The What Bitcoin Did Podcast - Bitcoin in One Lesson

My saved items

Social justice stuff:

70 papers to support wearing masks
dude who went out dressed as a woman and got harassed
copypasta to refute the "only girls take selfies with the stuff they share"
racism is a mental health issue (tweet image)
abuses by police
why you shoudln't say all lives mattewhat does BLM mean
juxtaposition of police complaining vs police abusing
the iceberg of white supremacy
"microagressions I face as a black woman"
debunk of 13/50
another debunk of 13/50
another debunk of 13/50
examples of male privilege
opinions vs prejudice
all cops are bastards
literally all cops are bastards
response to someone saying that Africa is underdeveloped
list of things for cis people to know, from a trans person
some debunked trans stuff and also some scientific studies
police, racism, and white supremacy
police, racism, and white supremacy
false rape claims
just a funny video about nazis pretending they're not nazis
how old are animals when they are killed for food
crime stats about men
crime stats about men part deaux
On Whiteness: How Race and White Supremacy Affect Discourse Surrounding Masculinity
"life would be easier if I'm white"
discussion on "inspiration porn"
disneyvacation how to make the most of white privilege
"it's better now than it used to be" tweet
rape victim blaming (image)
the point of FWR
the alt right, pitbulls, and race realism
almost trafficked in Austin TX
wage theft infographic
white privilege image
image about women staying safe
“The law, in its majestic equality, forbids rich and poor alike to sleep under bridges, to beg in the streets, and to steal their bread.”
examples of systemic racism
Islamophobic myths debunked
Feminist stuff explained
what SRS is all about
free market capitalism and homelessness

Politics

biden is handsy with everyone, not just women/kids
"Why I'm skeptical about Reade's sexual assault claim against Biden: Ex-prosecutor"
Trump administration profiting off the pandemic
Poorly handling pandemic
lack of meals in schools (tweet image)
crimes of Roger Stone
Trump and Epstein
racist views of trump
GOP's attack on democracy
debunking of certain defenses of Trump (impeachment hearing? idk)
electoral college is stupid and Trump agrees
damage to international relations
"why do liberals think Trump supporters are stupid?"
more racist views of Trump
GOP on immigration (image)
"everything you need to know about American conservatism"
nunes buried evidence on Russian meddling
on hillary's email server
Trump colluding with Russia
GOP - party of "principles"
"why is the left so violent"
Trump doing dictator stuff

Workout stuff:

pullups
quarantine workout template
giant dude doing crazy bodyweight routine
list of every minimalist shoe on the internet
handstands
quarantine workout
some dude's workout routine/weightloss, check back to see if he posted his routine at all
bodyweight fitness workout stuff
something about L-sits and pistol squats
muscle-ups
various ab exercises
stronger by science podcast
common deadlifting mistakes
get cut/abs
reverse crunches
lift weight, eat more protein
bodyweight exercises
gym gif
handstand tutorial
vibram fivefingers sale
bodyweight workout
more bodyweight fitness stuff
proper running form
running/posture
calisthenics
muscle ups on rings
muscle up progression

Programming/tech stuff:

getting the best out of android
create a bootable pendrive
list of free sites to educate yourself
free alternative to photoshop that's not gimp
infosec tools
Python cheat sheet
how to make a reddit bot
another how to make a reddit bot
android development
raspberry pi stuff
make a gif longer than 15 seconds
221 free programming courses
android programming
import praw
IFTTT
"holy grail" of programming resources
bootable usb drives
free CAD and FEA apps
activate god mod for windows 8
android development
cool websites to bookmark
keep your mousing moving when afk
app development
android development
cerberus to recover lost phone
camera recovery
free online programming course (probably expired by now)
python for beginners
good PC programs to have
algorithms everyone should know
modify your browser's fingerprint

Misc:

common chess mistakes
what to say to kids instead of "be careful"
how to tie the strongest knot
M to F sex reassignment surgery gif (NSFW)
Terry Pratchett quote on satire
DIY concrete mantle
hierarchy of discourse
just a funny hamster video
growing potatoes
Michael Scott on hate crimes
tips for buying a used car
how to bowl a strike
AI experts from top universities slam ‘predictive policing’ tools in new statement and warn technology could 'fuel misconceptions and fears that drive mass incarceration'
correlation between gut biome imbalance and other issues
C&H it couldn't be avoided
happy halloween meme
gif of "fuck" from SNL
picture cube
good place to get glasses
the gymnast allergic to everything
psychological life hacks
critical thinking
educational websites image
opening things
diagnosing an engine based on spark plugs
austrian choir of 1982 (shitposting in modmail)
mental exercises to reduce dementia
loaded pretzel bombs
roll a coin across your knuckles
solar micro grid
reverse/parallel park
roadtrip playlist
fun hobbies for under $50
the 100 jokes that shaped modern comedy
catholic/bishop accountability
atheist parent resources
ideas for movies to watch
replace your brake pads for <$40
something about adware
signing up for clinical trials
ordering glasses
getting to yes
that's a peanut
cryptogram solver
copypasta of creepy gifs
bertram russell's "why I am not a christian"
recommended movie about time travel
biblical contradictions
continuum season 3 webisodes
religious arguments
transhumanism for kids
free stuff on the internet
record video and stream it to a remote server
amazon's 100 books to read in your lifetime
critical consensus of historicity of books of the bible
how to get started in dogecoin I think
cool websites to bookmark
learn skills online
55 great books under 200 pages
software to install on a new PC
telescope beginner's advice
cool short story
stories with aliens
scifi ebook to read
create a roth ira
muscle reading
hip new thing called "duolingo" or smth
introduction to transhumanism
how to keep your engine bay clean
hedge fund analyst research writeup
discussion of paranormal
get an SMS if there is an emergency nearby
debunking some YEC stuff
art of public speaking
being confident
interview with Malala
practicing another language
glass/bottle cutter
watch documentaries for free
watch nikelodeon online
pale blue dot
bunch of free textbooks
food allergies facts, myths, and pseudoscience
list of banned books by reading level
mindfuck movies
ebook with random esoteric skills
save money on prescriptions
learn electrical engineering
websites for learning
design lego projects
horror books to check out
sci fi movies to check out
40 awkward questions to ask a christian
good list of subreddits
free ebooks

just wanted to reference for latereddit stuff

https://www.reddit.com/OutOfTheLoop/comments/b1hct4/why_is_everyone_talking_about_the_ootl_mods/
not sure why I saved this but here you go: https://www.reddit.com/videos/comments/ggowxj/on_may_8_2005_one_of_the_greatest_videos_in_the/
mod drama
mfw muting someone
also mfw muting someone
mfw muting someone else
https://www.reddit.com/unpopularopinion/comments/b0hg3u/if_you_got_triggered_over_un8thegr8_youre_a_pussy/
thinking about those beans
some shit trashy mods did
fragile white redditors
I locked a thread to "prevent police from commenting" (aka I'm hilarious)
day of the spread
day of the spread also
summoning bots (saved over a year ago, they're probably all banned now)
n8 mods ihatewhitepeople
april fools 2019
community points
what does it mean to be not the onion
modmail search
angry at the admins
SPS notices the banout
darkjokes fragility boogaloo
top mod of upliftingnews mod-abusing
fortinbraz's bookmarklet thing on karmabots
one click reporting userscript
how to turn off push notifications
a tidbit about the sorting algorithm
threepanelpuns template
imgur info userscript
j0be's poweruser imgur script
shitposting from imgur by j0be
good piece of advice from gaywallet
bookmarklet to unhide everything on your hidden page
funny thing from centuryclubdrama
image about reposts
j0be bookmarklet to delete everything from your userpage
some javascript thing idk
[exchange karma for bitcoin (is this still even a thing?)](https://www.reddit.com/Bitcoin/comments/zqocl/exchange_your_karma_for_bitcoin_reddit_bitcoin/}
zadoc's HQG tutorial
another javascript thing idk
preggit's well rounded meme
all these saved items, and you had to be salty
mods who distinguish
mat01ss tutorial on giffing
mat01ss tutorial 2
mat01ss tutorial 3
another j0be script
shittywatercolour painted a comment I made
python script idk
centuryclub intro copypasta
reddit API that the1rgood wrote
ruby API thing
user history reddit bot
submitted by N8theGr8 to N8theGr8 [link] [comments]

Blockchain Security with Michael Shaulov

Hello everyone - the latest episode of The BitcoinTaxes Podcast is live. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions. In this episode, we speak with Michael Shaulov, CEO and Co-Founder of Fireblocks, and we discuss security as it relates to blockchain technology and cryptocurrency; and the unique challenges that exist in the space.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on this as well as other subreddits, and I have noticed people seem to enjoy/engage with them. However, please let me know if you find an issue posting this here (not trying to spam people). Otherwise, I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any further questions so I can relay them to Michael.
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
A Lengthy History of Cyber Security Experience (00:40) Michael: I started in cyber security about 20 years ago in the Israeli cyber command, basically the corresponding unit to the American NSA. About nine years ago, I started my previous company…doing mobile security for enterprise customers. Basically, protecting their mobile devices from being hacked; malware attacks over WIFI, phishing and so on. We had folks like Intel, Samsung, and Geico as part of our customer base. About three years ago I sort of stepped into the Bitcoin & blockchain space – we actually were investigating a fairly big hack that happened in South Korea. That was sort of the first time that I stepped into this asset class and then realized that there is work to be done here to increase the security. Fireblocks Aims To Solve An Age-Old Cyber Security Issue (03:30) Michael: A lot of trading related activities and setups were being established from hedge funds to exchanges, to proprietary trading groups, to a lot of different brokers, OTCs, lending providers – generally speaking they need a very different infrastructure. You clearly have a lot of both external cybersecurity risks, but also internal cyber security risks inside the institutional environments. Our average transaction size is north of $100,000 – you have zero room to make a mistake because the nature of public blockchains is that there is no recourse. Because there were so many mistakes or hacks…most organizations had a lot of operational constraints in terms of how they were actually sending the transactions: they will do all the tests transfers, they will have multiple people approve and sign those transactions to make sure that there are no errors…you are only able to do those transactions incidents during certain windows during the day…A lot of different constraints, anxiety, and operational deficiency. It’s not a good return on capital. You are still susceptible to the human factor. You actually need to do 100 transactions per day, and you have three, four people in your operations team. At some point they will make an error, right? That’s just a numbers game over there. Basically, what we’ve created is a solution that solves all those issues. First, we provide our customers with a high secure, high SLA storage that is institutional grade. Second, is basically what we call the Fireblocks Network is essentially an authentication network for settlements between counter parties. We currently have integration to about 30 exchanges. We have over 60 market participants on our platform. Overall, 90 organizations that are on our platform, transferring coins between them with a click of a button without actually being susceptible to making a human error or susceptible to any of those hacks. Three Critical Attack Vectors Exploited by Hackers to Steal Digital Assets (Text From Fireblocks WhitePaper; Discussion @ 12:25) Wallet Compromise Access to your wallet is powered by private keys which control your funds stored on the blockchain. This means that as soon as a malicious actor acquires your private key they too have control and can transfer the funds from the wallet. The most common methods for compromising private keys are: • Infecting a server with malware that steals the private key. • Stealing the HSM authentication token and forcing the HSM to sign a withdraw transaction. • An authorized internal employee steals the private key. Deposit Address Spoofing Derived from the public key, deposit addresses are long strings of alphanumeric values that designate the public address of a wallet to which funds are sent. In order for two parties to facilitate a transaction, they need to exchange the deposit address. However, as there is no current end-to-end security protocol for the address exchange, hackers can target the procedure at any number of points along the way. Such methods include: • Spoofing the address while copy and pasting between the web browser and the wallet’s app. • Hijacking javascript(s) on the exchange’s website and spoofing the address at the origin. • Malicious chrome plugins that hijack the web browser (man-in-the-browser). • Malware that hijacks the wallet interface or driver. Credentials and API Keys Currently, each exchange and liquidity provider requires a set of credentials (username and password) in order to gain access. In addition, API-keys can be generated for automated access to the platforms. These credentials are particularly vulnerable to many traditional forms of malware such as keylogging and phishing. API-keys stored in trading software can be harvested if the server or code repository is compromised. Once a hacker obtains elevated credentials or API-keys they could: • Instruct unauthorized withdrawal of funds from an exchange. • Manipulate the market using pre-funded assets on a compromised account.
submitted by IsaN-BitcoinTax to BlockchainNews [link] [comments]

Blockchain Security with Michael Shaulov

Hello everyone - the latest episode of The BitcoinTaxes Podcast is live. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions. In this episode, we speak with Michael Shaulov, CEO and Co-Founder of Fireblocks, and we discuss security as it relates to blockchain technology and cryptocurrency; and the unique challenges that exist in the space.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on this as well as other subreddits, and I have noticed people seem to enjoy/engage with them. However, please let me know if you find an issue posting this here (not trying to spam people). Otherwise, I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any further questions so I can relay them to Michael.
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
A Lengthy History of Cyber Security Experience (00:40) Michael: I started in cyber security about 20 years ago in the Israeli cyber command, basically the corresponding unit to the American NSA. About nine years ago, I started my previous company…doing mobile security for enterprise customers. Basically, protecting their mobile devices from being hacked; malware attacks over WIFI, phishing and so on. We had folks like Intel, Samsung, and Geico as part of our customer base. About three years ago I sort of stepped into the Bitcoin & blockchain space – we actually were investigating a fairly big hack that happened in South Korea. That was sort of the first time that I stepped into this asset class and then realized that there is work to be done here to increase the security. Fireblocks Aims To Solve An Age-Old Cyber Security Issue (03:30) Michael: A lot of trading related activities and setups were being established from hedge funds to exchanges, to proprietary trading groups, to a lot of different brokers, OTCs, lending providers – generally speaking they need a very different infrastructure. You clearly have a lot of both external cybersecurity risks, but also internal cyber security risks inside the institutional environments. Our average transaction size is north of $100,000 – you have zero room to make a mistake because the nature of public blockchains is that there is no recourse. Because there were so many mistakes or hacks…most organizations had a lot of operational constraints in terms of how they were actually sending the transactions: they will do all the tests transfers, they will have multiple people approve and sign those transactions to make sure that there are no errors…you are only able to do those transactions incidents during certain windows during the day…A lot of different constraints, anxiety, and operational deficiency. It’s not a good return on capital. You are still susceptible to the human factor. You actually need to do 100 transactions per day, and you have three, four people in your operations team. At some point they will make an error, right? That’s just a numbers game over there. Basically, what we’ve created is a solution that solves all those issues. First, we provide our customers with a high secure, high SLA storage that is institutional grade. Second, is basically what we call the Fireblocks Network is essentially an authentication network for settlements between counter parties. We currently have integration to about 30 exchanges. We have over 60 market participants on our platform. Overall, 90 organizations that are on our platform, transferring coins between them with a click of a button without actually being susceptible to making a human error or susceptible to any of those hacks. Three Critical Attack Vectors Exploited by Hackers to Steal Digital Assets (Text From Fireblocks WhitePaper; Discussion @ 12:25) Wallet Compromise Access to your wallet is powered by private keys which control your funds stored on the blockchain. This means that as soon as a malicious actor acquires your private key they too have control and can transfer the funds from the wallet. The most common methods for compromising private keys are: • Infecting a server with malware that steals the private key. • Stealing the HSM authentication token and forcing the HSM to sign a withdraw transaction. • An authorized internal employee steals the private key. Deposit Address Spoofing Derived from the public key, deposit addresses are long strings of alphanumeric values that designate the public address of a wallet to which funds are sent. In order for two parties to facilitate a transaction, they need to exchange the deposit address. However, as there is no current end-to-end security protocol for the address exchange, hackers can target the procedure at any number of points along the way. Such methods include: • Spoofing the address while copy and pasting between the web browser and the wallet’s app. • Hijacking javascript(s) on the exchange’s website and spoofing the address at the origin. • Malicious chrome plugins that hijack the web browser (man-in-the-browser). • Malware that hijacks the wallet interface or driver. Credentials and API Keys Currently, each exchange and liquidity provider requires a set of credentials (username and password) in order to gain access. In addition, API-keys can be generated for automated access to the platforms. These credentials are particularly vulnerable to many traditional forms of malware such as keylogging and phishing. API-keys stored in trading software can be harvested if the server or code repository is compromised. Once a hacker obtains elevated credentials or API-keys they could: • Instruct unauthorized withdrawal of funds from an exchange. • Manipulate the market using pre-funded assets on a compromised account.
submitted by IsaN-BitcoinTax to BlockchainStartups [link] [comments]

A professors analysis of world problems and possible solutions, PoW is the answer he's trying to summarize.

Okay, I've been a lurker of this subreddit since inception. In Bitcoin since 2011. I am a non-participant in social media because I don't agree with it's pollution and generally have no social media accounts unless they're needed to view certain information I want to see.
However, I have seen the quality of discussion on this subreddit go from initially good, to overtime just congested with very unproductive, barely label-able as "Information". Then, after the loss of the sub-reddits original creator, most of the discussion fell away and most activity left on this sub is news posts or speculative drama/ people coming to attack and throw around FUD. The quality of discussion is bar none, if existent at all. This is a statement of my observation, not an indcitment on anyone. I offer no attacks and I seek to propel no further drama.
The purpose of my posting, is In the lull of this sub-reddits current activity and usefulness, I would like to re-open the doors to quality discussion. To have knowledge of opposing views and theory presented, and information begin to flow at an effectual level to begin actually progressing the knowledge and understanding surrounding the BSV platform and related cryptosphere. Because there is massive benefit here for those that have thuroughly understood and researched this technology but most of it hasn't been exposed simply and easily for others to process or grasp. So much so that many here repeat questions and attacks continually that are just invalid and old information that wouldn't be done if there was quality of information available. So to those, I hope to see the doors begin to open to discussion and information and that some may see the vastly powerful benefits of BSV, it's economy and technology.
My beginning contribution to improving the quality of discussion and I invit others to do so as well, is this video.
https://youtu.be/LzAgSp_O03I
Bret Weinstein - Former professor at Evergreen College American biologist and evolutionary theorist - Speaking on the Joe Rogan Podcast.
@ 48.36 He begins to get into a point about how he views society's current world problems and how they cannot be addressed with outright revolution, but instead a redefining of the structures in place behind basically every system and organization.
It takes him awhile to describe the overall ideas of this point of his, I would encourage you to watch from the 48 min marker and on (The beginning is about his time as a professor at Evergreen).
What I think makes this relevant and good discussion is he mentions Bitcoin as a outlier that functions inside the normal world realms. A solution to the worlds problems as a fundemantal restructuring of the system, while not revolting against the norm to where chaos ensues. It was invented inside the system with parameters that change the system. He also sites another example such as Wikipedia as competing with encyclopedias and other old forms of information and our relationship to obtaining it. While he acknowledged that Wikipedia isn't perfect, it's obviously succeeding because it removed the barrier to information previously held by the 'Academy' - without their permission. Thus making information free to the general population. Successful innovations to the models that pre-existed them. Without having to burn the old system to the ground / rather, just replacing them by being a better system.
His discussion here is very useful insights as I can see he's hitting home on the general modality needed to fix the worlds issues without a "Anarchist" mentality that will not lead to success. Rather, radical improvements to system structures and outliers who denied typical system structures, worked outside of them to come up with entirely new ideas, and reinvent the way we do things. A couple examples he makes - Bruce Lee innovating MMA, Parkour innovating Gymnastics, and Danny MacAskil innovating BMX/Mountain biking. By not using current systems in place to do things, instead approaching them from a new perspective rather then trying to change them by following the systems in place.
The interesting part I find is that he is basically speaking about the foundations that make BSV such a successful technology at changing the majority of the problems in the world and also broadly describes (Without knowing) that PoW is the solution to many of the issues he goes into describing and is trying to hint at solutions to.
Again, I would invite the others here with quality questions and information and knowledge to come back here and open the doors of discussion again to dissimenate this information and breed new understandings to improve the quality of the ecosystem as a whole. Both BSV participants and those currently opposed to it.
Rational, logical discussions would be beneficial and appreciated and I will continue my part in this attempt for the next little while and see if we can begin to improve the information sources surrounding this technology.
_______________________-----
Recently started to use Twech, if you enjoy the ongoing series or want updates here's my account - LucidWanderings @8814
And here's my moneybutton if you have questions, comments, etc - [email protected]
submitted by lucidmotionz to bitcoincashSV [link] [comments]

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)
A whirlwind tour of Defi, paying close attention to protocols that we’re leveraging at Genesis Block.
https://reddit.com/link/hrrt21/video/cvjh5rrh12b51/player
This is the third post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Last week we explored how building on legacy finance is a fool’s errand. The future of money belongs to those who build with crypto and blockchain at their core. We also started down the crypto rabbit hole, introducing Bitcoin, Ethereum, and DeFi (decentralized finance). That post is required reading if you hope to glean any value from the rest of this series.
97% of all activity on Ethereum in the last quarter has been DeFi-related. The total value sitting inside DeFi protocols is roughly $2B — double what it was a month ago. The explosive growth cannot be ignored. All signs suggest that Ethereum & DeFi are a Match Made in Heaven, and both on their way to finding strong product/market fit.
So in this post, we’re doing a whirlwind tour of DeFi. We look at specific examples and use-cases already in the wild and seeing strong growth. And we pay close attention to protocols that Genesis Block is integrating with. Alright, let’s dive in.

Stablecoins

Stablecoins are exactly what they sound like: cryptocurrencies that are stable. They are not meant to be volatile (like Bitcoin). These assets attempt to peg their price to some external reference (eg. USD or Gold). A non-volatile crypto asset can be incredibly useful for things like merchant payments, cross-border transfers, or storing wealth — becoming your own bank but without the stress of constant price volatility.
There are major governments and central banks that are experimenting with or soon launching their own stablecoins like China with their digital yuan and the US Federal Reserve with their digital dollar. There are also major corporations working in this area like JP Morgan with their JPM Coin, and of course Facebook with their Libra Project.
Stablecoin activity has grown 800% in the last year, with $290B of transaction volume (funds moving on-chain).
The most popular USD-pegged stablecoins include:
  1. Tether ($10B): It’s especially popular in Asia. It’s backed by USD in a bank account. But given their lack of transparency and past controversies, they generally aren’t trusted as much in the West.
  2. USDC ($1B): This is the most reputable USD-backed stablecoin, at least in the West. It was created by Coinbase & Circle, both well-regarded crypto companies. They’ve been very open and transparent with their audits and bank records.
  3. DAI ($189M): This is backed by other crypto assets — not USD in a bank account. This was arguably the first true DeFi protocol. The big benefit is that it’s more decentralized — it’s not controlled by any single organization. The downside is that the assets backing it can be volatile crypto assets (though it has mechanisms in place to mitigate that risk).
Other notable USD-backed stablecoins include PAX, TrueUSD, Binance USD, and Gemini Dollar.
tablecoins are playing an increasingly important role in the world of DeFi. In a way, they serve as common pipes & bridges between the various protocols.
https://preview.redd.it/v9ki2qro12b51.png?width=700&format=png&auto=webp&s=dbf591b122fc4b3d83b381389145b88e2505b51d

Lending & Borrowing

Three of the top five DeFi protocols relate to lending & borrowing. These popular lending protocols look very similar to traditional money markets. Users who want to earn interest/yield can deposit (lend) their funds into a pool of liquidity. Because it behaves similarly to traditional money markets, their funds are not locked, they can withdraw at any time. It’s highly liquid.
Borrowers can tap into this pool of liquidity and take out loans. Interest rates depend on the utilization rate of the pool — how much of the deposits in the pool have already been borrowed. Supply & demand. Thus, interest rates are variable and borrowers can pay their loans back at any time.
So, who decides how much a borrower can take? What’s the process like? Are there credit checks? How is credit-worthiness determined?
These protocols are decentralized, borderless, permissionless. The people participating in these markets are from all over the world. There is no simple way to verify identity or check credit history. So none of that happens.
Credit-worthiness is determined simply by how much crypto collateral the borrower puts into the protocol. For example, if a user wants to borrow $5k of USDC, then they’ll need to deposit $10k of BTC or ETH. The exact amount of collateral depends on the rules of the protocol — usually the more liquid the collateral asset, the more borrowing power the user can receive.
The most prominent lending protocols include Compound, Aave, Maker, and Atomic Loans. Recently, Compound has seen meteoric growth with the introduction of their COMP token — a token used to incentivize and reward participants of the protocol. There’s almost $1B in outstanding debt in the Compound protocol. Mainframe is also working on an exciting protocol in this area and the latest iteration of their white paper should be coming out soon.
There is very little economic risk to these protocols because all loans are overcollateralized.
I repeat, all loans are overcollateralized. If the value of the collateral depreciates significantly due to price volatility, there are sophisticated liquidation systems to ensure the loan always gets paid back.
https://preview.redd.it/rru5fykv12b51.png?width=700&format=png&auto=webp&s=620679dd84fca098a042051c7e7e1697be8dd259

Investments

Buying, selling, and trading crypto assets is certainly one form of investing (though not for the faint of heart). But there are now DeFi protocols to facilitate making and managing traditional-style investments.
Through DeFi, you can invest in Gold. You can invest in stocks like Amazon and Apple. You can short Tesla. You can access the S&P 500. This is done through crypto-based synthetics — which gives users exposure to assets without needing to hold or own the underlying asset. This is all possible with protocols like UMA, Synthetix, or Market protocol.
Maybe your style of investing is more passive. With PoolTogether , you can participate in a no-loss lottery.
Maybe you’re an advanced trader and want to trade options or futures. You can do that with DeFi protocols like Convexity, Futureswap, and dYdX. Maybe you live on the wild side and trade on margin or leverage, you can do that with protocols like Fulcrum, Nuo, and DDEX. Or maybe you’re a degenerate gambler and want to bet against Trump in the upcoming election, you can do that on Augur.
And there are plenty of DeFi protocols to help with crypto investing. You could use Set Protocol if you need automated trading strategies. You could use Melonport if you’re an asset manager. You could use Balancer to automatically rebalance your portfolio.
With as little as $1, people all over the world can have access to the same investment opportunities and tools that used to be reserved for only the wealthy, or those lucky enough to be born in the right country.
You can start to imagine how services like Etrade, TD Ameritrade, Schwab, and even Robinhood could be massively disrupted by a crypto-native company that builds with these types of protocols at their foundation.
https://preview.redd.it/agco8msx12b51.png?width=700&format=png&auto=webp&s=3bbb595f9ecc84758d276dbf82bc5ddd9e329ff8

Insurance

As mentioned in our previous post, there are near-infinite applications one can build on Ethereum. As a result, sometimes the code doesn’t work as expected. Bugs get through, it breaks. We’re still early in our industry. The tools, frameworks, and best practices are all still being established. Things can go wrong.
Sometimes the application just gets in a weird or bad state where funds can’t be recovered — like with what happened with Parity where $280M got frozen (yes, I lost some money in that). Sometimes, there are hackers who discover a vulnerability in the code and maliciously steal funds — like how dForce lost $25M a few months ago, or how The DAO lost $50M a few years ago. And sometimes the system works as designed, but the economic model behind it is flawed, so a clever user takes advantage of the system— like what recently happened with Balancer where they lost $500k.
There are a lot of risks when interacting with smart contracts and decentralized applications — especially for ones that haven’t stood the test of time. This is why insurance is such an important development in DeFi.
Insurance will be an essential component in helping this technology reach the masses.
Two protocols that are leading the way on DeFi insurance are Nexus Mutual and Opyn. Though they are both still just getting started, many people are already using them. And we’re excited to start working with them at Genesis Block.
https://preview.redd.it/wf1xvq3z12b51.png?width=700&format=png&auto=webp&s=70db1e9587f57d0c470a4f9f4523c216929e1876

Exchanges & Liquidity

Decentralized Exchanges (DEX) were one of the first and most developed categories in DeFi. A DEX allows a user to easily exchange one crypto asset for another crypto asset — but without needing to sign up for an account, verify identity, etc. It’s all via decentralized protocols.
Within the first 5 months of 2020, the top 7 DEX already achieved the 2019 trading volume. That was $2.5B. DeFi is fueling a lot of this growth.
https://preview.redd.it/1dwvq4e022b51.png?width=700&format=png&auto=webp&s=97a3d756f60239cd147031eb95fc2a981db55943
There are many different flavors of DEX. Some of the early ones included 0x, IDEX, and EtherDelta — all of which had a traditional order book model where buyers are matched with sellers.
Another flavor is the pooled liquidity approach where the price is determined algorithmically based on how much liquidity there is and how much the user wants to buy. This is known as an AMM (Automated Market Maker) — Uniswap and Bancor were early leaders here. Though lately, Balancer has seen incredible growth due mostly to their strong incentives for participation — similar to Compound.
There are some DEXs that are more specialized — for example, Curve and mStable focus mostly only stablecoins. Because of the proliferation of these decentralized exchanges, there are now aggregators that combine and connect the liquidity of many sources. Those include Kyber, Totle, 1Inch, and Dex.ag.
These decentralized exchanges are becoming more and more connected to DeFi because they provide an opportunity for yield and earning interest.
Users can earn passive income by supplying liquidity to these markets. It usually comes in the form of sharing transaction fee revenue (Uniswap) or token rewards (Balancer).
https://preview.redd.it/wrug6lg222b51.png?width=700&format=png&auto=webp&s=9c47a3f2e01426ca87d84b92c1e914db39ff773f

Payments

As it relates to making payments, much of the world is still stuck on plastic cards. We’re grateful to partner with Visa and launch the Genesis Block debit card… but we still don’t believe that's the future of payments. We see that as an important bridge between the past (legacy finance) and the future (crypto).
Our first post in this series shared more on why legacy finance is broken. We talked about the countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). We talked about the slow settlement times.
The future of payments will be much better. Yes, it’ll be from a mobile phone and the user experience will be similar to ApplePay (NFC) or WePay (QR Code).
But more importantly, the underlying assets being moved/exchanged will all be crypto — digital, permissionless, and open source.
Someone making a payment at the grocery store check-out line will be able to open up Genesis Block, use contactless tech or scan a QR code, and instantly pay for their goods. All using crypto. Likely a stablecoin. Settlement will be instant. All the middlemen getting their pound of flesh will be disintermediated. The merchant can make more and the user can spend less. Blockchain FTW!
Now let’s talk about a few projects working in this area. The xDai Burner Wallet experience was incredible at the ETHDenver event a few years ago, but that speed came at the expense of full decentralization (can it be censored or shut down?). Of course, Facebook’s Libra wants to become the new standard for global payments, but many are afraid to give Facebook that much control (newsflash: it isn’t very decentralized).
Bitcoin is decentralized… but it’s slow and volatile. There are strong projects like Lightning Network (Zap example) that are still trying to make it happen. Projects like Connext and OmiseGo are trying to help bring payments to Ethereum. The Flexa project is leveraging the gift card rails, which is a nice hack to leverage existing pipes. And if ETH 2.0 is as fast as they say it will be, then the future of payments could just be a stablecoin like DAI (a token on Ethereum).
In a way, being able to spend crypto on daily expenses is the holy grail of use-cases. It’s still early. It hasn’t yet been solved. But once we achieve this, then we can ultimately and finally say goodbye to the legacy banking & finance world. Employees can be paid in crypto. Employees can spend in crypto. It changes everything.
Legacy finance is hanging on by a thread, and it’s this use-case that they are still clinging to. Once solved, DeFi domination will be complete.
https://preview.redd.it/svft1ce422b51.png?width=700&format=png&auto=webp&s=9a6afc9e9339a3fec29ee2ae743c07c3042ea4ce

Impact on Genesis Block

At Genesis Block, we’re excited to leverage these protocols and take this incredible technology to the world. Many of these protocols are already deeply integrated with our product. In fact, many are essential. The masses won’t know (or care about) what Tether, USDC, or DAI is. They think in dollars, euros, pounds and pesos. So while the user sees their local currency in the app, the underlying technology is all leveraging stablecoins. It’s all on “crypto rails.”
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When users deposit assets into their Genesis Block account, they expect to earn interest. They expect that money to grow. We leverage many of these low-risk lending/exchange DeFi protocols. We lend into decentralized money markets like Compound — where all loans are overcollateralized. Or we supply liquidity to AMM exchanges like Balancer. This allows us to earn interest and generate yield for our depositors. We’re the experts so our users don’t need to be.
We haven’t yet integrated with any of the insurance or investment protocols — but we certainly plan on it. Our infrastructure is built with blockchain technology at the heart and our system is extensible — we’re ready to add assets and protocols when we feel they are ready, safe, secure, and stable. Many of these protocols are still in the experimental phase. It’s still early.
At Genesis Block we’re excited to continue to be at the frontlines of this incredible, innovative, technological revolution called DeFi.
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None of these powerful DeFi protocols will be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to! We’ve discussed this before, these are low-level protocols that need killer applications, like Genesis Block.
So now that we’ve gone a little deeper down the rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why?
Why does any of it matter?
Most of these financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain? Why does it need to be decentralized? What new value is unlocked? Next post, we answer these important questions.
To look at more projects in DeFi, check out DeFi Prime, DeFi Pulse, or Consensys.
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Crypto-Powered: Build on Legacy Finance, Prepare To Die

Crypto-Powered: Build on Legacy Finance, Prepare To Die
The success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy financial infrastructure.
https://reddit.com/link/hmw3sm/video/7sbwo5nh7g951/player
This is the first post of our Crypto-Powered series where we look at what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Today we start a new series called Crypto-Powered. This will be similar to our last series, Spreading Crypto, but now we’re exploring a new theme. At Genesis Block, we’re building a digital bank that’s powered by crypto, blockchain technology, and decentralized protocols. Yes, lots of buzzwords.
What does any of it mean? How does it give us an unfair advantage? What superpowers are unlocked? What are the benefits for users?
In this series, we’ll answer all of these questions. Grab some popcorn. Sit down. Put your feet up. Make yourself comfortable. Let us take you on a journey. Let us be your tour guide down the crypto rabbit hole…
But hold on! Pump those brakes. Before we dive into the crypto rabbit hole, we need to establish some context. We can’t talk about the future of money unless we first understand the problems of money today. We need to understand what’s broken with legacy finance. So let’s do a quick primer on the current state of finance. That will set the stage for the rest of the series. Alright, let’s go.

Fintech & Unbundling

Over the last decade, legacy financial institutions (banks in particular) haven’t been meeting the needs of younger, more digital generations. As a result, fintech startups have emerged and effectively unbundled the consumer banking stack. Whether it was Robinhood for investing, TransferWise for cross-border payments, SoFi for student loans, Wealthfront for wealth management, or Digit for saving… these innovative upstarts all focused on a single use-case and nailed it.
https://preview.redd.it/iwrpg6ek7g951.png?width=800&format=png&auto=webp&s=7648d28955ea4e12795826dc78cdf70d41ffaef1
While great for a period, this led to a lot of fragmentation. Users needed to split their finances across many different services and keep track of what money was where. The cognitive load for many users became overwhelming.

Re-bundling of Finance

As we’ve seen in other industries (eg. media/entertainment), the pendulum swings back to bundled services (Cable TV → Individual Digital Channel Subscriptions → YoutubeTV/Hulu/Disney+), but in a better, more valuable, digital experience for end-users.
https://preview.redd.it/lbmz9gdm7g951.png?width=1200&format=png&auto=webp&s=877da74b64118566a8f630aed706ae1ba6b1ed0f
In the last few years, we’ve started to see a re-bundling of consumer finance. But instead of users going back to traditional banks, the rising generation is choosing to bank directly with these innovative, digital fintech companies.
Each of the startups mentioned above is now offering a more bundled experience with checkings accounts, debit cards, and other financial services. In Europe, we’ve seen the enormous rise of neo/challenger banks like Revolut, Monzo, N26 — all-in-one solutions for modern, consumer finance. That trend is starting to grow in North America with apps like Chime (the original was Simple)
We believe this bundled approach is here to stay — especially for the younger, more mobile, digital generation. They prefer convenient, easy-to-use, all-in-one solutions that require little effort & minimum commitment.
https://preview.redd.it/ko085lp18g951.png?width=800&format=png&auto=webp&s=8ae7e6b87a2a41257fd4816faf60a0bb702c5896

Building on Legacy Finance

While many of these high-flying fintech unicorns have seen incredible success, I believe it will be short-lived as long as they’re building on legacy financial infrastructure. It’s a realization I’ve come to only recently.
In years past, whenever I met a fintech entrepreneur, they’d always suggest that they’d never do a startup in traditional finance again. Too complex. Too expensive. Too slow. I always shrugged it off. Wimps. How hard can it be?
I really didn’t believe or understand that pain until we started Genesis Block. And it wasn’t until we began integrating with some of our partners (Evolve Bank & Trust, I2C, Visa, etc) that I really started to understand.
https://reddit.com/link/hmw3sm/video/vei2flrq7g951/player
The rumors are true. Those fintech entrepreneurs were all right. The pain is real.
Trying to innovate in legacy finance is like running on a hamster wheel blindfolded while powerful, evil rats randomly throw explosives inside.
It feels like you are never making any progress and at any moment you can be destroyed. Luckily at Genesis Block, we’re only integrating with legacy finance at the edges — the onramps and offramps (money in, money out). We’ve worked with great partners and so far have been able to navigate the treacherous terrain.

Legacy Finance is Broken

You must be wondering why and how is it so bad. It’s all the things you’d expect…
The antiquated tech stack of financial institutions. The frustrating process of working with big, bureaucratic, slow-moving organizations. The prehistoric payment systems that haven’t improved in decades (for example, ACH payments and their strange batch processing practices). The countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). The slow settlement times. Systems rife with fraud. An industry oozing with predatory practices and unethical behavior. The moth-eaten laws & regulations that are NOT innovator-friendly (mostly due to powerful Wall Street incumbents who control politicians).
https://reddit.com/link/hmw3sm/video/2hdxxch38g951/player
The list goes on and on. Maybe someday we can dedicate an entire series to it. It’ll be a good bedtime story.
The more familiar I become with how legacy finance works, the more convinced I am that the future of money cannot be built on that foundation.
The fintech darlings of Silicon Valley are all building on extremely shaky ground that is ripe for massive disruption.
They will spend so much time looking backward (integration, compatibility, regulation) that they will have very little time to look forward (innovation, progress, disruption). They will be tangled in the quagmire of archaic tech and the tentacles of outdated regulation.
I don’t believe the ultimate winners in consumer finance will come from the current cohort of fintech unicorns. And that’s because these companies are all building on the pipes of legacy finance.

The Future of Money

The future of money will be built on a foundation that is digital, open-source, permissionless, and decentralized. The future of money will have no borders or middle-men. The future of money will have no institutions or governments controlling or censoring it.
The future of money will be built on blockchain technology. The future of money will be built on “crypto rails.” The future of money is crypto. It’s the missing piece of the internet age — and quite frankly, long overdue.
This is an entirely new paradigm. New infrastructure. New pipes.
https://reddit.com/link/hmw3sm/video/26tjp8vn8g951/player
While blockchain technology provides a strong base, this tech alone won’t be sufficient. As discussed in our last series (Spreading Crypto), these powerful protocols need killer applications to reach broader adoption. The apps need to be simple, convenient, and require no blockchain education. They need to fit nicely within existing workflows and behaviors. A digital bank like Genesis Block is a perfect app to propel crypto to the masses.
At Genesis Block, that’s the foundation we’re building on — a powerful combination of the underlying technology and our unique approach in how it’s delivered.
The future of consumer finance belongs to those who build with blockchain technology & decentralized protocols at its core, and know how to best take it to the billions of people around the world.
That’s our thesis at Genesis Block. Our last series went deep on how the tech reaches and touches end-users. This new series is all about what’s under the hood — crypto & blockchain — and how that gives us an unfair advantage in the world of consumer finance.

Clone Wars

While some fintech products are giving users the ability to buy & hold crypto (Robinhood, Revolut, Cash App), they aren’t leveraging the technology beyond that. And they most certainly aren’t building their infrastructure around it.
So let’s ask the dumb VC question that some of you are thinking: what if these fintech companies or big banks just copy what we’re doing at Genesis Block? What if they add blockchain and crypto?
https://reddit.com/link/hmw3sm/video/c0je9dvx8g951/player
Sorry, you can’t just “add crypto” as if a pizza topping in a Doordash order. That’s not how it works. I mean, you can say you are doing that, but it’s not real. That’s just Innovation Theater.
The systems behind banks and fintech are deeply integrated with legacy financial rails. Trying to retroactively add blockchain in any meaningful way would be like trying to make a 2020 Lambo with a 1910 Ford Model T engine. No matter how talented their engineers are, it just ain’t gonna happen. Not unless they burn it all down and start over. Massive risks. A classic case of Innovator’s Dilemma. Will anyone have the courage? I don’t know. I think they are much more likely to acquire someone like Genesis Block than gamble their entire business on it. But we aren’t cheap.
These new, decentralized protocols are complex, fast-moving, and full of snags. Our team has been in this space for many years — we understand the security tradeoffs, the protocol nuances (we spent a lot of time actually building them), and enough self-awareness to know what we don’t know.
Our team at Genesis Block can run circles around traditional banks and fintech companies. Certainly, they have large audiences and strong balance sheets — which can’t be underestimated. But when it comes to unlocking the enormous, new value to users, as long as the incumbents are building on legacy financial infrastructure, they simply cannot compete with us.

Crypto-Powered

The empires created in the 21st-century world of finance will be crypto-native companies that deeply understand decentralized tech and know how best to leverage it. It will be the teams who build on “crypto rails” first, with bridges back to legacy finance second.
That’s our thesis at Genesis Block. In this series, we intend to lay out a convincing argument for why that’s true.
So now that the stage is set and we’ve introduced the series, I think you’re ready to start learning why blockchain technology is our superpower, our unfair advantage.
You are ready to dive into that crypto rabbit hole.
But first, a word of caution. Once you go in, you may never want to come out. It’s what happened to me and so many others.
Once you see the potential & promise of this incredible technology, you won’t be able to ignore it. You won’t stop thinking about it. It’ll capture your imagination like few other things can.
Don’t be afraid of it. Let it take you.
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Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
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Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
https://preview.redd.it/bizndfpkfu951.png?width=800&format=png&auto=webp&s=456c53b798248e60456a65835a33c69b2fe8daf0

Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Th