re: Official CryptoTalk Thread

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Have there been any coordinated attacks or just random validators misbehaving?

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hard to say. I'm sure the devs are behind some of the tests.

Probably a mix.

I wanna run a testnet validator for a couple of chains that I use testnets for, faucets can be a pain

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and introduces proof of stake while retaining ETH’s security.

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This is the one thing I will disagree with. POS will never be the same level of security as POW.

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As recently as 2 years ago BTC had an inflation bug discovered.

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Bugs found on POW have a better chance of not fricking the system vs POS. With POS design, validators are not anywhere near as spread out as hash mining.

For example, if the "bug" was never patched, you would still need 51% of the nextwork hash to do anything with the bug.

This means it would take 51% of the miners to "decide" to frick themselves. This, in my view, is why POW is superior. In addition to bugs/hacks, you need to control the hash power as well.

As opposed to POS in which the validator is randomly selected; POW relies on the entire network validating the transaction. Therefore, on POS, you dont need to meet the 51% threshold of "validators" to run a hack/bug/exploits.

There are for sure tradeoffs in both approaches. Both have their merits and issues.

Like for example, BNB. POS but it works well. The sacrifice is heavy validator centralization, however, cheap and fast. Always a tradeoff in most things.

Yea and so far, POS chains are basically a "company" and the majority of validators for these chains are somewhat centralized within these "companies" groups. Again, not always bad.

BTC is just a living organism. A POS chain can 100% emulate BTC in that regard with a bigger validator footprint not centralized would be a true next step IMO.

And I agree with you as well. I use BNB almost exclusively for DEFI because its cheap. I also recognize that its heavily centralized.

From Bloomberg:

Voyager update

TL;DR: All your base are belong to us

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Last Friday, Voyager presented what are referred to as “First Day Motions” as part of our Chapter 11 filing to the U.S Bankruptcy Court. We were granted the relief requested. This was the first step in the restructuring process, which is intended to address the company’s financial circumstances and allow us to resume normal operations.

We know you have many questions, and we are moving swiftly to give you answers. Below and in this more detailed blog post, we’ve tried to respond to your most pressing inquiries.

How does the reorganization process impact my cash?

We are working to restore access to USD deposits. Customer USD belongs to customers and will return to those same customers, subject to a reconciliation and fraud prevention process.

Is the USD in my account FDIC insured?

Yes. USD in your Voyager cash account is held at Metropolitan Commercial Bank of New York (“MCB”) and is FDIC insured. That means you are covered in the event of MCB’s failure, up to a maximum of $250,000 per Voyager customer. FDIC insurance does not protect against the failure of Voyager, but to be clear: Voyager does not hold customer cash, that cash is held at MCB.

What will happen to the crypto in my account?

Voyager currently has approximately $1.3 billion of crypto assets on its platform, plus claims against Three Arrows Capital ("3AC") of more than $650 million (it fluctuates due to the exchange rate between Bitcoin and USD).

Under Voyager’s proposed reorganization plan, which is subject to change and requires Court approval, customers will receive a combination of the following, with the ability to select the proportion of crypto and common equity they receive, subject to certain maximum thresholds:

Pro-rata share of crypto;
Pro-rata share of proceeds from the 3AC recovery;
Pro-rata share of common shares in the newly reorganized Company;
and Pro-rata share of existing Voyager tokens.

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10k would be awesome.

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Consensus often doesn’t happen, but who knows.

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so true. Consensus said we would be at $100k by now. I'm locked and loaded for $10k, but I'm not holding my breath.

Im close to finalizing my diversification plan. Any critiques?

28% BTC
22% ETH
11% MATIC
11% SOL
11% DOT
6.5% AVAX
6.5% ADA
4% LINK