Context Check: Crypto Currency and Web3

Negative

The speculative frenzy for the best-known cryptocurrency keeps on coming back for more.

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CI providers like LayerCI, GitLab, TravisCI, and Shippable are all worsening or shutting down their free tiers due to cryptocurrency mining attacks.

CI, CryptocurrencyArchivedRead

Researchers discover illegal content within the distributed ledger, making possession of it potentially unlawful in many countries

Bitcoin, Cryptocurrencies, Technology, Children, Child protection, Society, Social care, Germany, World news, EuropeReadArchived

Bitcoin, the most popular cryptocurrency in the world, jumped to a four-month high overnight, briefly breaching $5,000 on the Bitstamp exchange. Bitcoin is up roughly 15% on the day and traders are excited because it really seems like nobody learned their lesson during the last cryptocurrency bubble.

bitcoin, cryptocurrency, crypto, coindesk, climate change, scams, fake money, fake internet money, GizmodoReadArchived

How self-proclaimed “pump and dump groups” scam thousands of wannabe altcoin investors.

The FutureReadArchived

"Feels a little off-brand," Stensul CEO Noah Dinkin, who first noticed the cryptomining code, said.

starbucks, starbucks wifi, Free WiFi, CyberSecurityReadArchived

Personal Blog

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Our weekly discontents 10/25/21

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There’s been a lot of talk about Web3 lately, and as the person who defined “Web 2.0” 17 years ago, I’m often asked to comment. I’ve generally avoided doing so because most prognostications about the future turn out to be wrong. What we can do, though, is to ask ourselves questions that help us see more deeply into the present, the soil in which the future is rooted. As William Gibson famously said, “The future is already here. It’s just not evenly distributed yet.” We can also look at economic and social patterns and cycles, using as a lens the observation ascribed to Mark Twain that “history doesn’t repeat itself, but it rhymes.”

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A timeline of some of the greatest hits in cryptocurrencies, NFTs, and other web3 projects since the beginning of 2021

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(This text is very long. Maybe too long. You can find a PDF and an EPUB of it below.The current version of this text will always live at https://web3.tante.ccSatya has created an audio version of this essay. Eine deutsche Version findet sich hier. Una versione italiana di questo testo è qui – grazie Nebbia! En […]

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"NFTs seem to me just a way for artists to get a little piece of the action from global capitalism, our own cute little version of financialisation. "

NFTs, art, financialisation, capitalismReadArchived

In the end, we're all bored apes

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News, analysis and comment from the Financial Times, the worldʼs leading global business publication

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"The idea that decentralization of infrastructure equals decentralization of power is a trap that became evident to many around 2013-2014, when net politics and networked activism was at its strongest in Europe."

decentralization, art, blockchain, NFTsReadArchived

Of all the promises made in the name of Web3, two stand out as particularlyradical and democracy-enhancing. First, some expect it to accelerate the processof decentralisation [https://www.wired.com/story/web3-gavin-wood-interview/],which is already apace in many institutions, industries, and infrastructures.Second, we are assured that, in liberating artists from the extractivist dataclutches of Spotify and their ilk, crypto projects could usher in a culturalrevolution, giving rise to the a

Web3, decentralization, public sector, digital sovereigntyReadArchived

The second-biggest country for bitcoin mining lost its internet access, taking as much as 15% of the network offline.

cnbc, Articles, Energy, Climate, Bitcoin, Cryptocurrency, Cybersecurity, Technology, Asia Economy, FinTech, Bitcoin/USD Bitstamp, Kazakhstan, Crypto, Asia News, Clean Energy, Asia Politics, Crypto Decoded, source:tagname:CNBC US Source, business newsReadArchived

Personal Blog

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I didn’t anticipate how much I’d appreciate a @Jack of fewer trades. Key to progress is class traitors: Generals warning of a military-industrial complex, product managers who narc on mendacious management, and tech leaders who violate the Silicon Valley code of the white guy — never criticize each other or your noble missions to save […]

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Mozilla announced a donation pause after co-founder Jamie Zawinski tweeted his opposition. Will more organizations follow suit and take the environmental impact of cryptocurrencies into account?

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As the NFT market explodes into a $25 billion industry, artists worry that lax oversight is leading to a digital art world flooded with fakes.

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Vaccine refusal, tech bro libertarianism and Trump: It's all the same white guy refusal to play nice with others

commentary, Crypto Crash, cryptocurrency, Donald Trump, Vaccine Refusal, News & PoliticsReadArchived

El Salvador’s President Nayib Bukele is probably the only head of state in the world who uses public funds to trade Bitcoin with his phone.

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"Within our present oligarchic, exploitative, irrational, and inhuman world system, the rise of crypto applications will only make our society more oligarchic, more exploitative, more irrational, and more inhuman."

CBDCs, Bitcoin, El Salvador, Techno-Feudalism, NFTs, gamesReadArchived

The digital marketplace for NFTs grew to an estimated $22bn last year but companies face challenges monitoring stolen art

Non-fungible tokens (NFTs), Art theft, Technology, US newsReadArchived

Top marketplaces facilitate epic amounts of theft and wash trading, scams are rampant, and the cringe is unbearable. Can it last?

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Somehow, star endorsements have found a new low.

Bored Ape Yacht Club NFTs, celebrity’s fan base, Jimmy Fallon, Hollywood NFT hype train, famous people, NFTs break, past year, only placement MoonPay, recent years, C-list Netflix reality shows, new type of speculative asset, best way, abundant company, NFT stands, Justin Bieber, national television, Post Malone music video.But, financial stake, Paris Hilton, colleague Kaitlyn Tiffany, America’s best drug dealers, journalist Max Read, little bit, tiresome corners of the internet, traditional sense, mechanism of passive wealth accumulation, current practice, celebrity shills, extended conversation, top of the market, consumer products, Simple Life, symbolic value of an ape, own direct-advertising channels, new app, environmental impacts of blockchain technology, pork-futures commodity trader, six-figure apes worthy of close examination, good indicator of the quality of aesthetic vision, Reese Witherspoon, rental properties, gold rush, kind of thing leaps, cryptocurrency-payments company, college student, Gwyneth Paltrow, cool Bored Apes, big trends, senses of the word.The murkiness, private companies, technology, TechnologyReadArchived

Read to the end for a tremendous meditation on February

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I was asked at short notice to fill in for a speaker in Stanford's EE380 course who had to cancel. Below the fold is a hastily updated vers...

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With that background let’s look at the actual underlying technology of the current web and the “web3” vision.  Currently it will cost me roughly $20 a month to participate in this distributed computing system.

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The

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At least by what’s on offer thus far.

GLHF, Xbox, Xbox Game Pass, video games, glhf, xbox, xbox game passReadArchived

Salesforce is reportedly facing backlash from 400 employees that signed an open letter opposing its reported plans to launch a “cloud NFT” crypto platform that could compete with OpenSea.

Front Page, Tech, Cryptocurrency, NFTsReadArchived

Facebook ads have popped up to advertise nonexistent Amazon, Tesla, and even Facebook cryptocurrencies

Citizen BrowserReadArchived

Yesterday I had a quasi-viral tweet about how I cannot for the life of me find an explanation as to why Web3 and the blockchain are so inevitably the future. Charlie Warzel, ever the optimist for no given reason suggested the following: Instead of a technology achieving mass adoption and creating a culture in its wake, much of the crypto movement is a durable culture that is waiting for its mass-adoption product and trying to spin up technologies that augment the culture.

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Dan Olson of Foldable Human explains how NFTs are a scam to trick you into buying cryptocurrency

cryptocurrency, Dan Olson, interview, NFTs, News & PoliticsArchivedRead

The first SXSW in three years was taken over by crypto-mania fueled by marketing hype.

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Q&A with Molly White of Web 3 Is Going Just Great

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I learned about Bitcoin about a decade ago, and I felt indifferent. I read numerous forum posts and could have absolutely have invested $100 and made a lot of money, but I chose not to because I thought the entire thing sounded like it predominantly benefitted criminals. When I heard about Ethereum, I was somewhat more curious - if only because it sounded like it was more than just moving money - only to find that every product was awkward and expensive to use. Advocates back in 2015 would insist that this was the future of software, that it was “early days” and that I would quickly be proven wrong.

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In 2003, more than $100 million worth of diamonds, gold, and silver were stolen from a vault in Antwerp, becoming one of the largest heists in history. It took an incredible amount of planning, using a combination of social engineering by mastermind Leonardo Notarbartolo and physical engineering by a group including a still-unknown man called the “King of Keys” to break into a secure facility. While there have been arrests, many of the stolen goods have yet to be found.

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A group of cryptocurrency researchers and critics annotate the irresponsible cryptocurrency puff piece that was originally published in the New York Times.

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Personal Blog

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Web3 is off to a rocky start. Optimists may rattle on about progress on the horizon, but at present the space is rife with fraud, hacks, and collapses. In this Q&A with Web3 critic Molly White, creator of the website Web3 Is Going Just Great, White argues that as this technology becomes more mainstream, its ability to do harm — financial, emotional, and reputational — will grow, and fast. For one, blockchain technology is often applied in ways, or to problems, to which it is not suited, and companies frequently don’t understand the consequences of their decision to utilize it. Additionally, some issues are being overlooked, such as privacy concerns, which could make it more difficult to address online harassment. Finally, for all the rhetoric from Web3 proponents about opportunity and democratization, crypto projects have mostly served to make the rich and powerful even more rich and powerful.

Business and society, Blockchain, Business ethics, Risk management, Finance and investing, Online communities, Social mediaArchivedRead

Molly White, a 28-year-old software engineer who edits Wikipedia pages in her spare time, has become an unlikely thorn in the side of the burgeoning cryptocurrency movement. As the tech and finance world largely embrace crypto tech, she's helping lead a band of skeptics pushing the other direction.

TechnologyArchivedRead

https://www.bloomberg.com/news/articles/2022-07-07/crypto-collapse-threatens-to-leave-black-hispanic-investors-further-behind#xj4y7vzkg

Consumers and businesses can shield income from the IRS using cryptocurrencies like bitcoin. The Biden administration wants to change the rules.

cnbc, Articles, Politics, Wealth, Government taxation and revenue, Investment strategy, Bitcoin, Cryptocurrency, Personal finance, Crypto, Investing, Taxes, Xfinity Money, Finance, Personal Finance, source:tagname:CNBC US Source, business newsArchivedRead

Economics

“This is an old trick from the financial industry: Make things more complex.”

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Betting on meme stocks to save for retirement might not be moral, but it’s certainly rational.

Economy, Health Care, Labor, Taxes, Tech, The Big Feature, PoliticsArchivedRead

https://www.nytimes.com/2022/05/18/technology/terra-luna-cryptocurrency-do-kwon.html

We've seen the resurrection of a protocol that imploded, a spate of new and buzzy Web3 projects, and multi-billion-dollar VC investments after a $1.6 trillion market crash.

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Disturbing Origins

Among the apocalyptic libertarians of Silicon Valley,Among the apocalyptic libertarians of Silicon Valley

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The crypto market's inevitable crash will pull America's politics in an even scarier direction.

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White supremacists embraced cryptocurrency early in its development, and in some cases produced million-dollar profits through the technology, reshaping the racist right in radical ways, a Hatewatch analysis found.

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Critic David Golumbia is blowing the whistle on how crypto has normalized right-wing economic thought

alt right, Anti-Semitism, Ben Horowitz, Bitcoin, blockchain voting, cryptocurrency, Cyberpunk, cypherpunk, Libertarianism, Marc Andreessen, milton friedman, Nazis, weev, The Economy & InnovationReadArchived

Major Scams

The thief then, for whatever reason, gave some stuff back to victims

OPENSEA, OpenSea, Blockchains, Robin Hood, Phishing, Non-fungible token, Web3, Articles, Devin Finzer, Technology, Decentralization, KotakuReadArchived

Ice Poseidon said returning the money is within his power, but he still won't give most of it back

Kay, Gods, Twitch, twitch, Video game live streaming, Poseidon, Jarvis, Articles, Cryptocurrency, Ice Poseidon, Amazon, Deities, TESLA, Parasocial interaction, American Airlines, KotakuReadArchived

The DOJ has charged Heather Morgan, who uses the stage name Razzlekhan, with attempting to launder thousands of bitcoins alongside her husband, startup founder Ilya Lichtenstein.

Bitcoin, Cryptocurrency, Razzlekhan, TechArchivedRead

The couple may have attempted to use NFTs to launder some stolen Bitcoin, the Department of Justice complaint says.

bitcoin, crypto couple, cryptocurrency, NFTs, Opensea, razzlekhan, TechArchivedRead

Heather Morgan and Ilya Lichtenstein’s world of TED talk-style speeches and music videos collapsed around them when they were arrested over stolen Bitcoin worth $4.5 billion.

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The crypto exchange has reportedly lost at least $15 million in Ethereum, and security experts believe the true losses could be much higher.

Business, crypto.com, cryptocurrencies, ETH, Ethereum, Exchanges, hacks, security, NewsReadArchived

Scammers around the world took home a record $14 billion in cryptocurrency in 2021, thanks in large part to the rise of DeFi.

cnbc, Articles, Crime, Fraud and false statements, Solana/USD Coin Metrics, Ether/USD, FinTech, Technology, Cybersecurity, Cryptocurrency, Bitcoin, Crypto, Investment Fraud, Crypto Decoded, source:tagname:CNBC US Source, business newsReadArchived

The actor has been pleading on Twitter with “DarkWing84,” who bought his ape from a scammer, to return it.

seth green, Seth Greens Bored Ape, crypto, TechReadArchived

A top former executive at the highly valued NFT startup OpenSea was arrested Wednesday and charged “with wire fraud and money laundering in connection with a scheme to commit insider trading,” according to a press release from the U.S. Attorney’s Office in the Southern District of New Y…

@post-id:2328329, blockchain, crypto, tc, andreessen horowitz, blockchains, computing, department of justice, ethereum, executive, nate, new york, non-fungible token, opensea, paradigm, technology, twitterArchivedRead

People with funds locked in Celsius Network have been sending letters to the judge presiding over the Chapter 11 bankruptcy case. These are excerpts from those letters.

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Criminals took an average of $300,000 worth of non-fungible tokens per scam, says cryptocurrency firm

Non-fungible tokens (NFTs), Scams, Technology, Money, Consumer affairs, Business, Cryptocurrencies, E-commerce, InternetArchivedRead

Decentralization

New research shows that just 0.01% of bitcoin holders controls 27% of the currency in circulation.

Financial Investment Services, Securities/Commodity Exchange Activities, Banking/Credit, Cryptocurrency Exchanges, Financial Services, Financial Technology, Investing/Securities, Technology, Virtual Currencies/Cryptocurrencies, Money/Currency Markets, Foreign Exchange Markets, Commodity/Financial Market News, Cryptocurrency Markets, Content Types, Factiva Filters, C&E Exclusion Filter, SYND, WSJ-PRO-WSJ.com, Elon Musk, money, currency markets, foreign exchange markets, commodity, financial market news, cryptocurrency markets, content types, factiva filters, c&e exclusion filter, financial investment services, securities, commodity exchange activities, banking, credit, cryptocurrency exchanges, financial services, financial technology, investing, technology, virtual currencies, cryptocurrenciesReadArchived

Despite considering myself a cryptographer, I have not found myself particularly drawn to “crypto.” I don’t think I’ve ever actually said the words “get off my lawn,” but I’m much more likely to click on Pepperidge Farm Remembers flavored memes about how “crypto” used to mean “cryptography” than ...

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New research indicates an overwhelming majority of cryptocurrency and blockchain projects (cryptoassets) are not centralized in one way or another.

hardforkArchivedRead

Opinion: Cryptocurrencies are useless. Blockchain solutions are frequently much worse than the systems they replace. Here's why.

opinion, security, blockchain, bitcoin, cryptocurrency, web, tagsArchivedRead

Despite the hype, Web3 offers fake decentralization and builds upon technology you could build without cryptocurrency.

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Privacy Promise

A CoinDesk review of privacy policies from two dozen major crypto exchanges found the industry collects a wealth of personal information about users. Some disclose more about their practices than others.

Privacy Week, PrivacyReadArchived

Bitcoin, the original cryptocurrency, was designed to enable transactions using only digital identities and without the intervention of a trusted third party, like a bank. This seemed a godsend to those concerned about the rapid erosion of privacy in our increasingly digital age — and those looking for covert ways to exchange money. Bitcoin’s introduction in early 2009, when the global financial crisis had decimated trust in governments and banks, was perfectly timed with a growing aversion to these big institutions.

OutlookReadArchived

The buzzy NFT collection has raked in millions and the eager support of dozens of celebrities. But its founders’ anonymity raises questions about accountability in the age of crypto.

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The official website for NOVA. NOVA is the most-watched prime time science series on American television, reaching an average of five million viewers weekly.

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Earlier this year, The Privacy Advisor reported on the potential clash between the EU General Data Protection Regulation and industry adoption of blockchain tec

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A couple allegedly used a “laundry list” of technical measures to cover their tracks. They didn’t work.

security, security news, bitcoin, dark web, cryptocurrency, doj, textaboveleftsmall, web, tagsReadArchived

Even with cryptocurrency, investigators can follow the money

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Mainstream adoption of DeFi tools will require far more secrecy, but not too much secrecy, and the right sort of secrecy, says CoinDesk columnist J.P. Koning. This post is part of CoinDesk's Privacy Week.

theme weeks, Privacy Week, Privacy, DeFi, OpinionArchivedRead

Positive

Today characters are owned by corporations, but NFTs and DAOs enable communities to bring new characters and culture to the world.

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Over the last month, there has been a ton of debate and conversation about web2 vs web3 with many leading voices raising doubts about web3. Debate and doubt are healthy. And web3 enthusiasts, particularly on Twitter, remind me of missionaries trying to recruit the unwashed to their belief system. Frankly, it is all too much […]

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A new economic model is emerging. Here's why it makes sense.

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Infinite games.Long-term games.Positive-sum games.

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Over the past several months, technology journalists have had to get used to a new concept: the “non-fungible token,” or NFT, a concept that has been lighting up the cryptocurrency world, as well as art and media. An NFT is a string of code that, once it has been “minted” (generated by a computer) resides […]

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NFTs are for artists. They should be for writers, too. Here's what needs to happen first:

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Humans were never meant to be exposed to so much simultaneously, it’s detrimental to our psyche, and long before the internet’s existence, we’ve had prophetic warnings of it. In a world where there is an influx of information and we are overwhelmed from living our extremelyonline™ personas, an entire generation that grew up with the internet as novelty has now been dubbed the “burnout generation” enter the rise of CaaS, curation as a service, as a much necessary pushback against unnecessary noise.

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Shall we go, you and I while we can

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One thing that keeps surprising me is how quite a few people see absolutely nothing redeeming in web3 (née crypto). Maybe this is their genuine belief. Maybe it is a reaction to the extreme boosterism...

web3, crypto, protocol, bitcoin, innovationReadArchived

The NBA has entered the volatile world of digital collectibles, where slices of data can sell for six figures on the secondary market.

NBA, dailyReadArchived

What is something worth ? A building, a pen, a stock, a cryptocurrency, gold, Intellectual property, any asset? Valuing something we own has always been more art than science.

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Implicit in the name ‘Web3’ is the expectation of replacement. In technology, versions are successors. When the new model comes out, we upgrade and the older one is replaced and forgotten.

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It is a wonderful accident of history that the internet and web were created as open platforms that anyone — users, developers, organizations — could access equally. Among other things, this allowed…

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2022 Jan 26 See all posts

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Upstart tech like blockchain has been dominating discourse around the music industry's next steps and has become one of the most divisive trends of the past 12 months. Declan McGlynn speaks to Plastician about why he believes it's the future for independent labels, promoters and artists

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CNN announced today the launch of Vault by CNN: Moments That Changed Us – a new non-fungible token (NFT) blockchain technology offering for CNN users. For 41 years, CNN has gone to extraordinary lengths to document and broadcast the global stories of our time. Now, the network and digital news powerhouse is opening its archives for the first time to offer collectors the opportunity to own a piece of history.

nft, cnn nft, vault by cnn, vault by cnn: moments that changed us, cnn non-fungible token, non-fungible token, blockchain, blockchain technology, cnn blockchain technology, cnn moments, cnn moment, ReadArchived

Bitcoin is a disaster for the environment. Here are 15 coins that are greener and more sustainable than Bitcoin for the climate-conscious.

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Our Journey is grounded in the innovation of Blockchain industry

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Steem is a social blockchain that grows communities and makes immediate revenue streams possible for users by rewarding them for sharing content.

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There is a war brewing among states to attract bitcoin miners, and new data shows that a whole lot of them are headed to New York, Kentucky, Georgia, and Texas.

cnbc, Articles, Bitcoin, Cryptocurrency, Cybersecurity, Technology, Asia Economy, Riot Blockchain Inc, Bitcoin/USD Bitstamp, New York, Environment, United States, Crypto, China Economy, China Politics, Asia News, Crypto Decoded, source:tagname:CNBC US Source, business newsReadArchived

NFT creative universes are undergoing an exciting phase of wild experimentation: emphasising free IP, new economics, and remixing. As these universes develop, there’s three key components that can help foster success: permissive licensing, low fidelity + metadata, and on-chain bundling.

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