{"id":10325,"date":"2018-10-27T22:03:46","date_gmt":"2018-10-27T22:03:46","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=10325"},"modified":"2019-01-12T13:26:07","modified_gmt":"2019-01-12T13:26:07","slug":"news-poloniex-nda-to-get-your-own-money-back-bisq-sets-up-a-dao-bitcoin-over-ethereum","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2018\/10\/27\/news-poloniex-nda-to-get-your-own-money-back-bisq-sets-up-a-dao-bitcoin-over-ethereum\/","title":{"rendered":"News: Poloniex NDA to get your own money back, Bisq sets up a DAO, Bitcoin over Ethereum"},"content":{"rendered":"<ul>\n<li>This blog runs on sponsorship \u2014 nothing is paywalled, but your monthly contributions keep things going, pay minor expenses and so on. <a href=\"https:\/\/www.patreon.com\/davidgerard\/overview\">$5 a month<\/a> is the cost of a pint of beer \u2014 if you&#8217;d buy me a drink at least once a month for what this news blog gives you, please do <a href=\"https:\/\/www.patreon.com\/join\/davidgerard?\">sign up!<\/a><\/li>\n<\/ul>\n<ul>\n<li>In any case, <a href=\"#byemail\">enter your email address<\/a> in the box under &#8220;Get blog posts by email&#8221;\u00a0\u2014 and you&#8217;ll get each new post the moment it&#8217;s up.<\/li>\n<\/ul>\n<p>Finally, <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/10\/24\/initiative-q-is-doing-the-rounds-again-and-heres-qs-economist-on-bitcoin\/\">Initiative Q<\/a> gets its first proper mainstream press coverage! <a href=\"https:\/\/ftalphaville.ft.com\/2018\/10\/26\/1540526405000\/Initiative-Q--an-elementary-pyramid-scheme-with-grandiose-ideas\/\">&#8220;Initiative Q: an elementary pyramid scheme with grandiose ideas&#8221;<\/a> &#8230; oh. Meanwhile, Shocked Sockets gives $100% confirmed details on <a href=\"https:\/\/shockedsockets.co.uk\/initiative-q\/\">how to profit from Initiative Q, in five easy steps.<\/a><\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/01\/04\/why-you-cant-cash-out-pt-3-bitcoin-is-not-a-ponzi-scheme-it-just-works-like-one\/\">Why you can&#8217;t cash out,<\/a> part Poloniex\u00a0\u2014 the Poloniex exchange want you to <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/9rh8gl\/poloniex_forced_nda_take_your_money_off_poloniex\/\">sign a non-disclosure agreement<\/a> before they&#8217;ll give you back your own money. <a href=\"https:\/\/imgur.com\/iyeLoRE\">Here&#8217;s the NDA.<\/a><\/p>\n<p>How is Bisq going to make their &#8220;decentralised&#8221; cryptocurrency exchange <em>really<\/em> decentralised? <a href=\"https:\/\/www.coindesk.com\/bitcoin-decentralized-exchange-dex-crypto-bisq-dao-monero\/\">They&#8217;re going to set up a DAO<\/a> \u2014 a decentralised autonomous organisation, free of the taint of human control! In <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/10\/09\/blockchain-why-magic-probably-doesnt-happen-how-to-sell-a-hash-tree-as-a-tech-revolution-royal-holloway-thursday-4-october-2018\/\">information security,<\/a> the term for &#8220;immutable smart contract, immune to human interference&#8221; is &#8220;sitting duck for hackers,&#8221; as <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/the-dao\/\">The DAO demonstrated<\/a> in 2016. <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/table-of-contents\/\">Chapter 10<\/a> of <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/book\/\"><em>Attack of the 50 Foot Blockchain <\/em><\/a>is an exhaustive writeup of why immutable smart contracts are a bad idea for pretty much every reason, and real-life smart contracts keep demonstrating this, over and over \u2014 so I look forward to someone draining Bisq shortly after it goes fully autonomous.<\/p>\n<p>You&#8217;ll soon be able to send <a href=\"https:\/\/coingape.com\/lightning-network-payments-soon-coming-to-microsoft-excel\/\">Lightning Network payments from inside an Excel plugin!<\/a> And about half a second after that, we should see Excel macro viruses that steal money over the Lightning Network. Remember the ICO white paper with <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/icos-magic-beans-and-bubble-machines\/\">embedded macros that stole all your ether<\/a> when you read it? Now that&#8217;s what I call a <em>smart <\/em>contract.<\/p>\n<p>Bitcoin is so clunky to use on its own blockchain that a pile of crypto companies and exchanges want to trade it on the Ethereum blockchain instead\u00a0\u2014 WBTC is an Ethereum ERC-20 <a href=\"https:\/\/www.coindesk.com\/a-new-token-is-coming-to-ethereum-and-its-fully-bitcoin-backed\/\">token backed by Bitcoin,<\/a> with BitGo as custodian. At least it makes a change from the flood of &#8220;stablecoins,&#8221; tokens backed by the US dollar \u2014 the most exciting news in cryptocurrency is &#8230; a bunch of coins that utterly rely on the existing financial system and the US dollar.<\/p>\n<p>The Royal Mint was going to do a <a href=\"https:\/\/www.reuters.com\/article\/us-gold-cryptocurrency-royal-mint\/wary-of-crypto-uk-government-blocks-royal-mints-digital-gold-idUSKCN1MZ1SZ\">gold-backed cryptocurrency<\/a> \u2014 but the UK Treasury said no. With a side order of &#8220;what on earth were you thinking.&#8221;<\/p>\n<p>Digital Rights Management doesn&#8217;t work\u00a0\u2014 so <a href=\"https:\/\/www.sony.net\/SonyInfo\/News\/Press\/201810\/18-1015E\/index.html\">Sony will add a blockchain that doesn&#8217;t work either!<\/a> Sony first <a href=\"https:\/\/www.ccn.com\/sony-files-for-blockchain-fueled-drm-patent\/\">filed patents on this in April<\/a> this year \u2014 hopefully they&#8217;ve patented enough aspects of this stupid idea that others effectively can&#8217;t try it.<\/p>\n<p>New research paper: <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3267041\">Cryptocurrency Pump-and-Dump Schemes<\/a> by Tao Li, Donghwa Shin and Baolian Wang \u2014 &#8220;We find that P&amp;Ds lead to short-term cryptocurrency bubbles featuring dramatic increases in prices, volume, and volatility.&#8221;<\/p>\n<p>&#8220;So it is no surprise that whenever &#8216;blockchain&#8217; has been piloted in a traditional setting, it has either been thrown in the trash bin or turned into a private permissioned database that is nothing more than an Excel spreadsheet or a database with a misleading name.&#8221; Nouriel Roubini <a href=\"https:\/\/www.project-syndicate.org\/commentary\/blockchain-big-lie-by-nouriel-roubini-2018-10\">doesn&#8217;t like &#8220;blockchain&#8221;<\/a> any more than he likes cryptocurrencies.<\/p>\n<p>Let&#8217;s go to Wikimedia Commons for an <a href=\"https:\/\/commons.wikimedia.org\/wiki\/Commons:Everipedia\">encyclopedist&#8217;s opinion<\/a> on <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/10\/13\/everipedia-the-wikipedia-for-being-wrong-but-on-the-blockchain\/\">Everipedia:<\/a> &#8220;<span id=\"WAIT_A_MINUTE.2C_30_MILLION_DOLLARS_FOR_THIS.3F\"><\/span><span id=\"WAIT_A_MINUTE,_30_MILLION_DOLLARS_FOR_THIS?\" class=\"mw-headline\">WAIT A MINUTE, 30 MILLION DOLLARS FOR THIS?&#8221;<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Having a lot fun reading <a href=\"https:\/\/twitter.com\/davidgerard?ref_src=twsrc%5Etfw\">@davidgerard<\/a>&#39;s &#39;Attack of the fifty food Blockchain&#39; &#8211; in particular the conclusion to the segment on DogeCoin, which induced an audible chuckle. <a href=\"https:\/\/t.co\/fhdnYmq5AH\">pic.twitter.com\/fhdnYmq5AH<\/a><\/p>\n<p>&mdash; J A Earley (@AlbyEarley) <a href=\"https:\/\/twitter.com\/AlbyEarley\/status\/1055224389405474817?ref_src=twsrc%5Etfw\">October 24, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Follow David on twitter too. <a href=\"https:\/\/t.co\/y1WCoZkbJi\">pic.twitter.com\/y1WCoZkbJi<\/a><\/p>\n<p>&mdash; Alex G Smith (@alexgsmith) <a href=\"https:\/\/twitter.com\/alexgsmith\/status\/1055585664929095680?ref_src=twsrc%5Etfw\">October 25, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Q: How many bitcoin miners does it take to change a light bulb?<\/p>\n<p>A: 51% to replace it with a soft light bulb, 70% to replace it with a hard light bulb, and 0.1% to fork off a new light bulb.<\/p>\n<p>&mdash; Jorge Stolfi (@JorgeStolfi) <a href=\"https:\/\/twitter.com\/JorgeStolfi\/status\/1052211769047961600?ref_src=twsrc%5Etfw\">October 16, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Imagine, if you will, a parenting moment that includes the thought, \u201cMy child needs to know more about blockchain!\u201d. <a href=\"https:\/\/t.co\/FsKS1cz299\">pic.twitter.com\/FsKS1cz299<\/a><\/p>\n<p>&mdash; Rachel Coldicutt (@rachelcoldicutt) <a href=\"https:\/\/twitter.com\/rachelcoldicutt\/status\/1052473228403384320?ref_src=twsrc%5Etfw\">October 17, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>The technical term for \u201cimmutable smart contract, immune to human interference\u201d is \u201csitting duck for hackers.&#8221;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[974,21,499,82,946,743,233,6,530,680,528,976,184,975,209],"class_list":["post-10325","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-bisq","tag-bitcoin","tag-drm","tag-ethereum","tag-everipedia","tag-initiative-q","tag-lightning-network","tag-links","tag-nouriel-roubini","tag-poloniex","tag-royal-mint","tag-sony","tag-the-dao","tag-wbtc","tag-wikipedia"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/10325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=10325"}],"version-history":[{"count":43,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/10325\/revisions"}],"predecessor-version":[{"id":10625,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/10325\/revisions\/10625"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=10325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=10325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=10325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}