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Cardano Founder Shades Vitalik for Low Staking Position on Ethereum 2.0

By
Paul Ugbede Godwin
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0

In a recent interview, Cardano founder Charles Hoskinson took a jab at Ethereum founder Vitalik Buterin for his low stake in the Ethereum 2.0 network. Hoskinson claimed that Buterin only staked 3,200 ETH out of his estimated 333,000 ETH holdings, which amounts to less than 1% of his total wealth. Hoskinson argued that this shows a lack of confidence and commitment in his own protocol and contrasted it with his own involvement in Cardano’s staking system.

Hoskinson said that he staked all of his ADA tokens, which are worth over $2 billion at the current market price, in the Cardano network. He said that this demonstrates his trust and belief in the security and scalability of Cardano, which he claims is superior to Ethereum in many aspects. He also said that he is not afraid of losing his tokens, as he is confident that Cardano will succeed in the long term.

Buterin has not responded to Hoskinson’s criticism directly, but he has previously explained his reasons for staking only a small portion of his ETH holdings. In a blog post from December 2020, Buterin said that he wanted to avoid creating a single point of failure for the Ethereum network, and that he preferred to diversify his staking across multiple validators and clients. He also said that he wanted to encourage other ETH holders to stake their tokens, and that he did not want to appear as a central figure in the Ethereum community.

Hoskinson and Buterin have a long history of rivalry and disagreement, dating back to their involvement in the early days of Ethereum. Hoskinson was one of the co-founders of Ethereum, but he left the project in 2014 after a dispute with Buterin over the governance and vision of the platform. Hoskinson then founded IOHK, the company behind Cardano, which aims to create a more scalable, secure and decentralized blockchain platform than Ethereum.

The two founders have often exchanged criticisms and opinions on each other’s projects, as well as on broader topics such as blockchain technology, cryptocurrency regulation and social impact. While they have occasionally expressed respect and appreciation for each other’s work, they have also maintained a competitive and adversarial stance, as they vie for dominance and adoption in the blockchain space.

According to Etherscan, Vitalik Buterin currently holds about 333,520 ETH, which is worth about $1.2 billion at the time of writing. Out of this amount, he has staked only 2,730 ETH, which is less than 1% of his holdings, in the Ethereum 2.0 deposit contract. This means that he will earn rewards for validating the new PoS network, but also that he will not be able to access his staked funds until the network is fully launched.

Why did Buterin stake such a small portion of his ETH holdings? There are several possible reasons for this decision. One reason could be that he wants to keep most of his fund’s liquid and flexible, so that he can use them for other purposes, such as funding research and development projects, donating to charities, or diversifying his portfolio. Another reason could be that he wants to avoid putting too much influence or pressure on the network by staking a large amount of ETH. By staking only a small portion, he can signal his confidence in the protocol without dominating the validator set or creating a single point of failure.

Why is Charles Hoskinson wrong about Vitalik Buterin’s staking decision?

Charles Hoskinson, who is also the co-founder of Ethereum but left the project in 2014 due to disagreements with Buterin and other developers, has been vocal about his criticism of Ethereum and his support for Cardano, which is a competing blockchain platform that claims to offer superior technology and governance. In a recent interview with Lex Fridman, Hoskinson said that Buterin’s staking decision shows that he does not trust his own protocol and that he is afraid of losing his wealth if something goes wrong.

However, this argument is based on a false premise and a misunderstanding of Buterin’s motives. As explained above, Buterin’s staking decision does not reflect a lack of trust in his own protocol, but rather a rational and prudent choice that balances risk and reward, liquidity and security, influence and decentralization. Furthermore, Buterin has repeatedly stated that he does not care much about his personal wealth and that he is more interested in advancing the vision and mission of Ethereum as a global public good.

Therefore, Hoskinson’s criticism of Buterin’s staking decision is unfounded and unfair. It seems that Hoskinson is trying to use this issue as a way to promote Cardano and to discredit Ethereum, without acknowledging the merits and challenges of both platforms. Instead of engaging in personal attacks and tribalism, Hoskinson should focus on delivering value and innovation to the blockchain community and collaborating with other projects to achieve common goals.

Nigeria Needs Tax Innovation To Bring Citizens and Firms To Finance Education, Youth Development, Etc

By
Ndubuisi Ekekwe
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1

Great comments on my piece on VAT, explaining the Nigerian government’s new tax initiative for the informal sector. Absolutely, Nigeria needs innovation on how to use tax to drive growth. The nation over years has done well on collecting money but has faded on helping the citizens and companies grow.

One area our tax system needs modernization is education and youth development. My village of Ovim (population, about 10,000 people) supports our three primary schools and two secondary schools via generous donations from the citizens. But as the citizens donate enormous resources to the public schools, there is no single tax benefit to them.

But in America, making those donations would have been a huge opportunity for the donors. Yes, Bloomberg might have given nearly $1 billion to my alma mater, the Johns Hopkins University. Across the U.S., many U.S. business schools are named after business leaders. Those people opened their wallets and made donations. Sure, they love the institutions but many would not have done so if the tax system had not stimulated the giving through financial incentives. Making those donations help balance many elements in their personal and company finances. Nigeria does not offer that.

Then when Apple, GM, Ford, etc want entry level technicians, they send the budget to community colleges (like polytechnic OND). Those schools use the companies’ training manuals and train young people on the skills those companies want. They typically hire everyone who graduates. Apple is doing this across America, doling out $10 million to these schools; great corporate social responsibility. But you know what: that is using one stone to kill two birds – get those workers trained and still claim that money as deductible during tax filing. The celebrated US industry-academic partnership was seeded on tax strategy. With that tax system, it would not have been as strong!

In Carnegie Mellon University, many companies connected as we were setting up the African campus in Kigali. You do the donation in the US to give you tax positioning.

  • Companies can outsource the training, allowing them to focus on their businesses. The schools do the work for them. In Apple’s case noted above, it wants to popularize the Swift language. There is no better way to do so than working with schools

  • Donation money given to schools is tax deductible because the schools are tax-exempt under the U.S. Internal Revenue Service tax code. This is the key reason. If Apple or GM were to do the training in-house, the tax benefits will not materialize. They will still train the young people, but they cannot deduct that money. But by giving the money to colleges, they get the trained people and still get the deductions. This makes it easier when you need scale, beyond what you can have inside as staff for talent pipeline.

  • Apple through this training will be getting pipeline of talent. The same applies to most U.S. firms. They want welders; they fund a local school to train welders to ensure they have enough for their businesses.

  • It also provides goodwill as the local economy will see a boost through the injection of capital in the schools. The implications are huge: the school fees will drop for the students as companies have subsidized some parts, nearby businesses grow, and everyone is happy.

My conclusion is clear: “The Nigerian tax system is not designed to support philanthropy. That is why we do not have a vibrant one. It does not mean that a nation must be rich first before its tax system can be engineered to stimulate philanthropy. ASUU can lead on that, through Tax Reform, and make it possible for individuals and companies to put money in the schools and get tax benefits.”

I have asked ASUU, activists, etc on education and youth development to champion rewriting Nigerian tax code. If we do, you will see Innoson Motors use Polytechnic Nekede to train its welders instead of setting up its own school. Indomie Noodles will tap FUA Abeokuta. And just like that, money will flow into schools. Today, doing that has no balance sheet strategic value for any company! That must change.

Comment on Feed

Comment: Prof I think some donations are tax deductible in Nigeria. I recall a bank I worked for building the road that passed in front of the HQ and getting some tax rebate for that. Also the government under Buhari deployed tax rebates to get some corporations to fund the construction of some federal roads. Dangote Group and MTN participated. Couldn’t this strategy be applied to education? We basically borrowed our own tax code from others who do this.

My Response: My understanding is that you are doing tax recycling. If Dangote Cement is to pay N100m tax, the firm can decide to use that to build a road for credit that it paid N100m tax. That is different from Dangote Cement donating N100m to a school, and getting N100m as deductible.

“I recall a bank I worked for building the road that passed in front of the HQ and getting some tax rebate for that.” – that is different. The bank spent government money for the government. The tax was never the bank’s money. It just spent it and the govt used it as a form of tax payment.

Tips to keep your business safe from fraudsters and scammers

By
TI Partners
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0

Tekedia received this from one of our partner institutions; happy to share with the community on tips from a US bank.

Fraud and scam events are on the rise! Learn about the following scams to help keep your business accounts safe and secure.

Impersonation scam
A scammer will try to pose as a Capital One associate and ask you to provide your personal information or even transfer money by phone, text or email. In this process, the scammer is attempting to gain access to your business account or funds.

Pro tip: Capital One associates will never call you and ask you to provide your online banking password over the phone. If you receive an unsolicited call, consider hanging up and calling Capital One using the number found on your bank statements, the back of your debit card or the Small Business Support page.

Business email compromise
A scammer may disguise themselves as a trusted entity and use email messages to request a transfer of funds. Spot these scams before losses are incurred by looking for indicators such as altered email addresses, last-minute recipient changes and unexplained urgency.

Pro tip: Avoid sharing confidential business or personal information, and clicking links or attachments before confirming that you are communicating with a trusted source. If receiving payment instructions via email, consider calling the recipient to verify the information over the phone.

Check fraud
Check fraud related to mail theft continues to increase, putting your business checks, tax refunds and government benefits at risk. As a best practice, monitor your business bank account online daily to confirm the checks you sent have been cashed, and report any suspicious activity to Capital One immediately.

Pro tip: Consider using our new online payment methods for faster and safer money movement, or send checks digitally from your bank dashboard using Bill Pay.

Other tips to help you protect your business

  • Keep an eye out for notifications regarding your account. We’ll notify you when activity takes place, such as wires or transfers, so you can alert us of any suspicious activity. Beware of spoof emails where a fraudster may send an email that looks like ours. To stay safe, make sure the email is coming from a capitalone.com address.
  • Turn on additional activity notifications for your Small Business bank accounts. In addition to standard confirmation emails, we offer additional notifications that can help you monitor any money coming in or out of your account. Sign up today to receive transaction alerts via email, SMS and push notifications that can help you immediately spot suspicious activity.
  • Don’t click on links in an unsolicited email or text message asking you to update or verify account information. Look up the company’s phone number from a legitimate source and never use the one a potential scammer is providing. Remember to call the company to ask if the request is authentic.
  • If ever in doubt, call Capital One at the number listed on a bank statement, debit card, or the Small Business Support page.


We’ll keep you updated as scam techniques evolve. It’s all part of how Capital One is looking out for your business’s financial safety every day. 

Crypto exchange Bittrex has chosen to contest the SEC’s complaint against it

By
Paul Ugbede Godwin
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0

In a surprising move, crypto exchange Bittrex has announced that it will fight back against the SEC’s complaint that accuses it of violating securities laws. The exchange claims that it has complied with all the relevant regulations and that the SEC’s allegations are unfounded and misleading.

Bittrex also revealed that it will extend its support for three popular cryptocurrencies: XRP, ADA and DOGE. These coins have been in high demand among crypto enthusiasts, especially after their recent rallies and endorsements from influential figures. Bittrex said that it wants to provide its customers with more options and opportunities in the crypto space.

The exchange’s decision to contest the SEC’s complaint and to expand its In a surprising move, crypto exchange Bittrex has decided to fight back against the SEC’s complaint that accuses it of violating securities laws. The exchange claims that it has complied with all the relevant regulations and that the SEC’s allegations are unfounded and misleading.

Bittrex also announced that it will continue to support XRP, ADA and DOGE on its platform, despite the ongoing legal uncertainty surrounding these cryptocurrencies. This is a bold statement of confidence from Bittrex, which aims to reassure its customers and investors that it is not backing down from the SEC’s pressure.

The decision by Bittrex to contest the SEC’s complaint and to extend support for XRP, ADA and DOGE is a bold and risky one, as it could face legal consequences and backlash from other regulators and exchanges. However, it also shows that Bittrex is confident in its position and is willing to stand up for its rights and interests as a crypto exchange.

Bittrex is one of the oldest and largest crypto exchanges in the world, with over 300 coins and tokens listed on its platform. It has been operating since 2014 and has a loyal customer base and a reputation for security and reliability. The exchange has also been actively involved in supporting various blockchain projects and initiatives, such as the Blockchain Alliance and the Crypto Rating Council.

The SEC’s complaint against Bittrex is part of a broader crackdown on crypto exchanges and platforms that allegedly offer unregistered securities or engage in fraudulent or manipulative practices. The SEC has previously sued Ripple, Coinbase, BitMEX, BitClout and others for similar reasons. The SEC’s actions have sparked controversy and debate in the crypto community, as some see them as necessary to protect investors and ensure compliance, while others see them as overreaching and stifling innovation and growth.

Expand Your Twitter Reach And Earn Passive Income Using The BEASTS Coin Referral Scheme

By
TI Partners
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0

Today, Twitter reigns supreme as the central hub for crypto speculation, profound insights, breaking news, exclusive NFT releases, viral memes, collaborative idea exchange, and abundant other captivating content.

Almost every coin basks in the support of its dedicated community, passionately advocating for them on Twitter and various social networks. To attain mastery in the art of virality and elevate community engagement for your preferred crypto/blockchain project on Twitter, your ultimate solution lies in the foolproof referral scheme offered by BEASTS Coin (BEASTS).

Introducing BEASTS Coin: The Legend Of Dr. Rabbit 4001

In the thrilling pre-sale phase, a mysterious figure known as RABBIT 4001 embarks on an extraordinary endeavor, injecting potent mutagens into caged animals at different stages of their lives. These once-ordinary creatures now embark on a mesmerizing journey of growth and mutation, transforming into fearsome, bloodthirsty beasts, unparalleled in their might.

But that’s not all—RABBIT 4001 takes their prowess to the next level, bestowing them with cybernetic enhancements and conducting daring weaponry experiments. Thus, BEASTS Coin (BEASTS) comes into being, presenting awe-inspiring creatures ready to break free from their confines and face the world, be it to protect it or bear witness to its tumultuous fate.

Within the expansive BEASTS Coin ecosystem, these magnificent animals undergo a remarkable metamorphosis fueled by a continuous influx of funds. They evolve into formidable beings from their adorable beginnings, eagerly anticipating their release into the world. Once all presale tokens are sold, a grand launch will herald the breathtaking spectacle of their escape from captivity, a sight that will leave all in awe.

Among the captivating mystique of BEASTS Coin emerges a fascinating presence—Dr. Rabbit Hyde. This enigmatic figure, towering with human-like stature, possesses immense strength and hyperintelligence. Yet, the visible scars of a tortured transformation, both physical and psychological, speak of a deeper story. Driven by a mission of revenge, the doctor faces the relentless challenge of time slipping away.

Embark on this enchanting journey with BEASTS Coin, where wonder and intrigue intertwine, and prepare to be captivated by the unfolding saga of Dr. Rabbit Hyde and his incredible creations. A world of adventure awaits as we witness the legends of BEASTS come to life.

BEASTS Coin: Redefining the Crypto Landscape

At the heart of BEASTS Coin lies a thriving community fueled by active participation and unwavering engagement, setting it apart from the crowd.

As the buzz surrounding its highly anticipated presale spreads like wildfire, investors eagerly position themselves to grasp the opportunity presented by this fearless newcomer, recognizing its potential for extraordinary future returns.

Yet, BEASTS Coin is not content with merely achieving success in the realm of meme coins. It aims higher, striving to conquer new frontiers in the flourishing world of NFTs.

Industry experts eagerly await the monumental strides that BEASTS Coin might take, speculating on its potential to stand shoulder-to-shoulder with established crypto giants like Dogecoin and Shiba Inu.

With its emergence as an undeniable force to be reckoned with, BEASTS Coin is rewriting the narrative and redefining the norms in the ever-evolving landscape of cryptocurrencies. Excitement and anticipation abound as this exceptional crypto project charts a course toward unprecedented success.

Unleash the Potential of BEASTS Coin’s Referral Scheme

Amidst the plethora of intriguing options, one shines above the rest—the utilization of referral codes with BEASTS Coin. As this cutting-edge project ventures into its presale stage, it introduces an innovative approach to generating passive income through crypto referral mechanisms.

You’ll gain access to a unique referral code when you become part of the vibrant community during the presale phase. Share this code with your fellow crypto enthusiasts and witness the opportunity to earn a passive income of up to 20% in popular cryptocurrencies like ETH, BNB, or USDT.

Imagine the allure of these enticing rewards, empowering you to expand your crypto portfolio and potentially accumulate substantial wealth. The key lies in capitalizing on the early stages of the presale, as the referral codes yield an additional 20% bonus payout. Early referrers are poised to unlock a significant influx of referrals, translating into substantial rewards.

Embrace the formidable power of BEASTS Coin’s referral scheme and unleash its potential to propel your financial journey to new heights. Seize the opportunity, refer individuals to BEASTS Coin, and watch as your passive income grows alongside the project’s flourishing community. It’s time to spread the word and make the most of this exceptional opportunity.

 

For All Things BEASTS Coin:

Website: https://cagedbeasts.com

Twitter: https://twitter.com/CAGED_BEASTS

Telegram: https://t.me/CAGEDBEASTS

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