Crypto journalist 🎧 Host @unchained_pod 📚 Author, The Cryptopians 💌 Sign up https://xitter.cf/t.co/gf90Q5GrXy Ads [email protected]
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A protocol that paid people to lose took away the exit. What's left?
I and @3xliquidated of Delphi Digital on Papertrade, mercenary capital, and whether a team can rewrite a token's rules after users paid in.
Live 9am ET.
xitter.cf/i/broadcasts/1lJQRWbEY…
How close is Q-Day? ⏳
@apruden08 told me 2030 is his earliest realistic date for a quantum attack, and @conordeegan argued "A-Day" for AI may already be here. Their shared advice: start migrating now, in an orderly way.
youtu.be/LODB0G1e0Us
1/ The OCC just finalized its rule under the GENIUS Act. Stablecoin issuers still can't pay interest. Exchange rewards, like Coinbase's 3.75% on USDC, weren't banned, but got no safe harbor.
3/ But Coinbase's filings tell a different story about where its stablecoin revenue actually comes from, and which part the rule leaves open.
4/ In this week's Bits + Bips premium issue: what the rewards cost Coinbase, what ending them would do, and the scenario that puts all $292 million in play.
Read it here: unchainedcrypto.com/are-you-…
Can anything cool inflation without austerity or demand destruction? 📈
@austincampbell puts the question to @coinbase's John D'Agostino and @perkinscr97, who warns about a fraying social contract as protests spread across Europe.
From the Bits + Bips episode with @Nick_van_Eck.
youtu.be/6DO0H-1Olr4
Crypto's lack of middlemen is usually the selling point. 🔑
@apruden08 argues it's also why a cryptographic break would hit blockchains harder than banks: "there's really no wall between you and catastrophe."
Catch the full conversation here 👇
xitter.cf/laurashin/status/21129…
Could AI Break Cryptography Soon? Yes, but 'Bunker Mode' May Not Be the Solution
@drakefjustin's "bunker mode" tweet put a new threat next to quantum: AI that gets too good at math. 🧮
@apruden08 and @conordeegan make the case that the post-quantum and post-AI migrations are the same work, and that chains should start it now. 🔐
Timestamps:
🎬 00:00 Intro
🛡️ 02:20 Why Justin Drake's 'bunker mode' tweet adds AI to quantum as a crypto threat
🔑 06:01 What ECDSA is and why its hidden 'trapdoor' structure worries people about AI
🧮 08:33 Why Conor says no scheme is broken yet, even as two cryptographic schemes fell to AI
🔐 13:06 Matthew Green's encryption warning and why privacy chains like Zcash are exposed
💼 17:20 Nexo: Generate daily interest on your crypto or borrow funds against your assets at unchainedcrypto.com/go/nexo-…
⚖️ 18:04 Where Conor lands between Yehuda Lindell and Justin Drake on AI breaking curves
🏦 25:53 Can blockchains recover if ECDSA breaks? Alex on the ETH Classic fork precedent
🧩 29:59 Curves, lattices, isogenies, or hashes: why NIST still prefers lattices
📅 48:14 Alex's updated Q-Day window and why Conor says 'A-Day' may already be here
🚨 53:05 Haseeb Qureshi's 'cryptographic wartime' and Balaji's rollback idea
🏗️ 58:41 Strongpoint: Project Eleven's crypto-agile custody and pricing quantum risk
Ethereum developers have unscheduled Glamsterdam's Oct. 26 activation on the Hoodi testnet. Christine D. Kim says the reason is security issues ChainSecurity found in the upgrade.
unchainedcrypto.com/ethereum…
Fireblocks is calling Axios's report of a Visa takeover "not true at present time."
unchainedcrypto.com/firebloc…
⏳ For years, embedded wallets were always "5 years from then."
Now, @turbahn says, large non-crypto companies are actively implementing them, and crypto is "not a separate industry anymore."
Subscribe to Unchained Premium to watch!
unchainedcrypto.com/are-you-…
A working group from StarkWare and the Starknet Foundation now begins studying an independent Starknet L1. Eli Ben-Sasson says any transition will go to a community vote.
unchainedcrypto.com/starknet…
Delphi Digital's Jason Pagoulatos on why making papertrade safer could defeat its purpose: people come for 1000x leverage, not 3x
"So they're right in their analysis of the situation. The question is, did they know this ahead of time?"
"And if they did know it ahead of time, why were they talking about making the token transferable after some time, when clearly by doing so, it opens up the protocol to existential attack vector risk?"
"There are solutions. You can cap the pool size. You can maybe add caps on leverage. But in doing so, you kind of take away all the reasons in which somebody would use PaperTrade to begin with."
"You're going on PaperTrade to use a thousand x leverage. You're not going on PaperTrade to trade Bitcoin with three x leverage the way you would on Hyperliquid."
"It's clearly there to solve that degen, Rollbit, casino, gambling, quick-hitter type activity. And by adding in those caps, those restrictions, those parameters and safety things, it kind of takes away from the whole point, in my opinion."
Papertrade ‘Paid’ Traders to Lose, Then Locked the Exit xitter.cf/i/broadcasts/1lJQRWbEY…
The Central Bank of Ireland says a daily shortfall in Coinbase Ireland's safeguarding account peaked at €5.2 million in 2024. Coinbase says no customers lost money and the issues are fixed.
unchainedcrypto.com/coinbase…
Delphi Digital's Jason Pagoulatos says papertrade isn't over after a 93% staking revenue drop, but it'll be "extremely tough" as $PAPER farmers leave
"They're funny takes. They're not horribly wrong, I don't think. It's tough."
"What you now see is what the organic usage of people who want this type of thing is, versus the activity that was there to potentially farm a token to then sell."
"Because if we can no longer sell this token, there's no reason to go farm the protocol anymore. The farmers are now mostly moving their money away."
"I'm not gonna say it's over. But it's going to be extremely tough."
Papertrade ‘Paid’ Traders to Lose, Then Locked the Exit xitter.cf/i/broadcasts/1lJQRWbEY…
"Uniswap v4 is now an aggregator," Uniswap Labs said. The feature is live in the Uniswap Web App and API.
unchainedcrypto.com/uniswap-…
SoFi Earn is rolling out to SoFi Crypto members through November. Per the company, each SOFIE token stands for $1 on deposit at SoFi Bank, FDIC-insured up to applicable limits.
unchainedcrypto.com/sofi-lau…
