"In commemoration of today's GAWSOME news about the scammer Josh Garza's sentencing, we #ThrowbackThursday to PayCoin - one of the first popular ponzi scheme altcoins, which promised buyers that it would have a $20 price floor..."
- Jameson on Josh Garza's sentence to 21 months in prison. Garza was formerly CEO of GAW Miners, the now-defunct cryptocurrency mining company/Ponzi scheme which issued "paycoin."
IN CASE YOU MISSED IT
💰 Morgan Stanley is joining the Wall Street race towards institution-friendly bitcoin derivatives - specifically, price return swaps. These derivatives will allow clients to invest indirectly and enter long or short positions through the contracts.
For a complete listof today's trending articles, head on over here.
READS OF THE DAY
📖Code Review: Gemini can make GUSD non-transferable at any moment. Alex Lebed walks through the current stablecoin implementation and how it gives Gemini the ability to freeze any account or make all tokens non-transferrable.
📖How to Raise a Seed Round in crypto. Coinlist's Regan Bozman documents tips for founders of blockchain-related companies looking to fundraise. Complete with a crypto fund landscape.
THOUGHT OF THE DAY
Opinions and observations from our readers. Have a thought you'd like to share? Reply directly to today's issue, and we'll review your submission.
"Randomness exists all around us. Concepts of luck, probability and fate have all historically been intertwined with the concept of randomness. Everything that humans don’t understand or can’t predict tends to be classified as such. We’re also physically engulfed in a sea of randomness. It exists everywhere - from the movement of clouds to behaviors in particles and waves.
And yet, for all its familiarity and abundance, humans have a hard time translating the randomness around us into something that computers can use. When we talk about randomness in a computer system, what we really mean is pseudorandomness i.e. a simulation of the randomness of the world, hard to distinguish from "true randomness." Take, for example, this very powerful simulation of randomness.
Randomness plays a huge role in privacy technologies and cryptography."
"Is the expectation that hardware wallets such as Ledger or Trezor will incorporate native support for Lightning?" - Jonathan Marcus
See Michael Borglin and Jameson Lopp's answers here.
LAUNCH OF THE DAY
🚀 Vault: Easily access dApps and collectibles, from a mobile wallet.
⬛️ NoWallet: A secure, private, and plausibly deniable cross-platform Bitcoin brainwallet.
THING TO KNOW
Short for delegated proof of stake. Regular proof of stake uses financial incentives to ensure that those with money in a system will uphold the sanctity of the system. Delegated PoS relies on an additional layer of reputation and real-time voting to pick a group of representatives who then validate blocks. In the grand scheme of things, DPoS arguably isn't all that different from a representative government.