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#BTC i am bullish in btc
#BTC i am bullish in btc
Does the USD always lose value? Yes and no! Here is why!If you talk to most gold or crypto fans, you will inevitably hear the story that the US dollar loses value every year. You can see this with the red dotted line below. The reason for this seems to be that there is always some sort of money printing, aka inflation, that debases the currency. But this is only partially true because it doesn't take into account the interest rates that people get for their USD when they save it. If you look at the blue line, you can see how the value of your USD changes when you consider the red dotted line (inflation only), while adding in interest earnings. The purchasing power of the USD actually went up a lot before the money printing galore after the Great Financial Crisis in 2008. Since then, however, it has been declining for the past 15 years. Nevertheless, it is important to stay intellectually honest and be careful when denying that the USD is actually a pretty good store of value. I have shared in smaller circles that I have actually locked in some of my purchasing power in USD at a guaranteed 5.5% per year for the next 25 years. Why is that? I would have locked it in even longer, but no one offered to pay me 5.5% per year if I gave them USD now, plus pay me back the USD then. My family and I can easily live on that 5.5% as long as inflation averages less than 5.5% per year. So the basic gamble I am making here is whether inflation stays above or below 5.5% on average over 25 years. If it turns out to be a bad investment, I am fine because my other investments (stocks, #ethereum) will probably do well. If it turns out to be a good investment, I am ok too. Always a win, regardless of what direction. That's the goal of investing.

Does the USD always lose value? Yes and no! Here is why!

If you talk to most gold or crypto fans, you will inevitably hear the story that the US dollar loses value every year. You can see this with the red dotted line below. The reason for this seems to be that there is always some sort of money printing, aka inflation, that debases the currency. But this is only partially true because it doesn't take into account the interest rates that people get for their USD when they save it.

If you look at the blue line, you can see how the value of your USD changes when you consider the red dotted line (inflation only), while adding in interest earnings. The purchasing power of the USD actually went up a lot before the money printing galore after the Great Financial Crisis in 2008. Since then, however, it has been declining for the past 15 years. Nevertheless, it is important to stay intellectually honest and be careful when denying that the USD is actually a pretty good store of value.

I have shared in smaller circles that I have actually locked in some of my purchasing power in USD at a guaranteed 5.5% per year for the next 25 years. Why is that? I would have locked it in even longer, but no one offered to pay me 5.5% per year if I gave them USD now, plus pay me back the USD then. My family and I can easily live on that 5.5% as long as inflation averages less than 5.5% per year. So the basic gamble I am making here is whether inflation stays above or below 5.5% on average over 25 years.

If it turns out to be a bad investment, I am fine because my other investments (stocks, #ethereum) will probably do well. If it turns out to be a good investment, I am ok too. Always a win, regardless of what direction. That's the goal of investing.
Bitcoin Crash: WTF just happened?!Ok, so wtf just happened? A quick 6am (just woke up in tbilisi) analysis going through Twitter, Whale Groups and my DMs. What we notice, is: After a period of Nothing, suddenly RED! First thought for most people: Past Performance equals Future Performance (this is sarcasm if you don't get it, yet most people truly believe this) and look for Technical Analysis... Ah, true, this line f-ed this line, so yeah... For fuck's sake... stop listening to TA! So, when you truly look at it, what becomes clear very fast, that this sell-off got triggered by something on the spot market, and then caused massive liquidations on the futures. How do you know this? Well, data: So, what triggered the liquidations? 3 potential candidates: Candidate 1: Space X selling their BTC. I think this is a non-event, as it happened way earlier and doesn't fit with the timeline. Candidate 2: Evergrande filing for bankruptcy. I give this a very high probability for being the culprit, as it is massive news AND stocks also sold off because of it, especially after hours!! Candidate 3: Grayscale converting to an ETF on Friday. As mentioned countless of times before, all Bitcoin Spot ETFs are bullish except for this one, due to the risk free arbitrage of long GBTC & Short BTC. Which is what we are seeing right now!! Possible, but speculation. Where do we go from here? We are seeing a 2023 where Binance doesn't have to offload their USD treasury anymore and it is painful... Expect more of that :( There is a silver lining though: Price is already recovering and... you can't be taxed on losses... Have a god Friday Everyone! Stay Strong!

Bitcoin Crash: WTF just happened?!

Ok, so wtf just happened? A quick 6am (just woke up in tbilisi) analysis going through Twitter, Whale Groups and my DMs. What we notice, is: After a period of Nothing, suddenly RED!

First thought for most people: Past Performance equals Future Performance (this is sarcasm if you don't get it, yet most people truly believe this) and look for Technical Analysis... Ah, true, this line f-ed this line, so yeah... For fuck's sake... stop listening to TA!

So, when you truly look at it, what becomes clear very fast, that this sell-off got triggered by something on the spot market, and then caused massive liquidations on the futures. How do you know this? Well, data:

So, what triggered the liquidations? 3 potential candidates:

Candidate 1: Space X selling their BTC. I think this is a non-event, as it happened way earlier and doesn't fit with the timeline.

Candidate 2: Evergrande filing for bankruptcy. I give this a very high probability for being the culprit, as it is massive news AND stocks also sold off because of it, especially after hours!!

Candidate 3: Grayscale converting to an ETF on Friday. As mentioned countless of times before, all Bitcoin Spot ETFs are bullish except for this one, due to the risk free arbitrage of long GBTC & Short BTC. Which is what we are seeing right now!! Possible, but speculation.

Where do we go from here? We are seeing a 2023 where Binance doesn't have to offload their USD treasury anymore and it is painful... Expect more of that :(

There is a silver lining though: Price is already recovering and... you can't be taxed on losses... Have a god Friday Everyone! Stay Strong!
7 Market Movers to Watch in the Next Week: An Exciting Start to Q3 2023As we dive into the 27th week of 2023, it is the start of a new week, month, quarter, and the second half of the year. The market is buzzing with anticipation. And, to add to the excitement, this week is shorter because of the July 4th holiday, making Monday a gap day. With so much happening, let's not waste any time and get straight into the seven things you should watch in the markets next week: A Unique Start to the Week: This week is unique as it marks the start of a new week, month, quarter, and the second half of the year. And it’s a short week due to the July 4thholiday, meaning that Monday is a gap day. As traders get back to their desks after the long weekend on Wednesday, July 5th, expect the markets to react in response to the accumulated news. Crypto: ETF Hope vs. Crackdown: The crypto market is caught in a tug of war between the hope for approval of crypto ETFs and the crackdown by US regulators. This ongoing battle has the potential to create significant volatility in the crypto markets. Keep an eye on any announcements or rumors about ETF approvals or increased regulation, like we have seen on Friday with SEC looking for further clarifications. FOMC Minutes: On Wednesday, the Federal Reserve will release the minutes from its most recent FOMC meeting. The U.S. central bank held interest rates steady after hiking them 10 times consecutively since March of the previous year to curb four-decade-high inflation. Now, traders project almost a 90% chance of a 25 basis points hike at the next policy meeting in July, according to the CME Group's fed funds futures data. I am not expecting much movement on Wednesday though, since everyone is expecting this and the minutes shouldn't show anything else. Tesla’s Delivery Reports and Tech Results:Later in the week, we’ll see Tesla reporting its delivery numbers. The question is whether these will justify the recent rally. Keep a keen eye on this, as well as the rest of the tech industry's Q2 results - particularly companies working in AI. Their performance could set the tone for the tech sector's direction in the 2nd half of the year and Tesla's performance, may give us an indication of where we are going. Escalations in France: The situation in France is escalating, and the question is whether this will spread to the rest of Europe. Keep a watchful eye on the news and how European markets react. Turbulence in this region could potentially ripple through global markets. Russia Conflict: Any updates regarding the conflict with Russia will be crucial. The possibility of a fightback could potentially impact global politics and markets. Watch out for news from this front that could affect energy markets, defense stocks, and overall geopolitical stability. ⁠Hong Kong establishes task force to advance Web3 development The task force will advise on the “sustainable and responsible” development of Web3 in Hong Kong, according to the statement. These are the key market movers to keep an eye on in the coming week. As always, stay vigilant, stay informed, and let's look forward to another week of market action! DYOR

7 Market Movers to Watch in the Next Week: An Exciting Start to Q3 2023

As we dive into the 27th week of 2023, it is the start of a new week, month, quarter, and the second half of the year. The market is buzzing with anticipation. And, to add to the excitement, this week is shorter because of the July 4th holiday, making Monday a gap day. With so much happening, let's not waste any time and get straight into the seven things you should watch in the markets next week:

A Unique Start to the Week: This week is unique as it marks the start of a new week, month, quarter, and the second half of the year. And it’s a short week due to the July 4thholiday, meaning that Monday is a gap day. As traders get back to their desks after the long weekend on Wednesday, July 5th, expect the markets to react in response to the accumulated news.

Crypto: ETF Hope vs. Crackdown: The crypto market is caught in a tug of war between the hope for approval of crypto ETFs and the crackdown by US regulators. This ongoing battle has the potential to create significant volatility in the crypto markets. Keep an eye on any announcements or rumors about ETF approvals or increased regulation, like we have seen on Friday with SEC looking for further clarifications.

FOMC Minutes: On Wednesday, the Federal Reserve will release the minutes from its most recent FOMC meeting. The U.S. central bank held interest rates steady after hiking them 10 times consecutively since March of the previous year to curb four-decade-high inflation. Now, traders project almost a 90% chance of a 25 basis points hike at the next policy meeting in July, according to the CME Group's fed funds futures data. I am not expecting much movement on Wednesday though, since everyone is expecting this and the minutes shouldn't show anything else.

Tesla’s Delivery Reports and Tech Results:Later in the week, we’ll see Tesla reporting its delivery numbers. The question is whether these will justify the recent rally. Keep a keen eye on this, as well as the rest of the tech industry's Q2 results - particularly companies working in AI. Their performance could set the tone for the tech sector's direction in the 2nd half of the year and Tesla's performance, may give us an indication of where we are going.

Escalations in France: The situation in France is escalating, and the question is whether this will spread to the rest of Europe. Keep a watchful eye on the news and how European markets react. Turbulence in this region could potentially ripple through global markets.

Russia Conflict: Any updates regarding the conflict with Russia will be crucial. The possibility of a fightback could potentially impact global politics and markets. Watch out for news from this front that could affect energy markets, defense stocks, and overall geopolitical stability.

⁠Hong Kong establishes task force to advance Web3 development

The task force will advise on the “sustainable and responsible” development of Web3 in Hong Kong, according to the statement.

These are the key market movers to keep an eye on in the coming week. As always, stay vigilant, stay informed, and let's look forward to another week of market action! DYOR
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THE AI Ultimate Guide: Why You Should Use TrustWallet APP
Secure and Free: Trust Wallet is built with a strong focus on security. It employs industry-leading encryption techniques to safeguard your funds. Using Trust Wallet is completely free.

It’s easier to have everything in one place. Trust Wallet supports more than 70 blockchains, meaning there are hundreds of thousands of supported cryptocurrencies and tokens

It’s never been easier to send and receive crypto. You can send crypto to regular blockchain addresses, QR codes, or simple address names like ENS, SPACE ID, and Unstoppable Domains straight from your phone!

Trust Wallet supports the staking of multiple cryptocurrencies, including Tezos, Tron, Cosmos, Algorand, and more. Easily stake your crypto to earn more with no hassle.

Buy crypto with your card Trust Wallet has integrated multiple card payment processors, which means that you can buy your favorite cryptocurrencies without leaving the app.

Have you ever wished you could trade crypto without leaving your wallet? Well, now you can. Trust Wallet has two different services that make this possible: swap and exchange.

Withdraw Crypto to Your Bank Card Directly from Trust Wallet App

@mirro0x
THE AI Ultimate Guide: Why You Should Use TrustWallet APPSecure and Free: Trust Wallet is built with a strong focus on security. It employs industry-leading encryption techniques to safeguard your funds. Using Trust Wallet is completely free. It’s easier to have everything in one place. Trust Wallet supports more than 70 blockchains, meaning there are hundreds of thousands of supported cryptocurrencies and tokens It’s never been easier to send and receive crypto. You can send crypto to regular blockchain addresses, QR codes, or simple address names like ENS, SPACE ID, and Unstoppable Domains straight from your phone! Trust Wallet supports the staking of multiple cryptocurrencies, including Tezos, Tron, Cosmos, Algorand, and more. Easily stake your crypto to earn more with no hassle. Buy crypto with your card Trust Wallet has integrated multiple card payment processors, which means that you can buy your favorite cryptocurrencies without leaving the app. Have you ever wished you could trade crypto without leaving your wallet? Well, now you can. Trust Wallet has two different services that make this possible: swap and exchange. Withdraw Crypto to Your Bank Card Directly from Trust Wallet App @mirro0x

THE AI Ultimate Guide: Why You Should Use TrustWallet APP

Secure and Free: Trust Wallet is built with a strong focus on security. It employs industry-leading encryption techniques to safeguard your funds. Using Trust Wallet is completely free.

It’s easier to have everything in one place. Trust Wallet supports more than 70 blockchains, meaning there are hundreds of thousands of supported cryptocurrencies and tokens

It’s never been easier to send and receive crypto. You can send crypto to regular blockchain addresses, QR codes, or simple address names like ENS, SPACE ID, and Unstoppable Domains straight from your phone!

Trust Wallet supports the staking of multiple cryptocurrencies, including Tezos, Tron, Cosmos, Algorand, and more. Easily stake your crypto to earn more with no hassle.

Buy crypto with your card Trust Wallet has integrated multiple card payment processors, which means that you can buy your favorite cryptocurrencies without leaving the app.

Have you ever wished you could trade crypto without leaving your wallet? Well, now you can. Trust Wallet has two different services that make this possible: swap and exchange.

Withdraw Crypto to Your Bank Card Directly from Trust Wallet App

@mirro0x
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#tether #georgia #btu Tether, the company behind the popular stablecoin, has signed a memorandum of understanding (MoU) with Business & Technology University (BTU) in Georgia to promote blockchain and cryptocurrency education.
#tether #georgia #btu Tether, the company behind the popular stablecoin, has signed a memorandum of understanding (MoU) with Business & Technology University (BTU) in Georgia to promote blockchain and cryptocurrency education.
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#Binance Binance, in collaboration with the Innovation and Technology Agency of Georgia, launches the Blockchain Generation educational project by Binance Charity. This course is fully funded by Binance Charity, which means it is entirely free for students to enroll in.
#Binance Binance, in collaboration with the Innovation and Technology Agency of Georgia, launches the Blockchain Generation educational project by Binance Charity. This course is fully funded by Binance Charity, which means it is entirely free for students to enroll in.
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#ETH #BSC #AVAX  2023 daily transaction stat 👇🏻
#ETH #BSC #AVAX  2023 daily transaction stat 👇🏻
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⚡️ 👇🏻 und Web3 projects that have been accepted into the Nvidia Inception program
⚡️ 👇🏻 und Web3 projects that have been accepted into the Nvidia Inception program
Mask Network Invests in The Open Network (TON) to Support Decentralized Social Network EcosystemMask Network, which claims to be one of the world’s leading decentralized social networks, has announced an investment in The Open Network (TON) in order “to further develop its ecosystem at large and provide innovative solutions for people across networks.” Founded in 2017, Mask aims “to build an easy-to-use bridge between Web2 and Web3-era decentralized apps.” Mask is one of the earliest community members of the Bluesky protocol “founded by Jack Dorsey, and the Mask team maintains the most active instances of Mastodon.” Suji Yan, founder of Mask, said: “Mask’s dream is to achieve a new and open internet through building and growing the decentralized social network ecosystem.”  TON is an innovative technology that “seeks to unite all blockchains and the Web2 internet into one open network.” Designed by Telegram to onboard billions of users into Web3, TON has “been run as an open-source community project since 2020.” With strong social functions, TON’s goal is “to transform communities into economies.” As noted in the update, Telegram’s newly released Fragment platform has been described by Telegram CEO Pavel Durov as “an amazing success” by selling anonymous numbers, as it gained them “more than US$50 million in sales in less than a month.” Fragment is “built upon the TON blockchain, allowing users to obtain an anonymous number purchased via blockchain technology with payment in Toncoin.” Similarly, Mask believes in “the ownership economy.” Mask’s own Next.ID, is “a powerful open-sourced protocol that connects and authenticates people’s digital footprints, while giving them full ownership of their identities.” Powered by Next.ID, Mask’s Web5.bio can “provide a list of relevant identities when people are searching any Twitter handle, Ethereum address, ENS domain or Lens Profile.” There is shared synergy “between the two revolutionary groups’ visions.” Mask will look “to achieve deeper integration and provide DID solutions for their combined communities and beyond, contributing to the future decentralized social networks ecosystem.” Mask’s ambition is “to become the Web3 social conglomerate building for the first billion people in Web3.” With accumulated funding of US$100 million, the Mask team “has strategically invested in decentralized social networks, infrastructure, and creative content.” Beside building on TON, Mask has “acquired Pawoo.net, one of the largest Mastodon instances and has recently taken over the team of trendy NFT protocol RARA Social.”

Mask Network Invests in The Open Network (TON) to Support Decentralized Social Network Ecosystem

Mask Network, which claims to be one of the world’s leading decentralized social networks, has announced an investment in The Open Network (TON) in order “to further develop its ecosystem at large and provide innovative solutions for people across networks.”

Founded in 2017, Mask aims “to build an easy-to-use bridge between Web2 and Web3-era decentralized apps.”

Mask is one of the earliest community members of the Bluesky protocol “founded by Jack Dorsey, and the Mask team maintains the most active instances of Mastodon.”

Suji Yan, founder of Mask, said:

“Mask’s dream is to achieve a new and open internet through building and growing the decentralized social network ecosystem.” 

TON is an innovative technology that “seeks to unite all blockchains and the Web2 internet into one open network.”

Designed by Telegram to onboard billions of users into Web3, TON has “been run as an open-source community project since 2020.” With strong social functions, TON’s goal is “to transform communities into economies.”

As noted in the update, Telegram’s newly released Fragment platform has been described by Telegram CEO Pavel Durov as “an amazing success” by selling anonymous numbers, as it gained them “more than US$50 million in sales in less than a month.”

Fragment is “built upon the TON blockchain, allowing users to obtain an anonymous number purchased via blockchain technology with payment in Toncoin.”

Similarly, Mask believes in “the ownership economy.”

Mask’s own Next.ID, is “a powerful open-sourced protocol that connects and authenticates people’s digital footprints, while giving them full ownership of their identities.”

Powered by Next.ID, Mask’s Web5.bio can “provide a list of relevant identities when people are searching any Twitter handle, Ethereum address, ENS domain or Lens Profile.”

There is shared synergy “between the two revolutionary groups’ visions.”

Mask will look “to achieve deeper integration and provide DID solutions for their combined communities and beyond, contributing to the future decentralized social networks ecosystem.”

Mask’s ambition is “to become the Web3 social conglomerate building for the first billion people in Web3.”

With accumulated funding of US$100 million, the Mask team “has strategically invested in decentralized social networks, infrastructure, and creative content.”

Beside building on TON, Mask has “acquired Pawoo.net, one of the largest Mastodon instances and has recently taken over the team of trendy NFT protocol RARA Social.”
From Ledger Drama to Bitcoin Ordinals: Your Weekly Crypto RoundupGood Mornin!! Le'ts get you your weekly dose of crypto insights. Let's dive straight into the exciting world of crypto. 8 things I am watching this 21st week of 2023: First things first, the crypto prices are hovering around the same point as they were last week - a classic case of sideways trading. There's no significant movement in either direction, a calm before the storm perhaps? Now, for those of you who are plugged into the crypto world, you've probably heard about the recent Ledger drama. Ledger, a hardware wallet provider, has recently launched a new service called Ledger Recover. This service backs up users' seed phrases and requires users to provide a passport or national identity card to confirm their identity. The seed phrase is then split into three encrypted fragments and stored by Ledger, Coincover, and a third provider. While Ledger claims this service is completely safe, there's been a fair bit of controversy and debate around it, especially given Ledger's data leak back in 2020. Some users are concerned about the potential security risks, particularly in the case of identity theft. Ledger, however, insists that a stolen ID alone would not be sufficient to recover the seed phrase due to their additional security measures. Moving on, let's talk about the recently concluded Bitcoin Miami and Ordinals event. These exclusive events brought together the top builders, developers, projects, collections, and investors pioneering the future of Bitcoin digital artifacts. The highlight of the event was the Ordinals Hackathon, a competition where developers leveraged the Ordinals protocol to build innovative applications. The conference also included a digital Ordinals gallery showcasing the latest collections and applications in the field​. The question on everyone's mind right now is, "Will there be a US Debt ceiling deal this week?" Congress was once again trying to reach a deal to raise the debt ceiling and avoid a potentially disastrous default, but it was unclear whether a resolution would be reached soon. President Biden said he wants to negotiate a deal, while hammering on us crypto people, that we are at vault... absolutely ridiculous if you ask me! https://www.nytimes.com/2023/05/21/us/politics/biden-debt-limit.html​ This Wednesday, the 24th, make sure to keep an eye out for the FOMC meeting minutes. The Federal Reserve is set to release these minutes from its latest meeting where policymakers raised interest rates by 25 basis points. I am not expecting any further interest rate hikes. MIRO

From Ledger Drama to Bitcoin Ordinals: Your Weekly Crypto Roundup

Good Mornin!! Le'ts get you your weekly dose of crypto insights. Let's dive straight into the exciting world of crypto. 8 things I am watching this 21st week of 2023:

First things first, the crypto prices are hovering around the same point as they were last week - a classic case of sideways trading. There's no significant movement in either direction, a calm before the storm perhaps?

Now, for those of you who are plugged into the crypto world, you've probably heard about the recent Ledger drama. Ledger, a hardware wallet provider, has recently launched a new service called Ledger Recover. This service backs up users' seed phrases and requires users to provide a passport or national identity card to confirm their identity. The seed phrase is then split into three encrypted fragments and stored by Ledger, Coincover, and a third provider. While Ledger claims this service is completely safe, there's been a fair bit of controversy and debate around it, especially given Ledger's data leak back in 2020. Some users are concerned about the potential security risks, particularly in the case of identity theft. Ledger, however, insists that a stolen ID alone would not be sufficient to recover the seed phrase due to their additional security measures.

Moving on, let's talk about the recently concluded Bitcoin Miami and Ordinals event. These exclusive events brought together the top builders, developers, projects, collections, and investors pioneering the future of Bitcoin digital artifacts. The highlight of the event was the Ordinals Hackathon, a competition where developers leveraged the Ordinals protocol to build innovative applications. The conference also included a digital Ordinals gallery showcasing the latest collections and applications in the field​.

The question on everyone's mind right now is, "Will there be a US Debt ceiling deal this week?" Congress was once again trying to reach a deal to raise the debt ceiling and avoid a potentially disastrous default, but it was unclear whether a resolution would be reached soon. President Biden said he wants to negotiate a deal, while hammering on us crypto people, that we are at vault... absolutely ridiculous if you ask me! https://www.nytimes.com/2023/05/21/us/politics/biden-debt-limit.html​

This Wednesday, the 24th, make sure to keep an eye out for the FOMC meeting minutes. The Federal Reserve is set to release these minutes from its latest meeting where policymakers raised interest rates by 25 basis points. I am not expecting any further interest rate hikes.

MIRO
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⚡️ Check full article about token approval 👇🏻
⚡️ Check full article about token approval 👇🏻
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The Seal of Approval: Know What You’re Consenting To With Permissions and Approvals in MetaMask
One of the hallmarks of Web3 is providing users with full control over privacy and how they interact with its platforms. Learn how to manage approvals and permissions in MetaMask.

Even if your experience interacting with blockchains like Ethereum is limited to sending simple transactions between wallets, you will have approved, authorized or signed your transaction. This simply means you’re confirming its submission to the blockchain.

This same process applies equally to interacting with dapps in Web3: there is plenty to consent to, approve, and permit. But what’s really in a MetaMask approval?

To break this question down, we’ll need to first cover some core aspects of cryptography. 

Keys and cryptography: what is approval?

All of your crypto activity is based on public key cryptography. Essentially, each wallet has a matching public and private ‘key’ generated when the wallet is created. Imagine a door that requires you to unlock a bolt and turn a latch to enter, with a different key for each. Possessing a single key doesn’t get you anywhere – you need the pair. 

Although an oversimplification, we can take the challenge of this hypothetical door and apply similar logic to your crypto wallet. Your private and public keys are both necessary to transact: the private key for you to demonstrate that you initiated the transaction, and the public key for the recipient to verify the origin. Here’s how it works:

You decide to send tokens to a contact. 

As you know the recipient’s wallet address, you hold their public key – the former is simply a hashed (encrypted) version of the latter. The public key is used to encrypt the transaction.

The recipient, holder of the private key, receives the transaction. Since their keys belong together, only the corresponding private key – which only they hold – can decrypt the transaction sent by their public key.

So far, so good: we’ve established how pairs of private and public keys interact to underpin blockchain transactions. However, to apply this knowledge to approvals/signatures, we flip the roles of the keys: instead, the sender encrypts the message with their private key. Since others can easily find out the sender’s public key (their wallet address), the keys can combine to decrypt the message, verifying the sender’s identity. Only a matching pair of keys will reveal the contents of the message, meaning no one can dispute the origin. 

Imprinting a kind of signature on every transaction guarantees immutability, with nobody other than you – the holder of your private key – able to fraudulently imitate you

Dapp permissions

The first of the two main types of approval you will encounter is connecting your wallet to a dapp for the first time – be it DeFi, a service such as Etherscan, or an NFT marketplace. 

This involves giving the dapp permission to retrieve your wallet address, and is a prerequisite for interacting with the platform. This also explains why you’ll see it referred to as “a permission” or “permissions”; nouns that describe exactly what you’re doing. In some cases, dapps prompt you to give permission automatically; others require you to click buttons labelled “connect” or similar. 

Giving your permission will, in our case, look something like this:

Token approval

Whether or not you’re an experienced crypto native or a total beginner, to interact with any smart contract – the kind that runs dapps (including DeFi, blockchain gaming, NFT purchases) – you need to approve its access to your tokens. 

This process is variously referred to, somewhat unsurprisingly, as token approval. What you’re doing here is:

Allowing the smart contract to access your token balance. Think of this as the ‘smart contract stage’. MetaMask will clearly indicate at this point how much access you’re ceding: some dapps may specify a finite quantity of tokens, whilst others request unlimited access.  

Confirming that you want to complete the transaction in question: i.e. the ‘blockchain stage’, where you allow the smart contract to submit the transaction to the network on your behalf.

Say you want to perform a token swap on Uniswap, the largest decentralized exchange (DEX) by trading volume. When you initiate a swap in a token pair for the first time, you will be asked to approve smart contracts for the ERC-20 token pair you’re trading (although not for ETH itself, which does not need approval). Whilst this only occurs the first time you trade that pair, the next step – i.e. step two above – will be required every time, and means Uniswap’s protocols will execute your trade on request.

This process will resemble the below: 

Firstly, you will be prompted by the platform to approve the token. Click on the prompt and MetaMask will spring into action.

MetaMask will show you the token’s contract address, confirming that it is requesting the ability to access and move your funds around. For reassurance you’re permitting the correct contract, it’s worth cross-referencing the token address against that listed on the dapp’s website – it can usually be found in their help center, knowledge base or docs. You even have the option to specify how far you want this permission to go – to do this, hit ‘Edit Permission’. 

This option lets you see precisely how much access you’re allowing. In this case, Uniswap wants access to a virtually unlimited quantity of stETH (1.1659), but we can place a limit on this permission if required, using the ‘Custom Spend Limit’ field. 

With this feature, MetaMask keeps you in control of your token approvals – you need never blindly permit a dapp to access more than you want it to, or take on unwanted risk for the sake of trying out a new platform.

The trade request itself is where your key pair comes in: you sign the transaction with your private key. Think of signing on the dotted line with a pen; although with public key cryptography, the risk of identity fraud is negligible. In our example, consenting means you have authorized a Uniswap smart contract to move that token to and from your wallet on your behalf. Each time you try and initiate a swap, the smart contract is able to check your ‘message’ – i.e. the instruction to perform the swap – and verify that you, as the only person with access to your private key, were the originator. 

How can I manage approvals and permissions?

One of the hallmarks of Web3 is providing users with full control over privacy and how they interact with its platforms. MetaMask’s non-custodial design reflects this. However, its principles extend to other features; the ability to view and manage dapp and smart contract approvals is amongst them. 

Viewing connected sites in MetaMask

MetaMask includes a native feature for reviewing which sites your wallet is connected to. It’s called ‘Connected sites’ (as you can probably tell, we don’t like to overcomplicate). Similarly straightforward is the method for removing them. 

Viewing token approvals

Etherscan recently implemented a token approvals checker that lets you view and revoke, well… token approvals. 

A list of token approvals is displayed once you connect MetaMask and give Etherscan permission to view your wallet – familiar? You are then free to check their ongoing relevance and revoke accordingly. Helpfully, you can also view the specific asset involved, who you’ve approved (e.g. which dapp, referenced by name), and the quantity of tokens you’ve approved access to. 

There are also several alternatives, including approved.zone, Revoke, and the Token Allowance Checker (TAC). 

Don’t get rekt 

The personal agency that comes with managing a non-custodial wallet like MetaMask is a double-edged sword. Just as keeping your secret recovery phrase secure is your personal responsibility and requires vigilance against scammers, you’re the only one who can manage the dapp permissions and smart contract approvals. Couple this with how easy it is to create a new ERC-20 token – there are approximately 485,000 tokens at the time of writing – and the risks become highly apparent. Whilst most will be made in good faith, any could be created by a bad actor. 

Token approvals are a relatively common attack vector for scams – just check rekt.news to get an impression of the scale, and this Finematics article for an impression of the methods. As mentioned earlier, dapps must specify how many tokens they want to access. MetaMask, for one, will ensure that this information is displayed on the approval screen before you confirm, giving you a clearer picture of exactly what you’re signing up for.

Access requests from dapps can vary from specific, limited quantities right through to being completely uncapped, where the smart contract can draw as much as it wants from your wallet. Fundamentally, unlimited access is not a problem or red flag in itself – many reputable platforms such as major DEXs do this in order to spare you the pain of frequently re-approving if you use the dapp regularly. The problem comes with dapps that request unlimited access to your token(s) with the express intention of stealing.

Before approving a smart contract’s access to any quantity of tokens, you should go through a mental checklist to assess risk. You’ll often see the acronym ‘DYOR’ mentioned online: doing your own research before allowing access is definitely a good habit to adopt. For example: 

How well-known is the project?

How long has it been around?

Does it have an active community channel on Discord, Telegram, or Twitter? 

Are the dapp’s developers/owners transparent and publicly reachable, e.g. on Twitter or Discord?

Has it recently had a security breach? It’s worth searching here.

Have they undergone a third-party smart contract audit? 

Check the contract address on the block explorer. Some explorers, such as Etherscan, have a user-driven reporting mechanism where fraudulent addresses (contracts or wallets) are flagged. Even if they aren’t flagged, check for suspicious activity, such as large inflows or outflows of cash in short time periods.

To summarize:

Rather than just a token gesture indicating consent, token approvals are a mundane, essential aspect of interacting with Web3. Some key points:

Public key cryptography is used to authenticate your permissions when interacting with dapps.

Dapp permissions involve allowing dapps to view your wallet balance.

Token approvals involve permitting a dapp’s smart contract to access and move a specific token in your wallet.

Always research the dapp’s credentials and satisfy yourself that it’s trustworthy before approving its smart contract.

MIRO
The Seal of Approval: Know What You’re Consenting To With Permissions and Approvals in MetaMaskOne of the hallmarks of Web3 is providing users with full control over privacy and how they interact with its platforms. Learn how to manage approvals and permissions in MetaMask. Even if your experience interacting with blockchains like Ethereum is limited to sending simple transactions between wallets, you will have approved, authorized or signed your transaction. This simply means you’re confirming its submission to the blockchain. This same process applies equally to interacting with dapps in Web3: there is plenty to consent to, approve, and permit. But what’s really in a MetaMask approval? To break this question down, we’ll need to first cover some core aspects of cryptography.  Keys and cryptography: what is approval? All of your crypto activity is based on public key cryptography. Essentially, each wallet has a matching public and private ‘key’ generated when the wallet is created. Imagine a door that requires you to unlock a bolt and turn a latch to enter, with a different key for each. Possessing a single key doesn’t get you anywhere – you need the pair.  Although an oversimplification, we can take the challenge of this hypothetical door and apply similar logic to your crypto wallet. Your private and public keys are both necessary to transact: the private key for you to demonstrate that you initiated the transaction, and the public key for the recipient to verify the origin. Here’s how it works: You decide to send tokens to a contact.  As you know the recipient’s wallet address, you hold their public key – the former is simply a hashed (encrypted) version of the latter. The public key is used to encrypt the transaction. The recipient, holder of the private key, receives the transaction. Since their keys belong together, only the corresponding private key – which only they hold – can decrypt the transaction sent by their public key. So far, so good: we’ve established how pairs of private and public keys interact to underpin blockchain transactions. However, to apply this knowledge to approvals/signatures, we flip the roles of the keys: instead, the sender encrypts the message with their private key. Since others can easily find out the sender’s public key (their wallet address), the keys can combine to decrypt the message, verifying the sender’s identity. Only a matching pair of keys will reveal the contents of the message, meaning no one can dispute the origin.  Imprinting a kind of signature on every transaction guarantees immutability, with nobody other than you – the holder of your private key – able to fraudulently imitate you Dapp permissions The first of the two main types of approval you will encounter is connecting your wallet to a dapp for the first time – be it DeFi, a service such as Etherscan, or an NFT marketplace.  This involves giving the dapp permission to retrieve your wallet address, and is a prerequisite for interacting with the platform. This also explains why you’ll see it referred to as “a permission” or “permissions”; nouns that describe exactly what you’re doing. In some cases, dapps prompt you to give permission automatically; others require you to click buttons labelled “connect” or similar.  Giving your permission will, in our case, look something like this: Token approval Whether or not you’re an experienced crypto native or a total beginner, to interact with any smart contract – the kind that runs dapps (including DeFi, blockchain gaming, NFT purchases) – you need to approve its access to your tokens.  This process is variously referred to, somewhat unsurprisingly, as token approval. What you’re doing here is: Allowing the smart contract to access your token balance. Think of this as the ‘smart contract stage’. MetaMask will clearly indicate at this point how much access you’re ceding: some dapps may specify a finite quantity of tokens, whilst others request unlimited access.   Confirming that you want to complete the transaction in question: i.e. the ‘blockchain stage’, where you allow the smart contract to submit the transaction to the network on your behalf. Say you want to perform a token swap on Uniswap, the largest decentralized exchange (DEX) by trading volume. When you initiate a swap in a token pair for the first time, you will be asked to approve smart contracts for the ERC-20 token pair you’re trading (although not for ETH itself, which does not need approval). Whilst this only occurs the first time you trade that pair, the next step – i.e. step two above – will be required every time, and means Uniswap’s protocols will execute your trade on request. This process will resemble the below:  Firstly, you will be prompted by the platform to approve the token. Click on the prompt and MetaMask will spring into action. MetaMask will show you the token’s contract address, confirming that it is requesting the ability to access and move your funds around. For reassurance you’re permitting the correct contract, it’s worth cross-referencing the token address against that listed on the dapp’s website – it can usually be found in their help center, knowledge base or docs. You even have the option to specify how far you want this permission to go – to do this, hit ‘Edit Permission’.  This option lets you see precisely how much access you’re allowing. In this case, Uniswap wants access to a virtually unlimited quantity of stETH (1.1659), but we can place a limit on this permission if required, using the ‘Custom Spend Limit’ field.  With this feature, MetaMask keeps you in control of your token approvals – you need never blindly permit a dapp to access more than you want it to, or take on unwanted risk for the sake of trying out a new platform. The trade request itself is where your key pair comes in: you sign the transaction with your private key. Think of signing on the dotted line with a pen; although with public key cryptography, the risk of identity fraud is negligible. In our example, consenting means you have authorized a Uniswap smart contract to move that token to and from your wallet on your behalf. Each time you try and initiate a swap, the smart contract is able to check your ‘message’ – i.e. the instruction to perform the swap – and verify that you, as the only person with access to your private key, were the originator.  How can I manage approvals and permissions? One of the hallmarks of Web3 is providing users with full control over privacy and how they interact with its platforms. MetaMask’s non-custodial design reflects this. However, its principles extend to other features; the ability to view and manage dapp and smart contract approvals is amongst them.  Viewing connected sites in MetaMask MetaMask includes a native feature for reviewing which sites your wallet is connected to. It’s called ‘Connected sites’ (as you can probably tell, we don’t like to overcomplicate). Similarly straightforward is the method for removing them.  Viewing token approvals Etherscan recently implemented a token approvals checker that lets you view and revoke, well… token approvals.  A list of token approvals is displayed once you connect MetaMask and give Etherscan permission to view your wallet – familiar? You are then free to check their ongoing relevance and revoke accordingly. Helpfully, you can also view the specific asset involved, who you’ve approved (e.g. which dapp, referenced by name), and the quantity of tokens you’ve approved access to.  There are also several alternatives, including approved.zone, Revoke, and the Token Allowance Checker (TAC).  Don’t get rekt  The personal agency that comes with managing a non-custodial wallet like MetaMask is a double-edged sword. Just as keeping your secret recovery phrase secure is your personal responsibility and requires vigilance against scammers, you’re the only one who can manage the dapp permissions and smart contract approvals. Couple this with how easy it is to create a new ERC-20 token – there are approximately 485,000 tokens at the time of writing – and the risks become highly apparent. Whilst most will be made in good faith, any could be created by a bad actor.  Token approvals are a relatively common attack vector for scams – just check rekt.news to get an impression of the scale, and this Finematics article for an impression of the methods. As mentioned earlier, dapps must specify how many tokens they want to access. MetaMask, for one, will ensure that this information is displayed on the approval screen before you confirm, giving you a clearer picture of exactly what you’re signing up for. Access requests from dapps can vary from specific, limited quantities right through to being completely uncapped, where the smart contract can draw as much as it wants from your wallet. Fundamentally, unlimited access is not a problem or red flag in itself – many reputable platforms such as major DEXs do this in order to spare you the pain of frequently re-approving if you use the dapp regularly. The problem comes with dapps that request unlimited access to your token(s) with the express intention of stealing. Before approving a smart contract’s access to any quantity of tokens, you should go through a mental checklist to assess risk. You’ll often see the acronym ‘DYOR’ mentioned online: doing your own research before allowing access is definitely a good habit to adopt. For example:  How well-known is the project? How long has it been around? Does it have an active community channel on Discord, Telegram, or Twitter?  Are the dapp’s developers/owners transparent and publicly reachable, e.g. on Twitter or Discord? Has it recently had a security breach? It’s worth searching here. Have they undergone a third-party smart contract audit?  Check the contract address on the block explorer. Some explorers, such as Etherscan, have a user-driven reporting mechanism where fraudulent addresses (contracts or wallets) are flagged. Even if they aren’t flagged, check for suspicious activity, such as large inflows or outflows of cash in short time periods. To summarize: Rather than just a token gesture indicating consent, token approvals are a mundane, essential aspect of interacting with Web3. Some key points: Public key cryptography is used to authenticate your permissions when interacting with dapps. Dapp permissions involve allowing dapps to view your wallet balance. Token approvals involve permitting a dapp’s smart contract to access and move a specific token in your wallet. Always research the dapp’s credentials and satisfy yourself that it’s trustworthy before approving its smart contract. MIRO

The Seal of Approval: Know What You’re Consenting To With Permissions and Approvals in MetaMask

One of the hallmarks of Web3 is providing users with full control over privacy and how they interact with its platforms. Learn how to manage approvals and permissions in MetaMask.

Even if your experience interacting with blockchains like Ethereum is limited to sending simple transactions between wallets, you will have approved, authorized or signed your transaction. This simply means you’re confirming its submission to the blockchain.

This same process applies equally to interacting with dapps in Web3: there is plenty to consent to, approve, and permit. But what’s really in a MetaMask approval?

To break this question down, we’ll need to first cover some core aspects of cryptography. 

Keys and cryptography: what is approval?

All of your crypto activity is based on public key cryptography. Essentially, each wallet has a matching public and private ‘key’ generated when the wallet is created. Imagine a door that requires you to unlock a bolt and turn a latch to enter, with a different key for each. Possessing a single key doesn’t get you anywhere – you need the pair. 

Although an oversimplification, we can take the challenge of this hypothetical door and apply similar logic to your crypto wallet. Your private and public keys are both necessary to transact: the private key for you to demonstrate that you initiated the transaction, and the public key for the recipient to verify the origin. Here’s how it works:

You decide to send tokens to a contact. 

As you know the recipient’s wallet address, you hold their public key – the former is simply a hashed (encrypted) version of the latter. The public key is used to encrypt the transaction.

The recipient, holder of the private key, receives the transaction. Since their keys belong together, only the corresponding private key – which only they hold – can decrypt the transaction sent by their public key.

So far, so good: we’ve established how pairs of private and public keys interact to underpin blockchain transactions. However, to apply this knowledge to approvals/signatures, we flip the roles of the keys: instead, the sender encrypts the message with their private key. Since others can easily find out the sender’s public key (their wallet address), the keys can combine to decrypt the message, verifying the sender’s identity. Only a matching pair of keys will reveal the contents of the message, meaning no one can dispute the origin. 

Imprinting a kind of signature on every transaction guarantees immutability, with nobody other than you – the holder of your private key – able to fraudulently imitate you

Dapp permissions

The first of the two main types of approval you will encounter is connecting your wallet to a dapp for the first time – be it DeFi, a service such as Etherscan, or an NFT marketplace. 

This involves giving the dapp permission to retrieve your wallet address, and is a prerequisite for interacting with the platform. This also explains why you’ll see it referred to as “a permission” or “permissions”; nouns that describe exactly what you’re doing. In some cases, dapps prompt you to give permission automatically; others require you to click buttons labelled “connect” or similar. 

Giving your permission will, in our case, look something like this:

Token approval

Whether or not you’re an experienced crypto native or a total beginner, to interact with any smart contract – the kind that runs dapps (including DeFi, blockchain gaming, NFT purchases) – you need to approve its access to your tokens. 

This process is variously referred to, somewhat unsurprisingly, as token approval. What you’re doing here is:

Allowing the smart contract to access your token balance. Think of this as the ‘smart contract stage’. MetaMask will clearly indicate at this point how much access you’re ceding: some dapps may specify a finite quantity of tokens, whilst others request unlimited access.  

Confirming that you want to complete the transaction in question: i.e. the ‘blockchain stage’, where you allow the smart contract to submit the transaction to the network on your behalf.

Say you want to perform a token swap on Uniswap, the largest decentralized exchange (DEX) by trading volume. When you initiate a swap in a token pair for the first time, you will be asked to approve smart contracts for the ERC-20 token pair you’re trading (although not for ETH itself, which does not need approval). Whilst this only occurs the first time you trade that pair, the next step – i.e. step two above – will be required every time, and means Uniswap’s protocols will execute your trade on request.

This process will resemble the below: 

Firstly, you will be prompted by the platform to approve the token. Click on the prompt and MetaMask will spring into action.

MetaMask will show you the token’s contract address, confirming that it is requesting the ability to access and move your funds around. For reassurance you’re permitting the correct contract, it’s worth cross-referencing the token address against that listed on the dapp’s website – it can usually be found in their help center, knowledge base or docs. You even have the option to specify how far you want this permission to go – to do this, hit ‘Edit Permission’. 

This option lets you see precisely how much access you’re allowing. In this case, Uniswap wants access to a virtually unlimited quantity of stETH (1.1659), but we can place a limit on this permission if required, using the ‘Custom Spend Limit’ field. 

With this feature, MetaMask keeps you in control of your token approvals – you need never blindly permit a dapp to access more than you want it to, or take on unwanted risk for the sake of trying out a new platform.

The trade request itself is where your key pair comes in: you sign the transaction with your private key. Think of signing on the dotted line with a pen; although with public key cryptography, the risk of identity fraud is negligible. In our example, consenting means you have authorized a Uniswap smart contract to move that token to and from your wallet on your behalf. Each time you try and initiate a swap, the smart contract is able to check your ‘message’ – i.e. the instruction to perform the swap – and verify that you, as the only person with access to your private key, were the originator. 

How can I manage approvals and permissions?

One of the hallmarks of Web3 is providing users with full control over privacy and how they interact with its platforms. MetaMask’s non-custodial design reflects this. However, its principles extend to other features; the ability to view and manage dapp and smart contract approvals is amongst them. 

Viewing connected sites in MetaMask

MetaMask includes a native feature for reviewing which sites your wallet is connected to. It’s called ‘Connected sites’ (as you can probably tell, we don’t like to overcomplicate). Similarly straightforward is the method for removing them. 

Viewing token approvals

Etherscan recently implemented a token approvals checker that lets you view and revoke, well… token approvals. 

A list of token approvals is displayed once you connect MetaMask and give Etherscan permission to view your wallet – familiar? You are then free to check their ongoing relevance and revoke accordingly. Helpfully, you can also view the specific asset involved, who you’ve approved (e.g. which dapp, referenced by name), and the quantity of tokens you’ve approved access to. 

There are also several alternatives, including approved.zone, Revoke, and the Token Allowance Checker (TAC). 

Don’t get rekt 

The personal agency that comes with managing a non-custodial wallet like MetaMask is a double-edged sword. Just as keeping your secret recovery phrase secure is your personal responsibility and requires vigilance against scammers, you’re the only one who can manage the dapp permissions and smart contract approvals. Couple this with how easy it is to create a new ERC-20 token – there are approximately 485,000 tokens at the time of writing – and the risks become highly apparent. Whilst most will be made in good faith, any could be created by a bad actor. 

Token approvals are a relatively common attack vector for scams – just check rekt.news to get an impression of the scale, and this Finematics article for an impression of the methods. As mentioned earlier, dapps must specify how many tokens they want to access. MetaMask, for one, will ensure that this information is displayed on the approval screen before you confirm, giving you a clearer picture of exactly what you’re signing up for.

Access requests from dapps can vary from specific, limited quantities right through to being completely uncapped, where the smart contract can draw as much as it wants from your wallet. Fundamentally, unlimited access is not a problem or red flag in itself – many reputable platforms such as major DEXs do this in order to spare you the pain of frequently re-approving if you use the dapp regularly. The problem comes with dapps that request unlimited access to your token(s) with the express intention of stealing.

Before approving a smart contract’s access to any quantity of tokens, you should go through a mental checklist to assess risk. You’ll often see the acronym ‘DYOR’ mentioned online: doing your own research before allowing access is definitely a good habit to adopt. For example: 

How well-known is the project?

How long has it been around?

Does it have an active community channel on Discord, Telegram, or Twitter? 

Are the dapp’s developers/owners transparent and publicly reachable, e.g. on Twitter or Discord?

Has it recently had a security breach? It’s worth searching here.

Have they undergone a third-party smart contract audit? 

Check the contract address on the block explorer. Some explorers, such as Etherscan, have a user-driven reporting mechanism where fraudulent addresses (contracts or wallets) are flagged. Even if they aren’t flagged, check for suspicious activity, such as large inflows or outflows of cash in short time periods.

To summarize:

Rather than just a token gesture indicating consent, token approvals are a mundane, essential aspect of interacting with Web3. Some key points:

Public key cryptography is used to authenticate your permissions when interacting with dapps.

Dapp permissions involve allowing dapps to view your wallet balance.

Token approvals involve permitting a dapp’s smart contract to access and move a specific token in your wallet.

Always research the dapp’s credentials and satisfy yourself that it’s trustworthy before approving its smart contract.

MIRO
Every single opportunity you’ve missed on Ethereum is coming to Bitcoin👇The explosive growth of Ethereum has paved the way for the development of numerous decentralized applications (dApps) that have revolutionized industries and created wealth for countless individuals. I’m currently exploring the exciting developments in the Bitcoin ecosystem and the wealth-creating opportunities that lie ahead. This week I stumbled upon Trustless Computer (@TrustlessOnBTC) and spent considerable time looking into it. Trustless Computer is a layer-1 protocol that aims to make Bitcoin as generalized as possible — usable for far more than just a currency. It enables developers to create DAO, DEX, NFT, token, auction, lending, data storage, and many other use cases on Bitcoin. The current Bitcoin dApp examples that it enables are: Bitcoin File System (BFS) Ordinals Protocol BRC-20 tokens (Equivalent of ERC-20) NFTs (BRC-21) Bitcoin Name System (BNS) See more 👉🏻 https://twitter.com/atgoodm/status/1659357827964583945?s=46

Every single opportunity you’ve missed on Ethereum is coming to Bitcoin👇

The explosive growth of Ethereum has paved the way for the development of numerous decentralized applications (dApps) that have revolutionized industries and created wealth for countless individuals. I’m currently exploring the exciting developments in the Bitcoin ecosystem and the wealth-creating opportunities that lie ahead.

This week I stumbled upon Trustless Computer (@TrustlessOnBTC) and spent considerable time looking into it. Trustless Computer is a layer-1 protocol that aims to make Bitcoin as generalized as possible — usable for far more than just a currency.

It enables developers to create DAO, DEX, NFT, token, auction, lending, data storage, and many other use cases on Bitcoin.

The current Bitcoin dApp examples that it enables are:

Bitcoin File System (BFS)

Ordinals Protocol

BRC-20 tokens (Equivalent of ERC-20)

NFTs (BRC-21)

Bitcoin Name System (BNS)

See more 👉🏻 https://twitter.com/atgoodm/status/1659357827964583945?s=46
LIVE
--
Bullish
#DYOR what’s your ETH price prediction on November 2023? 👇🏻
#DYOR what’s your ETH price prediction on November 2023? 👇🏻
Trustwallet now support TON
Trustwallet now support TON
LIVE
--
Bullish
Trustwallet now support SUI
Trustwallet now support SUI
The recent Ledger Outcry explainedIf you have been following the outcry around the hardware wallet ledger over the past 48h, you might have questions: Why? What? How? So? Let me give you the exec summary, so you can make an educated decision of whether you still trust Ledger or drop them for good. Ledger, the Paris-based provider of crypto hardware wallets, recently introduced a new service, Ledger Recover: https://www.ledger.com/recover​. This optional feature aims to solve a long-standing issue in the realm of hardware wallets: the potential loss of seed phrases. A seed phrase, as you might know, is a vital key to recover a wallet. Traditionally, users are instructed to write down this phrase and keep it in a secure location. But what if it gets lost? Ledger Recover is intended to address this by offering a $9.99 per month seed phrase recovery service​. Here's how it works: Ledger Recover encrypts a user's private key and splits it into three fragments using Shamir Secret Sharing. These encrypted fragments are then stored by three different parties on cryptographically secure Hardware Security Modules​. This process occurs on the secure element of the user's device, assuring that the Secret Recovery Phrase is not at risk​​. However, Ledger's solution has sparked a considerable debate within the crypto community: Some critics argue that the requirement for Ledger Recover customers to provide a government-issued ID could potentially violate core crypto tenets around privacy​ ​Critics also point out Ledger's past data breach incident and voice concerns over the possibility of a similar occurrence with this new feature​ And most of all, people are worried that if the seed can be exported voluntarily, it may also be exported involuntarily... an absolute crucial issue that Ledger had said in the past, should not be possible.​ It is important to note that this should only affect the newer models of Ledger Nano S Plus and the Ledger Nano X. If you are like me, and on the older models like the Ledger Nano S, this is absolutely not possble anyways from today's understanding. Despite the outcry, Ledger maintains that Ledger Recover is secure and emphasizes that this service is entirely optional and does not automatically activate with any firmware updates​​. They also stress that the company has no access to the user's Secret Recovery Phrase, which is securely generated on the user's device​. They also promised open-sourcing that part of code to appease customers. For more detailed understanding, I highly recommend you to read Ledger's official announcement and FAQs regarding Ledger Recover here: Ledger Recover FAQs​ https://www.ledger.com/recover So, what are your thoughts on this? Do you think this development is a step forward for crypto security, or is it a step too far? Personally, I use the Ledger Nano S, so I have zero interest in switching or changing, but I fully understand some of the worries people might have now, especially if they own quite a fortune in self custody. Nevertheless, it highlights, the importance of not only diversifying your funds among different investments, but also via different providers. MIRO NFA / DYOR

The recent Ledger Outcry explained

If you have been following the outcry around the hardware wallet ledger over the past 48h, you might have questions:

Why?

What?

How?

So?

Let me give you the exec summary, so you can make an educated decision of whether you still trust Ledger or drop them for good.

Ledger, the Paris-based provider of crypto hardware wallets, recently introduced a new service, Ledger Recover: https://www.ledger.com/recover​. This optional feature aims to solve a long-standing issue in the realm of hardware wallets: the potential loss of seed phrases.

A seed phrase, as you might know, is a vital key to recover a wallet. Traditionally, users are instructed to write down this phrase and keep it in a secure location. But what if it gets lost? Ledger Recover is intended to address this by offering a $9.99 per month seed phrase recovery service​.

Here's how it works: Ledger Recover encrypts a user's private key and splits it into three fragments using Shamir Secret Sharing. These encrypted fragments are then stored by three different parties on cryptographically secure Hardware Security Modules​. This process occurs on the secure element of the user's device, assuring that the Secret Recovery Phrase is not at risk​​.

However, Ledger's solution has sparked a considerable debate within the crypto community:

Some critics argue that the requirement for Ledger Recover customers to provide a government-issued ID could potentially violate core crypto tenets around privacy​

​Critics also point out Ledger's past data breach incident and voice concerns over the possibility of a similar occurrence with this new feature​

And most of all, people are worried that if the seed can be exported voluntarily, it may also be exported involuntarily... an absolute crucial issue that Ledger had said in the past, should not be possible.​

It is important to note that this should only affect the newer models of Ledger Nano S Plus and the Ledger Nano X. If you are like me, and on the older models like the Ledger Nano S, this is absolutely not possble anyways from today's understanding.

Despite the outcry, Ledger maintains that Ledger Recover is secure and emphasizes that this service is entirely optional and does not automatically activate with any firmware updates​​. They also stress that the company has no access to the user's Secret Recovery Phrase, which is securely generated on the user's device​. They also promised open-sourcing that part of code to appease customers.

For more detailed understanding, I highly recommend you to read Ledger's official announcement and FAQs regarding Ledger Recover here: Ledger Recover FAQs​ https://www.ledger.com/recover

So, what are your thoughts on this? Do you think this development is a step forward for crypto security, or is it a step too far?

Personally, I use the Ledger Nano S, so I have zero interest in switching or changing, but I fully understand some of the worries people might have now, especially if they own quite a fortune in self custody.

Nevertheless, it highlights, the importance of not only diversifying your funds among different investments, but also via different providers.

MIRO NFA / DYOR
🔥 7 Key Things to Watch for in the Markets during Week 20, 2023! 🔥As every beginning of the week, I'm here to fill you in on the seven 🔑key events that, I believe, are going to shape our world this week in tech, crypto, and global economics. So, let's dive right in! 1. Post-Cake-Team Trip Energies 🌟 Our entire company spent a week together as a retreat. It's always interesting to observe how these connections reflect in our productivity and creativity. We've also had an 80s party... I don't want to show you any of the other dress ups, but I show you mine at the very bottom of the e-mail. It's the 80s baby :D Let me know what you think :) 2. Big Bitcoin Miami & Ordinals Conference 🌴🚀 Bitcoin Miami is happening this week! 🌴 In the past, this event hasn't been too kind to Bitcoin's price, but hey, I believe in positive change. Let's hope it's different this time. Our team's there too, ready to bring you all the latest insights. Simultaneously, the Ordinals Conference should give us some exciting news there. 3. BUSD's Rollercoaster Ride 🎢 We've seen BUSD getting sold pretty heavily recently, without the Bitcoin price moving. 📉 But don't get too worried just yet. It could be a sign of a momentum shift, or maybe we're just gearing up for a big jump. 📈 This week should shed some more light on it. 4. The Unstoppable Memecoin Mania 🚀🌛 The Memecoin frenzy is still going strong. But can it keep up the pace? This week could tell us a lot about where these meme-inspired ERC20 & BRC20 tokens are heading. Keep watching, it's going to be wild! 5. Earnings Season's Grand Finale 💰 This week is a big one for major retailers like Walmart, Target, Home Depot, and Alibaba. They're about to drop their earnings reports, giving us some valuable insights into US and China's retail trends. Keep an eye on this space; it's going to be interesting. 🛍️ 6. G7 Summit in Hiroshima - Crypto on the Radar? 🌍 The G7 Summit is starting in Hiroshima, Japan, this week. 🇯🇵 With the growing influence of cryptocurrencies, we might see some significant talks about crypto regulation. It's a global event that could have local effects for all of us in the crypto world. 7. The MetaChain Testnet Launch 🚀 Finally, the moment we've all been waiting for – the MetaChain Testnet launch. 🚀 This could change the way we think about blockchain technology and open up new possibilities. Can't wait to see what it brings! So, there you have it! This week is sure to be one rollercoaster ride, with a mix of tech, crypto, and global economic events. As always, I'll be here, keeping you updated with the latest news and insights. Stay tuned, and let's see what this week has in store for us! 🚀🌍🔥 MIRO

🔥 7 Key Things to Watch for in the Markets during Week 20, 2023! 🔥

As every beginning of the week, I'm here to fill you in on the seven 🔑key events that, I believe, are going to shape our world this week in tech, crypto, and global economics. So, let's dive right in!

1. Post-Cake-Team Trip Energies 🌟

Our entire company spent a week together as a retreat. It's always interesting to observe how these connections reflect in our productivity and creativity. We've also had an 80s party... I don't want to show you any of the other dress ups, but I show you mine at the very bottom of the e-mail. It's the 80s baby :D Let me know what you think :)

2. Big Bitcoin Miami & Ordinals Conference 🌴🚀

Bitcoin Miami is happening this week! 🌴 In the past, this event hasn't been too kind to Bitcoin's price, but hey, I believe in positive change. Let's hope it's different this time. Our team's there too, ready to bring you all the latest insights. Simultaneously, the Ordinals Conference should give us some exciting news there.

3. BUSD's Rollercoaster Ride 🎢

We've seen BUSD getting sold pretty heavily recently, without the Bitcoin price moving. 📉 But don't get too worried just yet. It could be a sign of a momentum shift, or maybe we're just gearing up for a big jump. 📈 This week should shed some more light on it.

4. The Unstoppable Memecoin Mania 🚀🌛

The Memecoin frenzy is still going strong. But can it keep up the pace? This week could tell us a lot about where these meme-inspired ERC20 & BRC20 tokens are heading. Keep watching, it's going to be wild!

5. Earnings Season's Grand Finale 💰

This week is a big one for major retailers like Walmart, Target, Home Depot, and Alibaba. They're about to drop their earnings reports, giving us some valuable insights into US and China's retail trends. Keep an eye on this space; it's going to be interesting. 🛍️

6. G7 Summit in Hiroshima - Crypto on the Radar? 🌍

The G7 Summit is starting in Hiroshima, Japan, this week. 🇯🇵 With the growing influence of cryptocurrencies, we might see some significant talks about crypto regulation. It's a global event that could have local effects for all of us in the crypto world.

7. The MetaChain Testnet Launch 🚀

Finally, the moment we've all been waiting for – the MetaChain Testnet launch. 🚀 This could change the way we think about blockchain technology and open up new possibilities. Can't wait to see what it brings!

So, there you have it! This week is sure to be one rollercoaster ride, with a mix of tech, crypto, and global economic events.

As always, I'll be here, keeping you updated with the latest news and insights. Stay tuned, and let's see what this week has in store for us! 🚀🌍🔥

MIRO

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