Cardano Daily Discussion - January 14, 2023

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

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⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

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Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

Do not be fooled!

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To be clear:

• ⚠️ There is no such thing as a Cardano giveaway
• ⚠️ Never share your seed phrase with ANYONE
• ⚠️ Never send ADA to someone promising to send you more ADA back
• ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

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Midnight Subreddit

In anticipation of Input Output's new data protection blockchain 'Midnight', I've managed to acquire r/Midnight through some negotiation and repurpose it for the Cardano Community (the sub was created for a card game back in 2011 but was mostly unused).

I decided to do this as I thought the project will eventually need a home on reddit and best to setup now before any scammers do. Obviously there's not much to post about on there right now as it's early days as the project is yet to be released, but if you'd like to be kept up to date on the project please feel free to join the new subreddit if the project interests you and I'll be sure to post updates as and when they become available.

Right now the sub is mostly a carbon copy of r/cardano, I've copied most of the automod and rules over, so certain aspects may seem a little incongruent atm, but I'll tailor and tweak the sub as we go. Feel free to send me or post any input if you want stuff to change.

Cheers all

Getting to know Exorde Index product from Exorde Labs

Earlier in the blog I often talked about the Exorde project. The developers of the project released the first product Exorde Index.
So, Exorde Index is a platform that provides very accurate price forecasts for bitcoin and several other popular cryptocurrencies. Exorde Index trains its prediction models on a lot of data taken from the Internet to provide estimates of cryptocurrency prices over the next hour.
For now, the product only predicts the price of Bitcoin, but other altcoins will be added soon.

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The whole idea behind the Exorde index is to provide accurate price forecasts and sentiment analysis to allow traders to make consistent profits by making better trading decisions.
Exorde’s decentralized community plays an important role in collecting and analyzing large amounts of data, while logic suggests that decentralized communities are less optimal than centralized competitors.
The Exorde protocol allows developers to retrieve publicly available information from the Internet and process that information in a decentralized data pipeline that produces output data graphs, linking all similar data and facts together. The tool extracts publicly available information from social media posts, press articles, news summaries, analytical articles, photos and videos.
Exorde does an excellent job of collecting data in real time because of its extensive network and community, which processes millions of social media posts every day.
The protocol has a variety of potential uses, from filtering fake news to finding the best upcoming NFT dump. However, one key feature is providing highly accurate BTC price forecasts using the Exorde Index.
Along with highly accurate bitcoin price predictions, the platform offers a system for tracking the sentiment of crypto-assets across the network. The data extracted from the Exorde protocol takes information from social media to estimate future price direction based on market sentiment.
The protocol uses natural language processing (NLP) technology to analyze content and assess sentiment in social media posts. NLP technology can discern a range of human emotions based on language patterns and then uses that information to predict the price of BTC.
The sentiment tool allows users to understand current sentiment across a range of coins to be more informed about where the industry is headed next. If the sentiment is worrisome, we can expect prices to decline. Conversely, if the sentiment is optimistic, we can expect prices to rise.
Currently, the sentiment tool provides results from over 28 different trading sentiments;

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The great thing about the Exorde Index is that the decentralized model allows for incredibly fast data collection, allowing for real-time data analysis on a range of topics. In addition, the data is not limited to a single geographic location or language. Instead, Exorde can collect data from all languages, meaning that the sentiment analysis provided is a global overview of the crypto market.
The team plans to release a unique decision support tool specifically for traders. The tool will provide price fluctuation data for each token and sentiment to help traders make more informed decisions. In addition, one of the best features of the tool is its ability to alert traders when certain fundamental events occur in the market.
For example, if a tweet goes viral and causes a significant price movement, the decision tool will alert traders to that tweet and allow them to make a trading decision.
Overall, Exorde Index’s bitcoin price prediction tool is extremely powerful and will help traders make more consistent profits in their trading. Future features of this tool are expected to take the platform to the next level, giving traders more usefulness and indicators for analysis.
Right now, anyone can take part in a rewarding testnet and help the project gather and analyze information.

EXORDE LABS:
Website: https://exorde.network/

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Exorde Index:
https://exorde.io/

Block Reward

A block reward is a subsidy that was programmed by the creator of bitcoin to reward transaction processing nodes for securing the network in its infancy. The reward is earned by the miner who successfully solves the cryptographic puzzle and adds the latest block to the chain.

The first block reward was 50 bitcoins. Every 210,000 blocks (roughly 4 years), the block reward diminishes by 50% in an event commonly called “the halvening” so as to encourage miners to shift from working for subsidies and toward working for transaction fees. The reason for that is to incentivize miners to invest in businesses and do the necessary research and development to efficiently grow the circulation of bitcoin transactions.

If the total value of transaction fees does not out-pace the diminishing value of the block reward, miners and transaction processors will go out of business, and bitcoin will become too insecure to store or transact large amounts of value. Currently, the block reward on the Bitcoin network is 6.25 new Bitcoin plus the fee for each transaction in the block. By 2140, the amount is expected to hit zero, but by 2028, the block reward will only be about 1.5 bitcoins. By then, the value of a single bitcoin will have to at least match the cost of securing the transactions within every block, or the size of every block will have to be sufficiently large for transaction fees to pay for the security of the blockchain.

Cardano Rumor Rundown January 13, 2023

Hey Everyone!

Let’s go….

Newly Covered Today:

1. Great article from cexplorer.io explaining why Cardano is much more decentralized than Bitcoin or Ethereum. https://cexplorer.io/article/cardano-has-the-most-independent-block-producers
2. IOG is launching the Cardano EVM Sidechain toolkit this month. https://twitter.com/InputOutputHK/status/1613566266488328193
3. Looks like MELD is clarifying that the token movements in the TapTools thread are “private sale token holder [sic] getting their $MELD tokens from the vesting contract and they have decided to sell.” https://twitter.com/MELD_Defi/status/1613459175245504513
4. Looks like FutureFest has a collaboration with Skullcandy. It’s good to see a Cardano project partnering with a hardware manufacturer like this. https://twitter.com/futurefestxr/status/1613249369951862784
5. The SEC has charged Gemini and Genesis (a subsidiary of DCG) with unregistered securities offerings and sales. https://www.sec.gov/news/press-release/2023-7
6. The CFTC has laid down the blue print for regulators to go after DAOs. They have now requested default judgment against Ooki Dao. https://storage.courtlistener.com/recap/gov.uscourts.cand.400807/gov.uscourts.cand.400807.64.0.pdf

Previously covered, but still interesting:

1. If you’re in Cardano, you should really take the time to sit down and have a nice read of CIP-1694 which lays out the framework to bootstrap Cardano’s Voltaire community governance era. https://github.com/cardano-foundation/CIPs/pull/380/commits/f3594d836418e4a3f6ebb1cb310e8f023cbfa760
2. Turns out the run-of-the-mill thieves are still kings of the Robbery Forest even when compared to the combined victims of FTX, BlockFi, & Voyager. https://twitter.com/Solidus_Labs/status/1604873128404193281
3. The beta for cardanospot.io is now live. https://cardanospot.io/
4. MELD has announced that it is becoming an Electronic Money Institution (EMI). They explained what that will mean in this earlier thread from September. https://defiknowledge.medium.com/meld-becomes-an-emi-to-bring-fiat-and-crypto-to-the-masses-c9f05ffc7ecf https://twitter.com/MELD_Defi/status/1570188453224005632
5. Visa has some ideas about automated payments from self-custodied wallets. https://twitter.com/conraddit/status/1604959097186668569
6. The U.S. District Court in the Ooki Dao case has decided that the DAO IS an unincorporated association that can be sued by the CFTC. I’ve been saying it as loud as I could for over a year: a DAO is probably not a shield that allows you to violate US statutes and regs. https://twitter.com/UTAMore/status/1605324069590949889
7. At least one poster has already pointed out that this ruling kills the go-to game advised by many crypto law firms. https://twitter.com/TheDanDraper1/status/1605327296033865729
8. Pavia has dropped a new video on the progress with their builder tool. https://www.youtube.com/watch?v=MOgBh7D5gCo
9. It turns out that Lace can read your chrome browsing history. But, don’t worry that’s a Google requirement. It’s not coming from IOG. https://twitter.com/lace_io/status/1605276853341601792
10. We have now had the first Cardano Music Awards. https://twitter.com/OfficialNID0/status/1605307057183330306
11. SEC Charges Caroline Ellison and Gary Wang with defrauding investors. https://www.sec.gov/news/press-release/2022-234
12. Reports coming out that Caroline Ellison and Gary Wang have pled guilty to federal charges and are cooperating with prosecutors. https://www.cnbc.com/2022/12/22/ftxs-gary-wang-alamedas-caroline-ellison-plead-guilty-to-federal-charges-cooperating-with-prosecutors.html
13. You can now use ETH and SOL to buy Cardano NFTs on jpg.store. https://twitter.com/jpgstoreNFT/status/1605327761798991873
14. ADA Whale once again exposes the extreme bias against Cardano at some crypto media outlets. https://twitter.com/cardano_whale/status/1605635616435163140
15. The New York Fed may actually have some appreciation for DeFi. https://libertystreeteconomics.newyorkfed.org/2022/12/can-decentralized-finance-provide-more-protection-for-crypto-investors/
16. IOG just dropped a video where Charles and Aggelos talk about IOG’s First Principles based approach to research over the last 6 years. https://www.youtube.com/watch?v=MVuweooiXPI
17. Wow. Even Coinbase refused to mention Cardano in their 2023 outlook paper. https://twitter.com/IOHK_Charles/status/1605383102376816641
18. The GC for Ripple asks whether FTX customer money was used to pay the BlockFi settlement with the SEC. https://twitter.com/s_alderoty/status/1605977875932336130
19. There is a portfolio analytics app for Cardano NFTs available for both Android and IOS. https://www.getpoki.com/
20. Virtua is delaying its mint of Cardano Plots in their Monster Zone due to market conditions. https://twitter.com/VirtuaMetaverse/status/1605954712666112000
21. Gary Gensler says he will use “all our available tools” to bring crypto into compliance. https://twitter.com/GaryGensler/status/1605753564994871297
22. LBRY responded by offering Gary Gensler $20 million to explain how to legally launch a blockchain in the U.S. https://twitter.com/LBRYcom/status/1605778541966249988
23. Gary Gensler says the runway is getting shorter for non-compliant securities intermediaries in crypto. https://www.bloomberg.com/news/articles/2022-12-22/sec-s-crypto-crackdown-is-just-getting-started-after-ftx-blowup
24. Now is your chance if you wanna talk to the Cardano Foundation about the DeFi or NFT project you are building. https://twitter.com/John_CF/status/1607546234088361984
25. Mango Markets DeFi protocol exploiter, Avraham Eisenberg, has been arrested for market manipulation. Turns out code really, really is not law. https://twitter.com/SummersThings/status/1607861933322952709
26. Here’s an article explaining the circumstances around the Mango Markets exploit. https://www.occrp.org/en/daily/16921-114m-crypto-hacker-outs-himself-returns-most-of-the-money
27. This article explains the Mango Markets exploit itself. https://www.soliduslabs.com/post/mango-hack
28. Ethereum core devs are very worried about the possibility of a “$10 Billion” future hack of ETH zk-rollups. https://twitter.com/StakeWithPride/status/1607511445549514752
29. Coinbase may try to get you to use Plaid to connect a fiat account these days. You should probably be aware of the $58 million settlement Plaid had to pay over its approach to user banking privacy. https://www.investopedia.com/what-is-plaid-5207625
30. Here’s a very good point about why Gensler doesn’t want new rules for crypto. https://twitter.com/biancoresearch/status/1607371492039311366
31. The Virtua Cardano Island Crib Claim Event is now live for plot owners including those of us in Spy Village. https://twitter.com/VirtuaMetaverse/status/1608154361686900737
32. They’re working on the Eternl connection for the crib event and they’re hoping to have it up soon. https://twitter.com/VirtuaMetaverse/status/1608210936615018496
33. Here’s a really interesting read of US Crypto Law predictions for 2023. https://twitter.com/lex_node/status/1608221862076583937
34. Here’s a little footage of the AOS Spy Village Crib if you wanna see size/layout of a large crib. https://twitter.com/ArmySpies/status/1608231658091864066
35. There is now a SouthPark depiction of the SBF saga to date. https://twitter.com/WSBChairman/status/1608187710782554114
36. Interesting take by an Attorney/NFT artist who thinks that it’s fine if NFTs are deemed securities since the SEC won’t want to regulate them just like they don’t want to regulate trad. art markets. https://www.coindesk.com/consensus-magazine/2022/12/28/nfts-are-securities-and-its-great
37. The SEC is taking no prisoners in the LBRY case. https://twitter.com/JohnEDeaton1/status/1608130670089347072
38. Don’t give up your citizenship in a favorable country to save a few tens of percent in crypto taxes. https://twitter.com/coinfessions/status/1608115789902520320
39. IOG just released a year-end review of Cardano Community developments in 2022. https://www.youtube.com/watch?v=xUMeVQhqsk0
40. Binance.US decided to push a Cardano article today. https://twitter.com/BinanceUS/status/1608235218057437184
41. Ben Goertzel makes some interesting observations about OpenAI and ChatGPT. https://twitter.com/bengoertzel/status/1608548419135758337
42. Here are reports of multiple additional alleged ties between Gensler and FTX. https://twitter.com/scott_lew_is/status/1608526979799867393
43. Charles points out again that sidechains are the computation layer of Cardano. https://twitter.com/IOHK_Charles/status/1608288782297571330
44. The 2022 Essential Cardano Guide from IOG is now out. https://twitter.com/InputOutputHK/status/1608482982183960579
45. The Head of Product for Atala says that Prism 2.0 will be online in Q1. https://twitter.com/tonyrose023/status/1609695701440811010
46. You think crypto was bad last year? 2022 was the worst year for stocks and bonds since 1871. https://twitter.com/GRDecter/status/1608476482719961089
47. Will 2023 be a similar story for housing? https://twitter.com/skistrongryan/status/1608849368412741632
48. Here’s an interesting thought about those points in time whenever Coinbase is the top app. https://twitter.com/Pentosh1/status/1609999581730725892
49. Crypto twitter is (sometimes) giving us previously unthinkable transparency into the dealings of some projects. https://twitter.com/StephOFRNT/status/1609949056876290049
50. It sounds like Yoroi has a lot planned for 2023. https://twitter.com/YoroiWallet/status/1610032960736043010
51. Did anyone know that Meld was going to be multi-chain and also on Avalanche? https://twitter.com/MELD_Defi/status/1606341364005965825
52. A viewpoint: crypto synthetics will never be allowed to reach any kind of scale. https://twitter.com/lex_node/status/1609651328652906499
53. Charles made some good points in a recent video on NFTs and intellectual property. https://youtu.be/RKAcgM_q4XQ
54. SBF pleads not guilty! https://twitter.com/ArmySpies/status/1610370877501370369
55. Some in crypto question his being out on bond. But, it seems not to be out of the ordinary for a financial crime where he probably negotiated it with Feds when he waived extradition. https://twitter.com/ArmySpies/status/1610379376125939715
56. The White House addresses their four meetings with SBF saying they related to pandemic prevention (lmfao), crypto, and crypto exchanges. https://twitter.com/tier10k/status/1610371539417067521
57. Looks like Meld provided some additional details on their multi-chain future. https://twitter.com/TheMeldGuy/status/1610403502886621184
58. A good indication we are well past peak celebrity NFT season for this cycle: https://youtu.be/M1buyQRWw8M
59. The Judge in the Celsius bankruptcy case has ruled that Celsius owns the $4.2 billion deposited in its interest bearing accounts. GIVE ME CUSTODY OR GIVE ME DEATH! https://cases.stretto.com/public/x191/11749/PLEADINGS/1174901042380000000067.pdf
60. Even worse, some are asking whether this might mean the original deposits at Celsius were taxable dispositions of those assets in exchange for Celsius debt (obviously now bad debt). https://twitter.com/lex_node/status/1610721367988600833
61. People were quick to point out past statements from Alex Mashinsky that seemed to indicate the opposite. https://twitter.com/astrojoe001/status/1598412824505913344
62. Subcritical is bringing you a detailed look at a new upcoming Stableswap on Cardano. https://twitter.com/SubcriticalTV/status/1610823273482448897
63. The December meeting of the Fed indicates they aren’t planning any rate cuts for 2023. https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20221214.pdf
64. Allegations fly that FTX was buying NFTs on Cardano competitor chain, Solana, to boost floor prices. https://twitter.com/jconorgrogan/status/1610017999968141319
65. Charles was on a Google Web3 Fireside Chat today. https://twitter.com/IOHK_Charles/status/1611094007995838464
66. Looks like Googlers also like Charles. https://twitter.com/ItsAdrianHunter/status/1611114251992850432
67. Apparently, Cardano NFT volume is up significantly. https://twitter.com/ponziratti/status/1611061551087382528
68. Cardano NFT Rug-pullers Beware. The DOJ doesn’t care if you are not a US Citizen or even if you are not residing in the US. https://www.justice.gov/usao-edny/pr/non-fungible-token-nft-developer-charged-multi-million-dollar-international-fraud
69. Cardano Project CEOs Beware: turns out you can’t mislead retail. The New York Attorney General has now sued Alex Mashinsky for making allegedly false and misleading statements about the safety of Celsius. https://ag.ny.gov/press-release/2023/attorney-general-james-sues-former-ceo-celsius-cryptocurrency-platform-defrauding
70. Cardano Projects Beware: you might not be able to use non-competes soon. The FTC is proposing a rule to ban non-competes. https://www.ftc.gov/ne
71. Singaporean Courts are serving court orders to the 3 Arrows Capital boys via twitter now. https://twitter.com/3ACLiq/status/1610999697983815686
72. The US Bankruptcy Court is also using twitter to serve them with subpoenas. https://twitter.com/3ACLiq/status/1610999697983815686
73. Big rumors afoot that the DOJ is squeezing SBF, Caroline, and Gary for info to go after other entities. https://twitter.com/AP_Abacus/status/1611117789372186624
74. That may include DCG and Genesis. https://twitter.com/AP_Abacus/status/1610706188093607937
75. The lead product designer of Lace has given us a nice graphical representation of all the functionality in that new wallet. https://twitter.com/MathieuHJ/status/1611382433684881409
76. Charles dropped an AMA over the weekend. https://youtu.be/djhKk-3rYhU
77. The feds are issuing subpoenas to hedge funds regarding Binance. https://www.washingtonpost.com/technology/2023/01/07/binance-subpoenas-crypto-trading/
78. Here’s a thread from Cardano Spot breaking down all the staking parameters. https://twitter.com/CardanoSpot/status/1612209625667088384
79. Here’s a thread from Adam Dean with some background info on the minPoolFee (the minimum fee paid to stakepools per epoch that is baked into the system) . https://twitter.com/adamKDean/status/1612118333603860480
80. Lots of nice green plus numbers in terms of Cardano dApp usage. https://dappsoncardano.com/
81. Djed is getting close. https://twitter.com/shahafbg/status/1612463246715359232
82. There are reports that the malfeasance in the FTX case is so broad that it’s overwhelming the resources of the SDNY. https://twitter.com/CGasparino/status/1612449174225551361
83. The CFTC is quoting the infamous Mango Markets tweets of Avi Eisenberg in their case against him as admissions of guilt. https://twitter.com/tier10k/status/1612515709384536068
84. Whale makes a great point here. Not all criticism is well-intentioned. https://twitter.com/cardano_whale/status/1612585581854478337
85. Some small SPOs are questioning whether they could continue if the minPoolFee were removed. https://twitter.com/ArmySpies/status/1612931853601894402
86. Even Forbes is talking about how much money has fled Binance. https://www.forbes.com/sites/javierpaz/2023/01/10/binance-is-bleeding-assets-12-billion-gone-in-less-than-60-days
87. World Bank 2023 Global Economics Prospects report forecasts “sharp, long-lasting slowdown” for world economy. https://www.worldbank.org/en/publication/global-economic-prospects
88. Is this right? Are we at the lowest savings rate on record other than ‘06-’07 right before the Global Financial Crisis? https://twitter.com/nickgerli1/status/1612924280886394887
89. There are reports that Binance’s stablecoin was massively unbacked at certain times in the recent past. https://twitter.com/emilyjnicolle/status/1612851578620223488
90. TapTools created an interesting thread regarding some large reported movements of MELD tokens. https://twitter.com/TapTools/status/1613310642550611969
91. Here’s a brand new IOHK blog on Mithril. https://iohk.io/en/blog/posts/2023/01/11/advancing-node-syncing-time-with-mithril/
92. Virtua just released some updates and improvements to Cardano Island Cribs. https://twitter.com/VirtuaMetaverse/status/1613189112759992320
93. The DOJ is going after the two brothers who allegedly faked the TVL in Solana. https://www.coindesk.com/business/2023/01/11/doj-said-to-probe-saber-labs-founders-over-solana-based-defi-stablecoin-projects/
94. Even Blackrock is laying people off right now. https://finance.yahoo.com/news/black-rock-plans-to-cut-500-workers-after-last-years-market-downturn-180004390.html
95. Goldman is axing far more. https://www.barrons.com/articles/goldman-sachs-job-cuts-layoffs-51673264101?mod=bol-social-tw
96. While others are firing, Binance says it’s going on a hiring spree! https://www.cnbc.com/2023/01/11/binance-plans-15-30percent-hiring-spree-in-2023-even-as-rivals-cut-jobs.html

~Army of Spies