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BPSAA | Blockchain Privacy, Security & Adoption Alliance

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BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.

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Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel

Source: https://cryptocoremedia.com/bpsaa-blockchain-privacy-security-adoption-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=bpsaa-blockchain-privacy-security-adoption-alliance

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Finance Redefined: What’s a DeFi merger, anyway? Nov. 25–Dec. 2

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The biggest events in DeFi this week all involved Yearn.finance, the yield farming optimization protocol. I covered the first, Pickle Finance, in my last installment.

Since then, we’ve seen integrations with Cream Finance, a lending protocol similar to Compound; Cover Protocol, an insurance provider that recently paid out users for the Pickle hack; Akropolis, another protocol primarily dealing with yield optimization; and as the most significant of all, SushiSwap, the decentralized exchange born as a Uniswap parasite.

The Yearn ecosystem now includes all the major building blocks of DeFi (yield, lending, exchange of assets), especially thanks to the Cream and SushiSwap integrations.

But I’m sure many will have questions about what’s going on here. How can there be mergers among decentralized protocols? Who decides on them? Are they actual mergers?

The comparison with a corporate merger

I think that the key to understanding these events is looking at what happens during a traditional corporate merger.

From a practical perspective, two companies merge for fairly obvious reasons. For horizontal mergers, it’s usually about expanding total market share and consolidating development. Think about Fiat-Chrysler merging with the Peugeot-Citroen group, or any other car company merger — their cars become virtually the same after the union.

A vertical merger instead unites different companies into one vertically integrated stack — for example Disney joining with ABC back in the 90s. Their products are usually different but may be still part of the same supply chain, thus benefiting from being combined as part of a single company.

We saw both types among Yearn’s five mergers. Akropolis and Pickle Finance are very much like the car company mergers. The absorbed protocols will build their “cars” (yield strategies) on Yearn’s platform, making them functionally the same. At most there should be some differences in taste — similar to how an Audi targets a different niche despite usually having the same platform as a Volkswagen. Maybe Pickle’s strategies will have higher risk than Yearn’s?

The vertical merger is what we saw with Cover, Cream and SushiSwap. Here we see pretty clear synergies between Yearn and each of these protocols. Yearn yield strategies will now use Cream lending to enter leveraged positions, and if they need to swap some tokens, they’ll use SushiSwap. Finally, Cover will provide insurance on these products for those who want it.

But the thing is that these product integrations are not enough to constitute a merger on their own. For example, Renault and Nissan have been sharing technology for the entirety of the 21st century without formally entering into a merger.

An actual merger requires either the creation of a new integrated company where the existing shareholders are bundled together or, at the very least, one company “buys” all of the other’s circulating shares by exchanging them with its own. Only the SushiSwap integration comes somewhat close to this definition.

The financial aspect of Yearn’s “mergers”

In the case of SushiSwap, the collaboration will involve exchanging part of each other’s treasuries for the partner’s tokens. The two protocols are still very much independent, and you will note that “exchanging part of the treasuries” is not “replacing all SUSHI with YFI or vice versa.”

The lack of actual financial relationships is perhaps the biggest reason why none of these mergers — except for SushiSwap — were ever put to a vote. You don’t really need to throw in any DeFi term to explain what happened here. More than true mergers, these are simply tight partnerships — in the corporate world, partnerships are usually not decided by shareholders.

Indeed, I am somewhat curious why these “mergers” were necessary in the first place. Yearn strategies are using other platforms like Maker and Curve perfectly fine without any merger — that’s what the permissionless nature of DeFi is all about. Although in Maker’s case Yearn did need to request access to Maker’s oracle.

Perhaps the bigger point is what will come next: The union of development teams to build new products. That, once again, can also happen in the context of a partnership.

I suppose “merger” sounds much cooler than “partnership,” though a “DeFi protocol partners with another DeFi protocol” headline is just as interesting, in my opinion. But it’d also be weird in a sense — how can a decentralized protocol partner with another? Well, it’s all about the development teams’ decisions to do that. That shouldn’t be too surprising. Every decentralized team is still a list of names and surnames just like the staff of a traditional company.

The question of whether a “decentralized” development team should be taking these types of decisions is a philosophical debate I’d rather leave to the readers.

In other news

Source: https://cointelegraph.com/news/finance-redefined-what-s-a-defi-merger-anyway-nov-25-dec-2

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Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails

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The Australian cryptocurrency exchange, BTC Markets, has inadvertently exposed more than 270,000 emails of its customers. The company apologized for the inconvenience and reassured that all other data, including users’ funds, is safe.

BTC Markets Exposes Customers’ Emails

A user going by the Twitter handle Stevosxrp.crypto took it to Jack Dorsey’s social media giant and Reddit to first complain about BTC Markets’ screw up. The Australian-based exchange later confirmed the breach on its official Twitter account.

The statement explained that BTC Markets “uses an external system to send client-wide emails.” Although the exchange has used this service for years “without an incident,” including sending test mails, this time, the testing “didn’t pick up that the sample email addresses in the batch were added to the same email, rather than sent individually.”

Consequently, the names and email addresses of account holders were exposed. BTC Markets claimed that this process was instant; therefore, “it was not possible to stop the batch send once the error was realized.”

The CEO of BTC Markets, Caroline Bowler, later revealed that all account holders were affected because the emails were sent in batches.

Funds Are SAFU, But The Damage Is Done

The exchange said that it will “self-report” to the Office of Australian Information Commissioner and “fully comply with the data breach reporting requirements.” Furthermore, the company plans to conduct an internal review.

Despite the data leak, BTC Markets reassured its users that the platform is still secure, no passwords were revealed, and all customers’ funds are safe.

Nevertheless, the exchange suggested that users’ should enable two-factor authentication (2FA) to enhance the security of their accounts.

None of those reassurances seemed to have an effect on the users, though. The Twitter thread explanation was met with numerous complaints from customers.

While most highlighted their disappointment with having their personal emails and names revealed, some took it a step further. One user claimed that the BTC Markets’ name is “now as good as dog s**t.”

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Source: https://cryptopotato.com/australian-crypto-exchange-accidentally-exposes-over-270000-customer-emails/

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Former Goldman Sachs Chief and Trump Economic Advisor Says Bitcoin Lacks Integrity

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Gary Cohn, a former chief economic advisor to President Donal Trump, who was also the ex-president and COO of investment bank Goldman Sachs, said that bitcoin could fail because it had integrity flaws.

Cohn Spells Potential Doom for Bitcoin

According to Bloomberg on Dec.1, Cohn stated that Bitcoin’s “integrity flaw” could lead to the failure of the largest cryptocurrency by market capitalization. The former Goldman Sachs chief made the statement during an interview on Bloomberg Television.

When asked his bullish stance on bitcoin and other cryptocurrencies and the effect of the nascent technology on the economy, Cohn responded by saying that he was not a bitcoin proponent. The ex-Trump economic adviser also described BTC as lacking transparency and some of the basic integrity of a real market.

Cohn further buttressed his point, stating:

“Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it. So there are a lot of people that question, why would you need a system that does not have an audit trail.”

Meanwhile, Cohn’s statement was met with surprise by members of the crypto community on Twitter. Most commenters stated that Cohn’s remarks showed a lack of research and a basic understanding of how Bitcoin functioned.

Pierre Rochard, bitcoin maximalist and co-founder of the Satoshi Nakamoto Institute, replied via Twitter, saying:

“I formally challenge Gary Cohn to a televised debate on Bitcoin’s auditability. Bring him to me.”

Furthermore, Cohn’s statement comes amid BTC’s price rally. The number one cryptocurrency set a new all-time high (ATH) on Nov. 30, surging past the record set in December 2017.

Not a First Time Bitcoin Opponent

Cohn’s anti-bitcoin stance, however, is not surprising. In May 2018, the former Goldman Sachs president stated that there could be a global cryptocurrency, but it would not be bitcoin. Cohn also revealed that he favored blockchain over bitcoin.

Meanwhile, in a Financial Times article back in April, the one-time Goldman Sachs president wrote favorably about central bank digital currencies (CBDCs). According to Cohn, CBDCs would give individuals easy access to financial services.

Featured image courtesy of Fortune

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Source: https://cryptopotato.com/former-goldman-sachs-chief-and-trump-economic-advisor-says-bitcoin-lacks-integrity/

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