Whale shaming into public good 🐳
Triple digit APY... we all understand it is a zero-sum game selling rotten vegetables. While policing it is a sad endeavour, there are other ways to make something good out of it. Grants.
Why? 🤔
Muh charity? Not really, this is not even about virtue signalling or pipi measuring. Supporting the industry you are in is simply rational long-term greed. By giving a chance to new, non-systematic (and thus likely without funding) ideas to prosper - you support innovation. As money left the industry in 2019, teams survived on the remaining stashes and there was no bullshit around - either stay, try, pivot - or go to IBM. So only developers, cool ideas and pure building stayed. There was no greed, no noise 😇
While developers are generally worse with money management [just look at YFI degens lol] they are inspiring innovation 🖥 The fact that they are now gatekeepers of big capital allows them to fund themselves and their friends, building all the crazy weird stuff... Which is only crazy to people like me because my IQ is low. Thus, giving developers spotlight, resources, and supporting them - is the least we can do. Don't hesitate throwing in some if you aped $$$ from farms. Follow the examples set up by Andre, Artem, and others.
I am also shaming whales into throwing some in [this or next round] and somehow inspiring nonVC open-source development.
10b57e6da0 threw in a small 10,000 USDC to support this vision. Keep blazing forward, developer community! If you guys need any support, just reach out 🦄
https://twitter.com/IvanGBi/status/1307026078968483840
Triple digit APY... we all understand it is a zero-sum game selling rotten vegetables. While policing it is a sad endeavour, there are other ways to make something good out of it. Grants.
Why? 🤔
Muh charity? Not really, this is not even about virtue signalling or pipi measuring. Supporting the industry you are in is simply rational long-term greed. By giving a chance to new, non-systematic (and thus likely without funding) ideas to prosper - you support innovation. As money left the industry in 2019, teams survived on the remaining stashes and there was no bullshit around - either stay, try, pivot - or go to IBM. So only developers, cool ideas and pure building stayed. There was no greed, no noise 😇
While developers are generally worse with money management [just look at YFI degens lol] they are inspiring innovation 🖥 The fact that they are now gatekeepers of big capital allows them to fund themselves and their friends, building all the crazy weird stuff... Which is only crazy to people like me because my IQ is low. Thus, giving developers spotlight, resources, and supporting them - is the least we can do. Don't hesitate throwing in some if you aped $$$ from farms. Follow the examples set up by Andre, Artem, and others.
I am also shaming whales into throwing some in [this or next round] and somehow inspiring nonVC open-source development.
10b57e6da0 threw in a small 10,000 USDC to support this vision. Keep blazing forward, developer community! If you guys need any support, just reach out 🦄
https://twitter.com/IvanGBi/status/1307026078968483840
Twitter
ivangbi 👾
Whale shaming into public good 🦞 @10b57e6da0 Triple digit APY... we all understand it is a zero-sum game selling rotten vegetables. While policing it is a needed but sad endeavour, there is another way to make something good out of it. @gitcoin grants. Why?…
RUG PULL 🌊 EMN Post-Mortem
So. First, the official post-mortem by Andre: https://twitter.com/AndreCronjeTech/status/1310763506170499072. Let him frame the narrative without me doing the subjective side.
Now my context: Andre deployed some contracts, they had a few tokens and interesting designs with a bonding curve. It was deployed from the Yearn Deployer, so some smart/opportunistic people noticed it right away. Me included. I put in, but the mathematician guy said the slope was flat, so I sold. You can check ivangbi.eth transactions. But damn, I was so enthusiastic about some new deployment and bonding curve stuff - but it seemed like the design was way too user-focused, aka no ponzi/pumpenomics. Saaaad, right.
The contract had back then about 25K Dai total: https://etherscan.io/address/0x5ade7ae8660293f2ebfcefaba91d141d72d221e8. A few hours later, someone noticed that the price was actually kinda going up harder... checked: fuck, it was aping. The contract had about 100K then. So I go and put in more. Lobsters do, it was all public. We see prices are going stronger than we thought. And damn, the fomo started. I bought more at about 500K AUM, then 1M AUM, and actually... at the top of 17M AUM was my 40% purchase lol. But we will get to that later.
Some game Dynamics 🕹
So they all use Bancor Bonding Curve - https://etherscan.io/address/0x16f6664c16bede5d70818654defef11769d40983.
And this is what we calculated wrong as being flat, as the total reserve balance actually is a more complicated math than a Uniswap formula (or, different). So then you have two main tokens: EMN and GIL, both on a curve with Dai. GIL is a thing for minting STR which is like a power boost for the cards in the game. And EMN mints eSNX, eYFI, eAAVE, eCRV, eYFI as factions. So two tokens with direct Dai curve, and other ones as a 1-hop... and there is likely more, we barely saw anything yet. So yes it's fun to play with contracts, being early on every curve, and so on! And let me point out that yes, this is a zero sum game at first glance, but obviously it's Andre and we all expected/knew that more cool stuff is coming. Cause it was/is. And it’s part of the game.
PS 🃏 it's apparently some cool NFT multiverse game with cool backend mechanics and fractions. With some gamedev shops included. It was all supposed to come later.
Now to the price part ☠️
AUM at 17M, I buy 40% more, and 5 minutes later - a few market sells making the AUM drop to 12M. I am a panic seller and a pleb. What do I do? I pack losses on eTokens and sell at small profits anyway. By far not what I would have had, but enough to get a nice laptop after 6 hours, a lot of fun, and fun-ethereum interactions. I am then on a call with Klim and Artem, who aped in around that price again, and they are making fun of me being a pleb. Everyone knows that when I sell - freedom is coming. So I finish selling, and we go to sleep...
And then 5min later the AUM goes back to 15M, I already message in the chat that I am rekt and thinking of buying back. And then bam: it's empty. Just empty, all gone: https://twitter.com/IvanGBi/status/1310752541240590336. Yes, all 15M Dai evaporated. A flashloan type of attack (still need to understand the math) pocketing the entire Dai pool and rekking everyone: https://etherscan.io/tx/0x3503253131644dd9f52802d071de74e456570374d586ddd640159cf6fb9b8ad8. And then 8M Dai goes back to Yearn Deployer: https://etherscan.io/address/0x223034edbe95823c1160c16f26e3000315171ca9#tokentxns. This is the story, all facts which you can go and double check in the chat.
[1/2]
So. First, the official post-mortem by Andre: https://twitter.com/AndreCronjeTech/status/1310763506170499072. Let him frame the narrative without me doing the subjective side.
Now my context: Andre deployed some contracts, they had a few tokens and interesting designs with a bonding curve. It was deployed from the Yearn Deployer, so some smart/opportunistic people noticed it right away. Me included. I put in, but the mathematician guy said the slope was flat, so I sold. You can check ivangbi.eth transactions. But damn, I was so enthusiastic about some new deployment and bonding curve stuff - but it seemed like the design was way too user-focused, aka no ponzi/pumpenomics. Saaaad, right.
The contract had back then about 25K Dai total: https://etherscan.io/address/0x5ade7ae8660293f2ebfcefaba91d141d72d221e8. A few hours later, someone noticed that the price was actually kinda going up harder... checked: fuck, it was aping. The contract had about 100K then. So I go and put in more. Lobsters do, it was all public. We see prices are going stronger than we thought. And damn, the fomo started. I bought more at about 500K AUM, then 1M AUM, and actually... at the top of 17M AUM was my 40% purchase lol. But we will get to that later.
Some game Dynamics 🕹
So they all use Bancor Bonding Curve - https://etherscan.io/address/0x16f6664c16bede5d70818654defef11769d40983.
And this is what we calculated wrong as being flat, as the total reserve balance actually is a more complicated math than a Uniswap formula (or, different). So then you have two main tokens: EMN and GIL, both on a curve with Dai. GIL is a thing for minting STR which is like a power boost for the cards in the game. And EMN mints eSNX, eYFI, eAAVE, eCRV, eYFI as factions. So two tokens with direct Dai curve, and other ones as a 1-hop... and there is likely more, we barely saw anything yet. So yes it's fun to play with contracts, being early on every curve, and so on! And let me point out that yes, this is a zero sum game at first glance, but obviously it's Andre and we all expected/knew that more cool stuff is coming. Cause it was/is. And it’s part of the game.
PS 🃏 it's apparently some cool NFT multiverse game with cool backend mechanics and fractions. With some gamedev shops included. It was all supposed to come later.
Now to the price part ☠️
AUM at 17M, I buy 40% more, and 5 minutes later - a few market sells making the AUM drop to 12M. I am a panic seller and a pleb. What do I do? I pack losses on eTokens and sell at small profits anyway. By far not what I would have had, but enough to get a nice laptop after 6 hours, a lot of fun, and fun-ethereum interactions. I am then on a call with Klim and Artem, who aped in around that price again, and they are making fun of me being a pleb. Everyone knows that when I sell - freedom is coming. So I finish selling, and we go to sleep...
And then 5min later the AUM goes back to 15M, I already message in the chat that I am rekt and thinking of buying back. And then bam: it's empty. Just empty, all gone: https://twitter.com/IvanGBi/status/1310752541240590336. Yes, all 15M Dai evaporated. A flashloan type of attack (still need to understand the math) pocketing the entire Dai pool and rekking everyone: https://etherscan.io/tx/0x3503253131644dd9f52802d071de74e456570374d586ddd640159cf6fb9b8ad8. And then 8M Dai goes back to Yearn Deployer: https://etherscan.io/address/0x223034edbe95823c1160c16f26e3000315171ca9#tokentxns. This is the story, all facts which you can go and double check in the chat.
[1/2]
Twitter
Andre Cronje
1/x First, the data; 1. Yesterday we finished the concept behind our new economy for a gaming multiverse. Eminence. As per my usual methodology, I deployed our staging contracts on ETH so we can continue developing on it. 2. Eminence is at least ~3+ weeks…
RUG PULL 🌊 EMM Post-Mortem [2/2]
Now to semantics 🍿
1] Influencers shilling 👾
I dislike the influencer insider zero sum pumps (positive sum games are fine). Was this one of those? Hm not per se. You see, we were all in the chat clicking the contracts and buying while 0 twitter people knew. They came in way later actually. Lobsters devs and community members were piling in at 200K AUM or so. So everyone was in the unknown here, at least I believe. No details about the game, finding clues... it's fun! Also, there were about 9 hours before the fomo started. Not coordinated. No insiders I believe.
2] Refund of 8M Dai ✅
Now people are talking about the 8M refund to be given at a snapshot to users, since it's on the Yearn Deployer address. Not sure this is the best strategy, but it's easy for me to say since I avoided the rug. I guess many would be voting for it, and it could offset the losses at a good rate. On the other hand, everyone knew what they were going for. And it seems like that is the solution people are going for: https://twitter.com/andrecronjetech/status/1310774715359924228
3] Test in prod and zero token value YFI meme ⚠️
Farms abused the zero token value meme and the “test in prod” narrative, so of course this marketing was going for EMN and GIL as well. But here you had no dilution and it was all a bonding curve with just a clope included. So an MMO rather than a farming bullshit scenario. Still weird, still sketchy a bit due to the unknowns, but very different. Everyone wanted a new YFI - got a rug instead. Risked for alpha, it is what it is. Again, easy for me to say, but it’s just a fact. Invested in shit ICO - do not call SEC, own it.
4] YFI team insiders ❌
No, YFI team members did not know. As I point out above, they were in the unknown and bought after other members did. There is no insider thing around it. Kirby? No clue. He has a fun shilly account, not a researcher-developer one. Don't put your responsibilities on anon cartoon accounts. I just want to avoid Y - which is an awesome dev community and product - being associated with outside activities. I know it's hard to distinguish from those, myself included, but you wanted alpha - and it was there. The hack wasn't expected by anyone. Don’t drag people with good intentions into the mud, those who have always stood for the community.
PS 🙏 my post is biased, because I have known Andre since 2018 and met him irl a few times. He was dragged around for being dishonest and taking payments on the side a lot of times, and every time it was wrong and he was coming out stronger. And he kept building and helping people. I am now in the position of just never doubting him. If I am wrong, be it. To top it off, nice reality check by Sam: https://twitter.com/SBF_Alameda/status/1310762299754295296
YOU RISK FOR BIG % -> YOU CAN GET REKT. Remember that.
Now to semantics 🍿
1] Influencers shilling 👾
I dislike the influencer insider zero sum pumps (positive sum games are fine). Was this one of those? Hm not per se. You see, we were all in the chat clicking the contracts and buying while 0 twitter people knew. They came in way later actually. Lobsters devs and community members were piling in at 200K AUM or so. So everyone was in the unknown here, at least I believe. No details about the game, finding clues... it's fun! Also, there were about 9 hours before the fomo started. Not coordinated. No insiders I believe.
2] Refund of 8M Dai ✅
Now people are talking about the 8M refund to be given at a snapshot to users, since it's on the Yearn Deployer address. Not sure this is the best strategy, but it's easy for me to say since I avoided the rug. I guess many would be voting for it, and it could offset the losses at a good rate. On the other hand, everyone knew what they were going for. And it seems like that is the solution people are going for: https://twitter.com/andrecronjetech/status/1310774715359924228
3] Test in prod and zero token value YFI meme ⚠️
Farms abused the zero token value meme and the “test in prod” narrative, so of course this marketing was going for EMN and GIL as well. But here you had no dilution and it was all a bonding curve with just a clope included. So an MMO rather than a farming bullshit scenario. Still weird, still sketchy a bit due to the unknowns, but very different. Everyone wanted a new YFI - got a rug instead. Risked for alpha, it is what it is. Again, easy for me to say, but it’s just a fact. Invested in shit ICO - do not call SEC, own it.
4] YFI team insiders ❌
No, YFI team members did not know. As I point out above, they were in the unknown and bought after other members did. There is no insider thing around it. Kirby? No clue. He has a fun shilly account, not a researcher-developer one. Don't put your responsibilities on anon cartoon accounts. I just want to avoid Y - which is an awesome dev community and product - being associated with outside activities. I know it's hard to distinguish from those, myself included, but you wanted alpha - and it was there. The hack wasn't expected by anyone. Don’t drag people with good intentions into the mud, those who have always stood for the community.
PS 🙏 my post is biased, because I have known Andre since 2018 and met him irl a few times. He was dragged around for being dishonest and taking payments on the side a lot of times, and every time it was wrong and he was coming out stronger. And he kept building and helping people. I am now in the position of just never doubting him. If I am wrong, be it. To top it off, nice reality check by Sam: https://twitter.com/SBF_Alameda/status/1310762299754295296
YOU RISK FOR BIG % -> YOU CAN GET REKT. Remember that.
Twitter
Andre Cronje 👻🐸
As I am receiving a fair amount of threats, I have asked yearn treasury to assist with refunding the 8m the hacker sent. The multisig is safer and as such I feel more comfortable with them having the funds. Funds will be returned to holders pre-hack snapshot.…
❤1
After 3 months of being lazy... here is a new issue of the "using random data to fit your own narrative" piece 🦞
This time it's about 🦍 APE TAX 🦧 looking at MakerDAO, NexusMutual, KeeperDAO, Yearn Finance, KP3R etc.
Don't sub. No emails ever. No $.
PS: I made 100 mistakes with the explanations below, please correct and cancel me.
https://lobsters.substack.com/p/ape-tax-system-design
This time it's about 🦍 APE TAX 🦧 looking at MakerDAO, NexusMutual, KeeperDAO, Yearn Finance, KP3R etc.
Don't sub. No emails ever. No $.
PS: I made 100 mistakes with the explanations below, please correct and cancel me.
https://lobsters.substack.com/p/ape-tax-system-design
Lobsters Research
APE TAX System Design 🦧🦍
A mathematical way of retaining value for crypto ecosystems. How to take advantage of the bull run in the right way, instead of playing PnD games?
Merry Christmas 🎅🎄❄️ Simps [sorry, Twitch]
👩⚕️ Big brain nurses made maintaince/arbitrage bots for ESD-DSD... But they compete, waste gas fees, and thus are not efficient. So what do the nurses do? They go chat to each other from Ethereum addresses, trying to make a partnership -> https://twitter.com/Luciano_vPEPO/status/1342456661047451651. Maybe a charade, but this is super fun to watch!
🍆 1inch macbook-pro-drop statistics: 55,224 addresses are ennoscriptd to a claim - average airdrop amount is 1,629.76 1INCH (~$4,000) - median is 627.35 1INCH (~$1,570) - biggest claimer got 9,749,686 1INCH (~$25m) - https://twitter.com/n2ckchong/status/1342390398124130305. Insert penis joke to seem like a funny person. Here is a cool bot: https://twitter.com/1inchextractor. More info on how to claim your airdrop sers: https://news.1rj.ru/str/lobsters_chat/171926.
🦧 Every project needs a token, because governance is so efficient... and it's incentives, right! Anyway, zapper/dydx/etc. might end up with tokens, even when there is no need for one really. COMBO token is coming, and people already try to farm wallets to get some. Speaking of, 1inch had activity boost prior to launch (as info travels fast in crypto) but when the criteria to qualify were upped, many bots ended up being without an airdrop. See more here -> https://news.1rj.ru/str/lobsters_chat/172058
🔀 Rebase coins have been making astronomical 100x for people, there are quite a few degens who went from 1K USD to 6 digits on both ESD and DSD. So obviously, everybody is making a rebase coin now! This is a race to see when liquidity dried up first, or maybe I am just coping. Play with care, this narrative has been live for a long time already. DeFi is still hot as hell, and every kid is launching his own lending protocol - but recently options have been making the most hype, with a few protocols coming up. As well as stable rates protocols.
There is a new billion dollar protocol launching every day, new google for everything... Lido, Graph, Marlin... It's lively and fun at least. BTC ATH. Rug is not coming to crypto. See smaller and more frequent updates are in @TheDailyApe or Today in Defi on Twitter. I have no clue what to write about lol. Just be in the chat 24/7 and read 5,000 messages a day 🤷♂️
Enjoy the holidays and make sure to rug your family into some shitcoins xx
👩⚕️ Big brain nurses made maintaince/arbitrage bots for ESD-DSD... But they compete, waste gas fees, and thus are not efficient. So what do the nurses do? They go chat to each other from Ethereum addresses, trying to make a partnership -> https://twitter.com/Luciano_vPEPO/status/1342456661047451651. Maybe a charade, but this is super fun to watch!
🍆 1inch macbook-pro-drop statistics: 55,224 addresses are ennoscriptd to a claim - average airdrop amount is 1,629.76 1INCH (~$4,000) - median is 627.35 1INCH (~$1,570) - biggest claimer got 9,749,686 1INCH (~$25m) - https://twitter.com/n2ckchong/status/1342390398124130305. Insert penis joke to seem like a funny person. Here is a cool bot: https://twitter.com/1inchextractor. More info on how to claim your airdrop sers: https://news.1rj.ru/str/lobsters_chat/171926.
🦧 Every project needs a token, because governance is so efficient... and it's incentives, right! Anyway, zapper/dydx/etc. might end up with tokens, even when there is no need for one really. COMBO token is coming, and people already try to farm wallets to get some. Speaking of, 1inch had activity boost prior to launch (as info travels fast in crypto) but when the criteria to qualify were upped, many bots ended up being without an airdrop. See more here -> https://news.1rj.ru/str/lobsters_chat/172058
🔀 Rebase coins have been making astronomical 100x for people, there are quite a few degens who went from 1K USD to 6 digits on both ESD and DSD. So obviously, everybody is making a rebase coin now! This is a race to see when liquidity dried up first, or maybe I am just coping. Play with care, this narrative has been live for a long time already. DeFi is still hot as hell, and every kid is launching his own lending protocol - but recently options have been making the most hype, with a few protocols coming up. As well as stable rates protocols.
There is a new billion dollar protocol launching every day, new google for everything... Lido, Graph, Marlin... It's lively and fun at least. BTC ATH. Rug is not coming to crypto. See smaller and more frequent updates are in @TheDailyApe or Today in Defi on Twitter. I have no clue what to write about lol. Just be in the chat 24/7 and read 5,000 messages a day 🤷♂️
Enjoy the holidays and make sure to rug your family into some shitcoins xx
Twitter
PEPO🇦🇷
"0xPartnership has been established" Potential partnership between 0x8af28 & 0x5c7c6 spotted & publicly recorded on the Ethereum Blockchain today, over the arbitrage of Zero Collateral DAI (ZAI - wtf?) 0x8af28 is intense, he is willing to pay 0.01 ETH/msg…
Check that input... savage.
It seems that one of the "dumpers" was a whitehack, and returned the money to one of the multisig signatories of COVER.
COVER was printed in trillions due to the reward claiming exploit, coming from the pool weight issue. At least that's the working theory. If you want to know what happened, read the last 500 or so messages: t.me/lobsters_chat/174823. NEW 🧿 t.me/lobsters_chat/175829
Update from the team: https://twitter.com/coverprotocol/status/1343581331448586245
It seems that one of the "dumpers" was a whitehack, and returned the money to one of the multisig signatories of COVER.
COVER was printed in trillions due to the reward claiming exploit, coming from the pool weight issue. At least that's the working theory. If you want to know what happened, read the last 500 or so messages: t.me/lobsters_chat/174823. NEW 🧿 t.me/lobsters_chat/175829
Update from the team: https://twitter.com/coverprotocol/status/1343581331448586245
We interrupt this weekend to spam you with more jpegs… This idea-proposal went from “lol funny shit this is retarded” to “ok if you want it, here is how it could be done”. Comment, engage shape the way!
🦞💎 https://twitter.com/10b57e6da0/status/1431691492398149637
LobsterDAO is just a fun community chat which has grown thanks to its contributors. As such, out of respect, it was never abused for shilling and was kept mostly impartial. If a few members come forward veto'ing this idea, we will just kill it. Please don't see the chat and the community as something proprietary. Everybody matters, speak out, please!
Any blabla chatter will be banned. Anybody asking how to get NFT (while it says in the article how to) gets banned. Any flood gets banned. Real lobsters don’t spam. They know how to ctrl+f and search for answers. If you don’t know how to be a real lobster u ngmi
🦞💎 https://twitter.com/10b57e6da0/status/1431691492398149637
LobsterDAO is just a fun community chat which has grown thanks to its contributors. As such, out of respect, it was never abused for shilling and was kept mostly impartial. If a few members come forward veto'ing this idea, we will just kill it. Please don't see the chat and the community as something proprietary. Everybody matters, speak out, please!
Any blabla chatter will be banned. Anybody asking how to get NFT (while it says in the article how to) gets banned. Any flood gets banned. Real lobsters don’t spam. They know how to ctrl+f and search for answers. If you don’t know how to be a real lobster u ngmi
Twitter
10b57e6da0 🦞 lobsterdao
Everything is in here 🦞💎lobsters.substack.com/p/lobsterdao-n…. Comment, engage, participate. Disagree-agree, your comments are valuable! PS: in case this actually goes live, the snapshot of chat contributors has already been taken anyway, so don't try to…
❤1
Forwarded from Blockminded (I will never DM you first)
Happy Thursday, this made me chuckle
https://www.youtube.com/watch?v=7bMJ0gB1ank
https://www.youtube.com/watch?v=7bMJ0gB1ank
YouTube
Sneaky Crypto traders
this crypto meme video is about the crypto traders gang (wojak, jimmy, chad, zoomer) who are fully into crypto again. They are trading shiba inu and cardano but one of the members, zoomer, doesnt let the others know when he buys or sells anything, which results…
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🦞 lobsterdao NFT collection 🦞
10b57e6da0 NFT drop is a commemorative art event for the community in the form of NFTs. It’s a loot box where you can pull out one of the cool pieces.
Who got it? How to claim❓all is here: https://github.com/lobster-dao/overview. You will be banned if you ask something that has been answered on github. The UI matches the merkle, meaning you better claim your NFTs within a few days. The UI should be up for a week, don’t miss it. Later on you will be able to do it, but it will get hard to do it manually w/o UI: https://ipfs.io/ipfs/QmZ3Y8kWZRUaj5omPVxBhBcF8RE62nKb7PLLnwbqcKq6Xd/
Low token ID != special NFT. There is no FCFS narrative in here. Later on, at the reveal ceremony (in a few days) the randomization will happen! Sunday or Tuesday, let’s see 👀 Then all the jpegs will turn into the real pieces with the correct ipfs path…
ALL INFO: https://twitter.com/10b57e6da0/status/1446530876142231585. No trading discussions, “hi” or any flood. High risk of permamute. Beware.
10b57e6da0 NFT drop is a commemorative art event for the community in the form of NFTs. It’s a loot box where you can pull out one of the cool pieces.
Who got it? How to claim❓all is here: https://github.com/lobster-dao/overview. You will be banned if you ask something that has been answered on github. The UI matches the merkle, meaning you better claim your NFTs within a few days. The UI should be up for a week, don’t miss it. Later on you will be able to do it, but it will get hard to do it manually w/o UI: https://ipfs.io/ipfs/QmZ3Y8kWZRUaj5omPVxBhBcF8RE62nKb7PLLnwbqcKq6Xd/
Low token ID != special NFT. There is no FCFS narrative in here. Later on, at the reveal ceremony (in a few days) the randomization will happen! Sunday or Tuesday, let’s see 👀 Then all the jpegs will turn into the real pieces with the correct ipfs path…
ALL INFO: https://twitter.com/10b57e6da0/status/1446530876142231585. No trading discussions, “hi” or any flood. High risk of permamute. Beware.
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Reporting live from the studio next to Amsterdam with Louis Klibansky & Joseph Klibansky where the real-world sculptures & art have been created for years… and today marks their real digital-native #10b57e6da0 NFT release 🦞🦐🦀 swim, seafood!
🌊 https://opensea.io/activity/lobsterdao
Join seafood chat @lobsterdao
🌊 https://opensea.io/activity/lobsterdao
Join seafood chat @lobsterdao
CoinList fishing for prime seafood 🦐🦞🦀 KARMA, BITCH!
From the makers of the Internet Computer airdrop and the Flow package of freedom - our friends at CoinList are fishing for the prime seafood with a sweet Karma-drop. Stay safe though, Gary Gensler might be after ur ass 👀
TLDR: Coinlist gibs lobsters Karma so they can have a higher chance for Priority Queue with new -revolutionary web 3 future google- projects. Well, jokes aside, they did launch Filecoin, Solana, Flow, and others. And next to that, one month of free trading on CoinList Pro. The snapshot has been taken at c̶a̶r̶d̶a̶n̶o̶ block height 13825000 which was 4 days ago. Of course, there are some T&Cs involved, KYC, and whatnot - so you decide: https://coinlist.co/help/lobsterdao-karma-drop-faq.
Overall, this is a pretty cool campaign by CoinList, who are forward-looking with how they approach community-building. They have been in lobsterdao since actually the first days of inception, and have been lurking in the shadows as well as contributing.
Tune in in a an hour to Twitter spaces with some of CoinList team members, and ask questions or be mean to them idk. Here are the details @ 5:30 PM CET -> https://twitter.com/10b57e6da0/status/1473445123547619335
At this point, we have a few promises for shitcoin drops (?), already a finalized campaign with Gearbox with quite a few cool tips they gave to lobsterdao, and now CoinList karma as well… these ugly seafood jpegs are productive assets?! NFT 2.0
Let’s sellout for more airdrops! We need exit liquidity 💪
From the makers of the Internet Computer airdrop and the Flow package of freedom - our friends at CoinList are fishing for the prime seafood with a sweet Karma-drop. Stay safe though, Gary Gensler might be after ur ass 👀
TLDR: Coinlist gibs lobsters Karma so they can have a higher chance for Priority Queue with new -revolutionary web 3 future google- projects. Well, jokes aside, they did launch Filecoin, Solana, Flow, and others. And next to that, one month of free trading on CoinList Pro. The snapshot has been taken at c̶a̶r̶d̶a̶n̶o̶ block height 13825000 which was 4 days ago. Of course, there are some T&Cs involved, KYC, and whatnot - so you decide: https://coinlist.co/help/lobsterdao-karma-drop-faq.
Overall, this is a pretty cool campaign by CoinList, who are forward-looking with how they approach community-building. They have been in lobsterdao since actually the first days of inception, and have been lurking in the shadows as well as contributing.
Tune in in a an hour to Twitter spaces with some of CoinList team members, and ask questions or be mean to them idk. Here are the details @ 5:30 PM CET -> https://twitter.com/10b57e6da0/status/1473445123547619335
At this point, we have a few promises for shitcoin drops (?), already a finalized campaign with Gearbox with quite a few cool tips they gave to lobsterdao, and now CoinList karma as well… these ugly seafood jpegs are productive assets?! NFT 2.0
Let’s sellout for more airdrops! We need exit liquidity 💪
Twitter
10b57e6da0 🦞 lobsterdao
Proposal from @CoinList is live, comments and active discussion appreciated! 🦐 github.com/lobster-dao/ov…
Seafood might be going into the ocean? 🎣
Well well, let’s not jump so far ahead yet. For now, here is a piece a few founders & DAOs were asking about on “how can we collab sers?”
TLDR: be creative, offer a unique product, and shove up $50 airdrops into your butt cause that’s not gonna hut with this big/amazing/smart/simp community.
It also includes a few initiatives which have already been launched, like Coinlist’s free karma drop for an eye scan, as well as Gearbox stages, etc.
A few more things are in the works, fuck PFPs and let’s go! Thanks for staying wholesome xx happy delayed 2022 🎅
https://lobsters.substack.com/p/founders-and-daos-want-some-seafood
Well well, let’s not jump so far ahead yet. For now, here is a piece a few founders & DAOs were asking about on “how can we collab sers?”
TLDR: be creative, offer a unique product, and shove up $50 airdrops into your butt cause that’s not gonna hut with this big/amazing/smart/simp community.
It also includes a few initiatives which have already been launched, like Coinlist’s free karma drop for an eye scan, as well as Gearbox stages, etc.
A few more things are in the works, fuck PFPs and let’s go! Thanks for staying wholesome xx happy delayed 2022 🎅
https://lobsters.substack.com/p/founders-and-daos-want-some-seafood
Substack
Founders & DAOs, some seafood? 🦞
LobsterDAO is first & foremost a community for technical and economic research and discussions focusing on DeFi. Although, here are some things we can do together! Remember, this is not a PR proposal!
Seafood at TechCrunch 🦞🦐
This was recorded a few days ago and aired at TechCrunch’es online conference. Idk though how I ended up next to mega brains like Curve’s Mich and Lido’s Vasiliy 👀 Anyway, shilled lobsterdao a bit and Gearbox… Have a look at all of us taking a turn at shilling our bags to retail. PS: thx to Taariq ❤️
https://youtu.be/hhzVVCL5YWk
This was recorded a few days ago and aired at TechCrunch’es online conference. Idk though how I ended up next to mega brains like Curve’s Mich and Lido’s Vasiliy 👀 Anyway, shilled lobsterdao a bit and Gearbox… Have a look at all of us taking a turn at shilling our bags to retail. PS: thx to Taariq ❤️
https://youtu.be/hhzVVCL5YWk
YouTube
TechCrunch: What is the state of DeFi today and why is it thriving
The Future of Programmable Money: What’s currently happening in DeFi and what’s making the ecosystem thrive? Find out what projects you should be following and understand where the next wave of growth will originate.
Featuring:
* Taariq (Volume)
2. Michael…
Featuring:
* Taariq (Volume)
2. Michael…
Lobsters have evolved over thousands of years. They have outlived dinosaurs and will outlive humans <soon video here>
The core NFT holder community needs to be recognized more and get its own place to meme, discuss alpha, and more…
Less ivanpleb, more fun, more alpha, some GIFs… and even allowed for some degeneracy-investments. After all, it’s the lobster sea!
and ye shrimps and langoustines and crabs are also welcome
This is a part of a bigger restructuring-growth & doing new cool stuff, starting off with a known yet simple idea of token-gated.
PS: it won’t anyhow influence the open research and DeFi flow of @lobsters_chat, this will just be a more private room where MORE can be discussed by those who are a part of the core community. The current kingdom room will cease to exist soon (so as the open discord which has been inactive), so if you are a lobster -> join the real one and be among your peers! 🦐🦞🦀 https://telegram.me/collablandbot?start=VFBDI1RFTCNDT01NIy0xMDAxNTc3NzExMjQx [collabland link, sometimes bugs on mobile]
The core NFT holder community needs to be recognized more and get its own place to meme, discuss alpha, and more…
Less ivanpleb, more fun, more alpha, some GIFs… and even allowed for some degeneracy-investments. After all, it’s the lobster sea!
and ye shrimps and langoustines and crabs are also welcome
This is a part of a bigger restructuring-growth & doing new cool stuff, starting off with a known yet simple idea of token-gated.
PS: it won’t anyhow influence the open research and DeFi flow of @lobsters_chat, this will just be a more private room where MORE can be discussed by those who are a part of the core community. The current kingdom room will cease to exist soon (so as the open discord which has been inactive), so if you are a lobster -> join the real one and be among your peers! 🦐🦞🦀 https://telegram.me/collablandbot?start=VFBDI1RFTCNDT01NIy0xMDAxNTc3NzExMjQx [collabland link, sometimes bugs on mobile]
One of the core researchers, Sov, looked into the data behind Uniswap Grants: how much $ was given, to who, who decided on the allocations, what were the benefits, and so on… check it out! Thx for help to Nemo & Daedalus Demons 🦞🦄 Would love to see continuation of this in context of DeFi Llama grants w 🦐 For example, a lot was spent on governance things, but we all know how non-existent UNI governance is (sorry). Would also be interesting to compare w a Yearn Finance open approach…
https://lobsters.substack.com/p/breaking-down-the-uniswap-grants
https://lobsters.substack.com/p/breaking-down-the-uniswap-grants
Substack
Breaking down the Uniswap Grants Program
Research Report for lobsterdao
Sov is in with another long writeup - this time, on Polygon’s (Matic) history of grants evolution.
Enjoy the read 👉 https://lobsters.substack.com/p/polygon
imho [ivangbi]: as it comes from the post & also lobsters following Polygon in general since 2018 - it is pretty evident that the focus has always been on NOT focusing and “doing everything at once”. The spray & pray strategy might work so-so in investing (where the power law distribution turns returns into a below-inflation-number) but it worked in this case… probably, because founders haven’t slept in 3+ years. Throughout the entire bear, back when we all got rekt on Binance IEO - Sandeep kept hustling. Doing countless calls and just trying to do everything. Even the grants & the DAO approach don’t seem to organic, and 100 things happen at once. And is just their wei.
Some people take hustling as “dirty” and “not genuine”. I am one of such people, due to my laziness mostly. I dislike empty sales pithces, networking events, and crap like announcing before announcing. And that’s a large portion of Polygon’s success. And many other projects. Polygon have just really outdone it haha. Anyway, everything is a strategy, after all. And after a while, people forget about what was before - and only look at results. And at this point, Polygon has acquired a few things & projects, announced pilots with a bunch of brands (be it due to inherent external interest or paid deals) - which all led to organic traction at this point. Many now, organically, also choose to deploy there.
Do you believe the means justify the end? No one is right, you decide for yourself.
That is not exclusive to Polygon though, as other chains have also seen surge of demand due to multichain future being shilled to us all and tokens being printed. Let’s be honest, it’s mostly the shitcoins and new incentives most of the time. Avalanche, same story. What survives, be it Plasma or Sidechains, Rollups or whatever else Vitalik make up tomorrow (I know he doesn’t code himself, but people DO follow his word) - we shall see. The journey has been quite something for them. Cheers to the workers & builders.
Enjoy the read 👉 https://lobsters.substack.com/p/polygon
imho [ivangbi]: as it comes from the post & also lobsters following Polygon in general since 2018 - it is pretty evident that the focus has always been on NOT focusing and “doing everything at once”. The spray & pray strategy might work so-so in investing (where the power law distribution turns returns into a below-inflation-number) but it worked in this case… probably, because founders haven’t slept in 3+ years. Throughout the entire bear, back when we all got rekt on Binance IEO - Sandeep kept hustling. Doing countless calls and just trying to do everything. Even the grants & the DAO approach don’t seem to organic, and 100 things happen at once. And is just their wei.
Some people take hustling as “dirty” and “not genuine”. I am one of such people, due to my laziness mostly. I dislike empty sales pithces, networking events, and crap like announcing before announcing. And that’s a large portion of Polygon’s success. And many other projects. Polygon have just really outdone it haha. Anyway, everything is a strategy, after all. And after a while, people forget about what was before - and only look at results. And at this point, Polygon has acquired a few things & projects, announced pilots with a bunch of brands (be it due to inherent external interest or paid deals) - which all led to organic traction at this point. Many now, organically, also choose to deploy there.
Do you believe the means justify the end? No one is right, you decide for yourself.
That is not exclusive to Polygon though, as other chains have also seen surge of demand due to multichain future being shilled to us all and tokens being printed. Let’s be honest, it’s mostly the shitcoins and new incentives most of the time. Avalanche, same story. What survives, be it Plasma or Sidechains, Rollups or whatever else Vitalik make up tomorrow (I know he doesn’t code himself, but people DO follow his word) - we shall see. The journey has been quite something for them. Cheers to the workers & builders.
Substack
Polygon [the history of hustling]
Research Report
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VIEW IN TELEGRAM
Emergency press conference from J. Powell 🔉 “Fuck your puts, fuck your calls, J Powell has you by the balls”. All credits to https://twitter.com/CarlBMenger/status/1637701519926611969. PS: this is humour, not real… maybe. Don’t get liquidated.
Sup, crabs 🦀
We’ll be undergoing some restructuring here, mkay! Tell your imaginary online friends to follow.
There are many good news channels, many podcasts, many long-read writers… but sometimes you just want that sweet summary of the latest hottest topics. And that’s what we’ll try to do here.
The idea is to infrequently post based on a few categories:
👩⚖️ Governance Digest: large protocols’ governance updates and controversial stuff.
🕵️♀️ On-chain Sleuth: outstanding MEV, whale transactions, and other on-chain events.
🧠 Long Research: written maybe like once a month, on some random interesting topics.
✍️ Weekly crab notes: summarazing the hottest discussions in lobsterdao, general hot crypto news and crypto twitter larps & drama. Almost like NLW did on Sundays back in the days.
Infrequently. No spam. Please try reading for a week, and we’ll get your opinion after!
We’ll be undergoing some restructuring here, mkay! Tell your imaginary online friends to follow.
There are many good news channels, many podcasts, many long-read writers… but sometimes you just want that sweet summary of the latest hottest topics. And that’s what we’ll try to do here.
The idea is to infrequently post based on a few categories:
👩⚖️ Governance Digest: large protocols’ governance updates and controversial stuff.
🕵️♀️ On-chain Sleuth: outstanding MEV, whale transactions, and other on-chain events.
🧠 Long Research: written maybe like once a month, on some random interesting topics.
✍️ Weekly crab notes: summarazing the hottest discussions in lobsterdao, general hot crypto news and crypto twitter larps & drama. Almost like NLW did on Sundays back in the days.
Infrequently. No spam. Please try reading for a week, and we’ll get your opinion after!
⚡36🐳9🎉6👌5🏆3🆒3👍2🔥2
🧠 [Long Research] Topic: Ordinals & BRC20
Laser-eyed people figured out how to make their own shitcoins... and they are ecstatic! Is the bull here?!
Transactions fees are booming, activity and new startups are growing in numbers, their primary market has revived a bit, and all thanks to... bitcoin shitcoins. You heard that right. Read below for a little overview of what you might be missing 🦞
So… Ordinals.
A few weeks ago, Ordinals took BTC by storm, it was January 2023 when Rodarmor released the Ordinal theory framework. You can read some more here. Fast forward: Ordinals are data blobs inscribed on Bitcoin. Unlike 99.9% of NFTs on Ethereum and alikes, Innoscriptions on BTC exist on-chain rather than being hosted on IPFS or on other solutions.
What's interesting? 🤔 The rise of Ordinals was a surprise, having given a boost to the whole Bitcoin ecosystem. Whether it was the "NFT on Bitcoin" narrative or some other flavour of the month, a fact is a fact - activity, volumes, and huge gas fees! Different wallets, interfaces, data tools, and similar projects - have popped up in the primary market trying to jump on this wave. This has a few interesting things to talk about:
1️⃣ Some core developers, as their primal instincts take over, started to say “this is not how the founding father wanted this!" Nah, for real, they view it as spam and consider making all such activity as literally spam. See here from Luke for a bit more info but ignore the hideous degods picture.
2️⃣ Miners, on the other hand, might not be so upset. They finally get fees, which is a super interesting topic in the security budget debate of the 21M cap. It's an old topic getting especially relevant in the recent cycle, as the current main (financial store of value) use case of Bitcoin doesn't actually entail many peer-to-peer-cash transactions, since people hodl these rocks. As such, fees only have ever come from brrr emissions. Funny ha.
But… the crowd wants more gambling!
Welcome: BRC-20 muh standard. BRC-20 standard was created around 2 months ago as an experimentation for fungible tokens on Bitcoin. Or as a grift. Fast forward: BRC-20 tokens utilize Ordinals innoscriptions of JSON (JavaScript Object Notation) data to deploy token contracts, mint, and transfer tokens. See more from daddy CZ.
What's interesting? 🤔 People familiar with the matter (lol) are mostly of the opinion that BRC-20 is just a dumb concept, even worse than the Colored Coins have been. You could say their downfall has been due to high gas fees, impossibility of composability, distrust of the narrative back then... well, quite a few reasons possible.
There are 14000+ BRC-20 Tokens created as we speak with a total Market Cap of $440 M. (source) - so much scam has been created 💩 trying to sell new garbage to previously unaware holders who might not want to miss the scamcoin & nft season that we had on Ethereum. But
Now, it seems that scamcoins have fallen down quickly, but activity / wallets are trying to do something. So maybe there is something?
💭 Food for Thought:
- The BRC20 Standard adds “useless” on-chain data to satoshis, there’s really not much else to say there? Bad for bitcoin?
- They add “another subset of transactions competing for precious block space and interrupting your ability to secure 1 sat/vbyte transactions to secure your cold storage funds or create a lightning channel”, effectively “polluting" Bitcoin security model?
One and two more decent threads to recap. Again, you can discuss in kingdom or @lobsters_chat. See the conversation start with this message.
💡 Also, keep an open mind. Perhaps the initial failure of Colored Coins was simply due to the wrong timing and not the absolutely flawed architecture & developer experience? Or maybe these BRC20 are also a fake fugazi, but overall it allows Stacks to infiltrate Bitcoiner’s mindset? Looks like Miami is ecstatic. I am sorry, that hyperlink doesn't go to naked gym dudes pictures, it goes to bitcoin week.
Laser-eyed people figured out how to make their own shitcoins... and they are ecstatic! Is the bull here?!
Transactions fees are booming, activity and new startups are growing in numbers, their primary market has revived a bit, and all thanks to... bitcoin shitcoins. You heard that right. Read below for a little overview of what you might be missing 🦞
So… Ordinals.
A few weeks ago, Ordinals took BTC by storm, it was January 2023 when Rodarmor released the Ordinal theory framework. You can read some more here. Fast forward: Ordinals are data blobs inscribed on Bitcoin. Unlike 99.9% of NFTs on Ethereum and alikes, Innoscriptions on BTC exist on-chain rather than being hosted on IPFS or on other solutions.
What's interesting? 🤔 The rise of Ordinals was a surprise, having given a boost to the whole Bitcoin ecosystem. Whether it was the "NFT on Bitcoin" narrative or some other flavour of the month, a fact is a fact - activity, volumes, and huge gas fees! Different wallets, interfaces, data tools, and similar projects - have popped up in the primary market trying to jump on this wave. This has a few interesting things to talk about:
1️⃣ Some core developers, as their primal instincts take over, started to say “this is not how the founding father wanted this!" Nah, for real, they view it as spam and consider making all such activity as literally spam. See here from Luke for a bit more info but ignore the hideous degods picture.
2️⃣ Miners, on the other hand, might not be so upset. They finally get fees, which is a super interesting topic in the security budget debate of the 21M cap. It's an old topic getting especially relevant in the recent cycle, as the current main (financial store of value) use case of Bitcoin doesn't actually entail many peer-to-peer-cash transactions, since people hodl these rocks. As such, fees only have ever come from brrr emissions. Funny ha.
But… the crowd wants more gambling!
Welcome: BRC-20 muh standard. BRC-20 standard was created around 2 months ago as an experimentation for fungible tokens on Bitcoin. Or as a grift. Fast forward: BRC-20 tokens utilize Ordinals innoscriptions of JSON (JavaScript Object Notation) data to deploy token contracts, mint, and transfer tokens. See more from daddy CZ.
What's interesting? 🤔 People familiar with the matter (lol) are mostly of the opinion that BRC-20 is just a dumb concept, even worse than the Colored Coins have been. You could say their downfall has been due to high gas fees, impossibility of composability, distrust of the narrative back then... well, quite a few reasons possible.
There are 14000+ BRC-20 Tokens created as we speak with a total Market Cap of $440 M. (source) - so much scam has been created 💩 trying to sell new garbage to previously unaware holders who might not want to miss the scamcoin & nft season that we had on Ethereum. But
Now, it seems that scamcoins have fallen down quickly, but activity / wallets are trying to do something. So maybe there is something?
💭 Food for Thought:
- The BRC20 Standard adds “useless” on-chain data to satoshis, there’s really not much else to say there? Bad for bitcoin?
- They add “another subset of transactions competing for precious block space and interrupting your ability to secure 1 sat/vbyte transactions to secure your cold storage funds or create a lightning channel”, effectively “polluting" Bitcoin security model?
One and two more decent threads to recap. Again, you can discuss in kingdom or @lobsters_chat. See the conversation start with this message.
💡 Also, keep an open mind. Perhaps the initial failure of Colored Coins was simply due to the wrong timing and not the absolutely flawed architecture & developer experience? Or maybe these BRC20 are also a fake fugazi, but overall it allows Stacks to infiltrate Bitcoiner’s mindset? Looks like Miami is ecstatic. I am sorry, that hyperlink doesn't go to naked gym dudes pictures, it goes to bitcoin week.
🔥15❤7👍1
🧠 [Long Research] Topic: Ledger, HW and Security
Ohayo, have you heard of the Ledge… - OMG STFU 🤬
Hold on; we won’t bore you with just an annoying recap. This post is more of a quick thought-piece for you to consider and maybe calm your nerves. Scroll to “What now?” if you are up-to-date.
Ledger fiasco 1-2-3 🤦♀️
A few days ago, Ledger announced the launch of Recover. It allows users who opt-in and subscribe to use it as a backup for their private keys. The service splits the user’s seed phrase into three encrypted shards and sends them to third-party companies… smth like that. Ledger, especially, made statements about their use of the secure element, and 6 months ago they published a post where they said: "A firmware update cannot extract the private keys from the Secure Element".
They pretty much lied to our face again. Morons, truly.
The trouble lies somewhere else - any HWW can have firmware written to extract the seed, as it seems after this charade. The problem is that Ledger is a closed source, so no one can verify that it isn't happening, no matter how much they promise there is no backdoor.
- Trezor is able to do the same thing, but it’s open-source, so you can kinda check it;
- GridPlus is the same as Ledger in this case, but they promised to open-source soon.
It all depends on your threat model. But if we decide to trust our information to Ledger, then it's worth remembering a story about the Ledger data leak that exposed users’ information in 2020 & more…
You already knew they could do it; you just didn’t THINK!
Remember when you were happily downloading new chains’ integrations on Ledger? But some of those previously have not been a part of the old encryption list. So, it was new-new. Well, this wouldn’t have been possible unless this “backdoor” existed. Basically, every developer around the world happily continued installing those updates and didn’t think twice.
What now, any alternatives? 🤔
Don’t update the firmware for as long as you can. When Metamask stops functioning with the older versions… well, seek another extension like Frame and the likes. That’s an option. Here, you kind of have to assume that ledger devs haven’t fucked us yet and didn’t backdoor a firmware before.
Alternatives: Lattice1 and AirGap. Just google them and read more.
TINFOIL ON, THE GOVERNMENT IS WATCHING ME 🪣
Welcome, Gnosis Safe. If you want the ultimate security, go make a safe. Make it 3/5 in case you are afraid to lose the 2/3 keys. You have to believe contracts are safe, but with the amounts they are holding today… we all pray they are. It’s like Saylor, if hacked, it’s all pretty bad from there.
Be careful not fucking yourself, unless you genuinely like DP…
You can go very far with upgrading your security, so my question to you would be - are you sure that you are worth it and that you know what you are doing? If you are not a developer, there is a high chance of you facking yourself over with wrong moves. Are your $$ even large enough?
- If you use a VPN like NordVPN, it’s dumber than no VPN
- If you double-encrypt something, it’s dumb as hell
- If you use your real name in apps, it’s also unsafe
How safe can you go, anon? Well, you aren’t anon after all. Don’t go too tinfoil; it never ends well. But if you must… CIA writes about these things (not the agent, lol) - you can check it out.
More threads 🦞
- https://twitter.com/Mudit__Gupta/status/1659071865762230274
- https://twitter.com/notsofast/status/1658538053219016707
- https://twitter.com/PixSorcerer/status/1658511668853501952
- https://twitter.com/hosseeb/status/1658740433361702913
- https://twitter.com/web3_Phil/status/1658525128928395269
Ohayo, have you heard of the Ledge… - OMG STFU 🤬
Hold on; we won’t bore you with just an annoying recap. This post is more of a quick thought-piece for you to consider and maybe calm your nerves. Scroll to “What now?” if you are up-to-date.
Ledger fiasco 1-2-3 🤦♀️
A few days ago, Ledger announced the launch of Recover. It allows users who opt-in and subscribe to use it as a backup for their private keys. The service splits the user’s seed phrase into three encrypted shards and sends them to third-party companies… smth like that. Ledger, especially, made statements about their use of the secure element, and 6 months ago they published a post where they said: "A firmware update cannot extract the private keys from the Secure Element".
They pretty much lied to our face again. Morons, truly.
The trouble lies somewhere else - any HWW can have firmware written to extract the seed, as it seems after this charade. The problem is that Ledger is a closed source, so no one can verify that it isn't happening, no matter how much they promise there is no backdoor.
- Trezor is able to do the same thing, but it’s open-source, so you can kinda check it;
- GridPlus is the same as Ledger in this case, but they promised to open-source soon.
It all depends on your threat model. But if we decide to trust our information to Ledger, then it's worth remembering a story about the Ledger data leak that exposed users’ information in 2020 & more…
You already knew they could do it; you just didn’t THINK!
Remember when you were happily downloading new chains’ integrations on Ledger? But some of those previously have not been a part of the old encryption list. So, it was new-new. Well, this wouldn’t have been possible unless this “backdoor” existed. Basically, every developer around the world happily continued installing those updates and didn’t think twice.
What now, any alternatives? 🤔
Don’t update the firmware for as long as you can. When Metamask stops functioning with the older versions… well, seek another extension like Frame and the likes. That’s an option. Here, you kind of have to assume that ledger devs haven’t fucked us yet and didn’t backdoor a firmware before.
Alternatives: Lattice1 and AirGap. Just google them and read more.
TINFOIL ON, THE GOVERNMENT IS WATCHING ME 🪣
Welcome, Gnosis Safe. If you want the ultimate security, go make a safe. Make it 3/5 in case you are afraid to lose the 2/3 keys. You have to believe contracts are safe, but with the amounts they are holding today… we all pray they are. It’s like Saylor, if hacked, it’s all pretty bad from there.
Be careful not fucking yourself, unless you genuinely like DP…
You can go very far with upgrading your security, so my question to you would be - are you sure that you are worth it and that you know what you are doing? If you are not a developer, there is a high chance of you facking yourself over with wrong moves. Are your $$ even large enough?
- If you use a VPN like NordVPN, it’s dumber than no VPN
- If you double-encrypt something, it’s dumb as hell
- If you use your real name in apps, it’s also unsafe
How safe can you go, anon? Well, you aren’t anon after all. Don’t go too tinfoil; it never ends well. But if you must… CIA writes about these things (not the agent, lol) - you can check it out.
More threads 🦞
- https://twitter.com/Mudit__Gupta/status/1659071865762230274
- https://twitter.com/notsofast/status/1658538053219016707
- https://twitter.com/PixSorcerer/status/1658511668853501952
- https://twitter.com/hosseeb/status/1658740433361702913
- https://twitter.com/web3_Phil/status/1658525128928395269
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