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Ethereum Founder Says Too Much Mental Gymnastics in Defending Things; Even 12-Year Old Can Tell 20% APR As Ponzi

Mark Brennan
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Ethereum Founder Says Too Much Mental Gymnastics in Defending Things; Even 12-Year Old Can Tell 20% APR As Ponzi

Vitalik Buterin Discusses Cryptocurrency Intellectuals.


Ethereum creator Vitalik Buterin Shares His Thoughts On Intellectuals In the Crypto Space.

Vitalik Buterin, one of the people responsible for the creation of Ethereum, has turned to Twitter in order to discuss the intellectuals and deep thinkers in the cryptocurrency space. 

According to him, the job of an intellectual does not always consist of attempting to outwit everyone else or coming up with the synthesis of the world’s thesis and antithesis or whatever else could be the case.

Rather, it is a matter of understanding when to just restate basic and stupid norms such as “invading people bad.” The cryptographer said this is an essential lesson for anyone working in crypto. 

“Sometimes the task of an intellectual isn’t about trying to outsmart everyone or come up with the synthesis to the world’s thesis and antithesis or whatever. Rather, it’s about knowing when to just reaffirm simple dumb rules like “invading people bad”.

There is much too many mental acrobatics involved in justifying something that a child of 12 years old adopting the simple criterion “if it offers 20% APR it’s a Ponzi” would accurately reject every time.

“Also an important lesson for the crypto space. Way too much mental gymnastics goes into defending things that a 12 year old applying a simple unnuanced “if it offers 20% APR it’s a Ponzi” rule would correctly reject every time.”

He was referring to Terra when he mentioned an APY of 20 percent. In a recent interview with Bloomberg, the cryptographer critiqued Terra again, stating that there is no true investment that can produce returns anywhere close to 20 percent annually.

Intellectuals And Crypto

Most traditional economic definitions of money fail digital assets such as bitcoin and other crypto tokens. A hellish dystopia for intellectuals is a world where Elon Musk can tweet two emojis and your asset depreciate 80% in value. Most of them believe that crypto assets are the result of a speculative frenzy and a financial swindle centered on an opaque technology with a tolerance for intellectual incoherence at its foundation. 

On the other hand, due to Blockchain’s inherent accountability, security, transparency, and immutability, it has the potential to make a substantial contribution to the global economy. 

As time goes on, blockchain has a chance of being adopted as an underlying technology by the majority of the world’s governments. It also has a chance of bringing the whole intellectual property system under one umbrella.

In related developments, as reported by The Crypto Basic the Merge, the name given to Ethereum’s conversion from proof-of-work (PoW) to proof-of-stake (PoS), is now under active development. In Buterin’s estimation, the network will be 55% complete by either the end of Merge or when PoS is implemented.

Santiment: Cardano (ADA) Is The Most Developed Cryptocurrency

Mark Brennan
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Santiment: Cardano (ADA) Is The Most Developed Cryptocurrency

Is Cardano (ADA) The Most Advanced Cryptocurrency? Santiment Certainly Thinks So.


Santiment, a company that specializes in crypto analytics, said that Cardano (ADA) maintains its position as the most dominant blockchain when it comes to the frequency of relevant activity on GitHub. In addition, the data from Github that was given by the company Santiment reveals a rise in the amount of activity shown by Cardano developers.

When evaluating initial coin offerings (ICOs) and other cryptocurrency initiatives, the activity on GitHub might be an important measure. The time of developers is a pretty costly resource, and the fact that a certain project has a large number of developers devoting their time and expertise to the project might signify a number of different things depending on the context.

It is possible that these individuals have faith that the project will be successful, that the project is releasing an increasing number of features, or that there is a decreased likelihood that the project is really elaborate fraud.

Cardano Vasil Hard Fork

It is important to note that the long-awaited Vasil hard fork has increased the popularity of Cardano (ADA), bringing more people to try out the benefits of the cryptocurrency. This is something that should be noted. When the significant update is eventually made available on the mainnet, you can also anticipate the introduction of further functionality.

If the past ADA hard fork events are any indication, the price of Cardano has the potential to increase by a factor of ten as a result of the long-awaited Vasil Hard Fork. In addition to this, a 10x objective for Cardano is warranted given that ADA’s all-time high of $3.10 will be reached in September of 2021.

According to data provided by CoinGecko, the price of Cardano has decreased by 0.4 percent over the course of the last twenty-four hours, bringing it down to $0.4666. The ADA has also seen a decrease of 9.5 percent during the last week.

South Korea’s Ministry of Justice Puts A “Notification On Arrival” On Do Kwon, Bans More Terra Executives From Leaving

Mark Brennan
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South Korea’s Ministry of Justice Puts A “Notification On Arrival” On Do Kwon, Bans More Terra Executives From Leaving

 

South Korea officials have issued a notice upon arrival for Terra’s Do Kwon and are prohibiting Terra executives from leaving the country at the moment.


Do Kwon has been served with “notification upon arrival” and departure restriction notifications by the criminal investigation team in South Korea. The plea by the prosecutors for the Ministry of Justice in South Korea to continue their investigation into the claims of fraud leveled against TerraForm Labs and its executives, including Daniel Shin was also granted.

 

When Kwon reaches South Korean territory, the investigators will be notified via a process known as “notice upon arrival.” When an emergency ongoing investigation is underway, and the suspect has departed the jurisdiction, such actions are taken during the inquiry. It is believed that Kwon is now living in Singapore at this time. But, the prosecutor’s office did not provide any information about Kwon’s location also Naver writes that  “The prosecutor also brought up the possibility of cooperating with Interpol to issue a Red Notice for Do Kwon’s extradition.”

Do Kwon is being accused of continuing to sell Terra (LUNA) tokens to investors without providing them with information about the potential dangers associated with the purchase. In addition to this, the court procedures on the cases brought against him by Terra investors must take place in his presence. On the other hand, it has been stated that Shin’s position had nothing to do with the ongoing problem since his partnership with CEO Kwon was dissolved in March of 2020, but Daniel Shin is also banned from leaving Korea.

Moreover, the investigation led to the discovery of a Terra subsidiary, FLEXE Corporation. According to the allegations, FLEXE was used to transfer funds from other countries into firms associated with Terra. When the inspectors visited the location that was stated, the company was not present on the premises in any way. Furthermore, KBS, a news network in South Korea, asserts that the entity in question was a defunct paper manufacturing business.

As Reported by The Crypto Basic, the recent developments show that Terraform Labs is facing Second Class Action Suit in the U.S., Korean Investigators raided the Home Of Terra’s Co-Founder, and crypto exchanges are also being raided as a part of Investigations

Ethereum Founding Member Says Terra (LUNA) and UST Were ‘Plagued With’ Clear Defects

Mark Brennan
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Ethereum Founding Member Says Terra (LUNA) and UST Were ‘Plagued With’ Clear Defects

 

According to Crypto Entrepreneur and Ethereum founding member Joel Dietz, LUNA and UST’s Design had several apparent flaws.


In 2018, the first iteration of the algorithmic stablecoin known as TerraUSD (UST), along with its sister coin LUNA, was met with widespread acclaim as a groundbreaking innovation.

According to Joel Dietz, a founder member of Ethereum and a crypto entrepreneur, the algorithmic calamity that sent shockwaves through the crypto market a few months ago was waiting to happen. According to Dietz’s video interview with The Korea Herald, the project mentioned above was plagued with glaring deficiencies in its overall design.

“It’s a project that had obvious design flaws. When I saw them (terraUSD and luna), I thought they shouldn’t exist, and no legitimate person should be hyping this project. But I was surprised that some of the industries were getting behind it,” he said.

For his role in creating the Ethereum platform, Dietz is widely considered a pioneering figure in the crypto community.

The Ethereum network engaged him as a co-founder in 2013. He worked with Vitalik Buterin for about a year on an internal project that ultimately became the well-known Metamask wallet.

Dietz, an academic researcher in the field of crypto-economics, claims that many previous models had attempted this precise approach and failed in a similar manner before TerraUSD and LUNA.

Although he said that TerraUSD and Terra Luna were both colored in similar ways, he did not refer to any of them as pyramid schemes. To refresh your memory, the LUNA and UST markets both plummeted in May, signaling the beginning of a highly volatile year for the cryptocurrency market, which, at the time of writing, is once again valued at less than $1 trillion.

Dietz said that the current phase of crypto winter was an anticipated outcome from an aggregation of risks arising from ventures that lack sound fundamentals and are overleveraged.  According to him, it was an explosion inside a system that lacked robust regulatory control. He believes that difficult times for cryptocurrency will persist until the weaknesses are corrected.

Shopping_io CEO Teases Shiba Inu Community, Says “Big Things Coming to SHIB”  

Mark Brennan
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Shopping_io CEO Teases Shiba Inu Community, Says “Big Things Coming to SHIB”  

The e-commerce platform wants to further its partnership with Shiba Inu. 


Arbel Arif, the CEO of Shopping.io, has teased the Shiba Inu community about an upcoming partnership between the e-commerce platform and SHIB. 

“Big things coming to Shibtoken + shopping_io,” Arif tweeted recently.  

 

MILKSHAKE Shared the Development

The development comes a few moments after an official Shiba Inu team member who goes by the pseudonym MILKSHAKE disclosed that she had a meeting with the Shopping.io team. 

Interested in the development, a Shiba Inu enthusiast quizzed MILKSHAKE about the details of the meeting. The Twitter user asked MILKSHAKE whether an enticing partnership between Shiba Inu and Shopping.io is around the corner. 

However, MILKSHAKE chose to be discreet in her response without unveiling many details that could put off the deal. 

“Actually, they have been working to support many crypto projects for a long time, shopping_io and @ArbelArif have a nice vision of bringing the convenience of crypto to major retailers. I think it’s cool to always explore and catch up with new opportunities,” MILKSHAKE said. 

Shopping.io – Bridging the Gap Between Crypto and Retailers

Indeed, Shopping.io is committed to enabling cryptocurrency enthusiasts to spend their asset class on various e-commerce platforms, including Walmart, eBay, Amazon, etc. 

The company describes itself as a bridge between cryptocurrencies and retailers. According to the firm, it currently supports more than 200 digital currencies on its platforms, which can be used to purchase items in selected e-commerce stores. 

Some of the cryptocurrencies supported by Shopping.io include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), etc. It is noteworthy that SHIB is among the tokens supported by Shopping.io. 

TheCryptoBasic reported last year that Shopping.io added VeChain (VET) to its long list of supported digital currencies. The cryptocurrency e-commerce platform also added support for Tron (TXR) late last year.  

Since Shiba Inu is already one of the tokens supported by Shopping.io, there is a possibility that a bigger announcement capable of further boosting the widespread adoption of the meme-based cryptocurrency will be made soon. 

South Korean Financial Regulators Look Into Suspicious $3.2 Billion Remittances With Crypto Links

Mark Brennan
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South Korean Financial Regulators Look Into Suspicious $3.2 Billion Remittances With Crypto Links

The Korean Financial Supervisory Service (FSS) probes all banks as they investigate suspicious foreign exchange transactions.


South Korean news agency Yonhap reveals in a report on Wednesday that the country’s Financial Supervisory Service (FSS) has discovered suspicious foreign exchange transactions totaling 4.1 trillion won ($3.2 billion) processed by two leading banks with ties to crypto exchanges.

Notably, the FSS is engaged in an investigation of the entire banking industry after leading banks reported suspicious large FX transactions. For example, Woori Bank earlier reported to the FSS that one of its branches processed over 800 billion won (US$617 million) in overseas transfers in the past year. With similar reports from Shinhan Bank, the regulators are looking to see if there is a criminal pattern in this suspicious string of foreign transfers.

“A probe into all banks is currently underway in reflection of worries that there could be such similar transactions,” Lee Bok-Hyun, head of the Financial Supervisory Service (FSS), reportedly said, adding that a robust task force has been created for the purpose.

According to the report, unspecified crypto exchanges are believed to be involved in the transactions. Bloomberg reports that 5 Woori bank branches processed $1.3 billion in these suspicious remittances within May and June alone. At the same time, Shinhan Bank processed about $1.9 billion from February 2021 to July this year.

At this time, investigators in the country are also looking into the events leading up to the Terra ecosystem collapse in May. As previously reported by The Crypto Basic, several exchanges and the home of Terra co-founder Daniel Shin were raided last week.

Notably, it would not be surprising to see tougher crypto regulations in the country as investigations around the industry intensify. Meanwhile, in a series of tweets today, Terra whistleblower FatMan Terra urged UST victims to join a class action suit against the company and Do Kwon, the Terraform Labs founder in the US.

Cardano Holders Can Now Swap Their Collateral To ADA Supported By AADA And WingRiders

Mark Brennan
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Cardano Holders Can Now Swap Their Collateral To ADA Supported By AADA And WingRiders

 

WingRiders DEX On Cardano Partners With AADA Lending Protocol To Enable Users To Swap Their Collateral To ADA.



With the partnership between WingRiders and AADA Finance, users can now swap their collateral to ADA if loan liquidation is triggered.

It’s good news for the Cardano community as WingRiders is the largest exchange on Cardano with a $52M total value locked (TVL) leading other dexes.

WingRiders is a DEX built on the Cardano blockchain network. The DEX took to Twitter to announce the inking of a deal between it and AADA Finance, a lending protocol that runs on the same Cardano chain but is backed by NFTs. The new partnership allows users to swap their collateral to ADA when they trigger liquidation in the same transaction.  

How It Works

Besides sharing the good news, WingRiders extended the courtesy of posting a visual graphic to explain to users how the process works. On one end, there’s the Rider (in this case, the WingRider customer); in the middle, there’s the AADA Finance loan taken by the customer; and on the other end, there’s the WingRider system.

users can now swap their collateral to ADA
users can now swap their collateral to ADA

The process is rather simple. The Rider initiates a liquidation of their collateral, which is then transferred to WingRiders and the Rider receives ADA into their account. ADA is the native crypto coin used in the Cardano blockchain. This gives the Rider access to the “global” currency of the Cardano ecosystem and leeway to do other things with it. Users can stake ADA or use it to buy NFTs, among other uses.

The Effects

The deal between WingRiders and AADA Finance will ultimately boost and ease access to ADA by users, a development that will culminate in increased use cases for ADA. This will translate into higher adoption of the coin and a spike in demand. Increased demand could have a positive impact on the coin’s market price. Cardano has been working hard to upgrade its blockchain network and introduce more use cases for ADA as it works to improve the network’s speed, capacity, and scalability. 

SEC Files Complete Package Of Objection Against Surrendering Hinman Documents to Ripple, Insisting Drafts Are Irrelevant

Mark Brennan
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SEC Files Complete Package Of Objection Against Surrendering Hinman Documents to Ripple, Insisting Drafts Are Irrelevant

 

The commission insists that Hinman’s documents contain sensitive internal communications that are irrelevant to the lawsuit.


The Securities and Exchange Commission (SEC) has filed an objection to Magistrate Sarah Netburn’s recent ruling, ordering the agency to surrender the internal drafts of William Hinman’s 2018 speech to Ripple. 

According to the SEC, the internal drafts contain confidential SEC information and are not relevant to Ripple’s claims. However, the court has ordered on three occasions that the SEC should disclose internal drafts of Hinman’s speech to Ripple. 

“Even if they were relevant, the Speech Drafts contained confidential deliberations and legal advice protected by the deliberative process privilege (DPP) and the attorney-client privilege,” the SEC said. 

SEC: There Could Be Future Consequences

Per the SEC, if the Court maintains its order that the Hinman documents should be handed over to Ripple, certain implications may arise that may “chill internal communication not only at the SEC but at other agencies as well.” 

Hinman’s disclaimer that the speech contained his personal views has been the central holding of Judge Netburn’s ruling, as she believes the communication that led to the preparation of the speech was not the agency’s deliberations. 

The SEC stated that the disclaimer Hinman used before making the speech is standard procedure to ensure market participants do not consider comments from SEC staff as the commission’s policy. 

“Indeed, Director Hinman consulted over many weeks with dozens of SEC attorneys, several of whom reviewed and revised multiple versions of the Speech,” the Securities and Exchange Commission said, adding: 

“If permitted to stand, the Orders would chill the ability of government employees to deliberate about important policy issues and obtain candid legal advice from agency lawyers. The Orders should be set aside as clearly erroneous and contrary to law, and the SEC should be permitted to withhold the Speech Drafts because they are both irrelevant and privileged.” 

Fight Over Hinman’s 2018 Speech

Hinman’s 2018 speech where he declared Ethereum as non-security has been a major issue in the Ripple vs. SEC lawsuit. 

In January 2021, Ripple requested that the SEC provide the documents leading to the formulation of the speech, which contains 64 draft internal communications. 

However, the commission ignored Ripple’s request, prompting the blockchain company to file a motion late last year to compel the SEC to turn over the document. 

Magistrate Netburn has ordered the SEC to surrender Hinman’s documents to Ripple on three occasions. The SEC is still not prepared to surrender the drafts of Hinman’s speech to Ripple. 

Ripple CEO Reacts to SEC’s Quest to Protect Hinman’s Documents

Following the SEC’s continuous efforts to protect Hinman’s drafts and other relevant documents that could help resolve the lawsuit, many believe the SEC is hiding something bigger. 

In a recent video, Ripple’s CEO Brad Garlinghouse was forced to ask what the Securities and Exchange Commission is trying to hide. 

“14 months and they’re still fighting to hide those notes. What are they hiding?” Garlinghouse quizzed. 

Doge Team Says: “Dogecoin Is The New Dogecoin”: Details

Mark Brennan
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Doge Team Says: “Dogecoin Is The New Dogecoin”: Details

 

The New DOGE Website Has Gone Live.


Dogecoin developers have come up with a new and updated website for the coin.

DOGE is famed as the first ever meme coin that managed to attract massive attention and a cult-like following, with various crypto characters posting memes and catchy doggy phrases about it. As a matter of fact, DOGE has managed to woo even the wealthiest people in space – including Tesla’s Elon Musk.

For this reason, DOGE can be described as the most successful meme coin, even as the likes of Shiba Inu try to market themselves as the “Dogecoin killers.”

New Dogecoin Site

News of the launch of the upgraded Dogecoin website was aired on Twitter by Dogecoin’s official handle.

 

As expected, the fans were excited. A quick glance at the website reveals a strong conviction among DOGE supporters to market the coin as the “people’s cryptocurrency.” 

The Dogecoin website starts with a cute image of a Doggo, followed by a quick definition of the coin as an open source, peer-to-peer cryptosystem. The DOGE community cherishes one unofficial tagline: “Do Only Good Everyday,” following a FAQ section answering essential queries.

 

Doge And Elon Musk

Elon Musk has gone on record saying he prefers Dogecoin to Bitcoin due to its low carbon emissions. According to Elon, Dogecoin is also more scalable as he is a big fan rather than mostly comprehended as the father of Dogecoin.

Elon Musk has been trying to bring together various supporters and developers to chart the course for Dogecoin with the aim of improving its utility and value. There have been more than a few occasions where Elon Musk has been accused of shilling Dogecoin while bashing others. Just recently, Tesla sold off over 75% of its BTC holdings while Elon specifically added No Dogecoin Was Sold, giving the vibe that he may have been serious about his more profound love for DOGE than BTC.

The Future Of DOGE

While Dogecoin is part of the larger crypto industry known to be dynamic, its market standings seem to be headed North as long as people like Elon Musk and the developer team are on board. These entities work to implement the Dogecoin manifesto that pledges to make the coin more useful, personable, welcoming, and reliable.

Two ETH Whales Bought 534B Shiba Inu, As Shib Return To Top 10 Purchased Tokens Among 100 Biggest ETH Whales

Zabi
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Two ETH Whales Bought 534B Shiba Inu, As Shib Return To Top 10 Purchased Tokens Among 100 Biggest ETH Whales

 

Ethereum whales are back to hunt Shiba Inu.


The two biggest ETH Whales named “Gimli” and “BlueWhale0159” have accumulated a whopping total of 533,999,999,999 (533.99B) SHIB, worth $5,624,279 ($5.62M) in the past 24 hours.

“Gimli” Purchased $4.06 Million Worth of SHIB:

WhaleStats, a portal that tracks the actions of major Ethereum holders, recently reported that the 248th biggest ETH Whale tagged “Gimli” has just purchased a whopping total of 386,999,999,999 (386.99B) SHIB, worth $4,067,549 ($4.06M) in two separate transactions.

In the first transaction, the Whale scooped up 199,999,999,999 (199.99B) SHIB, worth $2,075,999 ($2.07M).

After few hours, the Whale performed second transaction and added 187,000,000,000 (187B), worth $1,991,550 ($1.99M).

“BlueWhale0159” Bought $1.55 Million Worth of SHIB:

As per WhaleStats report, the 373rd biggest ETH Whale labeled “BlueWhale0159” scooped up a massive total of 147,000,000,000 (147B) SHIB, worth $1,556,730 ($1.55M) in one significant transaction.

Following this massive accumulation of the biggest ETH Whales, Shiba Inu also made its way to the list of the top 10 purchased tokens among the 100 biggest ETH whales in the last 24 hours.

WhaleStats data further reports that Shiba Inu is also the largest holding among the top 2000 ETH whales, with a total of $633,980,343 ($633.98M) worth of tokens.

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