Coinbase
Coinbase is making significant changes to their protocol. With the advent of "advanced trading" and the deprecation of Coinbase Pro, I've noticed that Coinbase no longer seems to generate a new wallet every time a deposit is made onto the platform. This is significant, because it means they actually put time and money into making it less secure and private. The system they had going worked just fine. Why change it? Now every time I go to deposit crypto into Coinbase it gives me the same wallet.
To be fair this is how most exchanges do it.
But on the other side of the coin I think we have to assume that regulators did not appreciate every single deposit going into a separate wallet. Is this a red flag that Coinbase will continue to violate the privacy of its users while trying to spin the changes as some glorious boon? Probably.
This is not surprising in the least bit; only a bit disappointing to see the signals that regulatory overreach is in full swing. It's time for politicians to seal the deal and sacrifice SBF for harvest. They'll spin it like they always do. "This is for your protection." Their actions speak louder than words. It's always been about control and power. The crisis at hand is just the excuse they use to seize power. Let no good crisis go to waste!
At the same time Coinbase Pro was always a bit buggy. Just recently I deposited some money there and it gave me a new address to deposit too (like always), except this time when I clicked the 'copy' button and pasted it into the withdrawal field, I happened to notice that the address I pasted and the address Coinbase Pro gave me were completely different! I thought I had perhaps been hacked for a second.
However, after sending crypto to the address displayed and getting the money, I had to be sure, so I sent $1 to the other address to see if Coinbase was bugged or if I had been hacked. The $1 appeared in my account, so Coinbase was bugged and gave me a different address than the one displayed. Could this be part of the reason they decided to do business the way every other exchange does it? Sure, but still things like this are worth paying attention to.
Kevin O'Leary's hidden political agenda.
This guy has been the ultimate hypocrite recently within the context of the FTX collapse. He seems to blindly support SBF no matter what the situation is. He lost millions because Sam was degen gambling with customer funds, and yet still he sticks with the narrative that it could of happened to anyone.
There's another video of him that was side-by-side with this one (long before FTX implosion) where he correctly points out that the bottom of crypto is going to happen when a company finds themselves massively overleveraged and they get liquidated. How's that for irony? It was the horse he picked that was massively overleveraged and got liquidated. Such poetry.
More recently "Mr. Wonderful" made the claim directly to congress that the reason FTX went under is because CZ and Binance are in competition with FTX and the attack against SBF imploded the platform. And yet we know this is complete bullshit because he is literally on video saying that overleverage will bottom out crypto just months prior. Why does he continually snake around the issue and purposefully misrepresent it?
There's a lot of speculation here that while Kevin lost millions of his own investment in FTX, he was actually paid more than he lost to promote it to his own followers. Within this context, it's much easier to see why he would blindly side with SBF. He didn't properly vet FTX, yet was paid millions to shill for the company.
He finds himself in the green because he gave absolutely terrible financial advice while leveraging his reputation to do it. I'm not a lawyer or anything, but many are speculating this may be part of the reason he's looking for anyone else to blame but himself and SBF for the collapse. CZ is as good a target as any in this regard. Blame the Chinese; everyone is doing it these days.
I have not seen a single person come forward and take responsibility for losing their money on FTX. It's always got to be someone else's fault. Deep down people know this is bullshit, and they psychologically double down and demand ridiculous retribution again the perpetrator. SBF should get a life sentence for the white-collar financial crime of overleverage? Please.
While what he did was clearly illegal, there are plenty of ways for a corporation to go out of business in a perfectly legal manner. If that had been the case, depositors would still lose their money. The SEC has already cleared up this confusion beyond any doubt: if a crypto exchange goes bankrupt, the crypto they hold legally belongs to them and will be used to pay off the debt. Coinbase was forced to publicly announce this less than a year ago by the SEC. The law is quite clear.
And then there are the people who didn't even lose any money in FTX but demand SBF locked up for his entire life regardless of having zero skin in the game. Like, stay out of it you boot-licking imperialist. Nobody asked you. It's gross.
That's not justice; it's a bunch of man-children running around refusing to take accountability for their own actions. Ironically, the people who are the most infuriated with SBF suffer from the same degenerate gambling habits that he did. Take some responsibility and move on. Your wallet will thank you later. There is nothing to be gained from taking revenge on a semi-autistic 30 year-old. But perhaps I've ranted about this enough.
Only 2 more months of larynx claims!
On a much lighter note I claimed my Larynx airdrop yesterday and realized my first claim was back in March. Only two more to go eh? How time flies. Perhaps one day the network will become what we all hope it is capable of. After doing the research on this project I came to the conclusion that, while complex, the problems that it solves are far from trivial. Financially incentivizing a community to provide infrastructure is no easy task, and networks like Bitcoin that only give inflation to miners will find that scaling up in the future is not going to be an easy task. In this regard Hive and the projects built on Hive are way ahead of the game.
Conclusion
Time ticks on. The crypto winter is here, but we've never seen more adoption and development than we are in the present time. To be fair this may often be the case considering a technology undergoing exponential expansion.
It's easy to get caught up on the 'little' things like USD valuations and crypto winters, but these things shall pass. What remains is the work we grinded out while everyone else was worried about the sky falling down around us.
Posted Using LeoFinance Beta
Return from News of the day: Dec 15, 2022 to edicted's Web3 Blog
