It happened unexpectedly. But then it happened.

https://cryptopotato.com/heres-how-the-multi-million-bnb-chain-hack-went-down-paradigm-researcher/

One thing I know for sure is that, the Security architecture of BNB Blockchain has improved following it's hack.

I want to know how Bitcointalk forum works, in terms of merit, joining a campaign, rules and regulation.

This might not sound well but there is a possibility of bitcoin trading Bellow $17k. I see a massive selloff coming.

Still remember  The MT GOX rehabilitation plan made on October 20th 2021? Oh! Let's recall the past.

On 24th February 2014, MT GOX exchange was hacked. The exchange lost about 850,000 BTC which 750,000 Btc belongs to investors while 100 BTC belongs to mt gox. Before the hack in 2014 there was a massive bull run where btc went from $13 in 2013 to $1182 in 2014 with a 9000% profit. In 2016 MT GOX went bankrupt with a total lost of roughly 2.4 trillion worth of btc. This impacted on the market so much bringing btc down to 36%.

Back to the MT GOX rehabilitation plan. MT Gox promised to compensate the investors who lost their funds during the hack with 137,000 BTC This August 2022.

Note: on July 6th, 2022 we heard on news that an email was sent to the investors that lost their funds during mt gox hack giving them option to specify if they would  to receive in BTC , BCH or USTD.

Now, let's go deeper. With 137,000 BTC worth roughly $2.8 billion or let's say $3 billion in the hands of investors, what do you expect they do with it? I see the number of investors that will selloff to regain  what they lost outweighing the few that will decide to still hold. offcurse the sellof won't happen all at once. Considering the principle of the market, if the number of investors that will sellof outweighs those that will HOLD, what do you think will happen to Bitcoin? I will leave you to answer that.

Well, like they said, you can only predict the market but can't be 100% sure of your prediction. Let's watch and see.

I'm curious to know. Can a stolen funds be recovered from the  scammer by a forensic experts?

Centralized exchange controls lots of investors funds making it site of attraction for hackers who continuously device means to pull funds from the centralized exchanges. You all still remember the 24th Feb. 2014, Mt gox exchange hack? Where huge amount of money was lost to hackers which lead to BTC drastic price fall.

To avoid stories that touches, I suggest holding assets in Decentralized wallet. Remember "Not your keys not your wallet"

[UNDERSTANDING DEFI(DECENTALIZED FINANCE)]

UNDERSTANDING DEFI(DECENTALIZED FINANCE)

What is Defi?
Defi(Decentralized Finance) is an umbrella term used to describe platforms that offers a per to per (P2P) financial service using blockchain technology.

Note: Defi is an emerging technology i.e it's still new.

AIM OF DEFI

1)To reduce transaction time: Unlike traditional banking system that takes time to validate transaction, Defi drastically reduce the time of sending and receiving money.

2) To make financial services more accessible: with Defi, accessing financial services like lending and borrowing money are carried out with ease with gender or age restriction as seen in centralized finance.

UNIQUENESS OF DEFI

a) Borderless: As opposed to traditional banking system, with Defi, you can transfer money from one person to another and from one country to another country without interruption

b) It eliminate third party: In centralized financial system like bank  and cooperatives, there is a central authority that decides how you send and receive your money. But with Defi, you are in total control of how much money you send and receive without interference from anybody.

c) Fast: With Defi, sending and receiving money is very fast as opposed to traditional banking system where bank workers can only process your transaction at their convenient time. Furthermore, banks don't operate on weekends and at night while Defi is available 24/7.

TERMINOLOGIES USED IN DEFI

AMM (Automated Market makers)

DAO (Decentralized Autonomous Organization)


STAKING: voluntarily giving out your cryptocurrency for a specific period of time to earn percentage interest   

YIELD FARMING: Earning  cryptocurrency for holding another cryptocurrency

LIQUIDITY

Note: Staking, yield farming and providing liquidity are ways of using Decentralized Finance(Defi) to earn digital assets

DAPP (Decentralized Application)
these are softwares that makes Defi (Decentralized Finance) services possible e.g Trustwallet etc



 

 

Well, i already have my reservations when it comes to regulating Cryptocurrency. From my interaction with friends, it's seems regulating the activities in the cryptospace will facilitate mass adoption of Crypto currencies and reduce the rate at which projects rug pulls. But then, if  we accept crypto regulations, what happens to the decentralized feature  of  crytocurrency/blockchain?