I’m conflicted on that one. On the one hand, I am all for dropping Bitcoin as legal tender. On the other hand, I do not like the IMF telling countries (especially developing countries) what to do…
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It’s not conflicting at all: the IMF is objectively evil and is manipulating El Salvador in order to increase its control over it, and is also giving good, sound, correct advice, even if it’s for the wrong reasons.
It’s right, but still evil.
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Money isn’t convenient somehow
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Another week, another big economy restricting cryptocurrency. This time Indonesia has barred financial services firms from offering bit-buck-related services to their customers.
[…]
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Off world NFT.
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At first, I thought the headline said NSFW. Then I realized that it was something much worse…
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A fake of a fake?
Deep.
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A combination of payday loan and third-party equity. Always insisting on austerity budgets, that mean cutting frivolous education and healthcare, to leave them as a colony economy.
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A joke somehow generates “$2MM” in “market cap”
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How long until Elon goes full Mike Lindell
Any day now…
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[…]
The Diem association’s assets will be sold to Silvergate Bank — a crypto-focused bank in California that had partnered with the group to launch the digital currency — for $182 million (€162 million).
Silvergate will acquire Diem’s assets, including development, deployment, and operations infrastructure and “tools for running a blockchain-based payment network,” the bank said in a statement.
[…]
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Crypto outfit Qubit appeals to the honour of thieves who lifted $80M of its digi-dollars
[…]
The crypto concern is Qubit Finance – an outfit that offers decentralized lending and borrowing and operates under the motto “Lend to ascend – Borrow for tomorrow.”
Last Friday Qubit admitted one of its protocols had been exploited in unintended ways, with the result that attackers made off with $80 million of crypto assets.
Because the attack used Qubit’s protocols, it appears to have left a trace on the blockchain.
[…]
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“A cryptocurrency is also being released alongside the cube, called the Castello Coin. It will be traded as $CAST and is now able to be purchased online at $0.44 each. An NFT auction is also scheduled for Feb. 21.“
How much is the City being paid to help promote this crypto venture?
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The gold was purchased at $1,788 per ounce, and the full 410-pound art piece even has its own security team!
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That’s a signature move: How $320m in Ether was stolen from crypto biz Wormhole
Wormhole, a protocol for connecting different blockchains, lost about $320m worth of Ether (ETH), thanks to poorly crafted code.
“The wormhole network was exploited for 120k wETH,” the DeFi biz said via Twitter on Wednesday.
“wETH” stands for “wrapped Ether,” an intermediary token used to transfer Ether across blockchains built for different cryptocurrencies. Wormhole’s technology serves as a bridge that links the Solana blockchain to various other “decentralized finance” or DeFi blockchains like Avalanche, Binance Smart Chain, Ethereum, and others.
[…]
Those organizations behind Wormhole said they would add more ETH in the hours to come to ensure wETH is backed with ETH. And on Thursday, as if by magic, Wormhole proclaimed, “All funds have been restored and Wormhole is back up.”
But the firm used the word “restored” when “replaced” would have been more accurate. The stolen funds were not recovered from the thief; rather the looted till was refilled by benefactor Jump Crypto, which last year bought Certus One, the company that developed Wormhole.
[…]
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Funny how these stories report the amount of theft in dollars rather than number of tokens. Of course, no one is going to know what “200 ethereum” means or “3 million Qubits” (spoiler: because it doesn’t mean anything ). In fact I wouldn’t be surprised if some of these thefts were contrived just to get in the news so that there’s a record of someone saying “hey this stuff is valuable; it’s worth dollars; people want it”
If you buy a bag of farts for a thousand dollars and accidentally lose the bag, you didn’t lose a thousand dollars, you’re just a moron.
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