111–120 of 189 posts
There should be more discussion about how to store value without counterparty risk. Most people think it is as easy as ordering a hardware wallet, following the process the wallet software suggests and - hurray! - your keys, your coins! But it is not that easy. You also have to cut the wallet manufacturer and the software developer out of the loop. I have yet to see a description on how to safely create a wallet that…
There should be more discussion about how to store value without counterparty risk. Most people think it is as easy as ordering a hardware wallet, following the process the wallet software suggests and - hurray! - your keys, your coins! But it is not that easy. You also have to cut the wallet manufacturer and the software developer out of the loop. I have yet to see a description on how to safely create a wallet that…
Due to the social nature of money, this is impossible.
There should be more discussion about how to store value without counterparty risk. Most people think it is as easy as ordering a hardware wallet, following the process the wallet software suggests and - hurray! - your keys, your coins! But it is not that easy. You also have to cut the wallet manufacturer and the software developer out of the loop. I have yet to see a description on how to safely create a wallet that…
It's about 200 lines of Python code to implement a Bitcoin HD (Hierarchical Deterministic) wallet using just the standard library and old-style addresses. This will give you a 256-bit integer as the private key. You can process this further with whatever additional method you want (Shamir Secret Sharing, ...). Obviously not for everybody, but the underlying cryptography is pretty simple.
How the fuck did all these high-profile investors miss this. NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital Management, Lux Capital, Mayfield, Insight Partners, Sequoia Capital, SoftBank, Lightspeed Venture Partners, Ribbit Capital, Temasek Holdings, BlackRock and Thoma Bravo. These aren't schleps in this list. Blackrock, Sequoia, Tiger, Lightspeed, the fucking NEA. Jesus. Did no one…
"Currently, all U.S. banks are subject to a balance sheet leverage ratio, which requires them to maintain a ratio of tier 1 capital to balance sheet assets at a minimum level of 4%. In order to be well-capitalized, banks must achieve a 5% minimum leverage ratio" So FTX had an 11% leverage ratio, pretty good.
FTX was not an FDIC-insured bank with the ability to borrow funds at the Fed discount window, and it did not tell its customers it would be lending out their funds.
How the fuck did all these high-profile investors miss this. NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital Management, Lux Capital, Mayfield, Insight Partners, Sequoia Capital, SoftBank, Lightspeed Venture Partners, Ribbit Capital, Temasek Holdings, BlackRock and Thoma Bravo. These aren't schleps in this list. Blackrock, Sequoia, Tiger, Lightspeed, the fucking NEA. Jesus. Did no one…
It would not be the first time that otherwise smart people have made a bad call.
It was all for charity. People are mean. https://twitter.com/The_Prologuist/status/158967849854920704...
I think the consequentialist underpinnings of EA are part of the story. Consequentialism revisits our ideas of right and wrong by looking at outcomes. Any reasonable person can look at a law and conclude that there might be a reason to break it under certain circumstances. Certainly, one might argue, financial regulations are arbitrary and that the only way to succeed in your larger goal is to break the rules. EA spe…
For all his talk of altruism, what has he actually done so far? Compared with, say, Mackenzie Scott, who is actually putting her money where her mouth is?
From what little I could find, perhaps he has written $160M worth of grants, and it is questionable if those will even be paid out, or who they went to, or over what time period. So that is 0.6% of his wealth at peak.
For reference, people who make less than $30-50k/yr(who generally have a negligible net worth and are sustained by their income) donate on average 5%[0] of their income to charity each year. An average Joe or Jane appears to be literally 10x more altruistic than SBF from what I can find.
[0]https://www.definefinancial.com/blog/charitable-giving-stati...
How the fuck did all these high-profile investors miss this. NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital Management, Lux Capital, Mayfield, Insight Partners, Sequoia Capital, SoftBank, Lightspeed Venture Partners, Ribbit Capital, Temasek Holdings, BlackRock and Thoma Bravo. These aren't schleps in this list. Blackrock, Sequoia, Tiger, Lightspeed, the fucking NEA. Jesus. Did no one…
Makes you wonder who else in the crypto space is lying through their freakin' teeth, don't it?
Earlier quoted context omitted.
Yes, that would be part of a solution. Another part has to be multiple air gapped hardware wallets from different manufacturers that all are RFC-6979 compliant. And here it already ends AFAIC. I don't know of any air gapped wallets. The ones that call themselfes "air gapped" just connect to the computer via different means like display->camera.
You can use an hardware wallet, protected by a HSM, on a computer which is itself airgapped. I've written a decoder which decode Ethereum transactions and verify that at least it's what the hardware wallet says it is signing that it is actually signing (amount / fees / destination address). So you take your hardware wallet, you connect it to a fully airgapped computer (one without any WiFi capability and without any…
Apart from that, using an air gapped computer is a good idea! I would say you need at least two of them. With different wallets. And then compare everything they do to make sure they do not play any tricks on you.