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Unhashed Podcast - Ruff Consensus

Published on May 5th, 2021 by BTCMedia

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On this episode of the Unhashed Podcast, we talk taproot signalling, theft on BSC DeFi platforms, and Charlie Munger surprising everyone with a perfectly nuanced take on bitcoin. We finish off trying to determine whether or not we should get rid of everyone's pets to save the environment. Probably, right?

  1. Cryptonews writes: Bitcoin's long-awaited Taproot upgrade - its biggest upgrade since SegWit in 2017 - has been kicked off with Speedy Trial - giving miners three months to signal readiness to enforce the upgrade. The first of six epochs has failed to lock in the upgrade. On May 1, the network saw another mining difficulty adjustment, which signalled the beginning of the 'will it-will it not activate' phase of the Taproot upgrade, a proposed protocol upgrade that should improve Bitcoin's privacy and flexibility. Simply said, Speedy Trial's aim is to allow the upgrade activation attempt to fail or succeed quickly - making a difference between no mandatory activation and the guarantee that taproot would be activated. The mining difficulty of Bitcoin is adjusted every 2016 blocks, or approximately every two weeks. What the miners have before them now is the current signalling period of 2016 blocks, with six activation epochs set in the period of three months, during which 90% of the blocks have to signal for Taproot activation - meaning, they have to include a signal bit into the mined blocks. If this 90% threshold is reached, the upgrade will be locked in, then activated in November. If miners don't lock in Taproot, another mechanism can be used to try again. – https://cryptonews.com/news/bitcoin-taproot-speedy-trial-begins-but-no-lock-in-in-this-e-10143.htm

  2. Coindesk writes: Spartan Protocol, a decentralized protocol built on Binance Smart Chain for incentivized liquidity and synthetic assets, was exploited earlier Sunday UTC due to “a flawed liquidity share calculation” in the protocol, resulting in a loss of more than $30 million, according to a Medium post by on-chain analysis and security startup PeckShield. "In particular, the specific hack inflates the asset balance of the pool before burning the same amount of pool tokens to claim an unnecessarily large amount of underlying assets," the post read. "What we know so far – attacker used $61 million in BNB to overcome the pools via a[n] as yet unknown economic exploit path to remove roughly $3 million in funds from the pools," according to the official Twitter account of Spartan Protocol, which first reported the incident around 12:21 a.m. UTC on May 2. According to Spartan Protocol's official website, the decentralized finance (DeFi) liquidity platform "provides community-governed and programmable token emissions functions to incentivize the formation of deep liquidity pools." The attack came just a few days after Binance Smart Chain's DeFi exchange Uranium Finance lost more than $50 million in an exploit on April 28 from a similar attack. The attack on Spartan Protocol makes it the sixth-biggest monetary exploit in DeFi history, according to Rekt, after EasyFi's $59 million, Uranium Finance's $57.2 million, Kucoin's $45 million, Alpha Finance's $37.5 million and Meerkat Finance's $32 million. – https://www.coindesk.com/binance-smart-chains-spartan-protocol-loses-30m-in-exploit

  3. At the Berkshire-Hathaway Shareholders conference, BRK vice Chairman Charlie Munger did not mince words when it came to bitcoin, stating “‘Of course, I hate the bitcoin success and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth. Nor do I like just shoveling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air. So I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization. And I’ll leave the criticism to others.’ To which Warren Buffet added “I’m okay on that one.” Is this just another case of “old man yells at dog?”

  4. As uncovered in the Unhashed Podcast chat, Pet food for dogs and cats causes twice the amount of greenhouse gas emissions as Bitcoin. In 2017 UCLA professor Gregory Okin calculated that the meat eaten by dogs and cats creates 64 Mt of CO2 per year, while the latest estimates for Bitcoin 52.10 Mt CO2, still not eclipsing 2017s pet numbers

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