COINBASE for Crypto has come

[Pandiculate]

I just watched The Defiant review of it, and I agree that the documentation erred on the side of colorful language ("building a richer vocabulary of financial theses" etc), but I didn't really understand what the protocol(s) itself does.

yeah that's where I found it haha, is The Defiant a good source? Hard to know what is a reliable source of information but I like how he called out the documentation

 

[Clinamenic]

They put out really good content, and that guy (Robin Schmidt, I think) does actually offer critiques on the various protocols they review. They also seem ahead of the curve, for what thats worth. He did a good interview of Cronje too.

 

[Clinamenic]

It was founded by Camilla Russo, who got blasted by that Line Goes Up video.

 

[Clinamenic]

They also have their finger on the pulse of crypto culture, aesthetically and otherwise.

 

[Pandiculate]

Polygon Suffers Latest Multi-Hour Outage After Node Halts - The Defiant

Polygon's Heimdall node is halted.

thedefiant.io

Why can a single node failing bring the whole network to a halt? Although they say it's "by design".

 

[Clinamenic]

Polygon Suffers Latest Multi-Hour Outage After Node Halts - The Defiant

Polygon's Heimdall node is halted.

thedefiant.io

Why can a single node failing bring the whole network to a halt? Although they say it's "by design".

I'm reading through this documentation, and I can't figure it out.

Polygon PoS Architecture | Polygon Wiki

Polygon PoS Architecture including Heimdall and Bor chains

docs.polygon.technology

 

[snav]

Seems like the pop journalism is unclear -- from what I can tell, what happened was that they pushed a bad update to Heimdall, the "node" (software), which caused the network to halt (prob network/versioning issues). I've seen this before in my own chain deployments.

 

[Leo]

robot talk

 

[Murphy]

 

[Clinamenic]

Seems like the pop journalism is unclear -- from what I can tell, what happened was that they pushed a bad update to Heimdall, the "node" (software), which caused the network to halt (prob network/versioning issues). I've seen this before in my own chain deployments.

Yeah the article makes it sound like it came down to a single node, rather than the problem being manifest across that whole validation/Heimdall layer, or even just the "subset" of the validation layer chosen for a particular validation round.

 

[Clinamenic]

robot talk

We're gonna make it to 100 pages, just for you.

 

[william_kent]

meanwhile, language we can all understand: "money laundering"

UK tells operators to shut down crypto ATMs or face action

To operate in the UK, crypto ATMs should be registered with the FCA and comply with UK Money Laundering Regulations (MLR). According to the FCA, none of the cryptoasset firms that have registered with it have been granted permission to operate ATMs so those that are operating are illegal and, the FCA said, customers should not be using them.

I've only ever seen one once, in Camden market

 

[Clinamenic]

Yeah they should be regulated.

 

[vimothy]

listened to this yesterday:


well some of it. apparently the guy being interviewed is a big deal in crypto (according to frens). his predictions about "the future of banking" are all quite mad. basically, bitcoin holders will be given infinite free money in the form of loans for posting bitcoin as collateral.

 

[Clinamenic]

I mean, you can already do that. Depending on the interest rates, I'd likely prefer to borrow against my BTC than sell it.

 

[Clinamenic]

The new Biden executive order on crypto may help usher in an even deeper mainstreaming of crypto.

 

[Clinamenic]

Basically it calls for the mobilization of many federal agencies and executive departments in a holistic crypto policy plan.

 

[vimothy]

really? you can borrow against your bitcoin and never have to pay it back?

 

[Clinamenic]

really? you can borrow against your bitcoin and never have to pay it back?

Yeah, but the interest will accrue and the loan will automatically liquidate if the collateral value falls below the outstanding loan value.

 

[Clinamenic]

But yeah in principle if you take out a small enough loan relative to BTC collateral value, you can have it outstanding indefinitely. Or else repay it otherwise.