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shaf
10.9K posts
🚨 A man tries to signal his wife to leave quietly during a wedding, and the cameras capture the moment.
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@HaiderS21645170 @EA_Ishola says the paki, did uncle basheer did you the same ?
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@0xalank @mechanikalk my views are pragmatic on this, but i wonder how will you guys deal with the law enforcement if at all when one of the protocol/dapp vault's gets exploited ? definitely the system won't stop them but how willingly are you going to assist the authority or even take accountability?
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saying people use and trust usdt/usdc doesn't defeat that value proposition of something like Bitcoin itself
that's a red herring and you should know better
self-custody, decentralization, immutability, privacy, etc. are all tools that exist on a spectrum and we should not willfully cast away our freedoms and liberties for the sake of convenience
yes, it is hard to scale to the masses because it requires large scale cooperation and real utility
we should be striving to make it as easy as possible to get people to enjoy the benefits of those properties with the right trade offs in the long term
it takes time, effort, and real work
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I've waited a few days to comment on this post because
1) it's not really my place
2) it's a delicate / stressful time for our industry
BUT
This is exactly what people like myself and @mechanikalk have been warning about for years
L2s and most of DeFi are building on the wrong foundational layer, and events like this make the structural problem impossible to ignore
I'm not a big player in this game. I'm just heads down working to build a better system. But I think the conversation needs to be had
A few thoughts:
L2s will always be arbitrary enforcement mechanisms. That's the nature of an L2. A small council holding upgrade keys, a sequencer that can reorder or censor, a bridge contract that is really just a multisig with extra steps
The uncomfortable part is what this unlocks next. Once a council freezes funds for a reason most people agree with, the precedent is set
The next freeze happens for a reason fewer people agree with. Then KYC at the sequencer. Then jurisdictional filters at the bridge
The ratchet only goes one direction ⏳
The real answer is to scale the L1, not to pile more trusted committees on top of a chain that can't scale on its own
This is why we built @QuaiNetwork the way we did:
1. Horizontal sharding at L1 with sovereign execution layers, not rollups sitting on top of someone else's chain. Every shard inherits the full PoW security of the network. No council, no sequencer, no upgrade multisig sitting above the execution environment
2. We knew bridging would be the weak point. So cross-chain transfers in Quai are native, handled by the same mining process that secures the network. No wrapped assets, no trusted operators, no "intermediary frozen wallet" anyone can reach into. Transfers are atomic or they don't happen
3. We knew oracles would be the next weak point. So Qi is priced by the cost of energy itself, through PoW mining. The oracle is the mining process. There is no price feed to manipulate, no committee to lean on, no admin key to turn
None of this is a victory lap. It's a hard moment for the industry and the outcome here was genuinely difficult for all involved it looks like
But if the takeaway is "good thing the council was there," we've lost the plot. The takeaway should be that we need foundations that don't require a council in the first place
Keep building. Scale the L1. Study $QUAI and $QI ⚡️💵
Arbitrum@arbitrum
The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times, weighed its commitment to the security and integrity of the Arbitrum community without impacting any Arbitrum users or applications. After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users. As of April 20 11:26pm ET the funds have been successfully transferred to an intermediary frozen wallet. They are no longer accessible to the address that originally held the funds, and can only be moved by further action by Arbitrum governance, which will be coordinated with relevant parties.
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@0xalank @mechanikalk with the ''slippery slope'' people still uses and trust usdt/usdc despite them blocking/freezing several wallets. At this point, what you are building is more of enthusiast centric and it might appeal to niches of privacy and immunity. no wonder its so hard to scale to the masses
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the trust is in the operators, the code, and the coordination
Bitcoin is trusted because it is very difficult to coordinate nodes, miners, and users due to have Proof-of-Work isolates them
again, I agree that what Arbitrum did was right
although Bitcoin is more sound due to the immutability of it
and this soundness comes at the cost of coordination as well as the inability to execute an Arbitrum like state transition
Bitcoin and Ethereum both did this very early on in their development
as systems ossify and gain adoption it is much harder to do (rightfully so)
the counter argument is that if it is sufficiently easy to do to NK then it is a slippery slope to be used for other forms of censorship, seizure, blacklisting, etc.
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shaf retweetledi
the hate on this is weird
it is well known that Arbitrum is a stage-1 rollup
given this, having the means of control but pretending to not use them to virtue signal and appease terrorists would be the much worse and dishonorable outcome
Arbitrum@arbitrum
The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times, weighed its commitment to the security and integrity of the Arbitrum community without impacting any Arbitrum users or applications. After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users. As of April 20 11:26pm ET the funds have been successfully transferred to an intermediary frozen wallet. They are no longer accessible to the address that originally held the funds, and can only be moved by further action by Arbitrum governance, which will be coordinated with relevant parties.
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@0xalank @mechanikalk If a hack is massive enough to fund a state or destroy a community, then a rollback is the right thing to do. it was an emergency choice to save the network's future and asset.
Real trust comes from knowing there are repercussions for theft, not just perfectly sharded code.
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@0xalank @mechanikalk It's not just about what the design 'allows' ,it's about whether the system is fit for anyone to use. You can have all the L1 scalability in the world, but if there's no trust, no one will use it.
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@0xalank @mechanikalk maybe i don't understand crypto as much as you do but whatever arbitrum did is right. y'all just ignoring human ethics. If a system allows state-sponsored hackers to drain/exploit, its not really a future-proof financial system but a digital Wild West that most wont trust.
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@shaf_eth @mechanikalk what does this even mean
tell me you don't understand crypto without telling me you don't understand crypto
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A Florida student was arrested and charged with a felony for making a joke about Netanyahu on Whatsapp. Not a single one of us is free when mocking a foreign leader and/or government that is committing genocide can land us in jail.
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He rizzled every vtuber in DMs for fun, took the free sex offered by egirls without committing to any and made his GF forgive all the cheating, generational high XP run.
Sykkuno@Sykkuno
A message from me and my girlfriend
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shaf retweetledi
a sarcastic show about american politics, features russia and nazis but no mention of israel, curious
RT@RT_com
Final season of 'The Boys' features Putin 'America deserves the truth. Turns out Russia is not our enemy. They are a strong, family-first nation and don't put up with trans bathrooms' Once again, supposed anti-Russian propaganda makes Russia look as based as ever
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shaf retweetledi
Messi has 17M likes because he posted Ronaldo
KOMBO™@ultimate_kombo
Ronaldo and 4 others 12M likes Messi alone 17M likes Who has more influence?
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