Always a 0% pool. Cybersecurity professionals with passion for crypto operate high secure Cardano Stake Pools (SECUR)
Amsterdam Area, Netherlands
Joined August 2020
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René (SECUR) SecureStaking.io retweeted
In Fund13, the Cardano Foundation had a decisive and massive voting power of 200 million ADA. The good news is that in Fund14, with just 5,000 ADA you can achieve an equivalent level of voting power 👀
The cube root of 200 million ADA is 585. Since the minimum participation amount in Fund14 is 25 ADA, you can prepare 200 wallets with a 25 ADA balance each.
25^(1/3) * 200 = 585, which equals the voting power of a single wallet holding 200 million ADA.
What is the rationale for this low Scaling Parameter?
This opens up governance to trivial attacks.
Am I missing something?
In Fund13, the Cardano Foundation had a decisive and massive voting power of 200 million ADA. The good news is that in Fund14, with just 5,000 ADA you can achieve an equivalent level of voting power 👀
The cube root of 200 million ADA is 585. Since the minimum participation amount in Fund14 is 25 ADA, you can prepare 200 wallets with a 25 ADA balance each.
25^(1/3) * 200 = 585, which equals the voting power of a single wallet holding 200 million ADA.
René (SECUR) SecureStaking.io retweeted
⚠️Largest NPM supply chain attack ever!
Crypto developers, if you published some software during the last few hours, check it has not be compromised.
Crypto users, if you don't use an hardware wallet, maybe wait a few hours before transacting.
🚨 There’s a large-scale supply chain attack in progress: the NPM account of a reputable developer has been compromised. The affected packages have already been downloaded over 1 billion times, meaning the entire JavaScript ecosystem may be at risk.
The malicious payload works by silently swapping crypto addresses on the fly to steal funds.
If you use a hardware wallet, pay attention to every transaction before signing and you're safe.
If you don’t use a hardware wallet, refrain from making any on-chain transactions for now.
It’s still unclear whether the attacker is also stealing seeds from software wallets directly at this stage.
Excellent report here: jdstaerk.substack.com/p/we-j…
René (SECUR) SecureStaking.io retweeted
#Cardano fam, wasn’t planning on sharing my opinion about the cost of @CardanoSummit tickets but as a DRep that represents the regular retail segment of our community I believe it’s important, especially as 6 Million $ADA was approved to fund the event from our ecosystem treasury.
Living in the US I researched flights, and other costs and calculated what I would need to spend on the conservative side to attend.
This is what I found:
$500 - Hotel, 3 nights
$1200 - Flight, economy class
$350 - Summit Ticket
$500 - Food/other expenses
$150 - Ground transportation
Total: $2700
IMHO, this is a prohibitive cost for most regular community members. Even the most passionate.
So who then is the Summit for??
Only folks that live in Europe, Large Entity employees, founders of well capitalized projects and our wealthy members?
That doesn’t seem like what the intent and spirit of what the Summit is meant to be.
I am deeply troubled by this.
There are many, many great people at @Cardano_CF. I hope they reconsider.
@CryptoIRELAND1 @IOHK_Charles
René (SECUR) SecureStaking.io retweeted
Our Cardano Product Vision & Strategy drafts are published! These documents are a direct output from the workshops we've been running this year with the community. Your feedback is crucial as we shape the future, so dive in and share your thoughts: product.cardano.intersectmbo…
Thanks Pi!
Hi all!
I started writing down some thoughts on Leios and got a bit carried away:
314pool.com/post/leios
We delegated our voting power to Chris. Solid choice.
#Cardano fam,
Delegate to a DRep like myself who is outside of the top 30, unaffiliated and whose only priority is the long term
Success of our ecosystem, builders and regular $ADA holders. Fiscal responsibility….
My dRep ID:
$drep.chris.o
drep14pjm8ytt682wkp4jcegdj2yerkcy9a20xevvp7udlcd0ggjxdud
@cardano_whale @CryptoIRELAND1 @rickmccracken
René (SECUR) SecureStaking.io retweeted
#Cardano fam,
Delegate to a DRep like myself who is outside of the top 30, unaffiliated and whose only priority is the long term
Success of our ecosystem, builders and regular $ADA holders. Fiscal responsibility….
My dRep ID:
$drep.chris.o
drep14pjm8ytt682wkp4jcegdj2yerkcy9a20xevvp7udlcd0ggjxdud
@cardano_whale @CryptoIRELAND1 @rickmccracken
René (SECUR) SecureStaking.io retweeted
Let's run a little thought experiment:
Imagine someone managed to compromise the USDC admin key and mint, say, ~$3B.
That USDC would be immediately sold for uncensorable assets (BTC, ETH, DAI, etc). Circle would, as soon as they can, pause() USDC while they decide their next step.
As far as I see it, they would have two options:
-take the hit, scramble to raise $3B
-propose a hard fork
Being USDC, and having $60B on EVM chains, they have special leverage in this situation.
If they choose to hard fork, whatever chain they back as canonical is the one that will be able to redeem the $60B in collateral.
This means that almost all protocols that rely on USDC maintaining its USD price—which are almost all—will, in turn, have two options:
-support the hard fork
-take the hit
For example:
-Maker would have at least $3.7B in bad debt
-Arbitrum would have $3.8B in worthless USDC
-Hyperliquid would wipe all of its $2.5B in deposits
-AAVE would have ~$1.05B in bad debt
In this scenario, it's incredibly hard to imagine all the users and DeFi projects choosing to essentially nuke their products and funds in order to maintain “Ethereum neutrality,” and they would instead fight tooth and nail for this hard fork to reach consensus, and of course choose themselves the Circle-chain as the canonical Ethereum.
Now, replace the “USDC admin compromise” with “US government mandate over Circle and Tether,” and tell me how Ethereum is credibly neutral.
There’s precedent for centralized stablecoin issuers effectively choosing “valid” consensus.
Circle publicly declared support for Proof-of-Stake during the 2022 Merge, stating that “USDC as an Ethereum asset can only exist as a single valid version.”
One has to wonder: would the Merge have happened on the same timeline if neither Circle nor Tether had agreed to migrate their stablecoin backing to the PoS chain?
To be fair, a similar type of attack is possible through Ethereum’s staking and governance infrastructure, but it is much more complex to orchestrate.
In contrast, Circle and Tether are always within the regulator’s reach, making their reach on Ethereum consensus far more direct and immediate.
Ethereum is de facto controlled by Tether and Circle, and by extension by the US gov.
By only allowing redemptions on their consensus of choice, they control it. Ethereum has been allowed to choose its own consensus thus far only because it didn't displeased the US gov, Tether or Circle.
Do you really think the "credibly neutral" version will do well? the one where all of "DeFi" goes to $0 and ETH is no longer accepted on exchanges?
Ameen has been on about it for years, and while it sounded like a conspiracy theory then, the sheer size and integration of these fiat-coins have made it a reality.
100% agree. How are you experiencing the responsibility @TheOCcryptobro ?
Not sure exactly what dreps are, but I'm guessing it's people that have the power to vote with significant force / or have a monopoly / or influence the outcome significantly.
The pressure on those people is enormous. Read proposals, get contacted, pressured, negotiate, sync up with other agents. It's very likely a full-time job. If they don't get paid for it, they have to do a job that earns them food. And then they will burn out fairly quickly.
Or you pay them a proper salary. Then they can focus on the job without worrying what the eat.
But you also have to worry about them becoming bureaucrats/career politicians.
Having a forced rotation keeps the system dynamic.
Which sort of makes the first question less relevant. Because people can do a job that earns them food and then burn themselves out for 3 months to do the politics, many can bear that. And few can just stop their other job for x months to be a paid politician and then return as if nothing happened.
If you go with the paid politician route, I think it should be for 6-12 months. If it's unpaid, keep it shorter to not burn people out.
Or just let them burn out. Maybe the system finds its own equilibrium.
One striking observation I made in the last year is that the system quite often self regulates in surprising ways and less rules is often better than more rules.
As a last point: very likely whatever you pay your politicians is small compared to the responsibility they are shouldering. Running governance costs money (I hope you have budgeted for that).
There should be no jealousy. It's likely not a fun job (but possibly very fulfilling)
Just try one out. See it fail.
Then try the other option. See it fail.
And then do whatever third option suddenly pops up
Congratulations all on the Plomin hard fork. With now beng decentralized in governance, block production and network there is one elephant in the room left: code.
How far along are those alternative node implementations?
Exactly this. So few seem to get this
So Pump Fun has made $500m in fees. And there’s now billions worth of SOL permanently locked forever in liquidity pools of dead pump and dump memecoins on Raydium. It’s likely the biggest and most extractive scam in crypto history. Retail traders absolutely destroyed by the meta.