{"id":14609,"date":"2019-09-18T22:44:49","date_gmt":"2019-09-18T22:44:49","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=14609"},"modified":"2019-09-19T06:13:17","modified_gmt":"2019-09-19T06:13:17","slug":"news-kleiman-and-wright-settling-libra-tether-initial-sucker-offerings-enterprise-blockchains-as-back-end-datastores-marshall-islands-telegram-ton-software","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2019\/09\/18\/news-kleiman-and-wright-settling-libra-tether-initial-sucker-offerings-enterprise-blockchains-as-back-end-datastores-marshall-islands-telegram-ton-software\/","title":{"rendered":"News: Kleiman and Wright settling, Libra, Tether, Initial Sucker Offerings, enterprise &#8220;blockchains&#8221; as back-end datastores, Marshall Islands, Telegram TON software"},"content":{"rendered":"<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/06\/15\/craig-wright-has-to-show-up-in-florida-on-28-june-or-else\/\">Kleiman v. Wright<\/a> is heading for a settlement, after Dr. Craig Wright&#8217;s <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/08\/28\/wright-loses-big-to-kleiman-judge-rules-kleiman-estate-owns-half-the-satoshi-stash\/\">stunning loss<\/a> on motion \u2014 &#8220;The parties are currently engaged in good faith settlement discussions. To that end, Dr. Wright and Plaintiffs <a href=\"https:\/\/www.courtlistener.com\/recap\/gov.uscourts.flsd.521536\/gov.uscourts.flsd.521536.284.0.pdf\">respectfully request<\/a> a 30-day extension of all discovery and case deadlines to facilitate these discussions.&#8221; The court has <a href=\"https:\/\/www.courtlistener.com\/recap\/gov.uscourts.flsd.521536\/gov.uscourts.flsd.521536.286.0.pdf\">mostly granted<\/a> this extension.<\/p>\n<p>I laughed my head off at this podcast, in which three lawyers discuss Dr. Wright&#8217;s comprehensive defeat in Florida, and why all of this is hilarious to a lawyer. Contains salty language. <a href=\"https:\/\/soundcloud.com\/alabpodcast\/episode-3-faketoshi-the-perfect-client\">ALAB Podcast Series: Episode 3: Faketoshi \u2014 The Perfect Client.<\/a> You will not regret spending 80 minutes on this.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Kleiman v. Wright &#8211; Settlement Talks.<\/p>\n<p>Ira: &quot;Every letter in a public statement will cost $5M dollar extra&quot;<\/p>\n<p>Craig: &quot;Craig Wright is Satoshi Nakamoto&quot;<\/p>\n<p>Ira: &quot;That will be $140 million&quot;<\/p>\n<p>Craig: &quot;Craig is Satoshi&quot;<\/p>\n<p>Ira: &quot;Same price&quot;<\/p>\n<p>Craig: &quot;&#8230;&quot;<\/p>\n<p>&mdash; Arthur van Pelt (@MyLegacyKit) <a href=\"https:\/\/twitter.com\/MyLegacyKit\/status\/1174198001465810945?ref_src=twsrc%5Etfw\">September 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>Libra says &#8220;A B C,&#8221; these obviously imply &#8220;X Y Z,&#8221; and regulators see &#8220;X Y Z&#8221; and worry \u2014 but when Libra say &#8220;A B C,&#8221; what they actually mean is &#8220;monkey dishwasher purple meow what-the,&#8221; because they are thinking entirely in crazy Bitcoin moon language. Colin Platt wrote an essay in July on what Libra&#8217;s inchoate blatherings on <a href=\"https:\/\/medium.com\/@colin_\/libra-reserve-for-crypto-bozos-ea97f73f61fc\">how they think a reserve works<\/a> would mean in practice.<\/p>\n<p>Libra <a href=\"https:\/\/www.ft.com\/content\/11bfda8c-d6fb-11e9-8f9b-77216ebe1f17\">met with central bankers on Monday,<\/a> and tried to convince them of their benign intentions. Beno\u00eet C\u0153ur\u00e9 of the European Central Bank gave a <a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2019\/html\/ecb.sp190917~9b63e0ea23.en.html\">speech<\/a> yesterday \u2014 Libra is a busted flush, but he thinks we need central bank stablecoins to head off the threat of a competent company trying the Libra trick.<\/p>\n<p>The director of FINMA, Mark Branson, was <a href=\"https:\/\/www.nzz.ch\/wirtschaft\/wenn-der-schweizer-finanzplatz-noch-ambitionen-hat-muss-er-mit-aufmerksamkeit-leben-koennen-ld.1508040\">interviewed<\/a> (<a href=\"http:\/\/translate.google.com\/translate?hl=en&amp;sl=auto&amp;tl=en&amp;u=https%3A%2F%2Fwww.nzz.ch%2Fwirtschaft%2Fwenn-der-schweizer-finanzplatz-noch-ambitionen-hat-muss-er-mit-aufmerksamkeit-leben-koennen-ld.1508040\">translation<\/a>) about Libra, and what it means for Switzerland to be the main \u2014 but definitely not only! \u2014 regulator for a project of this scale.<\/p>\n<p>Bertrand Perez of Libra says it will <a href=\"https:\/\/www.lesechos.fr\/finance-marches\/marches-financiers\/avec-le-libra-nous-nallons-pas-faire-de-creation-monetaire-1131256\">definitely launch in the second half of 2020,<\/a> for sure, you betcha.<\/p>\n<p>David Rosenthal <a href=\"https:\/\/blog.dshr.org\/2019\/07\/blockchain-briefing-for-dod.html?showComment=1568236389818#c4707561367024886981\">suggests<\/a> that Libra is a bargaining chip that Facebook is throwing to regulators to appease them in the face of anti-trust investigations. I&#8217;m not convinced \u2014 I think Facebook were entirely sincere, and just <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/09\/12\/france-shuns-facebooks-libra-how-was-libra-stupid-enough-to-end-up-here\/\">arrogant to the point of stupidity.<\/a><\/p>\n<p>I was <a href=\"https:\/\/eng.ambcrypto.com\/facebook-in-the-crosshairs-of-regulators-once-again-this-time-the-authorities-concern-may-be-warranted\/\">quoted by AMBCrypto<\/a> on Facebook&#8217;s Libra.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Well, legally we have to pay them. <a href=\"https:\/\/t.co\/XY4pbNUDxr\">https:\/\/t.co\/XY4pbNUDxr<\/a><\/p>\n<p>&mdash; Libra (@LibraReserve) <a href=\"https:\/\/twitter.com\/LibraReserve\/status\/1161801579508457472?ref_src=twsrc%5Etfw\">August 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>How liquid is Tether? Well, the USDT\/USD pair had a sudden <a href=\"https:\/\/twitter.com\/BitcoinDurp\/status\/1173658499047444480\">spike up to $400 on Monday.<\/a> Only for a minute, you understand \u2014 just long enough to <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/12\/17\/the-bart-sudden-hundreds-of-bitcoin-pumps-or-dumps-to-burn-the-margin-traders\/\">burn all possible shorts.<\/a><\/p>\n<p>Global Trade Solutions was one of the web of companies, involving Crypto Capital Corp and <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/05\/02\/crypto-capital-and-bitfinexs-missing-millions-and-reggie-fowler\/\">Reggie Fowler,<\/a> that did fraudulent US dollar banking for crypto exchanges who couldn&#8217;t get proper US banking \u2014 including Bitfinex and Tether. GTS has just been <a href=\"https:\/\/www.offshorealert.com\/global-trade-solutions-ag-switzerland-regulatory-supervision-bitfinex-investigation.aspx\">placed under regulatory supervision<\/a> by FINMA, the Swiss regulator \u2014 which, in Switzerland, means FINMA takes it over completely.<\/p>\n<p>Tether <a href=\"https:\/\/www.trustnodes.com\/2019\/09\/11\/100000-transactions-stuck-as-tether-clogs-ethereum\">clogged Ethereum again.<\/a> The reason for Tether on Ethereum is that the block time is 12 seconds, rather than the 10 minutes of Bitcoin \u2014 so if you&#8217;re moving your tethers around to <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/12\/17\/the-bart-sudden-hundreds-of-bitcoin-pumps-or-dumps-to-burn-the-margin-traders\/\">wreck the margin traders,<\/a> you can get them there much more quickly. And the reason for Tether now running on multiple chains is that blockchains don&#8217;t scale.<\/p>\n<p>Is the stablecoin business model \u2014 exchange fees, buy\/sell fees and interest on the reserve \u2014 <a href=\"https:\/\/cryptonews.com\/exclusives\/is-stablecoin-business-model-stable-or-is-it-endangered-4649.htm\">stable, or endangered?<\/a> With quotes from me \u2014 I don&#8217;t think well-regulated stablecoins have much use case, because traders want a fast-moving poker chip like Tether to move around bottom-of-the-barrel exchanges.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">At stage 10 you get to meet Xenu, the dictator of the Galactic Confederacy<a href=\"https:\/\/t.co\/uWjuuYzcPf\">https:\/\/t.co\/uWjuuYzcPf<\/a><\/p>\n<p>&mdash; Libra (@LibraReserve) <a href=\"https:\/\/twitter.com\/LibraReserve\/status\/1163616583815696384?ref_src=twsrc%5Etfw\">August 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>If you&#8217;re going to get ripped off using a crypto exchange \u2014 make sure it isn&#8217;t an elaborate <a href=\"https:\/\/news.8btc.com\/bogus-exchange-swindles-crypto-investors-by-impersonating-staff-of-major-chinese-crypto-exchange\"><i>fake<\/i> crypto exchange.<\/a><\/p>\n<p>OKEx Korea has <a href=\"https:\/\/www.theblockcrypto.com\/post\/39724\/okex-korea-delisting-all-privacy-coins-including-monero-zcash-and-dash-as-these-violate-fatfs-travel-rule\">delisted all &#8220;privacy coins,&#8221;<\/a> on the basis that these violate the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/06\/21\/news-quadriga-was-even-worse-than-we-thought-fatf-crypto-guidance-finalised-facebook-libra-roundup\/\">Financial Action Task Force&#8217;s &#8220;travel rule.&#8221;<\/a> The travel rule is for business-to-business transactions, so that doesn&#8217;t make sense as a regulator action \u2014 but it makes complete sense as something their bank might have required of them, the same way that Coinbase and CEX.io&#8217;s UK bank required them not to support ZCash in the UK.<\/p>\n<p>The costs of running a <a href=\"https:\/\/decrypt.co\/9091\/the-true-cost-of-running-a-failed-ieo\">failed Initial Exchange Offering<\/a> \u2014 apart from the median return on investment of <a href=\"https:\/\/www.longhash.com\/news\/so-far-this-year-ieos-have-been-a-bad-investment-but-some-exchanges-are-much-better-than-others\">minus-81%,<\/a> the upfront fees to the exchange can be tens of thousands of dollars. Also, it&#8217;s the <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1156525842421432321\">smallest and dodgiest exchanges<\/a> that are most fond of this variety of Initial Sucker Offering. But Coinbase \u2014 evidently feeling the pinch of trading volumes going through the floor \u2014 is thinking of <a href=\"https:\/\/www.theblockcrypto.com\/linked\/39292\/crypto-exchange-coinbase-could-soon-launch-an-ieo-platform\">setting up an IEO platform!<\/a><\/p>\n<p><a href=\"https:\/\/ftalphaville.ft.com\/2019\/09\/11\/1568182095000\/Don-t-bet-on-decentralised-exchanges-becoming-the-new-crypto-frontier---\/\">Don\u2019t bet on decentralised exchanges<\/a> becoming the new crypto frontier \u2014 their liquidity is terrible, and, at some point, you probably want to get actual money in or out.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Do any real people still give a crap about crypto? I thought that whole thing hit 15:01 long ago.<\/p>\n<p>&mdash; britton ballard (@brittballard) <a href=\"https:\/\/twitter.com\/brittballard\/status\/1173929715511508992?ref_src=twsrc%5Etfw\">September 17, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>Bitcoin is still <a href=\"https:\/\/www.reddit.com\/r\/Buttcoin\/comments\/d5atn0\/sold_a_few_grand_worth_of_bitcoin_on_local\/\">unbanking the banked<\/a> \u2014 &#8220;Sold a few grand worth of Bitcoin on Local Bitcoins \u2014 someone reversed a transaction and now Barclay&#8217;s have ruined me.&#8221; I wonder why there would be a price premium between Coinbase (favoured by retail traders) and LocalBitcoins (favoured by crooks).<\/p>\n<p>Bitcoin core developer Luke-Jr is <a href=\"https:\/\/coinspice.io\/news\/btc-core-devs-fuming-veriblock-responsible-for-50k-segwit-transactions-per-day\/\">outraged<\/a> that people are clogging the Bitcoin blockchain by using it for actual things, and \u2014 even worse \u2014 using SegWit.<\/p>\n<p>China is pushing Bitcoin miners in Inner Mongolia to <a href=\"https:\/\/news.8btc.com\/chinese-regulators-demand-a-clean-up-of-crypto-mining-in-inner-mongolia\">shut down<\/a> (<a href=\"https:\/\/www.chainnews.com\/news\/570233448490.htm\">original<\/a>) \u2014 &#8220;pseudo-financial innovation unrelated to the real economy, and should not be supported.&#8221; The coal power doesn&#8217;t help either.<\/p>\n<p>VanEck\u2019s \u201climited Bitcoin ETF\u201d attracts a total institutional investment of &#8230; <a href=\"https:\/\/decrypt.co\/9127\/vaneck-limited-bitcoin-etf-big-swing-and-miss-brings-less-than-41k\">around four bitcoins.<\/a><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I fixed the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> whitepaper. \ud83d\udd8d\ufe0f\ud83d\udd25\ud83d\ude80<\/p>\n<p>It&#39;s what <a href=\"https:\/\/twitter.com\/hashtag\/Satoshi?src=hash&amp;ref_src=twsrc%5Etfw\">#Satoshi<\/a> would&#39;ve wanted. \ud83d\ude4f <a href=\"https:\/\/t.co\/ulKDLncDWj\">pic.twitter.com\/ulKDLncDWj<\/a><\/p>\n<p>&mdash; \u1d04\u1d0f\u0274\u1d04\u1d07\u1d18\u1d1b\u00b2\u00b9\u00b9 (@Concept211) <a href=\"https:\/\/twitter.com\/Concept211\/status\/1171804605304528897?ref_src=twsrc%5Etfw\">September 11, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>Judge Business School at the University of Cambridge has released its <a href=\"https:\/\/www.jbs.cam.ac.uk\/faculty-research\/centres\/alternative-finance\/publications\/2nd-global-enterprise-blockchain-benchmarking-study\/\">Second Global Enterprise Blockchain Benchmarking Study.<\/a> Out of 67 \u201clive enterprise blockchain networks,\u201d 77% are based around a single entity, another 20% are single-entity but have potential to be multi-entity,and 3% \u2014 precisely two \u2014 were genuinely multi-actor consensus systems. The platforms of choice are Hyperledger Fabric, R3 Corda and MultiChain. The survey subjects are mostly not listed \u2014 though IBM\/Maersk&#8217;s TradeLens in particular has a &#8220;case study&#8221; about how it&#8217;s an utterly centralised system, that&#8217;s bought into the &#8220;blockchain meme.&#8221;<\/p>\n<p>How is the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/11\/20\/the-australian-national-blockchain-centralised-ibm-smart-contracts-for-lawyers-with-no-code-yet-only-concept\/\">Australian National Blockchain,<\/a> which I wrote up in October 2018, going? Well, the <a href=\"https:\/\/www.australiannationalblockchain.com\/\">website&#8217;s<\/a> stopped working already. I&#8217;ve contacted Data61 asking what&#8217;s happening with the project.<\/p>\n<p>I just found a 2015 essay by Tim Swanson on the use of <a href=\"https:\/\/www.ofnumbers.com\/2015\/10\/16\/the-great-pivot-or-just-this-years-froth\/\">&#8220;blockchain&#8221; as a euphemism for &#8220;Bitcoin&#8221;<\/a> \u2014 particularly when seeking venture capital. I thought it started earlier, but Tim places the big change around mid-2015.<\/p>\n<p>Blockchains in <i>spaaace!<\/i> Spacechain, whose big project was to run blockchain nodes on satellites, just got a <a href=\"https:\/\/www.prnewswire.co.uk\/news-releases\/spacechain-receives-support-from-european-space-agency-for-blockchain-satellite-technology-873253371.html\">grant<\/a> from the European Space Agency \u2014 specifically, ESA Business Applications and Space Solutions&#8217; <a href=\"https:\/\/business.esa.int\/news\/kick-start-activities-new-funding-opportunity-for-innovative-applications-ideas\">Kick-start Activities<\/a> programme \u2014 to write a report on applications of blockchains in space. Um, OK. The most surprising thing about Spacechain is that they&#8217;re sincere about this, even as their SPC token has dropped from 50 cents to 0.25 of a cent in the past two years. Jemima Kelly <a href=\"https:\/\/ftalphaville.ft.com\/2019\/09\/17\/1568728772000\/Blockchain-goes-extra-terrestrial-\/\">wrote it up<\/a> for FT Alphaville, with quotes from me.<\/p>\n<p>&nbsp;<\/p>\n<p>https:\/\/twitter.com\/anguschampion\/status\/1172450086917480448<\/p>\n<p>&nbsp;<\/p>\n<p>Despite all the warnings of what a terrible idea this is, the Marshall Islands really is going to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-09-11\/tiny-pacific-nation-is-making-a-go-of-its-own-digital-currency\">do its own cryptocurrency.<\/a> &#8220;The country doesn\u2019t have a starting date set yet, as officials still need to resolve compliance and regulatory issues, and work with entities like the U.S. Treasury and the International Monetary Fund,&#8221; who are the people who said what a terrible idea this is.<\/p>\n<p>North Korea is developing a cryptocurrency to <a href=\"https:\/\/www.vice.com\/en_us\/article\/9ke3ae\/north-korea-is-building-its-own-bitcoin\">work around sanctions.<\/a> At least Iran is trying to use <a href=\"https:\/\/www.axios.com\/cryptocurrencies-could-help-evade-us-sanctions-on-iran-c6a68e07-03c3-4b99-8dde-882d6f729130.html\">widely-accepted coins<\/a> for the job.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">in conclusion this is good for bitcoin<\/p>\n<p>&mdash; Edward Snowden (@Snowden) <a href=\"https:\/\/twitter.com\/Snowden\/status\/1174090027648868353?ref_src=twsrc%5Etfw\">September 17, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>Telegram <a href=\"https:\/\/test.ton.org\/\">released test software<\/a> for their TON blockchain last week. I downloaded, compiled and ran it, but haven&#8217;t had a chance to mess with it much. Robert Stevens from Decrypt <a href=\"https:\/\/decrypt.co\/9291\/what-the-hell-is-going-on-with-ton\">interviewed Mitja Goroshevsky from TON Labs<\/a> about it, and there&#8217;s a few quotes from me in there. It looks like Telegram are determined to release this on 31 October, no matter what regulators might make of it afterwards \u2014 $1.7 billion pays a lot of regulator fines. I worry at the lack of discussion of security in the original or updated white papers \u2014 Goroshevsky is sure it&#8217;ll be fine, but, as I told Stevens, &#8220;We&#8217;ll see how TON goes when it&#8217;s live with money circulating in it, and attackers have a prize to win.&#8221;<\/p>\n<p>Another <a href=\"https:\/\/www.theblockcrypto.com\/post\/39683\/new-token-sale-lawsuit-involving-uledger-project-seeks-judgment-against-corp-and-against-management-team?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=default\">private lawsuit<\/a> against a 2017 ICO for promising the moon and stars to investors, while failing to register as a security \u2014 this time, against Uledger over the ULD token.<\/p>\n<p>Steven Nerayoff and Michael Hlady were just charged with trying to extort an unnamed crypto startup while consulting on its ICO \u2014 pay them a pile of ether, or be destroyed. Per the <a href=\"https:\/\/www.justice.gov\/usao-edny\/press-release\/file\/1203466\/download\">complaint,<\/a> Nerayoff demanded 30,000 ether if the total sales went over 60,000 ether, as well as a large pile of the ICO token \u2014 and if not, he threatened to &#8220;sabotage the crowd sale, generate negative press for Company 1 and use his contacts with influential people to \u2018destroy\u2019&#8221; the company. The US Justice Department <a href=\"https:\/\/www.justice.gov\/usao-edny\/pr\/two-arrested-extortion-startup-cryptocurrency-company\">describes it<\/a> as &#8220;an old-fashioned shakedown.&#8221; <a href=\"https:\/\/web.archive.org\/web\/20190415173002\/https:\/\/stevennerayoff.com\/about\/\">Nerayoff<\/a> founded the Alchemist crypto consultancy \u2014 he was in on Ethereum early, and advised Overstock&#8217;s tZero securities trading blockchain project, as well as a <a href=\"https:\/\/www.trackico.io\/member\/steven-nerayoff\/\">long list of other ICOs.<\/a> Hlady used the alias &#8220;Michael Peters&#8221; in this instance.<\/p>\n<p>Code is fLaw \u2014 spamming the EOS network to unusability, to <a href=\"https:\/\/cryptoslate.com\/eosio-exploit-attacker-30000-eos-freeze\/\">scam 30,000 EOS from a gambling app.<\/a> Dan Larimer was quick to defend all of this as <a href=\"https:\/\/twitter.com\/bytemaster7\/status\/1172820931317850112\">perfectly normal on EOS,<\/a> which would work just <i>fine<\/i> if people weren&#8217;t on it. The blockchain cannot fail, it can only be failed, especially when it&#8217;s EOS, which is centrally controlled by the block producers in a cartel. Sorry, I mean &#8220;consortium.&#8221; Sorry, I mean &#8220;spontaneous network of free persons.&#8221; Crypto in general is a complicated machine to funnel decreasing supplies of actual-money from retail suckers to about twenty guys \u2014 and EOS is a miniature version of that, with most of the same guys.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">i&#39;m too angry to work on any of my projects right now, so y&#39;all are getting a live tweeting of me reading Chuck Tingle&#39;s &quot;There&#39;s A Bitcoin In My Butt And He&#39;s Handsome&quot;<\/p>\n<p>mute this thread if you don&#39;t like butt stuff i guess <a href=\"https:\/\/t.co\/U9PIxCWSwg\">pic.twitter.com\/U9PIxCWSwg<\/a><\/p>\n<p>&mdash; isis agora lovecruft (they\/them) (@isislovecruft) <a href=\"https:\/\/twitter.com\/isislovecruft\/status\/1172939789206609920?ref_src=twsrc%5Etfw\">September 14, 2019<\/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\">I have taken<br \/>the money<br \/>that came from<br \/>the billionaire<\/p>\n<p>and which<br \/>you were probably<br \/>thinking<br \/>is tainted<\/p>\n<p>Forgive me<br \/>his network is<br \/>so large<br \/>and disruption so vital at this time AI and blockchain are redefining what it means to be human<\/p>\n<p>&mdash; Tom Simonite (@tsimonite) <a href=\"https:\/\/twitter.com\/tsimonite\/status\/1171110175278632961?ref_src=twsrc%5Etfw\">September 9, 2019<\/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>Crypto in general is a complicated machine to funnel decreasing supplies of actual-money from retail suckers to about twenty guys.<\/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":[1022,1458,21,74,100,146,1265,557,1457,165,82,444,987,1264,9,1459,1101,1464,1462,1328,6,1460,516,1468,1469,858,653,1269,119,1463,1470,1449,1467,118,1096,39,171,1097,1466,1465,1461],"class_list":["post-14609","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-australian-national-blockchain","tag-bertrand-perez","tag-bitcoin","tag-blockchain","tag-china","tag-craig-wright","tag-crypto-capital","tag-dan-larimer","tag-ecb","tag-eos","tag-ethereum","tag-facebook","tag-finma","tag-global-trading-solutions","tag-ico","tag-ieo","tag-ira-kleiman","tag-iran","tag-judge-business-school","tag-libra","tag-links","tag-luke-jr","tag-marshall-islands","tag-michael-hlady","tag-michael-peters","tag-north-korea","tag-okex","tag-reggie-fowler","tag-south-korea","tag-spacechain","tag-spc","tag-stablecoin","tag-steven-nerayoff","tag-switzerland","tag-telegram","tag-tether","tag-tim-swanson","tag-ton","tag-uld","tag-uledger","tag-vaneck"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/14609","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=14609"}],"version-history":[{"count":32,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/14609\/revisions"}],"predecessor-version":[{"id":14641,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/14609\/revisions\/14641"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=14609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=14609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=14609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}