Connect with us
[crypto-donation-box]

Blockchain

Griff Green: Doge-loving hippy hacker steals crypto before bad guys can

Republished by Plato

Published

on

The organizer of The Robin Hood Group — which once stole 10% of all circulating ETH from under a black hat hacker’s nose — wants to change the way we think about charity.

A former chemical engineer, Griff Green, 36, traded in his savings for precious metals, which he used to travel the world for years before settling as a Bitcoin missionary in Ecuador. He led a white hat hacker war against the infamous black hat hacker of The DAO, and he organizes cryptocurrency camps at Burning Man to spread the word about crypto — while dressed as Santa and riding a massive metal Doge.

His next big mission, with the blockchain-based charity initiatives Giveth and Commons Stack, is to transform the game of economics into one in which donations transform into investments… investments that can even wind up with the donor making a profit.

DAO master

The morning of June 17, 2016, was a pivotal day in cryptocurrency — it was the day The DAO was hacked. The DAO was arguably the first major decentralized autonomous organization, having raised 14% of all circulating Ether in existence at the time from over 11,000 investors in May 2016. It functioned as an investor-driven venture fund, with tokenholders able to vote on investment proposals.

But a malicious actor found an exploit allowing funds to be progressively drained from The DAO’s accounts. Green quickly organized his white hat hacker collective, The Robin Hood Group, to launch a counteroffensive.

White hat hacker and philanthropist Griff Green. (Pic: Supplied)

One week later, Green would be among the first nine graduates from the University of Nicosia’s Master’s in Digital Currency program. He was hired by Slock.it, a company developing on Ethereum, as a community manager responsible for organizing and educating The DAO’s community.

Green jumped onto a Slack channel for The DAO’s investors, imploring them not to panic as his team rushed to drain what was left of the project’s holdings before the attackers could. He encouraged users to spam the network as much as possible to slow it down and increase gas fees, making it harder for the real hacker:

“The DAO is being attacked. It has been going on for 3-4 hours, it is draining Ethereum at a rapid rate. This is not a drill… We need to spam the Network so that we can mount a counter attack all the brightest minds in the Ethereum world are in on this.”

At the same time, his team started replicating the hacker’s attacks for itself, draining The DAO’s wallets of ETH before the hacker could take it.

“We had 10% of all Ether in existence.”

“We were taking a huge risk,” Green acknowledges regarding the legality of preemptively stealing tens of millions in Ether so the hacker couldn’t. The Ethereum chain was controversially forked following the hack in order to “turn back time“ to before the hack, but Ethereum Classic emerged as a still-valuable token. This meant that Green and crew effectively held 10% of all ETC with the funds they had stolen.

Legal threats started pouring in, telling the group that the ETC should be distributed, despite the fact that “We were just normal people, we didn’t have a company,” he says looking back. All the members of the group jumped on planes and “flew to Switzerland to figure out legal representation, and it was the first time we all met in person.” Eventually, the funds were returned through a DApp that Green’s team coded.

Disco Doge
If you haven’t ridden around Burning Man on a giant Disco Doge, you haven’t lived.

About a year later in November 2017, the team had similar success rescuing $210 million from the Parity multisig wallet hack. “We wanted to tell everyone, ‘Hey, guess what? We stole all this money, but you can trust us because we already gave back all the money in The DAO,’” Green recalls. But he explains that this was risky for the now-public team because anyone could use Google to find out where they — and thus, the private keys — could be found. That night, Green “slept on a mattress with a baseball bat in front of the door,” fearing someone might come to take the keys by force.

Hacking is not the only way in which Green has put himself at risk in the name of his principles. When the autonomous region of Catalonia attempted to vote for independence from Spain in 2017, Green went to a polling station to act as a human shield to protect the electoral process from “the police, who were beating people to steal the ballots.” This experience convinced Green that decentralized governance on the blockchain can only work efficiently if people are able to run their nodes without relying on centralized internet providers. The result was DAppNode, which helps people around the world set up peer-to-peer infrastructure.

Griff Green
Green wearing his signature Santa suit while discussing charity initiatives with controversial philanthropist Brock Pierce at Burning Man 2018. (Pic: Elias Ahonen)

From engineer to Ecuadorian evangelist

Green was born in Spokane, Washington, where he graduated from high school in the mid-2000s. He was interested in designing planes and rocketships but decided not to pursue mechanical engineering after he realized that much of the industry was oriented toward military applications. Instead, he went into chemical engineering at the University of Washington in 2003.

At the end of his studies in 2006, he interned at biopharmaceutical firm Amgen, where he helped “genetically engineer Chinese hamster ovary cells to produce human proteins,” he recalls, describing a “creepy process” in a laboratory filled with vats of blood. Later, he worked as a research assistant at his alma mater, turning algae into carbon-neutral fuel.

He soon found himself employed as an “organizer of a really weird political movement in Seattle” called “Save Our Sonics“ trying to lobby the local government to keep NBA basketball team the Seattle SuperSonics from relocating to Oklahoma. His efforts ended with disappointment when the mayor “sold the team away anyway with just the stroke of a pen,” just as a judge was about to rule in the team’s favor. This left Green with an “impression of political movements being outmatched and outgunned” by corrupt elites.

An alter to DOGE at Burning Man. (Pic: Elias Ahonen)

In 2007, Green joined SNC-Lavalin, a large construction and engineering firm, as a process engineer where he “had an ethical dilemma” regarding a job requirement to create a structure that sent highly acidic water into the ocean in a country with weak environmental regulations. He “tried to tweak the calculation a little bit” in order to decrease the pollution level and give the ocean ecosystem a break. His suggestions were not accepted, and “Now, there’s a pipe that I designed pumping shit into the ocean, and that really weighs on me,” he says in a somber manner.

When layoffs came around in 2008, he had been putting his paychecks into gold and silver, as he had recently started “feeling like the whole system is a corrupt conspiracy.” He bought a pop-top van that he drove to Burning Man, a counterculture event held each summer in the Nevada desert. Something about the experience inspired him to see the world, and he took off on an adventure that never ended — precious metals in tow.

He traveled around, volunteering in Ecuador and Columbia the first year and India and Southeast Asia the next, always returning “home“ to Burning Man in August. Along the way, he learned about Bitcoin and bought some with $3,000 worth of gold.

In 2013, his BTC “went to $24,000 — I was used to living really cheaply, like $3 per night hostels with cold showers,” he recalls. Green saw potential and became so obsessed with Bitcoin that he told his girlfriend, “You’re great and all, but I like Bitcoin more, and I’m going to Ecuador, and I’m going to be the Andreas Antonopoulos of Ecuador,” referring to a desire to bring cryptocurrency to the country with which he had fallen in love during his travels.

“I became obsessed. My girlfriend got jealous — we literally broke up because she was jealous of Bitcoin.”

In Ecuador, Green went around college campuses, popping into random computer science classes to give presentations about Bitcoin and teach everyone how to set up a wallet, which he would then fund with a small amount, asking each person to find three new people to send a fraction of their coins.

“I’d knock on the classroom door unannounced, and I’d be like, ‘Hey, I want to give everyone in this classroom a little bit of Bitcoin and explain it to them.’ I’d say five times out of seven, they let me in,” Green recalls with a laugh. Soon, however, he saw that Ecuador was moving to ban Bitcoin, so he abandoned his missionary post. “I had to bail,” he recounts.

Griff Green 3
Griff Green’s Burning Man camp banner, featuring the Silk Road camel with religious iconography, replacing baby Jesus with a Doge.

The giving principle

Green organizes DECENTRAL and DOGECENTRAL, two cryptocurrency-themed camps at Burning Man, which is a radically oriented 10-day festival founded upon 10 principles including radical inclusion, gifting, radical self-reliance and civic responsibility. With the camps, Green aims to “build a bridge between the Burning Man community and the crypto community so there can be an exchange of ideas and culture,” something he feels “can change the world somehow.” The two communities have much in common as socially critical movements but tend toward opposing extremes regarding economic philosophy.

Swayed by his experiences in both political activism and engineering, Green is critical of the “hyper capitalism” that he sees in the cryptocurrency industry. “If all you know is capitalism, then you’re just going to do capitalism better, and I don’t know if that’s necessarily the right thing. But hey, look, there’s this gift economy!” he says, referring to what is known as the “gifting principle“ at Burning Man, where money and any kind of trade or barter is banned.

“The goal is to say, ‘Wow! Look at what economics really is — let’s go a step beyond capitalism and start looking at how we can coordinate value production.’“

Green thinks of economies like games — one can play the game in a capitalist manner to benefit themselves or they can play for the benefit of others. This desire to create an economic environment that rewards people for doing societal good inspired him to start crypto donation platform Giveth in late 2016. “What if we integrate values and culture as part of the economic system?” he ponders.

Giveth currently functions as a “transparent and traceable donation platform” where anyone can trace how their donated funds are spent. “I’d say it’s like an Indiegogo for donations,” Green says. In the coming months, there are plans to release a governance token, to be given out to all donors in accordance with their donations on the platform. These governance tokens could function like something akin to a tax return, where donors receive some money back for making donations.

Commons Stack, a Giveth spinoff that Green co-founded, is creating a “general-purpose framework for nonprofit economies” by allowing donors to effectively invest in charity-related tokens. “If more people also buy that token because they believe that this nonprofit economy is going to create value, then you as an early supporter would actually make money — the same way it works in the stock market,” Green explains. Of course, it is entirely possible that donors will never get all their money back, but Green is confident that that’s OK because “the other option is a 100% loss” of donated funds.

“Every economy is a game. The rules of the game determine your score, and your goal is to get a high score. When you play the ‘American economy game,’ you try to get as much money as you can. But when you play the ‘help orphans game,’ you try to get as much money as you can by helping orphans.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/magazine/2021/05/12/griff-green-doge-loving-hippy-hacker-steals-crypto-before-bad-guys-can

Blockchain

Bitcoin Mining to Relocate from China to US Amid Crackdown

Bitcoin Mining China US

Rate this post Following the nationwide crackdown on miners, Bitcoin mining operations in China are gearing up to relocate three tons of crypto mining equipment to the US. The new reports emerged just a few weeks after authorities in several provinces ordered power companies to discontinue supply to mining firms. Bitcoin Mining Operations Are Transitioning From China to The US In light of China’s hardening stance on crypto mining, Bitcoin moguls in the country have started to look elsewhere for lucrative opportunities.  The world’s most populous nation banned crypto-related services in May and decided to monitor mining activities more stringently. Critics in China argue that mining operations consume inordinate energy and jeopardize the country’s climate goals in the process.  To date, Xinjiang, Qinghai, and Sichuan have openly prohibited power supply to mining companies. Not surprisingly, Bitcoin’s hash rate fell sharply in the aftermath of these decisions. The ban in Sichuan, in particular, took a toll on daily hash rates.  Some experts believe that China’s anti-mining climate could provide a breakthrough for the US. For years, crypto miners relied on China’s cheap electric supply to carry out their operations. In fact, in 2018, miners in China accounted for the world’s 74%  production of Bitcoin. Now, these ventures are eyeing Texas, South Dakota, or even Canada, triggering a mass transition. The recent relocation of a mining farm from Guangzhou to Maryland is the most visible instance of this mass transition. According to Eunice Yoon, a CNBC representative, the move will see nearly three tons of mining machinery being transported to the United States. Miami Opens Its Doors to Ousted Crypto Miners Meanwhile, Miami is welcoming ousted miners to establish operations in the city. Its current mayor, Francis Suarez, a vocal advocate for cryptocurrencies, has highlighted his support for digital assets on repeated occasions. Suarez has promised several incentives for miners, which include tax concessions, infrastructure incentives, and limited regulations to galvanize investments in the sector. Furthermore, he has guaranteed lower electricity bills for miners, with more than sufficient supply from Miami’s abundant nuclear power. As far as the BTC hash rate is concerned, the current gap between the US and China is significantly wide. However, this gap is expected to begin closing as more mining companies transition to the US.

The post Bitcoin Mining to Relocate from China to US Amid Crackdown appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

Published

on

Table of Contents

Rate this post

Following the nationwide crackdown on miners, Bitcoin mining operations in China are gearing up to relocate three tons of crypto mining equipment to the US. The new reports emerged just a few weeks after authorities in several provinces ordered power companies to discontinue supply to mining firms.

Bitcoin Mining Operations Are Transitioning From China to The US

In light of China’s hardening stance on crypto mining, Bitcoin moguls in the country have started to look elsewhere for lucrative opportunities. 

The world’s most populous nation banned crypto-related services in May and decided to monitor mining activities more stringently. Critics in China argue that mining operations consume inordinate energy and jeopardize the country’s climate goals in the process. 

To date, Xinjiang, Qinghai, and Sichuan have openly prohibited power supply to mining companies. Not surprisingly, Bitcoin’s hash rate fell sharply in the aftermath of these decisions. The ban in Sichuan, in particular, took a toll on daily hash rates. 

Some experts believe that China’s anti-mining climate could provide a breakthrough for the US. For years, crypto miners relied on China’s cheap electric supply to carry out their operations. In fact, in 2018, miners in China accounted for the world’s 74%  production of Bitcoin. Now, these ventures are eyeing Texas, South Dakota, or even Canada, triggering a mass transition.

The recent relocation of a mining farm from Guangzhou to Maryland is the most visible instance of this mass transition. According to Eunice Yoon, a CNBC representative, the move will see nearly three tons of mining machinery being transported to the United States.

Miami Opens Its Doors to Ousted Crypto Miners

Meanwhile, Miami is welcoming ousted miners to establish operations in the city. Its current mayor, Francis Suarez, a vocal advocate for cryptocurrencies, has highlighted his support for digital assets on repeated occasions.

Suarez has promised several incentives for miners, which include tax concessions, infrastructure incentives, and limited regulations to galvanize investments in the sector. Furthermore, he has guaranteed lower electricity bills for miners, with more than sufficient supply from Miami’s abundant nuclear power.

As far as the BTC hash rate is concerned, the current gap between the US and China is significantly wide. However, this gap is expected to begin closing as more mining companies transition to the US.

READ  Blockpass Provides KYC Services for Trading Firm Blitz Network

#Bitcoin In China #China Crypto Mining #Francis Suarez #Miami

Source: https://www.cryptoknowmics.com/news/btc-mining-ops-to-relocate-from-guangzhou-to-maryland-amid-chinese-crackdown/

Continue Reading

Blockchain

MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC

MicroStrategy Bitcoin

Rate this post Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury. Michael Saylor Announces New Bitcoin Purchase For MicroStrategy Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets. In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500.  As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance.  Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000.  MicroStrategy Raised $500M to Procure Its Current BTC Investment Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million.  Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin. Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

The post MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

Published

on

Table of Contents

Rate this post

Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury.

Michael Saylor Announces New Bitcoin Purchase For MicroStrategy

Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets.

In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500. 

As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance. 

Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000. 

MicroStrategy Raised $500M to Procure Its Current BTC Investment

Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million. 

Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin.

Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

READ  MicroStrategy’s Bitcoin Stack Up: Brilliant Moves or Risk?

#Bitcoin #CEO Michael Saylor #MicroStrategy #MicroStrategy BTC Investment

Source: https://www.cryptoknowmics.com/news/microstrategy-acquires-more-bitcoin-holds-more-than-105000-btc/

Continue Reading

Blockchain

Chris Giancarlo: U.S. risks becoming ‘backwater’ without central bank digital currency

Republished by Plato

Published

on

One of the few high-profile public officials to have served under both the Obama and Trump administrations, Chris Giancarlo is a former Wall Street executive-turn-regulator who is widely-respected by nearly all parties on Capitol Hill. As the former Chairman of the Commodities Futures Trading Commission, however, his latest venture, the Digital Dollar Foundation, might well test his soft touch with politicians.

The former regulator is now leading the Foundation towards five pilot programs set to launch this year, part of a broader effort to help the United States regain the lead in a race against China towards a functioning CBDC.

According to Giancarlo, however, the US’s priorities when it comes to a CBDC shouldn’t merely be jingoistic:

“What’s very clear, [is] that China intends their digital yuan to be an instrument of state surveillance. […] And this is why it’s one of the reasons why the digital dollar project, we’re so animated, because we feel that our new mission is to make sure central banks wake up to this and the US Fed wakes up to this, that these social values that got us here, the rule of law, a free capital markets, free enterprise, zones of individual economic privacy, are ingrained in a new digital future of the US dollar, and that we don’t allow ourselves to be taken in by what China’s doing and match that state surveillance approach.”

However, the race to a CBDC isn’t merely about maintaining current US values, but also potnetially about unlocking new forms of smart contract-based value for the wider population. 

“The notion of a digital currency, whether it be sovereign and non-sovereign, tied to smart contracts, allows money to solve the old problem of being able to move it in place, i.e. moving around the globe as easily as you could send a text message, but also move it in time. Heretofore, money was a temporal thing, but with a smart contract you can say, I want to program my money today to go to my one grandchild in the future once they graduate college and all of those contingencies can be programmed in. […] With a programmable digital currency, you can program it today to move around the globe in space, but move around the globe in time. And that is such, I think, such a powerful construct.”

Ultimately, this work is part of an effort to ensure that America maintains technological supremacy. 

“You can’t stop the march of technology in time, and if you do, you become a backwater. We in the United States have always been open to innovation and we must be open to this innovation as well. In a prudent way, in a way that’s in correspondence with our society that expects investor protections and a role for government. […] And it’s one that I’m very excited to be involved in.”

Watch the full interview here:

[embedded content]

Chris Giancarlo: U.S. risks becoming ’backwater’ without central bank digital currency

Source

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockchainconsultants.io/chris-giancarlo-u-s-risks-becoming-backwater-without-central-bank-digital-currency/?utm_source=rss&utm_medium=rss&utm_campaign=chris-giancarlo-u-s-risks-becoming-backwater-without-central-bank-digital-currency

Continue Reading
Blockchain5 days ago

GSA To Add Litecoin For The First Time In Upcoming Cryptocurrency Auction

Uncategorized5 days ago

The World Bank wants no part in El Salvador’s Bitcoin revolution

Uncategorized5 days ago

Healthcare: A trillion dollar opportunity for blockchain?

Uncategorized2 days ago

Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools

Blockchain5 days ago

Decentral Games: Next gen blockchain entertainment platform

Blockchain5 days ago

Maiar, The Money App Powered By The Elrond Blockchain, Adds Bitcoin

Blockchain2 days ago

Coin Cloud Set to Operate 2000 Crypto Kiosks This Year

Blockchain4 days ago

Paraguayan Official Confirms: In July We Legislate Bitcoin

Blockchain4 days ago

Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes

Blockchain4 days ago

This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

Blockchain4 days ago

Ethereum On-Chain-Analyse: Interesse trotz Drop groß

Blockchain4 days ago

Call of Duty Warzone Season 4: Satellite Crash Sites, Red Doors

Blockchain4 days ago

U.K’s crypto-users are growing in number, but do they even understand the asset class?

Blockchain4 days ago

The End of NFTs? NFT Sale Transaction Volume Down 95% Since Early May

Blockchain4 days ago

WAVES Technical Analysis: Price Can Move Either Ways

Blockchain3 days ago

Tezos, Algorand, Zcash Price Analysis: 19 June

Uncategorized3 days ago

When does Naraka: Bladepoint release?

Blockchain5 days ago

ZoidPay brings crypto shopping to Amazon, Walmart, eBay, and 40 Million other online retailers

Blockchain2 days ago

What governments don’t realize is going to happen with Bitcoin

Blockchain3 days ago

Top DeepMind AI Products Revolutionizing The World

Trending