whatisweb3

8 ms·

31.
by whatisweb3 4y ago
This is an extremely poorly researched article. If somebody were to spend a dozen billion dollars to gain 51% control of Eth PoS, the users could coordinate to ignore their chain, or even burn their stake and destroy their purchased funds.
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by whatisweb3 4y ago
The more people mining in proof of work, the more random hashes needed to secure a block. This is what makes it demand so much energy. This isn’t the case with ZK provers. Each computation yields a solution, like regular fixed arithmetic ma
33.
by whatisweb3 4y ago
This argument rests on the idea that blockchains cannot operate without Proof of Work, but this statement is untrue as there are several decentralized blockchains running today and securing millions of dollars on Proof of Stake. Ethereum ha
34.
by whatisweb3 4y ago
The speaker claims this is the first US sanctions against ownerless smart contracts and open source software. Usually sanctions target a person or legal entity, who has the right to appeal and challenge a sanction. In this case, the speaker
35.
by whatisweb3 4y ago
Thank you for pointing out the obvious, the speaker did not ever claim that software code is law. The speaker talks about the implications of the first US sanctions that target open source software and ownerless smart contracts.
36.
by whatisweb3 4y ago
To add, cash is not neutral, it is tied to a particular state. It is a US centric view to say that USD cash is the base layer, rather than the EUR or GBP.
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Why US Tornado Cash Sanctions Are Concerning for Open Software(youtube.com)
9 points by whatisweb3 4y ago|8 comments
38.
by whatisweb3 4y ago
The same questions arise around E2EE, and whether those protocols should be policed more heavily and backdoored by governments.
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by whatisweb3 4y ago
The blockchain is only going to succeed if people use it, and if people are allowed to use it.
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by whatisweb3 4y ago
Yes, recreating some aspects of the financial system but with an open source, permissionless, and decentralized base layer that uses more modern code and cryptography. From that, additional applications can also be built on top - multi sign
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by whatisweb3 4y ago
Interesting you mention hijacking, only yesterday Curve’s .com DNS was hijacked and users lost funds as a result[1]. This is also possible with ENS but ownership can be secured more easily, two ways this could be approached: 1. ENS ownershi
42.
by whatisweb3 4y ago
In this hypothetical scenario, it would all be dirty, but you would have no way to pinpoint which funds are associated with which illicit activity. At this point it becomes hard to levy any specific charges: "you are hereby charged wit
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by whatisweb3 4y ago
I made this point in another comment: this is not a failing of the blockchain. To compare, imagine an E2EE chat app built on Matrix protocol is blacklisted in your country. Anybody attempting to use it is treated as criminal, and the app wi
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by whatisweb3 4y ago
Celsius is a centralized custodian, not a blockchain. Anybody can build a company that uses the blockchain technology and accept funds into their USD bank accounts, and after entering insolvency, be unable to pay their creditors. The DAO is
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by whatisweb3 4y ago
Three properties of cash make it tend toward centralization: physical size, difficulty of movement, and ease of access. If you store a lot of cash in your home safe, eventually you will need more space - this is one reason banks exist. If y
46.
by whatisweb3 4y ago
The first point is alluding to Russian-born Vitalik donating to Ukraine anonymously through TC[1]. [1] https://twitter.com/vitalikbuterin/status/155692560223356928...
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by whatisweb3 4y ago
> it’s exceptionally useful that a stolen, infringing, or fraudulent domain can be recovered through the legal system. Useful for who? It is often useful for large companies with powerful legal teams who will try to exert control over do
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by whatisweb3 4y ago
This is why many crypto proponents will say things like "not your keys not your coins" which means, do not hold tokens in a custodial service without understanding the risk. Many advocates of decentralization and blockchain do not
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by whatisweb3 4y ago
TC is a protocol that lets users privatize their wallets. "Privacy is good" and "privacy is not a crime" should be enough reason to understand its value. Some example applications: - User wants to anonymously donate to a
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by whatisweb3 4y ago
Hate to break it to you, but one of the users of Tor is probably also DPRK. That should not be reason to shut down a protocol.
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by whatisweb3 4y ago
The author falls into the same trap as many others who write about blockchains: “people will build centralized apps on top of the decentralized protocol, so there is no need for the decentralized protocol in the first place!” A better way t
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by whatisweb3 4y ago
Not sure if that is correct. If 100% of funds entering a mixer were from many different exploits, it would still be laundering and obscuring the source of funds from illegal activity. It would no longer be clear which wallets are associated
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by whatisweb3 4y ago
None of these are DEXes, they are mostly bridges. If you want to avoid protocol and smart contract risk, don’t deposit your tokens into third parties. Hold your own keys and trade your tokens on a DEX like Uniswap.
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by whatisweb3 4y ago
your argument rests on the axiom that tornado cash protocol is only being used for illegal money laundering, which is not supported by the evidence - this line of thinking is directly comparable to the claim that the Tor protocol is only us
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by whatisweb3 4y ago
lol. the same argument is being used by politicians to try and stifle development of Tor and E2EE chat apps - "only criminals need to use these privacy tools."
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by whatisweb3 4y ago
My dude. It is not illegal to seek privacy on the internet, privacy is not a crime. Matrix, Tor, PGP, these are all beneficial tools for the world, used by people that are not criminals. These are also widely known as tools used by criminal
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by whatisweb3 4y ago
> The government hasn't sanctioned the code The government has explicitly said that all property and interests in property of Tornado Cash, and anybody found to be supporting it it any way, is blocked. This is why GitHub and all hos
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by whatisweb3 4y ago
> Feel free to repost it on any host that does not work with the US An obvious place to post this code and protocol would be on Ethereum, which is censorship resistant. This is what the original developers of TC have done, and the result
59.
by whatisweb3 4y ago
> No one has said you can't distribute the TC source code. The government has explicitly said that all property and interests in property of Tornado Cash, and anybody found to be supporting it it any way, is blocked. This is why Git
60.
by whatisweb3 4y ago
The goal of Tornado Cash has always been privacy. I would tell you to look at the GitHub repo yourself, and you’d see a range of developers contributing to this open source project, and lots of side projects that are influenced by it. The c

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