Panic at the Disco!

LeoFinance
15 days ago
10 Min Read
1995 Words

High Hive Hopes for a livin'

Mama said
Fulfill the prophecy
Be something greater
Go make a legacy
Manifest destiny
Back in the days
We wanted everything, wanted everything

Do you think Hive belongs in the top 40?

I do, in fact at this point it's not even difficult to justify top 20 or even top 10. Hell, even Dogecoin is #13 at the moment, and I don't even have any qualms with that. Community stronk.

Easy there, tiger

But only assuming just a top 40 ranking, Hive would essentially have to go x20 while the market stands still ($2B+ market cap). Think about that for a second, because that's a token price of $6 or more.

In other words, Hive needs to be trading near all time highs again to even be close to being valued "correctly" (at least relative to other networks). This makes sense considering many alts are indeed already trading at all time highs.

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Mama said
Burn your biographies
Rewrite your history
Light up your wildest dreams
Museum victories, everyday
We wanted everything, wanted everything

So Bitcoin pierced $50k today and was IMMEDIATELY rejected. We are still in a bullish ascending channel after the announcement of Tesla buying $1.5B, but something interesting happened during the "crash". Altcoins panicked pretty hard and dumped significantly, even though Bitcoin technically lost 0% of the value it had 24 hours ago.

This signals to me that we've had a large enough alt-market to provide a buffer for Bitcoin again. Bitcoin is consolidating under unit bias, and alts are trading scared and reentering Bitcoin at this level. This implies that the market is worried that Bitcoin is about to run up again before the rest of the alts, as it often does.

My name's Blurry Face and I care what you think.

Wish I could turn back time, to the good ol' days...


Are the good ol' days of 2017 upon us?

I mean that's what we've been predicting for 3 years now.
4-year cycle stronk.

Everyday I'm shufflin'

Gotta say: it was pretty weird going to work last night knowing I was essentially up two year's worth of salary in a single day "gambling" on crypto. Being in control of 212k Hive is no joke. I only expect things to get crazier as we approach the end of the year. I'm quite determined to HODL stronk until then. Considering how volatile we all expect the market to be, such a simple task may prove quite difficult.

Also, Disney bought the rights to Firefly and they might reboot it. Considering their success with Star Wars (Mandalorian) and whatever else... should be interesting.


Insert real content here:

As the value of crypto moons during the mega-bubble year due to a crippled legacy economy, the corporate rats sharks jumping ship, and the inevitable supply crunch:

Security and Privacy are more important than ever.

So imagine someone has $10k worth of whatever crypto. Their security might be fine for such a relatively small amount, but say the value of said crypto goes x100. Is that same security good enough for $1M? Probably not.

We already saw what happened simply by Ledger getting hacked while storing information they absolutely should not have been: Death threats and legit kidnappings. Give me your crypto or else!

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As I've stated many times before: being involved with crypto right now is like driving a car with a cop behind us. We can literally try our hardest to do everything right, but can get pulled over for any reason (legit or not). It becomes clear that the smartest thing to do is avoid attention altogether. This requires privacy features to accomplish.

It's easy to look at a platform like Hive and think: Wow! This network doesn't have any privacy! We are building reputations from public accounts using screennames as wallets. It doesn't get much more open than that.

While this is true, there are many unique features on Hive that we can utilize to improve privacy/security in a variety of ways.

  • The ability for any account to create a new account. This didn't always used to be the case, and onboarding was a huge problem when Steemit Inc was taking weeks to validate new accounts.
  • Multi-tired Key security: we can create singular wallets that are controlled by multiple people. Giving someone your posting key doesn't compromise money transfers, and giving someone your active key doesn't compromise ownership of the account or put powered up funds in jeopardy.
  • In fact, we don't even have to share the key itself, and can give other accounts permission to use those functions without revealing our passwords. Can you imagine being able to reveal your Bitcoin private key to the world without having to worry about it being stolen? Hive tech is a lot stronger than many give credit for.
  • Account recovery: Again, imagine losing your cryptocurrency private key, but there's still a way to recover the value being stored there. Most people take this feature for granted, but how many networks can actually do this? The only ones I know about are the ones @dan created. DPOS strong.
  • Owner Key: This key allows any key to be changed. Again, this feature is almost exclusive to Hive and a few other DPOS chains. The ability to change keys means an account can keep the same wallet, while allowing that account to change owners, affectively turning accounts themselves into NFTs to be bought/sold on the open market.

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Love Handles

It seems like such a stupid idea, and it doesn't need to exist for at couple years at least, but this is a project that for some reason I'm thinking more and more about. Creating a market so users can easily buy/sell/trade accounts will be a crucial service for Hive somewhere down the line. As a gamer, I know this for a fact.

As far as it pertains to privacy, this is a huge deal. When we make a transaction on Bitcoin, every transaction that gets made on that wallet is connected, and it is assumed that only one person has access to that wallet. If they identify themselves all the history of that account is linked to that one person. This is not private, and privacy is a core foundation of fungibility; an absolutely required attribute for currency.

On Hive, this entire system of blockchain analysis can be rendered quite useless. How? Every time we change the keys to an account it is possible that account has a new owner and can't be linked to the previous owner.

That's a pretty significant difference when compared to other networks. By having a website available that makes these transitions simple and easy, it becomes much more believable to the outside looking in that indeed ownership is changing (or there is at least a significant chance that it did).

Ideally we need to allow anyone to have access to multiple anonymous accounts. Imagine being able to pop on to the LoveHandles website and gain access to any one of the thousands of accounts available there? Sounds pretty private to me, and that privacy spills over into the network at large and creates all kinds of questions when regarding who's who.

This is a pretty good analogy of crypto being the aircraft that carries us away from the financial disaster that is the legacy economy. Not your keys, not your crypto. Those who have a standby ticket (aka buy crypto from centralized custodians) are not guaranteed a seat. We must be our own advocate (central bank). Education as an investment: yada yada yada.

I can't find it, but somewhere in the video Andreas holds up a poorly-built paper airplane and compares it to a hardware wallet that was built on a standard operating system (say windows or even Linux). Predictably, the airplane crashes into the desk before flying anywhere.

I like Andreas, and I have learned a ton from him: especially how crypto is "supposed" to operate. He's very good at spelling out the ideals of this movement in terms that a wider audience can understand.

However, I would be lying if I didn't feel personally attacked by this offensive display of my paper airplane crashing into the mountain.

https://peakd.com/utopian-io/@edicted/steem-airgap-hardware-wallet-utopian-io

I mean he was basically talking direct trash about my idea as if it could never work. I'm willing to give him a free pass because he's so all-in on Bitcoin and doesn't yet realize the power of the Hive blockchain.

We absolutely CAN build a hardware wallet on standard equipment like Raspberry Pi and Linux. We'll be able to get away with it because the device never connects to the Internet, ever. (And we even have recovery as a failsafe backup).

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Airgap strong: my vision

Imagine getting a Raspberry Pi in the mail that is secretly an airgapped hardware wallet for your Hive account. How is it a secret? Well, the frontend is really just an old-school RetroPie Nintendo / Super-Nintendo emulator. So you can use the thing to play old video games, but it is also secretly your hardware wallet.

You grab a controller and punch in a special code: maybe something even as obvious as the Konami code shown above:

BOOM!

The hardware wallet becomes active and you can now use the device to forge a public Hive transaction on the completely offline device. The hardware wallet may or may not even store your keys, and I plan on creating a system that makes it easy to remember 12-word seeds.

How does the offline transaction created on the diversionary RetroPie make its way to the Internet? Simple, click a button, a QR code pops up, you scan the QR code with your phone, and boom: transaction sent to the Hive blockchain, and the private key was never exposed because all information traveled through the airgap via the QR code. It was already signed by the private key before the code was generated.

Even if the device in question was hacked, how would the hacker get access to the private key? The only information that leaves the device is stored in the QR code output to the screen, so not only would the RetroPie need to be hacked, but also the phone that scans the QR code and broadcasts it to the network.

Even in the event of both devices being hacked, it is not unreasonable to think we could vet the QR code with another offline device, meaning all three devices would need to get hacked just for liquid coins to be stolen. Again, stealing the powered up coins would require the recovery process to fail.

So as smart as Andreas Antonopoulos is about Bitcoin, he really has no idea about the gold mine we are sitting on over here. We have all the tools to cut all the corners, getting maximum efficiency while still having enough decentralization to curb network corruption. Hive just may have the perfect combination of tradeoffs with first-move advantage, and nobody seems to realize it yet.

And I haven't even begun to talk about the tokens and dapps created on Hive (LEO anyone?).

Development is happening here at lightning speeds. And that development will explode into the atmosphere once the mega-bull run is in full affect. These networks fund themselves, and they can't go bankrupt like a corporation because their communities will not allow it and keep it afloat through various sacrifices and extremely reduced overhead costs. This is the advantage of being our own central bank.

Conclusion

Why am I so panicked about privacy and security? Imagine crypto goes 10x... 100x... 1000x. That's legit terrifying. I assure you none of us are prepared for that responsibility, yet it could be right around the corner. Planning for the future has never been more important.

Posted Using LeoFinance Beta