Mark Cuban loves Polygon ❤️

Author

Mr. GoBrr
January 31, 2024 • Reading Time:5 minutes

GM. Today on Money Printer Go Brrr newsletter:

  • DeFi protocols lose $38.9M in January exploits

  • Vitalik Buterin reflects on his role, says 'time for the next generation to take up the mantle'

  • UAE makes first digital dirham transfer via mBridge CBDC platform

DeFi Project Abracadabra Undergoes $6.5 Million Attack

Magic trick goes wrong as the Abracadabra DeFi project pulled a disappearing act with $10 million, but it's no illusion, folks!

The cyber bandits used Tornado Cash to cover their tracks.

A whirlwind heist if you ask me.. 🥲

💡 What does Tornado Cash?

⇾ improves transaction privacy by breaking the on-chain link between source & destination addresses;

⇾ it mixes cryptocurrencies in a pool, allowing users to withdraw them to different addresses;

⇾ runs on the Ethereum blockchain.

⇾ In short, it anonymizes transactions on the Ethereum blockchain.

Back to the heist..

They didn't just vanish with the loot; they transferred $4 million to a new EOA.

💡 Externally Owned Accounts (EOAs)

⇾ no ID required,

⇾ created using private keys,

⇾ most common type of wallet that gives us direct control,

⇾ key gives you a unique signature and access to the blockchain.

Meaning they might be gone… forever.

Now, in a more serious tone, you need to be extremely careful when using the DeFi space.

The risks of losing everything are real because, although crypto projects claim to be "decentralized" and without the need for trust in an third party, this is not actually the case.

Your cryptocurrencies are left in the hands of those who have control over the DeFi dApps & smartcontracts.

These are people with greedy habits.

In reality, DeFi is not fully "decentralized".

Remember the saying "Don't trust, verify."

Google to Allow Cryptocurrency Ads, Boosting Bitcoin ETF Speculation

Google's Crypto Green Light: Google has flipped the switch to let crypto ads play in its massive digital sandbox.

Bitcoin ETFs are getting VIP passes, sparking a party in Cryptoville! 🎉

The SEC is handing out approvals for Bitcoin ETFs like a candy shop owner giving away treats on Halloween.

"Here's an ETF for you, and one for you, everybody gets an ETF!" 

Google's Mighty Influence

With Google's approval, Bitcoin ETFs might just become the next big hit, riding on the search giant's coattails.

After all, with 8.55 billion daily searches, that's a lot of eyeballs for crypto's catwalk!

Google remains mysterious (as always)...

They’re using the term "cryptocurrency coin trusts" in its invite, which is about as clear as a foggy day in London. 😂

But hey, it's adding a bit of intrigue to the mix, right?

Mo’ eyes, mo’ honey, Mo’ money go brrr!

💡 Educational cookies to takeaway:

Bitcoin ETFs ⇾ Bitcoin ETFs allow individuals to invest in Bitcoin without directly purchasing or holding the cryptocurrency, offering a regulated and potentially less risky investment option.

Imagine buying a slice of Bitcoin pie without getting your hands dirty.

Regulatory High-Five ⇾ The SEC's approval of Bitcoin ETFs signifies a growing acceptance of cryptocurrency in mainstream finance, increasing investor confidence.

Google's Role in Crypto Adoption ⇾ Google's policy change to allow cryptocurrency ads can significantly influence public perception and adoption of crypto products by providing them with more visibility.

Billionaire Mark Cuban Confesses Love for Polygon

You asked yourself the same, right? ⇾ This guy is trying to pump his bags. He might.

Of course, we don’t know. But, let’s see.

Billionaire Mark Cuban just slid into Polygon's DMs with a big ol' heart emoji. 

In an AMA, he was all, "It's not you, Bitcoin Layer 2, it's me... and Polygon”.

⇾ he dismissed the need for Bitcoin Layer 2 solutions, suggesting Polygon's superior capabilities.

💡 Bitcoin Layer 2 

⇾ built on top of the BTC chain;

⇾ handle txs off chain, reducing transaction congestion, Enhancing scalability;

⇾ most known: Lightning Network, Liquid etc..;

⇾ challenges: integration, interoperability, liquidity;

Even though some BTC L2s aren’t new, the challenges are still just scratching the surface of its potential.

Cuban's endorsement dismisses the need for Bitcoin Layer 2 solutions, suggesting Polygon's superior capabilities.

Mark wants to provoke a fight between bitcoin and altcoins enjoyeeers. 🔥 

💡 Celebrity Endorsements 

⇾ when celebs like Cuban give a shoutout to a crypto project, it's like getting a DM from your crush. Flattering, but do your homework before sending a love letter (or investment).

⇾ high-profile endorsements can influence public perception on crypto; 

⇾ In the past, celebrities like Mark Cuban have proven that they don't truly understand this field and their recommendations have done more harm than good for the crypto community.

Tip? ⇾ Always DYOR.

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