Riding The Wave News Summary 88

Crypto Means Absolutely Nothing Without Censorship Resistance, Spain overtakes El Salvador to become third largest crypto ATM hub & more

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News

Table of Contents

1. Tweets

2. Crypto Means Absolutely Nothing Without Censorship Resistance

3. Spain overtakes El Salvador to become third largest crypto ATM hub

4. Japan is losing its place as the world's gaming capital because of crypto hostility

5. Hacker Steals $300K From Olympus DAO, Then Returns It All the Same Day

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Tweets

Miles Deutscher @milesdeutscher

All these upcoming airdrops may be cumulatively worth $10k+. • Layer Zero • zkSync • StarkNet • Quai Network • SUI $10k invested in a bear market can (conservatively) 10x to $100k next cycle.

Graham Stephan @GrahamStephan

Bloomberg Economics prediction model now has 100% certainty of a recession in the next 12 months.

The New York Times @nytimes

Hu Jintao, the former Chinese leader, was unexpectedly escorted out of the Communist Party congress without explanation. He appeared to pause to speak to President Xi Jinping before leaving. nyti.ms/3eUFHEJ

unusual_whales @unusual_whales

JUST IN: Xi Jinping has secured a third term as China's leader.

unusual_whales @unusual_whales

JUST IN: President Biden intends to run for president in 2024 and has the first lady's support, he told MSNBC in a new interview per Axios.

Miles Deutscher @milesdeutscher

The next major airdrop is in 8 days. It’s for P2E game @pixels_online, who raised $2.4m from Animoca and OpenSea. If you make the top 20,000 players, you qualify for a $PIXEL and $BERRY airdrop. 👇

Jackson🌊 @macrojack21

The collapse of fiat money might be closer than some think. A thread on the current macro environment & future money printing. 1/X

Yang Zhang @ProfYangZhang

What we just saw was the making of an All Xi's Men team, the breaking of decade-long rules, and the birth of an unlimited supreme leader. These are not entirely surprising, but Xi's grab of power is still beyond our expectation. He is now a truly modern emperor. 1/

Dylan LeClair 🟠 @DylanLeClair_

👀👀

Dylan LeClair 🟠 @DylanLeClair_

Once in a two century type drawdown. Credit: @abcampbell

Dylan LeClair 🟠 @DylanLeClair_

Everything bubble burst in progress. Here. We. Go.

quit.q00t.eth @0xQuit

A new scam tactic has been spreading like wildfire: Apparently Sudoswap does not verify ownership when setting up a trade, and scammers are able to leverage this to create trades that appear totally legit, but of course fail when accepted (because they don't own the asset) 1/🧵

Patrick | Dynamo DeFi @Dynamo_Patrick

The past few days, I've been bombarded by so much info about airdrops that it's been impossible to keep track of. So I compiled checklists of how to (likely) qualify for 6 upcoming airdrops, including relevant links: Arbitrum, Layer Zero, zkSync, Quai, Sui, and Rage Trade.

Watcher.Guru @WatcherGuru

JUST IN: #Bitcoin volatility is now lower than the Nasdaq and S&P 500 for the first time since 2020.

The Kobeissi Letter @KobeissiLetter

BREAKING: $VIX CLOSES POSITIVE DESPITE 100+ POINT $SPX REVERSAL AND BEST WEEK SINCE JUNE. The system remains broken.

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Crypto Means Absolutely Nothing Without Censorship Resistance

Censorship resistance is fundamental to any functioning cryptocurrency or blockchain project.

So there’s zero surprise that Sam Bankman-Fried (the crypto billionaire known as SBF) kicked up controversy when the FTX founder and CEO published an article last week on crypto regulation. He talked about implementing blocklists – aka a roster of wallet addresses banned from interacting with a blockchain because they’re suspected of being used for nefarious purposes – and, relatedly, respecting the U.S. Office of Foreign Assets Control’s (OFAC) sanctions lists by maintaining “an on-chain list of the sanctioned addresses … maintained by either OFAC or by a responsible actor.”

Yet, even as SBF talks about how things should go down the line, censorship resistance is already being undermined. Just look at the news on Ethereum, where, following the Merge, more than half of blocks in one 24-hour period recently were processed in accord with OFAC compliance recommendations.

To SBF’s credit he does include an important hedge to his proposal, writing that “all of commerce breaks down if you require a[n] allowlist to transact.” This is completely true. Imagine having to prove who you were to buy anything at all.

But, of course, we should take this at least one step further. Censorship resistance without privacy also doesn’t really matter. And that has been an issue with transparent networks like Bitcoin (which is very critically not anonymous; Bitcoin maintains a public ledger of transactions complete with identifying addresses and balances. It is quite literally the opposite of anonymous, especially if you are new to using the network).

This is something we saw in February 2022 when Canadian truckers protested a vaccine mandate. While the protestors were able to receive funds via Bitcoin, Ethereum and other networks, the transparency of these blockchains made it practically impossible for the protestors to withdraw that money for fear of the Canadian government freezing or suspending their bank accounts.

I agree a solution needs to be found, but there must be a way to block bad actors from anonymizing funds, specifically thieves. In terms of politics, I believe it shouldn’t be brought into what is and isn’t blocked within crypto.

Full Article

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Spain overtakes El Salvador to become third largest crypto ATM hub

The European country of Spain is officially home to the third-largest network of Bitcoin and cryptocurrency ATMs after the United States and Canada.

Spain currently hosts 215 crypto ATMs, pushing El Salvador — with 212 crypto ATMs — down to the fourth position after surpassing the country by 3 crypto ATMs. Data from CoinATMRadar confirms that Spain represents 0.6% of the global crypto ATM installations.

Moreover, the revelation places Spain as the highest contributor to crypto ATMs in Europe, which represents 14.65% of total installations in the continent, followed by Switzerland (144 ATMs), Poland (142 ATMs) and Romania (135 ATMs).

On the contrary, global crypto ATM installations saw a negative growth since September 2022 and are on the path of slow recovery at the time of writing. Calculations based on data from the last 60 days show that around seven crypto ATMs are being installed daily worldwide.

Full Article

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Japan is losing its place as the world's gaming capital because of crypto hostility