xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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Yes, you should be aware and worry about the government subsequences arresting the Tornado Cash Dev Alexey Pertsev.
https://twitter.com/fund_defi/status/1559906169082499073
Here is the announcement of the arrest after the U.S. sanctioned Tornado Cash:
"On Wednesday 10 August, the FIOD arrested a 29-year-old man in Amsterdam. He is suspected of involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies through the decentralised Ethereum mixing service Tornado Cash. Multiple arrests are not ruled out. These advanced technologies, such as decentralised organisations that may facilitate money laundering are receiving extra attention from the FIOD. Also in the cryptocurrency domain, the FIOD stands for a safe financial Netherlands and investigates with effect and impact. Today the suspect is brought before the examining judge."
https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/
Does Apple CEO Tim Cook get arrested when criminals use iPhones to exercise crime? Similarly, did Bill Gates get arrested because criminals use Windows 10 to execute their crimes? Even Tesla killed a pedestrian and did not send Elon Musk to jail, why should Alexey Pertsev?
Tornado cash is a smart contract built on top of Ethereum to facilitate the crypto mixer and make transactions untraceable.
U.S. Treasury Department claimed the Tornado Cash had enabled cybercriminals to launder money.
FIOD, or the Fiscal Information and Investigation Service, argues that Tornado Cash was created solely for money laundering.
Since cryptocurrencies are open-source technology, should you be liable for the open-source code you created?
The answer should be no.
Because the code was created not for the specific purpose of committing criminal acts but for any other general purposes, the development of a tool is not prohibited.
However, when a tool has been created to commit criminal acts, making such a tool available may be punishable.
But then, how to distinguish a tool that is solely purposed to create for criminal acts when the tool has a general purpose of having on-chain privacy? A similar argument is if iPhone can facilitate illegal activities, Tim Cook should be arrested. But iPhone has more general purposes than enabling someone to conduct illicit activities.
Such arrests will discourage developers from writing on open-source code, and many may become anonymous to protect their privacy.
https://twitter.com/deacix/status/1560992460297445379
If you think this is injustice, please join the petition below:
Petition here
If you enjoy reading my articles, buy me a coffee here.
Yes, you should be aware and worry about the government subsequences arresting the Tornado Cash Dev Alexey Pertsev.
https://twitter.com/fund_defi/status/1559906169082499073
Here is the announcement of the arrest after the U.S. sanctioned Tornado Cash:
"On Wednesday 10 August, the FIOD arrested a 29-year-old man in Amsterdam. He is suspected of involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies through the decentralised Ethereum mixing service Tornado Cash. Multiple arrests are not ruled out. These advanced technologies, such as decentralised organisations that may facilitate money laundering are receiving extra attention from the FIOD. Also in the cryptocurrency domain, the FIOD stands for a safe financial Netherlands and investigates with effect and impact. Today the suspect is brought before the examining judge."
https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/
Does Apple CEO Tim Cook get arrested when criminals use iPhones to exercise crime? Similarly, did Bill Gates get arrested because criminals use Windows 10 to execute their crimes? Even Tesla killed a pedestrian and did not send Elon Musk to jail, why should Alexey Pertsev?
Tornado cash is a smart contract built on top of Ethereum to facilitate the crypto mixer and make transactions untraceable.
U.S. Treasury Department claimed the Tornado Cash had enabled cybercriminals to launder money.
FIOD, or the Fiscal Information and Investigation Service, argues that Tornado Cash was created solely for money laundering.
Since cryptocurrencies are open-source technology, should you be liable for the open-source code you created?
The answer should be no.
Because the code was created not for the specific purpose of committing criminal acts but for any other general purposes, the development of a tool is not prohibited.
However, when a tool has been created to commit criminal acts, making such a tool available may be punishable.
But then, how to distinguish a tool that is solely purposed to create for criminal acts when the tool has a general purpose of having on-chain privacy? A similar argument is if iPhone can facilitate illegal activities, Tim Cook should be arrested. But iPhone has more general purposes than enabling someone to conduct illicit activities.
Such arrests will discourage developers from writing on open-source code, and many may become anonymous to protect their privacy.
https://twitter.com/deacix/status/1560992460297445379
If you think this is injustice, please join the petition below:
Petition here
If you enjoy reading my articles, buy me a coffee here.
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