BC CRYPTO
Saved by @Mollyycolllinss

On Dec 18th, FinCEN announced a proposed rule that will require collection of personal information for transactions of >$3,000 sent to self-hosted wallets.
https://t.co/h1GT64oOqo

We are very concerned about this proposal @OKCoin.

Key takeaways below:

 1/ The results seem to be pre-determined.

Transparency and full public participation is needed for sound policy making on complex topics like this. However, with a shortened 15d window (holiday included) vs standard 60d, we are not getting a genuine opportunity to participate.
2/ Cyber-crime is not unique to crypto. An FBI report in June said that daily digital crime has risen 75% since March.

No evidence indicates that illicit crypto activity has risen disproportionally to threaten national security that warrants such a rush.
3/ A unique nature of #bitcoin is to transmit value without intermediary.

This is revolutionary in human history and will greatly promote financial inclusion and freedom. It would also lead to innovations and paradigm shifts that we cannot imagine today.
4/ This is the “responsible innovation” that sound policy making is supposed to protect.

It is also very nascent that needs very careful and thoughtful policy-making.
5/ However, if this proposed rule on self-hosted wallets is implemented, FINCEN registered exchanges will be forced to either non-comply or significantly increase the friction w/r/t self-hosted wallets, which are the major medium where such innovations actually happen.
6/ It is essentially slamming the door closed on crypto-related innovation in US.
7/ This proposed rule won’t succeed in “protecting national security”.

Good guys will have increased burden of compliance, less access to the system, and potential risk of data leakage.

Bad guys can off-ramp in other jurisdictions, which weakens law enforcement.
8/ Nor can this proposal be practically implemented without unintended consequences:
9/ There are fundamental differences between crypto and banking system.

The former being decentralized in nature (and by design), and therefore does not have a centralized, secure messaging network like SWIFT for Travel Rule compliance by banks.
10/ In other words, there is no practical tools available yet that allows effective identity checking while protecting individual privacy.
11/ Most concerningly, such a proposal is a serious infringement on our privacy and constitutional rights.

It would force crypto exchanges to store and hand over customer information automatically, every time, while today law enforcement has to subpoena to get such information
12/ Such monitoring may be needed where intermediaries are indispensable.

But when we are building a more sovereign financial world where trust is built into code and enabled through smart contracts, people are entitled to their financial privacy when using self-hosted wallets
13/ Like many others in the industry, we find it to be our social responsibility to have our voices heard.
14/ There are sensible voices among policy-makers, as demonstrated by @CynthiaMLummis.
https://t.co/RDxcWZLWFB

We hope that sound policy-making can finally prevail.
15/ End.

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XRPatience
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@xrpartisan
1/22 Why XRP will beat Bitcoin.

(Video version @ https://t.co/VIHEoHLYpN)

A thread. 👇


2/22 Despite last night's major Bitcoin correction, it still sits at $33k, well above the last bull run's all time high. With XRP currently at $0.28, it may seem rather ridiculous to think XRP will ever become #1.


3/22 However, it's important to compare Bitcoin and XRP not in terms of price, but market cap. That's because there are 100 billion XRP (and will never be more) and 19 million circulating Bitcoin (21 million max). So comparing the price of individual tokens doesn't work.


4/22 XRP's market cap is $12.6 billion. Bitcoin's is $623 (roughly 50x more, 55x if you factor in the 2 million Bitcoin not yet mined). That's a huge lead, but not as big as the 119,000x lead if you compare token price!


5/22 Bitcoin's primary advantage is its early adoption. It caught on earlier and became the front runner of crypto. Don't underestimate the power of being first. It gives a massive advantage. But it doesn't GUARANTEE being the winner long-term.
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V.H.
V.H.
@Varg_88
Lots of people are sleeping on one the biggest things @quant_network is currently involved in-ODAP (Open Digital Asset Protocol).

So what is exactly #ODAP and why this makes $QNT one of the most significant and, regarding #crypto mcap, undervalued projects?

Time for a THREAD⬇️


1/ODAP is the protocol for communication between gateways, primarily with an enterprise focus.
So banks, central banks etc. would run a gateway in Overledger Network and ODAP would be the protocol for gateways to communicate with each other in a secure and trustless manner. $QNT


2/ #ODAP Interfaces are the open source connectors that will connect a gateway to #blockchains and any existing network / API. That is based on the standards from work done at ISO TC 307 which 57 countries are working towards.
$QNT CEO Gilbert Verdian is the founder of TC307.


3/We know from the submitted drafts via #IETF (the Internet Engineering Task Force) $QNT is working on #ODAP with:

✅@MIT

✅@intel

but, there’s more to the story as we found out from Gilbert that US Government, Juniper, payment and telecom companies are also there.


4/So how it all started with #ODAP?
Let’s go back to $QNT CEO Gilbert Verdian’s interview with Santiago Velez on #RealVision (October 14th) and try to put all the pieces of the puzzle together.
I’ll forward his words ⬇️
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Eric Tymoigne
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@tymoignee
This "bitcoin is better than gold" statement going around once more show that bitcoiners have no clue about monetary history and what the purpose of a monetary system is. A thread.

1- Metal standards were never inflexible; they could not in order to operate properly. Qty of metal was changed, usually lowered, to accommodate for changing economic conditions: price of metal, scarcity of coins, financial needs of economic units (state and private), etc.

2- The purpose of a monetary system is to make the rest of the economy go. It is there to accommodate financial needs. The more elastic one can design the supply, the better.
That doesn't mean that monetary creation & destruction shouldn't follow any rules & have no constraint.

3- Rules and constraint impose depend on economic system and evolve over time has we learn how to manage better the system. In a capitalist economy, the private sector is subject to the profitability constraint. We have learned from experience that this is not enough.

3 (ii) Financial stability requires a "hedge finance" constraint for most private agents: profitability should be judged on income gains, not capital gains.
In the government sector, the constraints are ressource availability and political constraints.
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Simon DeDeo
Simon DeDeo
@SimonDeDeo
Someone tosses a coin ten times; it comes up heads every time. What's the probability it comes up heads on the next toss? (Pretty darn high—part of @nntaleb's work is unprogramming you from your high-school rules of thumb.) Now consider the (related) Gambler's fallacy...

In this case, it's a theory about compensation: the worse one's luck is, the more likely it is to see a reversal. On the surface, it's irrational. The more bad luck you have, the more you accumulate evidence that the system is rigged.

But there's also an anthropic component. If the luck is bad enough, it starts to become inconsistent with your survival. You've accumulated evidence for correlations in the environment, but these correlations (may be) inconsistent with (people like you) being in this environment.

An example. You're in a city where everyone takes public transport. You encounter a string of bad delays. It's reasonable to conclude they'll end—otherwise people wouldn't take public transport. It's unlikely that you happened to show up right when the network collapses.

Of course, that's a bad heuristic in a casino, which relies on a constant influx of losers. But in other environments, particularly with persistent populations and no evidence for sudden changes in the underlying laws, it makes sense.
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Algostorm \u26a1 2/7/2021 6 pm EST ALGOWORLD USA
Algostorm ⚡ 2/7/2021 6...
@AW_USA
Unlike #ETH and #BTC $ Algo uses delegated proof of stake (DPOS) #AlgorandandFriends


Under the DPOS mechanism, the community will empower a number of users the delegates to choose the next block. This is a mechanism that is used by blockchains such as EOS etc. $Algo

There is a fixed number of delegates & these delegates can be viewed as having centralized control. In the adipose blockchain, the delegates may own a tiny fraction of the total money in the system. Yet, the whole blockchain is secure. $Algo

The Algorand consensus mechanism is called pure proof of stake. And it operates on this simple principle. It makes cheating by a minority of the money impossible and cheating by the majority stupid. $Algo

$Algo developed a mechanism so that those with small stakes cannot cheat, those that have a large stake in the network won’t cheat. It will completely devalue their holdings & make no economic sense. As long as 2/3 of the majority are honest, the protocol will work just fine. $
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