Terraform Restarts Blockchain Behind UST Stablecoin, Luna (bloomberg.com) 33
Terraform Labs restarted the Terra blockchain following a software update to help avoid attacks against the network in the wake of the collapse of its algorithmic stablecoin and the related Luna token that had roiled cryptocurrency markets. From a report: The fix is designed to help avoid so-called governance attacks against its protocol -- a way of manipulating the fundamentals of a given blockchain by acquiring enough tokens to force a majority vote. Following the patch's release, Terra said earlier that the network would go live again once two-thirds of the voting power belonging to validators came online to finalize the update. In previous outages for blockchain networks like Solana, this process has taken several hours to complete as validators can reside across multiple time zones.
Again? (Score:4, Insightful)
Can we count how many times crypto is mentioned a day here?
Can we limit it to once or twice?
Please?
This used to be news for nerds. Now it's news for crypto bros.
Pure comedy. (Score:5, Informative)
Imagine if ten years ago you said 'money would be like apps, there will be frequent bug fixes and complete reboots'. Everyone would think you were a clown, now the clown money apps are-a-multiplyin.
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Slashdot seems to post whatever flamebait is popular at the time to generate discussion.
Crypto has always been a hot topic over the past few years, just like anything regarding COVID mandates.
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> Slashdot seems to post whatever flamebait is popular at the time to generate discussion.
A complaint click sells ads. The complainers make the stories profitable.
That said, it's way past time for crypto.slashdot.org and fixing the ignore sections preferences. I'd still read the crypto stories but it would be nice to have less complainers in the comments.
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Re:Again? (Score:5, Informative)
We have a "technology" section on slashdot, couldn't they just add a "crypto" section? I'd be cool with that.
We've all been asking for a 'cryptocurrency filter' for ages now - they refuse to implement one, because they clearly have a vested interest [slashdot.org] in the scams.
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Re:Again? (Score:4, Interesting)
This used to be news for nerds. Now it's news for crypto bros.
Looks like I was right.. [slashdot.org]
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This used to be news for nerds. Now it's news for crypto bros.
Slashdot relies on submissions. Submit news you think is better and Slashdot will run those stories. The fact is the biggest stories in tech right now is the insanity around the so called stable coin.
If you want to ignore reality you can always tune out for a couple of days, like we all do around April 1st.
Doesn't really inspire confidence. (Score:3)
I really hope this comes back (Score:3, Interesting)
Was reading a sad story on Twitter about some buy that was just barley prevented from committing suicide as he had moved most of his retirement funds into Luna... would be nice if the people that still held it could get something. But this is the danger...
Re:I really hope this comes back (Score:5, Insightful)
Would we feel the same if he put his retirement into selling Amway or Avon? What about trying to flip houses? What if he just put it all on red and lost the coin flip? Buying into crypto is the same as doing any other type of day trading, don't put in what you can't afford to lose.
ETFs, mutual funds and even bonds still exist, all very safe but slow and boring. I imagine his retirement funds were in some sort of 401 or IRA type account and that's where they should stay. That money could still be doing a part in the actual economy.
What's worth feeling bad over is Americans having the feeling that having no money is paramount to life not being able to be worth living. I would prefer it if people falling on hard times had a better ssocietal support system, even the dumb crypto-bros.
Yeah I would feel the same (Score:2)
And yeah it would be nice to live in a country where being broke doesn't make suicide a viable option.
Re: Yeah I would feel the same (Score:2)
True but "feeling bad for people caught up in a scam", "wanting to educate and regulate against scams" and "desiring policies to improve material conditions for the impoverished" are all separate things.
I want people who are losing their savings to still have a place to live, have health care and able to still live in some dignity.
I also want this dumb market to regulated to a stringent degree.
How I feel about this person is a matter of emotion. A small but responsible investor in 2008 caught in the crash
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If it is a clever scam, with no or very little warning available, yes. But this is a very obvious scam with tons of warnings and a lot of greed and not a lot of effective intelligence on the side of those scammed. Anybody that loses their life savings in something like this was going to lose them anyways, sooner or later. There really is no way to protect such people without taking away their freedom to do with their money as they please.
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Would we feel the same if he put his retirement into selling Amway or Avon? What about trying to flip houses? What if he just put it all on red and lost the coin flip?
Kind of depends... for the house flipping, or Amway? I would still feel pretty bad for them, as they were just trying to improve their situation, I would have said to make sure not to put everyone on one option but sometimes life does not give you enough resources to diversify.
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I have zero compassion for anybody that was blinded by greed and fell for this. Just remember that every moron that "invests" into this increases the damage done.
"DeFi" = "Deregulated Finance" (Score:4, Interesting)
Remember kids, "DeFi" really means "Deregulated Finance"
Nothing says stable like restarting. (Score:5, Funny)
Oh no! Your crypto is failing? Have you tried turning it off and back on again?
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Hmm. They could actually build that in: Whenever the crapcoin crashes, just do an automatic restart! That will ensure stability!
shared governance (Score:2)
Shared and distributed governance, until it is not. Given the lofty principals behind these projects they sure do a terrible job of implementing them. Like a bunch of puppies that get so excited and then they wet themselves, which just leaves a mess.
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> Shared and distributed governance, until it is not
>> by acquiring enough tokens to force a majority vote
Yeah, proof of stake is stupid because it fails like this (among other reasons). You could probably take over the whole project for a relatively small amount of money now.
They're panicking because their design can't handle this situation.
Before long the central banks will do the same to Ethereum and use it to build their SCS/CBDC system.
"Governance Attack"? (Score:2)
Also, two words: currency manipulation. There's a damn good reason we regulate the global currency markets. And a whole bunch of people just found out what that reason is.
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luna's collapse is nothing like the solana restart (Score:2)
Not a single post explaining that the terra/luna disaster is very different from what befell solana.
That tells me how many on /. actually know a fucking thing.
Did it increase the price of Luna at all? (Score:2)
So they will run the same scam again? (Score:2)
Pretty impressive. The cryptocurrency-morons must be even more excessively stupid if they are going to fall for this a second time. Quite possibly they will...
Suckers and their money (Score:2)