About 80% of the entire crypto economy will be wiped out in about 24-48 hours
of trading after the proof for PvNP is posted publicly.
https://en.wikipedia.org/wiki/P_versus_NP_problem
Only after the global hardware is updated, can crypto be reimplemented as a
safe technology.
All people who are pushing crypto, are betting on the public sector having more
advanced technology than the government sector. Crypto is absolutely the
biggest financial scheme in the entirety of recorded history. Its collapse
will help the governments around the world in a substantial way (by
facilitating the most massive financial robbery of the public in history). It
will allow the governments to discharge hundreds of trillions of government
debt (in total) back onto the public to absorb (and it happens so quickly it is
impossible to reverse it).
The remaining 20% of crypto valuation will then dissipate over the course of
about 2 weeks to a month following PvNP, leaving crypto as a hollow asset until
the government fixes the global hardware glitch that even made such a collapse
possible.
Encryption needs to be stable in order for cryptocurrency to be stable
From: cryptome-bounce@xxxxxxxxxxxxx <cryptome-bounce@xxxxxxxxxxxxx> On Behalf
Of Joseph Schnaebele
Sent: Saturday, September 10, 2022 8:32 AM
To: cryptome@xxxxxxxxxxxxx
Subject: [cryptome] Re: (text modified as messsage accidentally sent) To be
published : Tornado Cash Complaint follwing ofac sanction. Coinbase funded
lawsuit against Treasury pdf
Thanks for the info, something im going to look into.
On Sat, Sep 10, 2022, 5:56 AM none <dmarc-noreply@xxxxxxxxxxxxx
<mailto:dmarc-noreply@xxxxxxxxxxxxx> > wrote:
Hello,
First some background : unlike wiring funds from a bank account, when you send
money using Bitcoin or Ethereum, the recipient can through your sending address
being revealed, knows how much you do own and earn and spent. I'm meaning
complete past and future financial history.
Tornado Cash as a privacy pool works though severing the links between a sender
and a receiver thus making the funds untraceable. According to Chainalysis,
~40% of the funds transiting through Tornado Cash are directly linked to money
laundering. While a large poriton this is still not the majority. A comparison
can be done with the global banning of eDonkey2000 decades ago along the use of
Bittorrent in some countries, in the name it was used only for illegal file
sharing or https://en.wikipedia.org/wiki/MGM_Studios,_Inc._v._Grokster,_Ltd..
Unlike web services, Tornado Cash uses smart contracts which are executed by
miners when processing the transactions of the blockchain. In the case of
Tornado Cash, such programs are made immutable which means even Tornado Cash as
entity has no way to update or control the code and thus cannot control the
funds.
So, when sanctioning Tornado Cash, ofac forbid any US person or peoples
interacting with US based persons to use or allow to use to the contracts since
they can't be removed. And by banning any interactions with the contracts, us
persons are not legally allowed to withdraw the funds they deposited or
received on the contracts just before the ban. Which means such money is
legally trapped.
Such move nerveless, had huge repercussions : first as the founders live in the
us, they are de facto not legally allowed to talk about the protocol which is
why the official Twitter account went silent https://twitter.com/tornadocash. ;
And which also means exchanges are threatening to delist the Torn token of the
dao because of the lacks of updates from the Twitter account. As appointed mods
lived in the us, they had to abandon control over the dao, thus greatly
restricting actions on the non privacy related parts of the protocol :
https://cointelegraph.com/news/tornado-cash-community-fund-multi-signature-wallet-disbands-amid-sanctions.
And then, still on the side of speech, Discord.com account was deleted which
allowed a scammer to replace it for robbing user's funds and snapshot.org
<http://snapshot.org> which allows to attach text to on-chain vote for the dao
also banned access to the ens. GitHub deleted the source code along the
accounts of the biggest code contributors to the project
https://twitter.com/semenov_roman_/status/1556717890308653059.
And continuing on this, domain names like https://tornado.cash were sized along ;
the https//torn.community discussion forum which was open to all users. This
prevents small users to use the front-end/protocol while still allowing bad
actors with the know how for handling bytes manually to use the underlying
smart contracts.
The idea of cryptocurrency as being decentralized took a hit : rpc endpoints
like Infura are blocking any interactions and those who refused got their
Amazon ec3 or Microsoft vms sized, which means you not only need your own node
but need your own OpenEthereum fatdb enabled node using 12Tib cutting edge
single level cell based ssd (or even ram) at your own home in order to fetch
the on-chain data required for computing the zsNark proof which used to be
possible through a mobile phone. Some mining pools are refusing to include the
transactions in blocks
https://forkast.news/headlines/ethermine-stops-tornado-cash-transactions/. The ;
issue is expected to become even worst with the switch to staking because as
part of the Merge upgrade as filling blocks would be handed over to block
producers which are typically cex https://rekt.news/winds-of-change/ ;(thus I
disagree for Alexey Pertsev), which means transactions might ends up completely
censored at the Ethereum level.
Not to say, but as a precedent, with Bitcoin refusing hard forks and it's
mining being heavily centralized, there will one day be more than 50% of the
hasrate coming from regulated pools refusing to mine on blocks implementing the
next halving in order to have more than 21 millions Bitcoins for helping fund
growth. And hence there will be lot of more than 21 millions Bitcoins. Although
the average bitcoiner technically disagree of such variant of the 51% attack
but without giving proper argumentation.
