> for the sake of argument, is there any way to introduce monetary policy into crypto currency so as to correct for unwanted inflation/deflation
yeah and you don't even need to change bitcoin - just use a stablecoin over-collateralized by BTC built on the bticoin network. In essence these systems work with $1 of the stablecoin backed by $N dollars (N > 1.6) of the the backing asset (BTC). Then they use a smart contract system of price oracles, liquidations & interest rate curves to balance supply, demand and risk parameters. It's pretty much an over-collateralized lending protocol that issues its own asset that is pegged to $1
This has worked well for the past 11 years with MakerDAO on Ethereum and it's stablecoin DAI. I think at its peak the DAI stablecoin had around $7 billion in circulation and was about 5-10% the size of USDT, now it's about half that. However, high treasury interest rates and low interest in decentralized stablecoins have made more "traditional" stablecoins like USDT, USDC vastly more profitable and successful. In recent times even DAI has been trying to become more like USDC and USDT with treasuries held in intermediaries
now it's way easier to track public blockchain transaction chains on Bitcoin, Ethereum and the like than it is to track bank transfers across countries
This was a multisig - meaning M out of N signatures from different signing devices were needed to sign a transaction. The attacker infected enough signer devices to go unnoticed and the signers failed to verify what they were signing on air-gapped devices
That would have been a somewhat reasonable (although unconvincing) reply if you didn't also write 7 other lengthy comments in this thread that were 3 hours apart
I did that last summer, I compared the performance of different english word embedding models, as far as I remember the best ones were GloVe and a few knowledge graph word embeddings.
None of them were better than a human at giving hints for 3+ words though
hardware wallets are a safe transaction signing device NOT a seed storage device
You use them to sign transactions that are perfectly safe even if your computer / phone where you initiated the transaction is infected with malware. They give you a chance to confirm that the transaction you're signingon the hw wallet is the one you initiated on your computer.
> daily spend limit
> different panic codes
> Co-signing by third-parties
What you describe already exists in "software multisig wallets" on smart contract blockchains. In essence they're smart contracts that require n of m signatures to initiate a transaction and can handle variable spending rules, custom signing schemes, 3rd party signers, things like 2FA / email for signing.
In theory they can be implemented for non-smart contract blockchains like Bitcoin using multi party computation schemes like FROST (https://github.com/ZcashFoundation/frost) but that's a lot harder
Transaction rollbacks. In this case the USDT ransom was blocked by Tether.
Rollbacks for non-centralized tokens & networks goes against the goal of most protocols though, so it's unlikely to become the norm.
It's even more stupid. The ransom was paid in Ether (ETH) which the kidnappers then exchanged to Tether stablecoins (USDT). Tether is a centralized company that can freeze and block any blockchain address from using the stablecoin that they issue and that's exactly what they did, they froze the ransom.
We'll probably have more details about this in a few days just goes to show how you can't hide on public blockchain ledgers.
yeah and you don't even need to change bitcoin - just use a stablecoin over-collateralized by BTC built on the bticoin network. In essence these systems work with $1 of the stablecoin backed by $N dollars (N > 1.6) of the the backing asset (BTC). Then they use a smart contract system of price oracles, liquidations & interest rate curves to balance supply, demand and risk parameters. It's pretty much an over-collateralized lending protocol that issues its own asset that is pegged to $1
This has worked well for the past 11 years with MakerDAO on Ethereum and it's stablecoin DAI. I think at its peak the DAI stablecoin had around $7 billion in circulation and was about 5-10% the size of USDT, now it's about half that. However, high treasury interest rates and low interest in decentralized stablecoins have made more "traditional" stablecoins like USDT, USDC vastly more profitable and successful. In recent times even DAI has been trying to become more like USDC and USDT with treasuries held in intermediaries