Crypto Basic Podcast: Teaching You The Basics of Bitcoin and the World of Cryptocurrency. CryptoBasic
Episode 229 - Tezos into digital card games, MakerDAO smart contract "theft", and of course, CoronaRants.
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Hello and welcome to Crypto Basic News! This week we're cozying up in quarantine, staying calm and collected, and we're talking about all kinds of stuff like Tezos getting into digital card games, millions of dollars being usurped through the MakerDAO smart contract mechanism, and of course, we talk COVID-19, from its health risks to its massive possible socioeconomic effects.
Wash your hands and then click play to tune in!
- Rapid Fire
- Apparently it's alt season according to that index we talked about a few weeks ago????
- 50 Days Out From Bitcoin Halvening
- IRS Deadline has been extended by 90 days (July 15th)
- Coinbase CLO Resigns to Oversee US National Banking System
- WHO impersonators are trying to steal your bitcoinThe fake email claims funds will be used to “enable all countries to track and detect the disease...send personal protective equipment to frontline health workers...enable communities to prevent infection and care for those in need...and accelerate efforts to fast-track the development of lifesaving vaccines.”
- Tezos gets in the digital card game space (Adam)
- Coase, a company launched by Tezos aims to solve with its new game, Emergents
- Coase’s innovation: Let people easily acquire and swap the cards they actually want
- Alpha will be available in April
- For Coase co-founder Zvi Mowshowitz – who is also a 2007 inductee to Magic Hall of Fame – both distribution approaches leave a lot to be desired.
- Emergents will take a radically simple approach: Let people buy the cards they want.
- Brian David-Marshall, a third co-founder, said Coase has "an economic model for doing a collectible card game on the blockchain that captures a lot of what makes physical card games great."
- Coase will be the primary and secondary marketplace all in one. Like bitcoin on Square’s Cash App, Coase will be the seller and the buyer for Emergents cards, essentially acting as a market maker.The company is using bonding curves, much like Ethereum's token-swapping platform Uniswap, to distribute the cards. Cards will have a fixed supply and their prices will swing with demand, determined by an algorithm. New cards will come out and be sold on the site at a low price.
- Vitalik tweeted out a pic of what he thought the next 5-10 years of eth2 would look like
- Millions of Dollars of value was usurped from the MakerDAO smart contract. (TOP STORY)
- I didn't want to use the word stolen, but this is an exceptionally rough spot. This happened right around this time last week.
- Apparently for a full 3.5 hours someone had a monopoly on the liquidation market of the MakerDAO.
- So lets do a recap of how the maker DAO creates liquidity. RECAP QUICK - REFERENCE 101
- With multiple people, there will automatically be a bidding war because the price of ETH exists in the world.
- With only one person, they were able to bid on the ETH being liquidated at $0 worth of DAI. How did only one person get to be the only bidder? Well people ran out of liquidity. There wasn't enough DAI sitting there to buy the ETH. ETH fell so fast that people couldn't liquidate their holdings and were forced to sell. The network was too congested to let keepers work fast enough, leaving this group in the only position to buy.
- They're using the term "Steal" $4M worth of ETH from the contract, but honestly this isn't really stealing. The contract functions this way.
- Since no one else could bid, normally the liquidation penalty on ETH contracts was 13%, but this raised it an liquidated all kinds of positions with a 50% penalty. People woke up to their collateral gone with no recourse.
- The Maker DAO is now creating a fund that would be the last resort in these scenarios that anyone can participate in, and they're making being a "keeper" easier for the general public. They've also programmed Coinbase's USDC as an emergency collateral device.
- CoronaVirus & The economy (everyone)
Brent theory on how to solve this - discuss - because I can.
- Monopoly Rules - Top on R/CC
- Bill Ackman calls for Trump, CEO to temporarily shut the country down
- SUB-STORY - Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program - (K)
- In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing.
- Fed also slashed the rate of emergency lending at the discount window for banks by 125 basis points to 0.25%, and lengthened the term of loans to 90 days.
- The Fed also cut reserve requirements for thousands of banks to zero.
- Actions by the Fed appeared to be the largest single day set of moves the bank had ever taken
- Before action took place over months like in 08, this was multiple programs, QE, and rate cuts, all in one day
- Fiscal vs Monetary policy
- EARN IT Act could be an attack on Encryption - K
- Communications Decency Act Section 230 - Historically given tech companies minimal liability for how people use their platforms
- EARN IT Act would force companies to "Earn" protection from liability by showing they are following recommendations for combating child sexual exploitation
- Bi-Partisan Lindsey Graham and Richard Blumenthal (Dont expect anything good from these two)
- Would create a panel of law enforcement officials, attorneys general, online child sexual exploitation survivors and advocates, constitutional law scholars, consumer protection and privacy specialists, cryptographers, and other tech experts to collectively decide what digital companies should do to identify and reduce child predation on their platforms
- Could include things like scanning content to identify abusive photos/videos
- But could also include things like communication surveillance
- So if this was law, companies couldn't offer end-to-end encryption and be protected from liability
- Either A) accept liability for anything that happens, B) put in a backdoor for law enforcement, C) just avoid end to end encryption all together
- A note about LIbretarian anti government views (Panel picking) and Legal Creep (Patriot act, RICO and asset forfeiture)
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