Why we need to get off Twitter isn't so much about other platforms being 'better' (they are), it's that any rogue Twitter employee can take over your account and you have no recourse. No keys, no ownership. Your Twitter account is never yours, SIM swapped or not.
For clarification: Rocket Pool had 2FA - not mobile but app based A strong password Was not sim swapped It appears to be a novel attack or an insider. This has no bearing on the smart contracts safety and any suggestion of such is salty misinformation.
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dfern.eth retweeted
silvergate CEO confirms the bank closed voluntarily after withstanding a brutal bank run, due to “political pressure” and a “coordinated attack by the Biden administration” silvergate was no. 1 in history by percentage of deposits withdrawn to survive a run without receivership
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dfern.eth retweeted
I had fun on farcaster
Replying to @NTmoney
I don’t agree that fun was discouraged or deemphasized on FC. It just depends on how you define fun. What people there found fun was being in a definite culture of “creating value” not just “attracting capital.” That value could be things built, or ideas civilly shared. I know you know this, but “getting new people rich” always means taking that money from somewhere. Usually it is from late entrants or “retail”, however you want to call it. Dan fostered what imo was an early YC-like culture of “make things people want”, which puts genuine value creation above all else. Being in crypto, of course, there were fun and capital forward mechanisms to give people upside while doing that. But value creation was a primary cultural norm. I thought it was incredible. It was real. Like a YC for crypto founders, where an audience of non-founders could hang out while being early to the new experiments. Things like Degen, Clanker, Bankr, Warplets, Bracky, QR, etc were very unique and successful not in spite of having their value-add focus, but because it was relatively unique in crypto to focus on such experiences, with consume ambition, while also being willing and able to natively play with the primitives like tokens nfts predictions etc that have made crypto successful thus far. Nothing on Farcaster broke out big, but you see above a lot of cool shots on goal above. My diagnosis is not that people were being ivory tower, but that many people came to FC for the opportunity to build social distribution, in part bc they lacked a CT following at first or disliked it outright; so, as a consequence, playing the twitter game was a weakness or a non focus of many founders. But that this is where the breakout wins tend to happen. (For example, I tried hard on twitter with Bracky but ultimately just didn’t have the right background / game. Learning the game of twitter + crypto twitter is something that is benefitted from a unique nature or an experience iterating. I didn’t have it. I think there were some others who suffered a similar fate.) I’m curious: How do you see Farcaster reviving, and where do you think it can go from here? What could it provide that CT can not or does not?
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dfern.eth retweeted
ETH rallying is vindication for everyone who believes in decentralization. It’s what makes this industry timeless. It’s what gives digital objects physical properties. It’s what makes ownership on the internet an immutable right. I think decentralization and everything it entails (Censorship Resistance, Open source, Privacy, Security) is literally all that matters. It’s not a spectrum. It’s a belief. Believe in something. I believe in ETH.
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dfern.eth retweeted
Ethereum is the Noosphere that Jesuit Father Pierre Teilhard de Chardin writes about. God has made championing its values my Crusade.
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dfern.eth retweeted
Replying to @ethvaorg
It is 34 signals though. 160 million dollars across thirty-four operators is about five million each, so this is not a headcount of validators, it is a room with 34 people in it.
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Free Roman Storm The ENTIRE fucking tech industry (not just crypto) should take a close look at the very unfair case that Roman, an innocent developer, is going through Tech only advances if we PROTECT software developers
Free Roman Storm The ENTIRE tech industry (not just crypto) should take a close look at the very unfair case that Roman, an innocent developer, is going through Tech only advances if we PROTECT software developers
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dfern.eth retweeted
Free Roman Storm The ENTIRE tech industry (not just crypto) should take a close look at the very unfair case that Roman, an innocent developer, is going through Tech only advances if we PROTECT software developers
Free Roman Storm The ENTIRE tech industry (not just crypto) should take a close look at the very unfair case that Roman, an innocent developer, is going through Tech only advances if we PROTECT software developers
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Although this is a cool project (I participated!): Ethereum is not a democracy. Democracy is mob rule: two wolves and a lamb voting on what's for lunch. Ethereum is a voluntary association of sovereign individuals subscribing to cypherpunk values: loose consensus & running code. It is agorism and voluntarism, not tyranny of "I bought more ETH therefore I own the network"...because by that logic Justin Sun has more say than any of us.
Ethereum improves when researchers, builders, and the validators who secure the network all have a voice in protocol proposals. EIP-8363 is now live on EVA Hub. Validators can vote on this proposal to signal their support or disapproval, with real staked ETH behind every response. Connect your validator and participate: hub.ethva.net
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A couple points I didn't include yesterday: 1. Tax drag: once staking goes past 50%...consensus layer rewards (i.e. not MEV/execution) just becomes self-preservation that is just *pure tax drag*, meaning no real income, just a forced tax bill. nitter.net/dapplion/status/208480… 2. There are other avenues for staking income beyond consensus-layer dilution: I mentioned MEV/execution-layer rewards, but I didn't mention restaking a la @eigenlabs. Although restaking hasn't been lucrative recently, we are also in a bear market that I would argue is not reflective of restaking's long term potential. Discounting this source of yield entirely would also be wrong.
Replying to @avsa
That’s the problem: the curve is almost flat from 50% onwards. After 50% you have to stake to not be diluted. Staking becomes and obligation not a service.
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This is the truth. ETH yields are about to go negative because it's a forced tax burden.
Replying to @avsa
If we do nothing, in a few years almost all ETH will be staked and your yield will be negative (w/ taxes)
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I write about how the Coldcard bungling was predictable: paragraph.com/@dfern.eth/har…
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hot take, but: it would be fiscal mismanagement for the CFO to *not* sell any ETH. Coinbase already has a high level of Ethereum dependency: Base, USDC, cbETH (staking), cbBTC (ERC-20) etc. It's not the job of CB to be another digital asset treasury, investors can go buy any of the ETH DATs or ETFs if they want more ETH exposure. It's the job of the CFO to hedge future ETH/USDC (upside) risk towards CB's operations.
As expected, Coinbase sold 100% of their sequencer fees and ETH holdings are flat at 150k All the while they added over $50M of BTC The strategy is clear, and unfortunately it is not a winning one: it is a big missed opportunity
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so many other things are actually accretive to ETH as an SoV: home staking, stablecoins like @LiquityProtocol ethereum:0x5f98805a4e8be255a32880fdec7f6728c6568ba0, cross-L2 interop, etc. browbeating CB in a bear market is just futile scarcity mindset.
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dfern.eth retweeted
I’ve been very quiet on the coldcard hack, but as this situation is unfolding it’s getting harder and harder not to say something. I’ve never used a coldcard – not because I dislike anyone, or because I like someone else better, which seems to be much of the discussion here – but because I felt like coldcard was for very advanced users, and if anything went wrong, I’d be left to myself to clean up the mess. What I find incredibly sad about this situation is that this is exactly what seems to be happening. Who is posting updates on the hacks, which are still ongoing? Block. Galaxy. Developers that have their own projects to worry about, yet they are worrying about coldcard users. Who is helping the affected make sense of what just happened? Everyone I know is busy helping others who lost funds, 24h around the clock. Who is thinking of ways to return funds if the hackers are caught? Literally engineers on X and spaces that have no affiliation to the project. *All of this* should be coldcard’s responsibility. And it makes me incredibly angry. If there is any learning in this imo, it’s not that AI gets better and the script kiddies will get you next. It’s that you should not be building hardware wallets that you sell to people who entrust you with their life savings when you don’t have the team in place to take care of them and make sure that they are safe. Honestly quite speechless at this level of carelessness. Much love to anyone who is affected.
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Why we need to get off Twitter isn't so much about other platforms being 'better' (they are), it's that any rogue Twitter employee can take over your account and you have no recourse. No keys, no ownership. Your Twitter account is never yours, SIM swapped or not.
For clarification: Rocket Pool had 2FA - not mobile but app based A strong password Was not sim swapped It appears to be a novel attack or an insider. This has no bearing on the smart contracts safety and any suggestion of such is salty misinformation.
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The hacks will continue until self sovereign identity improves
either two things are happening imo. 1) there's a critical security vulnerability in X backend systems that they haven't found or 2) its an inside job. why do i think this? 1. We had a passkey on the account, arguably one of the most secure 2FA mechanisms. 2. This is the screen we got when trying to sign in to the bankrbot X account. clicking the start button took us to a page to appeal a suspended account. 3. The attackers were still able to sign into the account to push malicious links -- the latest being long after we were already locked out of the account. Why was it that the attackers had full access to log in and post, but we were blocked by this screen? Why weren't the attackers blocked? 4. We started getting 503 (service unavailable) errors from the X api, but the attackers had full access to sign in and post. If all sessions and keys lost access, how did the attacker still have access? there has been a string of high profile account takeovers recently including the CEO of robinhood and even the spacex account and others who apparently also had MFA enabled on their X accounts. i would love to see this blow up and for the X team to have to be accountable for this.
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It’s been 24hrs. @XSecurity why hasn’t anyone on your team made contact with @0xDeployer and team. The @bankrbot X account was compromised despite having passkey protection. The hack has been trending. It’s one of the most popular communities on X. Both @vladtenev and @SpaceX accounts have been compromised in the last month. This is a serious security concern for X the platform. You are rolling out X money, this must be made a priority out of self interest of preserving trust. Our DM’s are open, we are looking for a line of communication with anyone from @X nitter.net/i/trending/20811509423…
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