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web3 is going just great (web3isgreat@indieweb.social)'s status on Saturday, 24-Jun-2023 02:49:45 JST web3 is going just great

Ponzi scheme promising a blockchain app to identify dogs by their nose-prints scams investors out of $127 million
June 22, 2023
https://web3isgoinggreat.com/?id=dog-noseprint-ponzi-scheme
In conversation Saturday, 24-Jun-2023 02:49:45 JST from indieweb.social permalink
Attachments
1. Ponzi scheme promising a blockchain app to identify dogs by their nose-prints scams investors out of $127 million A company that promised an app that could identify dogs by their nose-prints — built on the blockchain, of course — has been alleged by South Korean police to be "a typical Ponzi scheme" that lured investors with promises of up to 150% returns in 100 days. The company raised around ₩166.4 billion (~$127 million) from approximately 22,000 people. The victims, according to Korean police, are mostly "in their 60s or older with no expertise in cryptocurrencies". As for the noseprint reader, well, it was found to be a fake product that (shockingly) didn't use a blockchain at all. The company had also promised to build "theme parks for pets", but had not leased any of the sites it had identified.
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  Ponzi scheme promising a blockchain app to identify dogs by their nose-prints scams investors out of $127 million
  
  from @molly0xfff
  
  A company that promised an app that could identify dogs by their nose-prints — built on the blockchain, of course — has been alleged by South Korean police to be "a typical Ponzi scheme" that lured investors with promises of up to 150% returns in 100 days. The company raised around ₩166.4 billion (~$127 million) from approximately 22,000 people. The victims, according to Korean police, are mostly "in their 60s or older with no expertise in cryptocurrencies".As for the noseprint reader, well, it was found to be a fake product that (shockingly) didn't use a blockchain at all. The company had also promised to build "theme parks for pets", but had not leased any of the sites it had identified.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Thursday, 01-Jun-2023 01:30:25 JST web3 is going just great

"Charity NFT project" by supposed cancer patient raises $117,000 with stolen art before being exposed as a fraud
May 30, 2023
https://web3isgoinggreat.com/?id=charity-nft-project-by-supposed-cancer-patient-raises-117000-with-stolen-art-before-being-exposed-as-a-fraud
In conversation Thursday, 01-Jun-2023 01:30:25 JST from indieweb.social permalink
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1. "Charity NFT project" by supposed cancer patient raises $117,000 with stolen art before being exposed as a fraud A person claiming to be battling cancer created a "charity NFT project" ostensibly to help with her treatment. She convinced some crypto influencers to promote the project, including Andrew Wang, a popular Twitter account with nearly 200,000 followers. Wang tweeted, "I'll put my rep on the line to say this is for real amidst all the scams in our space". He claimed to have spoken with the NFT project creator's art teacher, writing: "he says she's the best student he's ever had, that her talent is too precious, that she must survive."
  https://cdn.masto.host/indiewebsocial/media_attachments/files/110/464/239/693/482/895/original/a6c92ee31fadc472.png
2. Several hours later, the project creator deleted her Twitter account, and crypto sleuth zachxbt unearthed evidence that the pixel art she had been selling as NFTs had been stolen from various others. Altogether, the "Pixel Penguins" NFT project she promoted raised around 63.5 ETH (~$117,000). Wang later apologized for promoting the scam, claiming that he had tried to do due diligence but had been in contact with her for over a year, and had spoken on the phone with someone claiming to be her art teacher. However, zachxbt wrote, "Seems some people called it out last year. Not sure how much he actually 'verified'".
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  "Charity NFT project" by supposed cancer patient raises $117,000 with stolen art before being exposed as a fraud
  
  from @molly0xfff
  
  A person claiming to be battling cancer created a "charity NFT project" ostensibly to help with her treatment. She convinced some crypto influencers to promote the project, including Andrew Wang, a popular Twitter account with nearly 200,000 followers. Wang tweeted, "I'll put my rep on the line to say this is for real amidst all the scams in our space". He claimed to have spoken with the NFT project creator's art teacher, writing: "he says she's the best student he's ever had, that her talent is too precious, that she must survive."Several hours later, the project creator deleted her Twitter account, and crypto sleuth zachxbt unearthed evidence that the pixel art she had been selling as NFTs had been stolen from various others. Altogether, the "Pixel Penguins" NFT project she promoted raised around 63.5 ETH (~$117,000).Wang later apologized for promoting the scam, claiming that he had tried to do due diligence but had been in contact with her for over a year, and had spoken on the phone with someone claiming to be her art teacher. However, zachxbt wrote, "Seems some people called it out last year. Not sure how much he actually 'verified'".
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web3 is going just great (web3isgreat@indieweb.social)'s status on Thursday, 01-Jun-2023 01:04:23 JST web3 is going just great

Binance reportedly begins layoffs
May 31, 2023
https://web3isgoinggreat.com/?id=binance-reportedly-begins-layoffs
In conversation Thursday, 01-Jun-2023 01:04:23 JST from indieweb.social permalink
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1. Binance reportedly begins layoffs Crypto giant Binance has reportedly begun layoffs, according to independent crypto reporter Colin Wu, who cited several anonymous sources. The layoffs will amount to around 20% of Binance's 8,000-person workforce, said Wu. Binance issued a statement that the firings were related to poor performance and "cultural fit", an unlikely explanation for such a substantial cut. In January 2023, Binance CEO Changpeng Zhao had stated that Binance planned to grow its employee count by 15–30% in 2023, even after more than doubling its employees in 2022. In March, responding to rumors of layoffs, Binance stated that they were "not planning any layoffs" and that in fact they planned to hire more than 500 employees by mid-year.
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  Binance reportedly begins layoffs
  
  from @molly0xfff
  
  Crypto giant Binance has reportedly begun layoffs, according to independent crypto reporter Colin Wu, who cited several anonymous sources. The layoffs will amount to around 20% of Binance's 8,000-person workforce, said Wu.Binance issued a statement that the firings were related to poor performance and "cultural fit", an unlikely explanation for such a substantial cut.In January 2023, Binance CEO Changpeng Zhao had stated that Binance planned to grow its employee count by 15–30% in 2023, even after more than doubling its employees in 2022. In March, responding to rumors of layoffs, Binance stated that they were "not planning any layoffs" and that in fact they planned to hire more than 500 employees by mid-year.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Tuesday, 02-May-2023 02:59:08 JST web3 is going just great

Hacker steals Bitcoins from Russia, destroys them or donates them to Ukraine
April 27, 2023
https://web3isgoinggreat.com/?id=hacker-steals-bitcoins-from-russia-destroys-them-or-donates-them-to-ukraine
In conversation Tuesday, 02-May-2023 02:59:08 JST from indieweb.social permalink
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1. Hacker steals Bitcoins from Russia, destroys them or donates them to Ukraine A thief has identified nearly 1,000 Bitcoin addresses they believe to have been used in connection with Russian hacking activity. This is partly backed by analysis from the blockchain research group Chainalysis, which has linked some of the wallets to Russian Solarwinds attackers and those pushing election disinformation. The thief took control of some of the wallets, destroying $300,000 worth of Bitcoin as they left messages in the transactions to make their allegations. The thief's activity began shortly before the Russian invasion of Ukraine. After the invasion, the thief stopped destroying the Bitcoin and instead began transferring it to addresses identified for Ukrainian aid.
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  Hacker steals Bitcoins from Russia, destroys them or donates them to Ukraine
  
  from @molly0xfff
  
  A thief has identified nearly 1,000 Bitcoin addresses they believe to have been used in connection with Russian hacking activity. This is partly backed by analysis from the blockchain research group Chainalysis, which has linked some of the wallets to Russian Solarwinds attackers and those pushing election disinformation. The thief took control of some of the wallets, destroying $300,000 worth of Bitcoin as they left messages in the transactions to make their allegations.The thief's activity began shortly before the Russian invasion of Ukraine. After the invasion, the thief stopped destroying the Bitcoin and instead began transferring it to addresses identified for Ukrainian aid.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Monday, 01-May-2023 11:31:20 JST web3 is going just great

AT&T customers suffer crypto wallet compromises reportedly totaling $15–$20 million
April 26, 2023
https://web3isgoinggreat.com/?id=att-customers-suffer-crypto-wallet-compromises
In conversation Monday, 01-May-2023 11:31:20 JST from indieweb.social permalink
Attachments
1. AT&T customers suffer crypto wallet compromises reportedly totaling $15–$20 million TechCrunch reported that attackers were able to gain access to AT&T email accounts which they then used to gain access to customers' cryptocurrency accounts. Various customers reported their accounts at exchanges including Coinbase and Gemini had been drained. One individual victim lost $134,000 from their Coinbase account. An anonymous source corresponding with TechCrunch claims that the total amount of cryptocurrency stolen is somewhere between $15 million and $20 million. The tipster also claimed that the hackers have the ability to gain access to any AT&T account via the AT&T employee portal; AT&T has denied this and instead claimed that "the bad actors used an API access."
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  AT&T customers suffer crypto wallet compromises reportedly totaling $15–$20 million
  
  from @molly0xfff
  
  TechCrunch reported that attackers were able to gain access to AT&T email accounts which they then used to gain access to customers' cryptocurrency accounts. Various customers reported their accounts at exchanges including Coinbase and Gemini had been drained. One individual victim lost $134,000 from their Coinbase account.An anonymous source corresponding with TechCrunch claims that the total amount of cryptocurrency stolen is somewhere between $15 million and $20 million. The tipster also claimed that the hackers have the ability to gain access to any AT&T account via the AT&T employee portal; AT&T has denied this and instead claimed that "the bad actors used an API access."
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web3 is going just great (web3isgreat@indieweb.social)'s status on Saturday, 08-Apr-2023 09:09:53 JST web3 is going just great

Someone steals the Bored Ape belonging to former football star Dez Bryant
April 7, 2023
https://web3isgoinggreat.com/?id=someone-steals-the-bored-ape-belonging-to-former-football-star-dez-bryant
In conversation Saturday, 08-Apr-2023 09:09:53 JST from indieweb.social permalink
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1. Someone steals the Bored Ape belonging to former football star Dez Bryant The latest ape escape has affected Dez Bryant, a former NFL player now turned "web3 innovator". Bryant was the proud owner of Bored Ape #2902, an ape with leopard print skin wearing shades, a sailor shirt, and a crown. However, on April 7, Bryant was apparently hacked, and the thief stole not only his ape but Moonbirds, World of Women, and RumbleKongLeague NFTs (one each) and some various cryptocurrencies. The Bored Ape would likely fetch somewhere around $125,000 if resold. The other three NFTs would likely resell for somewhere around $8,700. Together with around $3,400 in stolen tokens, Bryant's total loss is around $139,000. After some observers spotted the suspicious-looking transactions, Bryant confirmed on Twitter: "Yes my ape was stolen and I don't know how this is crazy".
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  Someone steals the Bored Ape belonging to former football star Dez Bryant
  
  from @molly0xfff
  
  The latest ape escape has affected Dez Bryant, a former NFL player now turned "web3 innovator". Bryant was the proud owner of Bored Ape #2902, an ape with leopard print skin wearing shades, a sailor shirt, and a crown. However, on April 7, Bryant was apparently hacked, and the thief stole not only his ape but Moonbirds, World of Women, and RumbleKongLeague NFTs (one each) and some various cryptocurrencies.The Bored Ape would likely fetch somewhere around $125,000 if resold. The other three NFTs would likely resell for somewhere around $8,700. Together with around $3,400 in stolen tokens, Bryant's total loss is around $139,000.After some observers spotted the suspicious-looking transactions, Bryant confirmed on Twitter: "Yes my ape was stolen and I don't know how this is crazy".
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web3 is going just great (web3isgreat@indieweb.social)'s status on Saturday, 08-Apr-2023 09:09:52 JST web3 is going just great
in reply to

my god... those heartless bastards even stole all his MILF tokens
In conversation Saturday, 08-Apr-2023 09:09:52 JST from indieweb.social permalink
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1. Timestamp: 18 hrs 33 mins ago (Apr-07-2023 05:30:59 AM +UTC)|Confirmed within 5 secs Sponsored: From: 0xD5DeA80beF02942C9787434B804b7202697623A4 Interacted With (To): 0x0Dd1989e4B0E82f154b729FF47F8c9a4f4b2cC1C ERC-20 Tokens Transferred: From 0xA4A8d4...fb876338 To Fake_Phishing178718 For 11,208,825 Milf Token... (MILF...)
  https://cdn.masto.host/indiewebsocial/media_attachments/files/110/160/273/964/039/428/original/cdad10195a0b780e.png
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web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:28:44 JST web3 is going just great
in reply to

https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-depegs-from-1-circle-says-operations-are-normal/
In conversation Sunday, 12-Mar-2023 00:28:44 JST from indieweb.social permalink
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1. No result found on File_thumbnail lookup.
  
  USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal
  
  from Sage D. Young
  
  USDC/USDT dropped as low as $0.94 on Kraken, its lowest level since April 2021.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:28:17 JST web3 is going just great
in reply to

Per Circle: $3.3 billion, or about one third of USDC's $9.88 billion cash reserves, are with Silicon Valley Bank. https://nitter.net/circle/status/1634391505988206592
In conversation Sunday, 12-Mar-2023 00:28:17 JST from indieweb.social permalink
Attachments
1. Tweet by Circle (@circle): 1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB. Tweet by Circle (@circle): 2/ Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators.
  https://cdn.masto.host/indiewebsocial/media_attachments/files/110/002/574/802/422/803/original/8ef4756d8d98527a.png
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  https://twitter.com/circle/status/1634391505988206592
  
  from Circle
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web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:27:57 JST web3 is going just great
in reply to

Some in crypto have been tearing their hair out that Circle has not yet released a statement about the portion of cash reserves kept at SVB.
Circle finally just released the most non-statement statement, which needless to say has not reassured folks: https://nitter.net/circle/status/1634341007306248199
In conversation Sunday, 12-Mar-2023 00:27:57 JST from indieweb.social permalink
Attachments
1. Tweet by Circle @circle: Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. https://circle.com/en/transparency
  https://cdn.masto.host/indiewebsocial/media_attachments/files/110/001/689/540/446/573/original/ce902b27572cf777.png
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  https://twitter.com/circle/status/1634341007306248199
  
  from Circle
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web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:27:43 JST web3 is going just great

Silicon Valley Bank collapse causes crypto contagion concerns
March 10, 2023
https://web3isgoinggreat.com/?id=silicon-valley-bank-collapse-causes-crypto-contagion-concerns
In conversation Sunday, 12-Mar-2023 00:27:43 JST from indieweb.social permalink
Attachments
1. Silicon Valley Bank collapse causes crypto contagion concerns Although it doesn't seem that it was exposure to the crypto industry that did in Silicon Valley Bank (unlike with fellow failed bank Silvergate), the crypto industry has been showing signs of concern that SVB's collapse may impact crypto businesses. In particular, there are fears around the fact that Circle, the company that backs the major USDC stablecoin, kept some of its cash reserves with SVB. As of Circle's January attestation, an undisclosed portion of Circle's $9.88 billion in cash reserves backing USDC were kept with Silicon Valley Bank. It's not clear if any of those reserves were withdrawn prior to SVB's collapse, or what portion of those reserves were with SVB to begin with. SVB was also the preferred bank for various giants in the crypto VC world, including Andreessen Horowitz and Sequoia Capital. Pantera Capital also used SVB as a custodian.
  https://cdn.masto.host/indiewebsocial/media_attachments/files/110/001/584/542/981/453/original/d7274f19c7644f35.png
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  Silicon Valley Bank collapse causes crypto contagion concerns
  
  from @molly0xfff
  
  Although it doesn't seem that it was exposure to the crypto industry that did in Silicon Valley Bank (unlike with fellow failed bank Silvergate), the crypto industry has been showing signs of concern that SVB's collapse may impact crypto businesses. In particular, there are fears around the fact that Circle, the company that backs the major USDC stablecoin, kept some of its cash reserves with SVB. Circle disclosed that around $3.3 billion, or around one-third of USDC's $9.88 billion in cash reserves backing USDC, was kept with Silicon Valley Bank.SVB was also the preferred bank for various giants in the crypto VC world, including Andreessen Horowitz and Sequoia Capital. Pantera Capital also used SVB as a custodian.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Saturday, 11-Mar-2023 14:42:10 JST web3 is going just great

USDC loses peg to the dollar
March 10, 2023
https://web3isgoinggreat.com/?id=usdc-loses-peg-to-the-dollar
In conversation Saturday, 11-Mar-2023 14:42:10 JST from indieweb.social permalink
Attachments
1. USDC loses peg to the dollar The major stablecoin USDC lost its peg to the US dollar on March 10. Earlier that day, the collapse of the Silicon Valley Bank sent shockwaves through the financial system, and some in crypto were concerned about possible contagion to crypto companies. In particular, it was known that some of Circle's cash reserves backing USDC were stored at SVB, but it wasn't clear quite how much. After some delay, Circle disclosed that $3.3 billion of their roughly $10 billion in cash reserves were stored with SVB. That evening, Coinbase announced they would be pausing USDC redemptions for dollars until the following Monday, claiming it was only because in times of high volume, they needed to process transfers via the traditional banking system. Despite their stated reason, this deepened fears about the stability of USDC, which is supported in part by Coinbase.
  https://cdn.masto.host/indiewebsocial/media_attachments/files/110/002/990/012/591/707/original/4578f94814bd4ec6.png
2. The price of USDC began to wobble on smaller, less liquid exchanges like Gemini and Kraken before the issue was reflected more widely. However, most exchanges were showing USDC trading at prices between $0.90 and $0.98 later that night — a noticeable departure from USDC's normally fairly steady peg. A sustained de-peg would wreak havoc on the crypto industry, where USDC is the second largest stablecoin and boasted a $43 billion market cap (at least before substantial outflows surrounding the SVB concern). Other stablecoins even have exposure to USDC, with both FRAX and DAI using USDC for significant portions of their collateral.
  https://cdn.masto.host/indiewebsocial/media_attachments/files/110/002/990/532/656/583/original/a3b26b7491d49e76.png
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  USDC loses peg to the dollar
  
  from @molly0xfff
  
  The major stablecoin USDC lost its peg to the US dollar on March 10. Earlier that day, the collapse of the Silicon Valley Bank sent shockwaves through the financial system, and some in crypto were concerned about possible contagion to crypto companies. In particular, it was known that some of Circle's cash reserves backing USDC were stored at SVB, but it wasn't clear quite how much. After some delay, Circle disclosed that $3.3 billion of their roughly $10 billion in cash reserves were stored with SVB.That evening, Coinbase announced they would be pausing USDC redemptions for dollars until the following Monday, claiming it was only because in times of high volume, they needed to process transfers via the traditional banking system. Despite their stated reason, this deepened fears about the stability of USDC, which is supported in part by Coinbase.The price of USDC began to wobble on smaller, less liquid exchanges like Gemini and Kraken before the issue was reflected more widely. However, most exchanges were showing USDC trading at prices between $0.90 and $0.98 later that night — a noticeable departure from USDC's normally fairly steady peg.A sustained de-peg would wreak havoc on the crypto industry, where USDC is the second largest stablecoin and boasted a $43 billion market cap (at least before substantial outflows surrounding the SVB concern). Other stablecoins even have exposure to USDC, with both FRAX and DAI using USDC for significant portions of their collateral.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Friday, 17-Feb-2023 08:14:23 JST web3 is going just great

Platypus Finance stablecoin exploited for $8.5 million ten days after launch
February 16, 2023
https://web3isgoinggreat.com/?id=platypus-finance-stablecoin-exploited
In conversation Friday, 17-Feb-2023 08:14:23 JST from indieweb.social permalink
Attachments
1. Platypus Finance stablecoin exploited for $8.5 million ten days after launch Platypus USD, a stablecoin issued by the Platypus Finance defi protocol, was exploited only ten days after it first launched. The loss was estimated to be around $8.5 million, although crypto researcher zachxbt observed that Tether had blacklisted the attacker contract shortly after the theft. The exploit was a flash loan attack that allowed them to drain some protocol pools, also causing the stablecoin to lose its dollar peg and drop to around $0.48. A team member reported on the project's Discord that "all operations are paused until we get more clarity".
  https://cdn.masto.host/indiewebsocial/media_attachments/files/109/876/867/181/758/899/original/108db4c7f4f02c79.png
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  Platypus Finance stablecoin exploited for $8.5 million ten days after launch
  
  from @molly0xfff
  
  Platypus USD, a stablecoin issued by the Platypus Finance defi protocol, was exploited only ten days after it first launched. The loss was estimated to be around $8.5 million, although crypto researcher zachxbt observed that Tether had blacklisted the attacker contract shortly after the theft.The exploit was a flash loan attack that allowed them to drain some protocol pools, also causing the stablecoin to lose its dollar peg and drop to around $0.48. A team member reported on the project's Discord that "all operations are paused until we get more clarity".
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web3 is going just great (web3isgreat@indieweb.social)'s status on Tuesday, 22-Nov-2022 08:28:27 JST web3 is going just great

Coachella NFTs stop working due to FTX collapse
November 15, 2022
https://web3isgoinggreat.com/?id=coachella-nfts-stop-working-due-to-ftx-collapse
In conversation Tuesday, 22-Nov-2022 08:28:27 JST from indieweb.social permalink
Attachments
1. Coachella NFTs stop working due to FTX collapse Coachella partnered with FTX to sell a collection of NFTs in February, ultimately raking in around $1.5 million. The NFTs were paired with physical items—Coachella passes, art prints, and photo books—and the NFT owners had the option to "redeem" their NFT to receive the item. However, all of this was done through FTX, and with FTX no longer fully operational, redemptions are no longer possible. The FTX server storing the artwork for the NFTs was also intermittently available, so holders reported seeing broken images when going to view their NFT. Ten of the NFTs in the collection came with lifetime passes to Coachella, and sold for six figures. Each year, the NFT holder has to go through the redemption process to obtain their festival pass. Many of the token owners bought their NFTs with FTX and simply left them in their accounts on the platform. Some were able to transfer their tokens before FTX's NFT platform stopped operating, but man
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  Coachella NFTs stop working due to FTX collapse
  
  from @molly0xfff
  
  Coachella partnered with FTX to sell a collection of NFTs in February, ultimately raking in around $1.5 million. The NFTs were paired with physical items—Coachella passes, art prints, and photo books—and the NFT owners had the option to "redeem" their NFT to receive the item. However, all of this was done through FTX, and with FTX no longer fully operational, redemptions are no longer possible. The FTX server storing the artwork for the NFTs was also intermittently available, so holders reported seeing broken images when going to view their NFT.Ten of the NFTs in the collection came with lifetime passes to Coachella, and sold for six figures. Each year, the NFT holder has to go through the redemption process to obtain their festival pass.Many of the token owners bought their NFTs with FTX and simply left them in their accounts on the platform. Some were able to transfer their tokens before FTX's NFT platform stopped operating, but many did not.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Saturday, 01-Oct-2022 22:25:06 JST web3 is going just great

One misconfigured node apparently takes the entire Solana network offline
September 30, 2022
https://web3isgoinggreat.com/?id=one-misconfigured-node-apparently-takes-the-entire-solana-network-offline
In conversation Saturday, 01-Oct-2022 22:25:06 JST from indieweb.social permalink
Attachments
1. One misconfigured node apparently takes the entire Solana network offline In the latest illustration of our marvelous new decentralized, resilient blockchain future, one single Solana node apparently was able to take down the entire Solana network. Solana outages are nothing new, and tend to end (as this one did) with Solana issuing instructions to the people who run their validators, asking them all to turn them off and on again. A validator operator reported that "It appears a misconfigured node caused an unrecoverable partition in the network." It's a bit startling that, in a supposedly decentralized network, one single node can bring the entire network offline.
  https://cdn.masto.host/indiewebsocial/media_attachments/files/109/090/652/045/990/537/original/4d49300873f448cb.jpg
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  One misconfigured node apparently takes the entire Solana network offline
  
  from @molly0xfff
  
  In the latest illustration of our marvelous new decentralized, resilient blockchain future, one single Solana node apparently was able to take down the entire Solana network. Solana outages are nothing new, and tend to end (as this one did) with Solana issuing instructions to the people who run their validators, asking them all to turn them off and on again.A validator operator reported that "It appears a misconfigured node caused an unrecoverable partition in the network." It's a bit startling that, in a supposedly decentralized network, one single node can bring the entire network offline.
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web3 is going just great (web3isgreat@indieweb.social)'s status on Saturday, 01-Oct-2022 12:22:11 JST web3 is going just great

Elon Musk's texts reveal his ideas for a blockchain-based Twitter
September 29, 2022
https://web3isgoinggreat.com/?id=elon-musks-texts-reveal-his-ideas-for-a-blockchain-based-twitter
In conversation Saturday, 01-Oct-2022 12:22:11 JST from indieweb.social permalink
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1. Elon Musk's texts reveal his ideas for a blockchain-based Twitter Texts exposed in the discovery process during the Elon Musk v. Twitter lawsuit have exposed not just a number of high-profile people embarrassingly simping for Musk, but also Musk's ideas about Twitter-but-on-the-blockchain. In a text sent to his brother, Msuk wrote, "I have an idea for a blockchain social media system that does both payments and short text messages/links like twitter. You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. There is no throat to choke, so free speech is guaranteed." In another message, to the president of his Boring Company, Musk narrowed in on an amount: 0.1 Doge per tweet or retweet. At today's prices, at 0.1 Doge per tweet, 1¢ would buy you about 160 tweets. Musk's idea that there is some magical amount of money that ordinary people are willing to pay to send out a tweet or a retweet, but that spammers are not willin
  https://cdn.masto.host/indiewebsocial/media_attachments/files/109/090/853/467/151/761/original/a095a8e2c896e8bf.jpg
2. As with many of Musk's ideas, the idea for a blockchain-based "free speech" social network is not new. On one of the more popular such services, BitClout, the home page shows posts such as "are there actually real ppl here, or only 'marketing' and ai-generated art?" It costs $0.01 to create a profile or to begin a tutorial on how to use the site. Out of the list of ten top-ranked creators on the site, the top two (Elon Musk and Naval Ravikant) haven't even signed up yet, and another five haven't posted in months. Musk appeared to later toss out his blockchain social network idea, though not for spam reasons: "Blockchain twitter isn't possible, as the bandwidth and latency requirements cannot be supported by a peer to peer network, unless those 'peers' are absolutely gigantic, thus defeating the purpose of a decentralised network".
  https://cdn.masto.host/indiewebsocial/media_attachments/files/109/090/853/688/719/653/original/a1b164cbda2269ff.jpg
3. Domain not in remote thumbnail source whitelist: storage.googleapis.com
  
  Elon Musk's texts reveal his ideas for a blockchain-based Twitter
  
  from @molly0xfff
  
  Texts exposed in the discovery process during the Elon Musk v. Twitter lawsuit have exposed not just a number of high-profile people embarrassingly simping for Musk, but also Musk's ideas about Twitter-but-on-the-blockchain.In a text sent to his brother, Msuk wrote, "I have an idea for a blockchain social media system that does both payments and short text messages/links like twitter. You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. There is no throat to choke, so free speech is guaranteed." In another message, to the president of his Boring Company, Musk narrowed in on an amount: 0.1 Doge per tweet or retweet. At today's prices, at 0.1 Doge per tweet, 1¢ would buy you about 160 tweets.Musk's idea that there is some magical amount of money that ordinary people are willing to pay to send out a tweet or a retweet, but that spammers are not willing to pay to spam, seems preposterous. And given that "free speech is guaranteed" and blockchains are immutable, he would really need to hope that he finds this amount, because otherwise there's going to be a lot of spam permanently stored on Web3 Twitter.As with many of Musk's ideas, the idea for a blockchain-based "free speech" social network is not new. On one of the more popular such services, BitClout, the home page shows posts such as "are there actually real ppl here, or only 'marketing' and ai-generated art?" It costs $0.01 to create a profile or to begin a tutorial on how to use the site. Out of the list of ten top-ranked creators on the site, the top two (Elon Musk and Naval Ravikant) haven't even signed up yet, and another five haven't posted in months.Musk appeared to later toss out his blockchain social network idea, though not for spam reasons: "Blockchain twitter isn't possible, as the bandwidth and latency requirements cannot be supported by a peer to peer network, unless those 'peers' are absolutely gigantic, thus defeating the purpose of a decentralised network".
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web3 is going just great (web3isgreat@indieweb.social)'s status on Tuesday, 06-Sep-2022 03:33:12 JST web3 is going just great

Islamic State tests out NFTs
September 4, 2022
https://web3isgoinggreat.com/?id=islamic-state-tests-out-nfts
In conversation Tuesday, 06-Sep-2022 03:33:12 JST from indieweb.social permalink
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1. Islamic State tests out NFTs In the apparent "first known nonfungible token created and disseminated by a terrorist sympathizer", a supporter of the Islamic State has minted an NFT with a message praising an attack on a mosque in Kabul, Afghanistan. According to former U.S. intelligence officials cited by The Wall Street Journal the NFT is likely an experiment with new funding and channels for propaganda. The token was briefly listed on OpenSea, Rarible, and various other marketplaces before those marketplaces took it down. However, because it was minted on the blockchain, the token itself cannot be removed. "It's very much an experiment...to find ways to make content indestructible," said Raphael Gluck, a co-founder of a jihadist research group.
  https://cdn.masto.host/indiewebsocial/media_attachments/files/108/947/198/652/706/567/original/21cd58f63e7d1525.jpg
2. Domain not in remote thumbnail source whitelist: storage.googleapis.com
  
  Islamic State tests out NFTs
  
  from @molly0xfff
  
  In the apparent "first known nonfungible token created and disseminated by a terrorist sympathizer", a supporter of the Islamic State has minted an NFT with a message praising an attack on a mosque in Kabul, Afghanistan. According to former U.S. intelligence officials cited by The Wall Street Journal the NFT is likely an experiment with new funding and channels for propaganda.The token was briefly listed on OpenSea, Rarible, and various other marketplaces before those marketplaces took it down. However, because it was minted on the blockchain, the token itself cannot be removed. "It's very much an experiment...to find ways to make content indestructible," said Raphael Gluck, a co-founder of a jihadist research group.

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web3 is going just great

only some of the many disasters happening in crypto, defi, NFTs, and other blockchain-based projects • created by @molly0xfff

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