First, any practical technical possibility to break crypto can make you
legally rich https://immunefi.com/explore/. Remember on the attacker
side in computing you can sometime act as if unproven theorems were true
or false without proving them. So you are welcome. About stability,
Ethereum is not Bitcoin : changes breaking the maths called hard-forks
are Ok.
Then man, such words comes from peoples who never performed any
international wiring of funds. For amounts below $100,000 you can’t go
to the stock exchange for the forex and the bank will typically apply a
7% margin on the exchange rate in addition to other fees. Of course,
you’ll answer with things like PayPal but ᴜꜱ companies who pay you via
ᴜꜱ mail check which as a foreigner you can relay to a crypto exchange
(as you can’t have a ᴜꜱᴅ debit card) but not to PayPal which in your
country accepts the wiring of funds of your national currency. So you
buy crypto in ᴜꜱᴅ on a foreign exchange which don’t support your local
currency and you send Bitcoin/Ethereum to a local exchange which does
which will cost you $20 mining fees equivalent +0,5% fee without any
margin on the exchange rate on a payment like $20,000 instead of $1,000.
And if you live in the ᴜꜱ, great. Nice for you to enjoy competition in
terms of fees with many community banks offering all the payments
service of a large bank. But the banking competition landscape in my
country is restricted to 4 large banks groups since the 2008 subprime
crisis (they all had to be bailed out the weeks later after Leman’s
Brothers closure which increased the state public debt by 24% of gdp and
which won’t be possible again). Think as if all bank brands of the
country are a subsidiary of either Wells Fargo, Goldman Sachs or
JpMorgan. As a result, instead of being treated as someone who can go
somewhere else, customers are treated like cash cows with no possible
minimum balance to avoid maintenance fees and the debit card with the
$1500 equivalent per months limit is billed at $30 per months
equivalent, and the level of customer care is in the toilet even if they
brake the law by doing so (bank advisers will typically find an excuse
for not solving problems coming from their side while requesting you go
to an other bank even if the reduced number makes this impossible
because they will tell you they have too many clients). They are cheap
local fintechs, but they don’t provide interest and won’t let you cash
checks or deposit cash or receive/wire funds abroad and almost all
social benefits agencies along local utilities companies will illegally
refuse to let you pay or receive money (resulting in social benefits
hand over in checks which can’t be cashed-in) using such accounts
through the bank code (the legal framework for class action in my
country is stripped down so each case has to be treated individually
most of the time). I must say here that unlike the ᴜꜱ, you can trade
crypto yourself as long as you don’t generate profits which lets you buy
crypto using cash.
So, since I’m not enough rich to own my home in downtown and thus to
match the high required thresholds to put my money on the stock
exchange, I prefer to put my saving on a https://compound.finance/
smart-contract/program through a full automated crypto backed stablecoin
I audited the source code with my own private-keys instead of getting my
checking account being frozen at random during months until you payed
enough legal fees to unlock it and deal with the explanation from the
bank manager that he can’t show me the error message again he is getting
in the name that what is working for my eyes won’t work for a smart
phone camera since the service displaying it on his screen is remote (so
I can’t sell you tomatoes because my car is
red/https://en.wikipedia.org/wiki/Black_Mirror style and thus getting my
request from the technical department of the bank to fix my account
rejected because I didn’t provide the screenshot/picture they requested
which in turn prevents me to request the help of the state’s banking
ombudsman).
You might say cash is equivalent and that it’s what most peoples facing
such things here does, but you don’t have the physical security of a
bank account and if you live at a corner of the map like me you are not
legally allowed to mail cash even if it’s the opposite of the country
1000Km away and you don’t earn interest on cash. There is also a story
about an old lady which had all it’s money in cash at home. When she
wanted to buy a new home, the private civil notary reminded her that
such purchase need to be done though a bank, but the bank didn’t let her
deposit hundreds thousand ᴜꜱᴅ equivalent of cash because of the limits
(1 year later not all the money could be put in the bank) whereas a wire
transfer coming from a crypto exchange can consist of any amounts at a
single time.
Oh, and beside the added bonus to no longer have to borrow at 20% for
the money I normally have on my checking account, using a foreign
Bitcoin to plastic card costing ~50€ per 3 years for a 25,000€ cash
daily withdrawal limit instead of monthly, lets me pay my bread in cash
instead of debit card without having to remember who sold it and what I
exactly bought at which price along the exact minute over the course of
the last month for being able to prove to the bank that it wasn’t used
to do things like buying drugs (though I recognize they are acting like
this on that point because I receive foreign funds in ᴜꜱᴅ but with the
swift transfer details stating the money come from the A/P account at
the GooglePlex and the checks coming from an ex Hewlett Packards
subsidiary, they could be less paranoid at thinking such income comes
from the selling of illegal stuff)
From: <perceptive718@xxxxxxxxx>
Subject: [cryptome] Re: (text modified as messsage accidentally sent) To be pub
Date: Sat, 10 Sep 2022 20:06:48 -0400
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.
