Buterin complained about the complexity of Ethereum 2.0
Ethereum co-founder Vitalik Buterin said that he "openly admits" the technical complexity of Ethereum 2.0, which exceeds the expectations of developers. During Peter McCormack's podcast on August 16, Buterin entered into a discussion with Bitcoin maximalist and Chief Strategy Officer of Blockstream, Samson Moe. The topic was the confrontation between the Bitcoin and Ethereum communities and the ability of the latter to meet the expectations placed on it.
McCormack, claiming that he is close to the position of Bitcoin maximalists, asked Buterin: “Have you ever thought that Ethereum was a much more complex project or idea than originally thought? Is it possible that you took the burden uncomfortably? And what is this approaching the point of no return. I definitely admit openly that the implementation of Ethereum 2.0 from a technical perspective turned out to be much more difficult than we expected,” Buterin replied. “But I don’t think we found any fundamental flaws that would make the implementation of our plan impossible. I think we will finish what we started. It’s only a matter of time, and recently we are moving fast enough.
In doing so, he acknowledged that Ethereum may fail in some aspects but succeed in others. “If Ethereum tries to get into one space and is not very useful in it, this area will not get further development. At the same time, other sectors will continue to develop, ”he added. Moe criticized Ethereum proponents for how quickly they change the positioning of cryptocurrency: “There is nothing wrong with spinning and developing, but an obvious warning is needed that this is an experimental project. Now many people call Ethereum money and talk about its competition with Bitcoin. I'm no longer sure what Ethereum is, what it does, and who it competes with. Is this a world computer? Or money? " In response, Buterin urged not to underestimate the capabilities of Ethereum and noted the presence of non-financial applications, which have been an integral part of the project from the very beginning. “I definitely didn’t start to dissolve the idea that ether is money, and the Ethereum Foundation didn’t. These ideas came from outside, "he said
Flamingo fake DeFi token appears on Uniswap
This token was created on Ethereum as an imitation of the original FLM token of the Flamingo decentralized finance protocol, launched on the NEO blockchain last week. The real FLM token was added to the Binance Launchpool on September 23rd, and trading pairs and farming with it on BNB and BUSD deposits have been launched since yesterday. On September 28, FLM was also listed on the OKEx cryptocurrency exchange. On both exchanges, FLM is trading just above $ 1 per token.
Taking advantage of the popularity of FLM, the scammers created a fake FLM token of the ERC20 standard on the Uniswap exchange. Inexperienced users began to rapidly buy up this fake token, and its rate jumped to $ 257 on the second day. When users click on a link to Uniswap, they see a warning, but few people pay attention to it.
It states that anyone can create ERC20 tokens on Ethereum and open trading pairs with it on Uniswap. The uniqueness of the trading symbol is not verified by anyone and the name of the fake token may be the same as that of the original tokens of well-known projects. Uniswap warns traders of potential risks and encourages users to conduct their own analysis of tokens before purchasing them. But the newbies, blinded by greed, close the warning to get the deal done quickly.
The trading volume for the fake token has already exceeded $ 250 thousand and may well grow further, since information about fraud does not spread quickly enough. But on a decentralized exchange, even the administration cannot effectively fight fraudsters, and they can manage to withdraw ETH received for selling a worthless token. Recently, NEO co-founder Da Hongfei said the buzz around the decentralized finance industry will only intensify over time.
On the crypto market
On the crypto market, this translates to a nearly 300% year-to-date surge for stablecoins. Why the piqued interest in stablecoins?
Stablecoins are essentially cryptocurrencies that are backed on a one-to-one basis with an asset, such as the US dollar, or another cryptocurrency or commodity. Examples of dollar-backed stablecoins are the Gemini dollar, USD coins, and Tether, with the latter being the biggest stablecoin by market capitalization.
As stablecoins offer less volatility and are more “stable” assets in nature, they are largely preferred by new investors looking to dip their toe into crypto investments. Stablecoins offer a chance for investors to hedge their funds with less risk and fluctuations as other crypto assets, such as Bitcoin. They seem to be a more attractive option for investors who are looking to diversify their funds amidst the coronavirus pandemic and the global economic uncertainty.
The surge of stablecoins may also be partially due to the emerging interests of crypto investors with the decentralized finance (DeFi) sector. Often, stablecoins are used by DeFi yield farmers to receive crypto funds from various DeFi platforms, such as Uniswap, Aave, and Curve.
Tether stablecoin hits the $15 billion mark
Currently, Tether (USDT), the biggest stablecoin by market capitalization, has also emerged with a record of its own, reaching $15 billion on CoinMarketCap.
There has been an increased demand for dollar-backed cryptos, especially USD-backed Tether, perhaps as a result of Bitcoin – the largest cryptocurrency by market capitalization – undergoing a downtrend earlier this week and most of the crypto market struggling to stay afloat.
TWith stablecoins such as Tether pegged one-to-one with the USD dollar, new investors might also view USDT as a more familiar alternative to move their securities, as it is backed by US currency, which they are familiar in dealing with.
In periods of economic instability, investors looking for hedges may feel more comfortable starting off with Tether and other stablecoins, as opposed to Bitcoins and other cryptocurrencies which may display higher volatility and increased risk.
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US Treasury Department on stablecoins
The Office of the Comptroller of the Currency (OCC) announced earlier this week that national banks and the US Federal Savings Banks authority could hold stablecoin reserves for clients and issuers. In a report outlined by the OCC, a clarification regarding stablecoin regulation was given.
It emphasized that stablecoin activities could be conducted within US national banks, but that they needed to be compliant with anti-money laundering laws and financial laws, such as the Bank Secrecy Act.