Weekend chat: virtual currency, two or three things in the blockchain world: 2022 (13)

Apr 17, 2022

I haven't seen any major hacking events in the virtual currency world for two weeks in a row; I'm really not used to it. This could be a good thing, or it could be a bad thing. Hacking has been a common occurrence in this online world since the World Wide Web.

There is no system that cannot be broken, it is only a matter of time; and there will never be a dominant attack method, it is only a matter of time.

Dogecoin

It is undeniable that through Musk's flickering on Twitter, Dogecoin, and later Shiba Inucoin, have become well-known virtual currencies. Even if the Dogecoin chain does not have any notable decentralized financial applications; Shiba Inu is a meme token on Ethereum, and has no practical use.

Many traditional enterprises or businesses want to keep up with this trend.

Adam Aron, CEO of AMC Cinemas, claimed on Twitter that the AMC mobile application software will support Bitpay payment services; Dogecoin and Shiba Inucoin will both become tradable virtual currencies [1].

Bitpay is a multi-currency payment and trading platform; it also includes legal currencies in many countries. Virtual currencies also include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin [2]. Even if ordinary non-virtual currency holders don’t know Litecoin or Bitcoin Cash, how can they know Bitcoin or Ethereum ?

However, CEO Aron mainly mentioned Dogecoin and Shiba Inucoin on Twitter, and the rest were taken with other virtual currencies. I have to have a feeling of following the trend, not really wanting to use virtual currency as a formal transaction currency.

When Dogecoin just became popular on the Internet, Newegg, a very famous electronic retailer in North America, announced that Dogecoin was added to one of the many payment methods on the website [3]. From April 19, 2021 to today, I have not seen the function of adding a virtual currency wallet address.

Vlad, one of the founders of the Robinhood app that became notorious for Gamesshop's stock, hailed Dogecoin as the future currency of the web and its people. The reasons listed are mainly fast speed, low cost, power saving[4]…

Tesla cars managed by Musk himself are the first to allow bitcoin transactions. Then, because the Bitcoin Proof of Work mining system wastes energy, Bitcoin transactions are prohibited; Dogecoin, which is also Proof of Work, is randomly allowed as the only virtual currency that can be traded [5].

Of course, I'm not saying that Internet celebrity coins such as Dogecoin and Shiba Inucoin are not worth investing in or using. Every virtual currency has its own meaning. Maybe not supporting decentralized financial applications like Ethereum or Binance Smart Chain, or striving to connect all blockchains to form a complete blockchain ecosystem like Polkadot. Even these jolly tokens could make someone a millionaire overnight.

We need to know that every elite and wealthy person who is among the best in the world is thinking about how to develop their own company and increase their wealth. Even though many elites are enthusiastic about virtual currency, after all, their wealth comes from traditional financial means.

And if we want virtual currency to become the most important transaction currency in the world, we must start from ourselves. While every programmer who believes in virtual currency actively joins open source R&D, non-technical people fully understand and know how to protect themselves if the use of peer-to-peer networks [6] among user groups.

Only when each of us does what we can do, can we, like the original intention of Bitcoin design, not turn our favorite blockchain decentralized economy into another superstructure where the financial elites control our finances a channel.

New Regulations on Virtual Currency

The virtual currency transferred to the Celsius platform by ordinary users of virtual currency in the United States after April 15 will not receive interest; the tokens deposited before will continue to receive interest[7].

Only federally accredited investors can continue to put new money into an interest account and get a return.

According to SEC rules, accredited investors are:

Earn more than $200,000 (or $300,000 plus spouse or spousal equivalent) for the first two consecutive years of the current year, and are expected to earn the same for the current year

Has more than $1 million in assets

Possess financial professional licenses: general securities representative license, private securities issuance representative license, and investment advisor representative license[8]

The Celsius platform is not the only platform restricted by U.S. law. New Jersey-based virtual currency lending platform BlockFi and the New Jersey Securities Bureau have also been fighting for a year over whether customers in the state can use interest accounts [9]. Centralized exchanges like Binance, Huobi cannot operate in the US. The Binance US platform is like a child without parents, no one cares; except for transactions, there are no functions on the main platform; from this month, even the function of earning interest will be cancelled.

Personally, I have nothing against interest taxation. Deposits in the bank that exceed a certain amount are also taxed, and there is no difference here; what's more, in this country, virtual currency is recognized as a security, and the income from each transaction is taxed.

Unlike El Salvador, we have adopted Bitcoin as a legal currency; we are not like China, which has an electronic renminbi. Although it is not a decentralized product, it is at least on the blockchain [10]; not to mention Russia, economic sanctions have made it impossible to use virtual currency. currency. The official recognition of blockchain technology and virtual currency in each country is different, so it is understandable to abide by the laws of the country before becoming legal tender.

However, as a global currency, every country should use the same standard; it is somewhat unreasonable for a country to have different standards and different regulations.

I hope that one day, people all over the world can truly have a new generation of currency system after paper money, making money, an indispensable thing in life, more convenient.

Minting peanut coins

Participated in Nutbox's platform for a long time. Including internal testing, publicity and other tasks so far, I have a lot of peanut coins in my hands. When Peanut Coin was still minting and TRON, there was not much investment function other than exchanging the currency into a more reliable USDT.

In the past week, we finally have a new financial management function. That is, as long as peanut coins mint new peanut coins. Unexpectedly, a single-currency staking pool finally lifted its veil shyly after a thousand calls.

Good things are not early, but good. Now all the peanut coins are collected on the Binance Smart Chain by staking peanut coins, which is much stronger than TRON. Let’s not talk about the various decentralized transactions, mining and other application projects on the chain, just look at the comparison of the value of the native currency $BNB and $TRX, plus the increasing costs on the TRON; , which one is more promising can be seen.

Now the idle peanut coins in the hand have a way to make money. Coupled with the delay in calculating the snapshot of the airdrop until July, after three months, the staked peanut coins will bring us more peanut coins; the reward of the airdrop will be more.

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阿酷普普通通的人

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