSwap is going to release margin trading this month.
nhill
Member
Sat Oct 16 13:53:08
Well I’m about to hit the road again. Will try to stop on Monday to get some KLIMA but other than that I’ll be disconnected from the market. Be back Thursday. Don’t let it all crash while I’m gone like it did during my first leg ;)
Nimatzo
iChihuaha
Sat Oct 16 14:02:24
Spirit is indeed the worst preforming in my bag so far, down 40%, but it is a small position. The volatility on these tiny caps are brutal and awesome, depending on which side we are ;)

"Some secret alpha ;)"

Thanks ;)


Nimatzo
iChihuaha
Sat Oct 16 14:08:51
Probably a good idea, I need to take some time off the market as well. Have nice trip.
Nimatzo
iChihuaha
Sun Oct 17 17:25:40
I got me some extra Matic at 1,43 especially set aside for KLIMA.
Nimatzo
iChihuaha
Sun Oct 17 18:48:11
I also brought over my SPELL to arbitrum and started lending it on Impermax for rapidly diminishing 62% though. The magic is spreading across the chains :)
Nimatzo
iChihuaha
Mon Oct 18 19:46:53
Been following the SNAFU on discord. I bought some Klima and staked it.
Nimatzo
iChihuaha
Tue Oct 19 12:23:48
lol KLIMA discord is full of cancer right now. The rebasing hasn't been working!
Nimatzo
iChihuaha
Wed Oct 20 08:57:03
BTC 66k bitchez! New ATM!
LazyCommunist
Member
Wed Oct 20 10:24:14
Your chance to get rich.

But you won't because tether is a scam.

http://hindenburgresearch.com/tether/



NEW YORK, NY — Hindenburg Research, a forensic financial research firm, today announces it is launching the Hindenburg Tether Bounty Program (the “Program”) – a reward of up to $1,000,000 for information leading to previously undisclosed details about cryptocurrency “stablecoin” Tether’s backing.

Tether is a key underpinning of the multi-trillion-dollar crypto market. Yet despite its repeated claims of transparency, its disclosures around its holdings have been opaque. The company claims to hold a significant portion of its reserves in commercial paper yet has disclosed virtually nothing about its counterparties.

Hindenburg has doubts about the legitimacy of Tether’s backing due to the company’s sparse disclosures.

Tether has been referred to as a “stablecoin” in the crypto space due to the company’s historical claims that it was equivalent to $1 USD and was backed 1-to-1 by “traditional currency” reserves.

Since those claims that garnered it “stablecoin” status were made years ago, Tether subsequently revealed that its coin was backed only by a small percentage of traditional currency, and that much of its backing consists of holdings in commercial paper issued by unnamed counterparties.

Despite multiple regulatory sanctions over its alleged lack of truthful disclosure about its reserves, and despite Tether now having a $70 billion market cap, Tether still refuses to provide transparency to the public on its holdings.

Recent reporting has indicated that Tether’s claims would make it one of the largest holders of commercial paper in the world. But major trading desks stated to the press that they had never worked with them or seen them in the market.

Hindenburg’s program enables users to submit information on Tether’s backing to Hindenburg for a chance to earn rewards in an amount up to $1,000,000, the (“Bounty”).

Hindenburg Research founder Nathan Anderson said: “We feel strongly that Tether should fully and thoroughly disclose its holdings to the public. In the absence of that disclosure, we are offering a $1,000,000 bounty to anyone who can provide us exclusive detail on Tether’s supposed reserves.”

Securities and Exchange Commission Chair Gary Gensler said in September of this year that stablecoins were acting as “poker chips” at the crypto Wild West “casino gaming tables”.

Gensler said he feared that: “[the SEC will] keep bringing these enforcement cases but there’s gonna be a problem, on lending platforms, on trading platforms, and, frankly, when that happens…a lot of people are going to get hurt.”

Hindenburg Research seeks to help advance the public’s knowledge of what it believes is a growing threat to investors by encouraging disclosure related to a crucial part of the crypto markets, which are nearing “systemic” size.

The full terms and conditions of Hindenburg’s Tether bounty program can be found here and should be read closely by anyone considering submitting information to the program.
Nimatzo
iChihuaha
Thu Oct 21 06:21:12
^Famous short seller puts out bounty for incriminating information on company he has shorted.


The more interesting development is that BTC dominance is cratering and money is flowing into the alts.
nhill
Member
Fri Oct 22 15:57:37
I'm back baby! Got some Klima and staked it earlier this week. Looking choice. All time highs on almost everything! Alts are rocking. :D

Great week travelling and not trading. At this point, I hardly trade at all things are going so well. I'm more interested in building. Starting to spec out a crypto project. Can't share details.

As for Tether:

People were whining about Tether at $100.

Then $1,000.

Then $10,000.

Next they'll be whining about it at $100,000.

Same story, different 0. Lol.
Nimatzo
iChihuaha
Sat Oct 23 02:02:00
Welcome back :) thanks for KLIMA btw, besides being +60% being part of a launch was actually a learning experience. I was forced to use polygonscan and interact with the contract.
Nimatzo
iChihuaha
Sat Oct 23 02:36:06
Uhm correction, I had not checked this morning, but I am over 100%+ on klima :)
Nimatzo
iChihuaha
Sat Oct 23 04:36:50
Nhill
I have been thinking more about insurance, not getting one, but as an opportunity. We have gaming, we have art, we have finances, it seems as if block chain insurance platforms are another arm emerging from the blockchain octopus.

Intuitively it makes perfect sense that this space will grow, it just is not nearly as sexy as games and NFT and would not be hyped. Have you thought about this?
nhill
Member
Sat Oct 23 08:36:34
You're welcome. :) Reserve currencies are my #1 allocation, but I'm always looking forward to the next thing.

I have thought about insurance, but not too deeply. I think I posted a DeFi insurance service a couple months ago here. But, I agree. Insurance is another big use case for cryptocurrency (as if we needed another reason to be bullish).

One thing that came to mind as I mulled it over was the need for real world oracles into things like home values, car registrations, heck maybe even cryptographically verified inspections that are tokenized and locked into smart contracts along with a pool of everyone's money.

Lot of potential there.

One big thing in my space right now is privacy coins. Being able to do DeFi without having your full transaction history public is going to be huge, IMO. $SCRT is my short term play and $DERO is my long term play here.

As DeFi becomes more mainstream people are going to not want their balances and such public record, where if I interact with your wallet, all of a sudden I know your assets. That's not a big concern for the degens (heck they show off their public keys on Twitter), but it will be important for the next wave of DeFi.
Nimatzo
iChihuaha
Sat Oct 23 12:43:46
"Reserve currencies are my #1 allocation"

I have been contemplating if I should increase my size, probably more TIME and KLIMA. I saw that you can now just buy sMEMO right on spirit swap no bridging or staking needed, it's already staked for ya :) these things that increase life quality are awesome.

"I think I posted a DeFi insurance"

Indeed we spoke about it briefly, I then found out they are actually listed on Defi lama as well under their own section.

I am gonna look into TIDAL. My uncle passed info to me from his friends, he is a total degen so he didn't even know what it did. I went to their site and saw it was an insurance protocol. I figured if an insurance protocol has made it to his trading buddies, it is worth a closer look. Gonna do some more reading before I go in.

"One big thing in my space right now is privacy coins."

Yea I have been clicking around on debank looking into peoples bank accounts, crazy that you can do that :P

DERO you say, gonna look into this one.
nhill
Member
Sat Oct 23 14:30:19
$SPELL <3

Do you believe in magic? First bought at $0.002. Now $0.02. XD
nhill
Member
Sat Oct 23 14:34:30
$DERO is my long term speculative play. I've been slowly building a bag. They are the most ambitious of the privacy coins.

$SCRT is the more practical coin right now, and is my shorter term play. If $DERO can $DELIVER, it'll be huuuuge. But $SCRT works well today. :)

$TIDAL looks cool. Built on Polkadot. I've been looking for a reason to get into the Polkadot ecosystem for a while, but, like many things, I haven't gotten around to it.

That's the beautiful thing about right now. There's so many high quality projects and chains to explore. It's hard to go wrong unless you get roped into a cult like $ADA. :) (I'm glad you made money on it, but it's definitely underdelivered w/ the smart contracts... so many issues with them).
Nimatzo
iChihuaha
Sun Oct 24 05:11:43
Grats on Spell, I am still chasing a shooting star like that. I guess FTM is the candidate, 350% :D we gonna see 3 USD this week!

ADA was a good trade when it pumped, but the moment I got on defi, the gig was up. That fact has not changed and I think every day that goes we see that you wrinkling your nose at ADA was well founded.

DOT is actually also a layer 1 I have no part in, but want to find a way in, in that respect TIDAL may be a good entry.
Nimatzo
iChihuaha
Sun Oct 24 05:23:12
There are really so many interesting projects as you say. My initial idea about keeping it simple has gotten rekt. I am currently in 16 different tokens, and I currently only see that list growing.

About that project you can’t talk about. When can you talk about it? :-) not talk to anyone? We do have DMs >:)
Habebe
Member
Sun Oct 24 07:48:57
http://www...oin-at-your-local-walmart/amp/

Walmart now sells bitcoin, through coinstar kiosks.
murder
Member
Sun Oct 24 09:37:19

Cool! I'm going to walk right past those kiosks every time I don't go to Walmart. :o)

murder
Member
Sun Oct 24 09:52:48

The collapse of bitcoin is going to be spectacular.

nhill
Member
Sun Oct 24 11:04:31
Nim

Thanks! As for the project, I can't talk about it at all, face to face or otherwise. Hoping to resolve the hurdle preventing me, eventually. Have to be purposely vague for now.

I think 3 USD $FTM is in the cards for sure. Lot of news pumping right now. :D

murder

People were waiting for the collapse at $100.

Then $1,000.

Then $10,000.

Next they'll be waiting for it at $100,000.

Same story, different 0. Lol.

----

You are a sad little man that knows nothing of basic economic forces or technology. I forgive you, my son. :)

The Church of the Corn will absolve you of your transgressions once you are willing to pledge fealty to your new overlords. ;)
murder
Member
Sun Oct 24 12:41:29

"Next they'll be waiting for it at $100,000."

It could reach a billion. It's still going to collapse. The higher it goes the more spectacular the collapse and the bigger mess it will make.

nhill
Member
Sun Oct 24 12:57:26
^ has absolutely no clue about basic economics :D
murder
Member
Sun Oct 24 13:09:30
^ distracts from uncomfortable facts
nhill
Member
Sun Oct 24 13:16:26
Which facts? Your random assertion about it collapsing that has no evidence or claims associated with it?

Yeah, that's very uncomfortable man. Shaking in my seat. Lol.
Nimatzo
iChihuaha
Mon Oct 25 22:47:20
Mastcard has done a 180 following VISA and will start payments with BTC. Resistance is futile.

In other news, Fantom crushed the 3 USD mark and is on its' way to da Moon.
nhill
Member
Mon Oct 25 22:56:17
You heard it here first. From $0.20 -> $3.00.

Fundamental analysis for the win.
Nimatzo
iChihuaha
Tue Oct 26 05:29:07
Indeed, not to mention OHM, TIME and KLIMA, big winners for me. These tokens are still unknown in the broader crypto community.

Nhill
Are you gonna participate in the Spookyswap NFT minting?
nhill
Member
Tue Oct 26 13:20:26
Yup!

You?
nhill
Member
Tue Oct 26 13:54:13
Have some peeps boots on the ground in Dubai rn. One sent me this:

Hassan Rouhani announced on Tuesday that the Islamic Republic of Iran will adopt Bitcoin as legal tender.

Iranian sovereign wealth fund will invest 2.5 billion in solar powered Bitcoin mining facilities in Qom province.
nhill
Member
Tue Oct 26 13:54:32
No idea if it's legit yet, haven't been able to corroborate.
nhill
Member
Tue Oct 26 13:57:12
Would be quite the 180 from their previous position...so I'm quite skeptical.
nhill
Member
Tue Oct 26 13:58:20
Disregard ... apparently someone pulled it from an old tweet and it is making the rounds.
Nimatzo
iChihuaha
Wed Oct 27 01:07:27
Yea I am planning to make my NFT debute on spooky :)
Nimatzo
iChihuaha
Wed Oct 27 02:25:42
Thing is Iran primarily sees crypto as a way out of sanctions. The suppressed globalist falang are not philosophically on board, since they are aiming to be recognized on the global scene (Iran is barred from the WTO and IMF and we know what they think of crypto) and the ruling authoritarian falang, explanation is not needed there :)
Nimatzo
iChihuaha
Wed Oct 27 03:16:15
You get liquidated and you get liquidated! Liquidations for everyone!
Nimatzo
iChihuaha
Wed Oct 27 08:07:01
I am getting more and more concerned with platform security, so far traderjoez is the only platform I am on that was not filtered through you. Yes your audit is not a guarantee, but it is infinitely better than pure Degen :P especially since you have that background.

I have only come across certik as an aggregator, but it looks like a kind of baseline audit that really doesn't say much more. Maybe the answer to my worries lies in connecting with specific discord communities. I am prepared for there not being any easy answers and rankings to look at. Any ideas?
nhill
Member
Wed Oct 27 10:01:59
Honestly like 90% of my auditing is just making sure the code is well structured, well documented, and uses best practices (e.g. using git for source control).

None of that requires understanding the code itself. You can develop a sense of code aesthetics without necessarily knowing what it does.

The biggest red flag is something like a single giant file with long convoluted functions and a single commit to source control that says something like "Initial Commit".

The biggest green flag is something like an active GitHub repository with issues filed and triaged. Basically, just a level of professionalism.

If I have specific concerns or decide to ape a large amount of funds, I'll read the code more carefully. But I've avoided dozens of hacks by just a quick glance at the code and seeing it was made by amateurs (due to the features mentioned above).
Nimatzo
iChihuaha
Wed Oct 27 10:41:21
Noted and saved. Just trying to build a better understanding :)
nhill
Member
Wed Oct 27 15:25:39
The community is also a pretty big sign.

One reason I stayed away from HEX a long time ago when I researched it is once I joined their group (I think it was Telegram? maybe Discord tho) every message was along the lines of "imagine if each of us found 3 more people to buy". And it was super speed chat of simply trying to find more buyers.

That made me realize they don't have a real product... now we have $OHM that shares the same characteristics as $HEX (ability to stake it for high yield), except it doesn't force you to lock it for years and the currency is actually backed by a real treasury. Now that's a product.

I try to avoid the communities that focus on engagement over production, too. Like when you join the discord they ask you to tweet this for a bonus, or join their "army" of promoters. A good product should stand on its own. Like $TIME. $TIME was stealth launched, and all I saw was a tweet from Daniele Sesta (founder) mentioning his new service. Then there was a discord where you could go read up on it and such. But no signups, whitelists, or what have you.

It took me a while to get behind $KLIMA because they did the whole whitelisting, early adopter approach. I prefer fair launches. But eventually I came around to them after talking with some of the $OHM devs and seeing how the product complements $OHM (and is officially sponsored).

Code always comes first for me, because that was my career. But community can be equally important. There was one $OHM fork (can't remember the name now) that tried to rug their community. Unfortunately for them, they botched it by funding their rug account with a centralized exchange, lol. But anyways. Their community was always vague with details and I called out the devs publicly for launching on Avalanche (a dumb idea since there was already a reserve there). There wasn't even any code for me to check (this was before their beta release) but the community told me all I needed to know. I ignored them and then saw they rugged later. Ah, now I remember. It was called Avarest DAO (not to be confused with Everest).

This was just a couple months ago, but it appears as if their project is gone from the web altogether. Could probably find tweets about it though.
nhill
Member
Wed Oct 27 15:36:59
Also, I hate to say it because it's going to sound bigoted. But another heuristic I use is whether or not it is obvious that English is the second language of the admin/dev team. I don't use it as a sole determiner, obviously, but if the admins type in broken English I get skeptical. Like or not, the fact is that people outside of western nations are more likely to pull off a hack/rug, because crypto isn't really that anonymous. Most addresses can be traced to a centralized exchange at some point.

Exception being people that mined all their crypto from the start and never interacted with a CEX.
Nimatzo
iChihuaha
Wed Oct 27 16:03:09
"Like or not, the fact is that people outside of western nations are more likely to pull off a hack/rug"

I don't like it, but most scams on the internet that I am familiar with are outside the west, from Nigerian princes to Indian scam centers. These are poor nations with a lot of people motivated by bad incentives.

I get your point, additionally, why would you designate admins - your voice in the community - that do not speak proper English.

Very well friend, good pointers.
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