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FEI Protocol Hack Victims are Skeptical of Receiving Repayments From the Dao

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In 2021, Fei Protocol (the stablecoin) did a merger with Rari Capital DAO, developers of the Fuse money market, The merger passed overwhelmingly and $RGT tokens became $TRIBE tokens effectively sealing the deal. In late April 2022, the Fei-Fuse money market was drained due to a reentrancy bug.

Many early adapters of Fuse lost millions. Fraxfinance a huge FEI/Fuse backer+lender+user lost ~$13m. OlympusDAO lost ~$9m. The total hack resulted in nearly $80m lost. The FEI/TRIBE DAO, had 100s of millions USD in excess PCV at this time & held a governance vote where TRIBE holders voted overwhelmingly to reimburse all victims of the hack. They were applauded for this exemplary and ethical move. Then weeks went by no repayment. Then in May/June 2022, the crypto markets took their infamous downturn. Then FEI emerges with an insane proposal: “Let’s do the repayment vote over again, the last one didn’t count.” The egregiousness of this is wild and absolutely ridiculous. Of course, as you might expect, to no one’s surprise the vote does not pass this time the repayment of victims is off the table now.

Cobie, Co-Founder of the Ethereum Blockchain had a good thread on Twitter explaining it. FEI didn’t want to repay victims because their stable coin  peg and treasury value is dangerously low. While passions were high, their supporters (including those at FRAX) were patient. This TRIBE/Rari scenario is a complete mess. Hard to be more bearish on DAO governance than after following this.

https://twitter.com/cobie/status/1537220039522545664?s=46&t=em_UL2MEmJJT5dWPGty6RA

In April, $80m exploit on Fuse happened: While not the hot topic on Crypto Twitter, the post mortem on the recent Fuse exploit is live. It analyzes the nature of the vulnerability, the response from the team, the current problem that need solutions, and additional security measures being taken. FEI, has more than enough PCV to redeem every stable-coin at peg, repay every cent to victims, and STILL have ~$65m in value for $TRIBE holders to redeem and profit. But what are they doing instead? Giving FRAX, Olympus etc cents on the dollar leaving victims with 95% hack losses. If, FEI repaid every hack victim, redeemed all FEI at peg, then distributed the remaining treasury pro rata to TRIBE holders, TRIBE would be worth $.16 with 10s of millions USD value given back to holders. A graceful and perfect sunsetting

Instead of the above, They’re preposing repaying FRAX 2% of $12.3m lost. 3% of OlympusDAO’s $8.9m lost. And just 19% and 27% of BalancerLabs and VesperFi losses respectively etc. Why? How does this make any sense other than fraud.

An honorable, ethical and respectable shutdown of a DAO is literally perfected here. The money is there. The full repayment, the perfect peg redemption and moral precedent is possible. I truly don’t understand how it’s possible to look at this, then decide “let’s take the rest.” Sam Kazemian said;

The post in the Tribe forums resonates greatly on the upheaval within the FEI Protocol . It straight up calls them out for simply wanting to keep more money for themselves at the expense of their early backers+friends solely because they probably think they can get away with it (they won’t). This is truly one of the most mind boggling situations I’ve seen. Outright fraud, blackhat hacks, scams/rugs are obvious. Difficult situations are also obviously difficult. This i don’t understand what this is other than chaotic. This is a public VC backed, tier 1 project.

The Types of Gamblers In Canada: The Social Gambler and Professional Gambler

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Gambling has become more than just a hobby or pastime in Canada. Some gamble as an outlet when feeling the need to escape from the everyday grind of their lives. Then some wager with the hope of making enough money to change their lives forever, with the ultimate goal of being able to quit their jobs and work full-time on pursuing their passion projects. They use bonuses such as the no deposit bonus casino Canada efficiently and make a profit.

Knowing your category as a gambler is essential as it will help you know who to take advice from regarding betting.

Who Is a Social Gambler?

Social gamblers are more likely to gamble at a casino than online. They are also more likely to be addicted and face gambling-related problems. Most social gamblers tend not to play slot machines or online casino games. They like table games like blackjack and roulette in a real casino. Social gamblers often use the money they can afford to lose and don’t have an issue with overspending real money for the thrill of it all.

Who Is a Professional Gambler?

A professional gambler gambles regularly but only bets enough to cover costs. These people are not addicted to gambling, but they are addicted to winning. They often dream of what their world will be if they win a lottery. They don’t go to the casino for entertainment or stress relief. They do it for the reward of winning. They also have excellent judgment when wagering in a casino and can often be found in top-level competitions where their skills may earn them millions of dollars in winnings.

Habits of Professional Gamblers

Although some may believe these individuals are just in it for the money, many professional gamblers donate large sums of money to charity. In reality, professional gamblers enjoy going to a casino more than others because it gives them a sense of pride and accomplishment. The casino is the office of professional gamblers. The professionals don’t just go to the casino to play games; they also go there to observe games.

How Do You Know Which Category You Belong?

Although gambling addiction is difficult to identify, some general signs may indicate you or someone you know has a problem. These include

  • Inability to stop gambling, and always visiting a casino.
  • High intolerance if the gambler needs more money or higher stakes at a casino.
  • Some addicts also show withdrawal symptoms like irritability, restlessness, insomnia, loss of appetite, and other side effects when they can’t gamble.

How to Become a Professional Gambler in Canada

Here are six ways that will make you a professional gambler in Canada:

  • Manage your losses: While gambling is an exciting and rewarding experience, it’s also risky. The first thing you should do when you make a loss is to reset your goals. You’ll also need to consider how much money you have left to know if there are any ways of making up for the loss or even getting ahead in the future.

If you’re new to gambling, this might sound easy enough, but sometimes it can be difficult because we often don’t know where our limits are or how far we can go without losing control. To manage these losses effectively, keep track of what works for you and stick with it!

  • Don’t gamble always, and set goals for yourself: Stay away from casinos when you’re too tired, stressed, or upset. If you’re feeling overwhelmed or depressed, don’t go online and place another bet until your mood has lifted or stabilized. Give a trustworthy partner access to your bank account if needed.

Casino addicts can lose track of time while playing by focusing on one hand after another. Set short-term goals such as hitting a certain number of hands per hour and long-term ones such as earning enough money to pay off debts or save.

  • Use bonuses: The first step to being a professional gambler is to understand the game. Most people in the online gambling world are new players, and you should know how to play the game before you waste your money. Instead, learn how to play poker and other cards through free slot games.

Online slots are the most popular video slot games because they are easy to understand and play. They also offer some of the highest payouts in the industry, so players who like high-paying progressive jackpots will often choose online slots over traditional table games like blackjack or roulette.

  • Control your emotions: Many gamblers who play poker, especially those new to the game, tend to get upset when they lose a hand. But this is a mistake because it can lead to poor decision-making and poor play. The first step in learning to be a professional gambler is learning to control your emotions, so you can focus on performing well at the table.

The best way for me personally to handle my emotions when I lose at the table is by taking deep breaths and counting backwards from 10 in my head before I even look at my cards. This reaction calms down any anger or frustration that might be building up inside me while playing cards.

  • Never chase losses: Chasing losses is a losing proposition. It’s best to limit your losses and wait for the next opportunity. Acknowledge when you’re wrong: Mistakes happen. Don’t beat yourself up over it. Instead, try not to make the same mistake twice. Remember that you’re in control. You have complete control of your bankroll, do what feels right for you and what makes sense to you, regardless of what anyone else thinks or says.
  • Patience and discipline: Patience is necessary because it helps you know when it is the right time to make your move. You also want to limit how much money you spend on gambling. You should never take out any more than 10% of your bankroll. And if you feel tempted to go over this percentage, stop playing altogether. As long as there is enough in your account or if you still have a paycheck coming soon, it may be best to stay away from gambling.

Conclusion

Fortunately, it is easy to tell if a person is a social gambler or a professional. If a person is willing to gamble their paychecks away and not think twice about it, then chances are they’re a social gambler. Also, this post by no means suggests that you shouldn’t gamble. But for some, it can be good to let off some steam and not gamble at certain times. Just be aware of the type of gambler you want to be before deciding to play some poker or go to Vegas and spend your rent money.

Big Eyes Coin, VeChain, and Chainlink: Cryptocurrencies That are Worth the Hype!

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From the cryptocurrency influencer and celebrity community to the market charts, Big Eyes Coin (BIG), VeChain (VET), and Chainlink (LINK) are appearing everywhere. Why? They’re great and profitable cryptocurrencies that fail to disappoint their users. Below are a few points that make these coins so great:

Big Eyes Coin (BIG) is Revolutionizing the Meme Coin Market

The Big Eyes Coin (BIG) is a new meme token and decentralized finance (DeFi) application that aims to distribute wealth to its community and users through the DeFi space while taking advantage of blockchain technology and the NFT market. The Big Eyes Coin (BIG) ecosystem pushes for growth, development, wealth generation, and profit-earning for its community members while protecting an important part of the world’s ecosystem.

Users of the Big Eyes Coin (BIG) platform can leverage its non-fungible tokens (NFTs) marketplace, which has been tipped to rise significantly in value in the coming months and once the NFT market undergoes a rise in value. As NFTs increase in value, so would the Big Eyes Coin (BIG) token.

The Big Eyes Coin (BIG) token is built on an Ethereum (ETH) blockchain with a Proof-of-Stake consensus mechanism which would help boost market sustainability. Big Eyes Coin (BIG) also includes a charity wallet where 5% of the total token revenue would be put to a charity wallet dedicated to ocean preservation efforts.

VeChain (VET): The Blockchain-Enabled Crypto Project

VeChain (VET) is a cryptocurrency project that was launched in 2015 and is a network of blockchain networks built to cater to the needs of enterprise-level users and to make data actionable and transparent. There are wide arrays of functions on the platform which makes it perfect for businesses seeking to improve supply chain protocols and business processes. VeChain (VET) gives firms and enterprises the power to be accountable for enormous amounts of data in a trust-free and decentralized business environment.

The VET is the native token of the VeChain (VET) platform and it is used for transaction fees, smart contracts, payments on decentralized applications (DApps) and exchanges, and the increment in value within the VeChain blockchain network. The VeChain (VET) is currently ranked in the top 30 cryptocurrencies globally based on its market cap.

Chainlink (LINK) is Creating Connections Between Blockchains

A rising star in the cryptocurrency world, Chainlink (LINK), uses a different and unique business model for its operation. Chainlink (LINK) plans to advance its ecosystem using new protocols that have been put in place.

Chainlink (LINK) plans to correct problems that are inconveniences to the cryptocurrency community – like the communication of information to and from blockchain networks. This communication can be made possible through “oracles”. These oracles are sensors that can be configured to monitor nearly anything like sports statistics, weather changes, financial accounts, stock values, etc. The only setback of oracles is their consolidation, which makes them weak and susceptible to corruption in blockchains.

Benefits of Chainlink (LINK):

  • It permits safe and secure cooperation between smart contracts.
  • Potential for smart contracts to copy current financial contracts.
  • Offers financial rewards for the input of accurate and dependable data into the Chainlink (LINK) platform.

 

Big Eyes Coin (BIG);

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

ApeCoin (APE) Price Stays Bearish as Crypto Bulls are Investing in Orbeon Protocol (ORBN)

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Barely a few months after the Apecoin’s launch, the hype and demand reduced, keeping the price lower as the token continued to sink. On the other hand, Orbeon (ORBN) has seen a massive rise in demand, with its first presale phase expected to sell out fast despite the general crypto market bearishness. Understandably, Orbeon Protocol’s innovative real-world use case has attracted crypto bulls as analysts speculate a 6000% price increase – from $0.004 to $0.24 – during its presale phase alone.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol – The Next Blue Chip Investment

Orbeon Protocol’s rise in popularity relates to the need for an easier and better financial system for both investors and budding businesses. Orbeon Protocol is a decentralized platform built to make crowdfunding and investment accessible to almost everyone globally. In addition, the platform has ingenious features that make it easier to invest in real-world companies and businesses right from the tip of your finger.

The way Orbeon Protocol works is pretty simple. Using NFTs and blockchain technology, interested investors can use the protocol’s NFT-as-a-service (NFTaas) to invest fractionally in vetted startups or businesses. This way, users can invest early in exciting new companies at a relatively affordable cost.

Security measures set in place by Orbeon Protocol for protecting investors and disrupting the landscape for crowdfunding are some of the most prominent and attractive features. For example, team tokens are locked for one year before being released quarterly, and liquidity is locked for 10 years to prevent rug pulls. The Fill or Kill mechanism was also created to protect investors from losing money; it refunds investors if a project doesn’t reach its target fund raise.

These and several other innovative features of Orbeon Protocol have boosted its mainstream adoption, with crypto bulls massively buying their shares of its presale. The token sold more than 60% of its tokens allocated for presale within a few days. Analysts have predicted that the ORBN token will see a 6000% rise from a $0.004 presale price to $0.24 soon.

The utility and importance of ORBN are enough to boost the token’s demand right from its presale phase. The token can be used for earning staking and governance rights in the platform. Holders will also enjoy exclusive opportunities, including discounts, cashback, unrivalled investment opportunities, along with access to Orbeon Protocol’s Winner Circle. There is also a long list of clear roadmap activities to improve the protocol and its economy.

>>BUY ORBEON TOKENS HERE<<

Apecoin (APE) Stays Bearish

Apecoin (APE) is the native, utility, and governance token of the APE ecosystem, a decentralized community that houses Yuga Lab’s cryptographic assets. The token was created to empower the development of its web3 world as well as all economic activities within the APE community. With Apecoin, holders can effectively participate in building a permissionless and decentralized web3 world by making crucial governance proposals.

Widely regarded as a token for culture, gaming, and commerce, APE holders can also gain access to all of the APE ecosystem’s exclusive web3 products, such as Otherside metaverse, games, special events, and other services. Apecoin garnered mainstream attention due to its use case in promoting the development of web3 and NFTs. In fact, the token saw a meteoric rise of 2800% from a launch price of $1 on March 16th.

However, the hype was only short-lived, and APE is currently about 90% down from previous all-time high price as it continues to trade in the $3 to $6 bearish price range. Analysts have forecasted that Apecoin’s price may continue its bearish downturn for the next few months.

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register

Telegram: https://t.me/OrbeonProtocol

Twitter: https://twitter.com/OrbeonProtocol

The Most Notable Provisions of The Code of Corporate Governance 2018, Nigeria

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Corporate Governance can be defined according to one opinion as the structure of rules, practices and processes used to direct and manage a company.

In Nigeria, Corporate Governance as a concept has since been recognized as exemplified by the Code of Corporate Governance 2018 which repealed and combined the different jurisdictions of :-

– The Code of Corporate Governance For the Telecommunications Industry 2018

– The Code of Corporate Governance For Banks and Discount Houses in Nigeria 2014

– The Code of Corporate Governance For Public Companies in Nigeria 2011

– The Code of Corporate Governance For The Insurance Industry in Nigeria 2009

– The Code of Corporate Governance For Licensed Pension Fund Operations 2008.

Implementation of the code is the responsibility of the Financial Reporting Council of Nigeria (FRC) and the code applies a principle-based approach to specifying the minimum Corporate Governance expectations placed on companies.

This article will be focused on the most important provisions of the code which are as follows :-

Company Secretaries :- Under the code, a company should not be a member of a company’s board of directors. The role of the company secretary remains to provide administrative, compliance and secretarial duties to the board and then the company.

Board Committees:- The code recommends the establishment of committees (to be made up preferably of Non-Executive Directors)for the purpose of risk management, nomination, governance and remuneration. 

Tenure/Term Length of Directors :- The code recommends that the tenure of Independent Directors not exceed 3 years and a period of 10 years for external audit firms.

Information Technology :- The code requires that the Information Technology Management structure of a company should be annually updated and incorporated in the company’s risk management policy.

Company Directors : The code now requires that a board of directors of a company should have a combination of Non-Executive Directors, Executive Directors, and Independent Directors, the size of a board being left to the directors in line with their sector-specific requirements where applicable.

Company Chairman Positions :- The code now requires that a company chairman should not be involved with the day-to-day operations of a company and his position should be separated from those of the Executive Directors of a company.

Under the code, chairmen are not to transition to the position of a Managing Director without a 3-year break.

Independent Director Appointment Criteria :- To ensure true independence of judgment and fitness of character in a company’s selection of independent directors, the code states that independent directors to be appointed must –

a). Have shareholdings of not more than 0.01% of the paid-up capital of the company they are appointed to.

b). Have never been employed staff they are to be appointed to in the preceding last 5 years.

c). Have never had any business relationship with the company in the last preceding 5 years.

d). Have never had a family relative who has worked with the company in the capacity of a director, senior employee, vendor or substantial shareholder or senior staff of the company.

Internal Control :- Under the code, Internal control policies of a company should be structured to avoid or reduce the risk of discrepancies in  the company’s financial statements.

Performance Evaluation :- The  code provides for the requirement of annual evaluations of the performances of the board, board committees if a company and evaluation implementations.

Protection of the rights of Shareholders/Shareholder Engagement :- The code requires that shareholders of all categories must be treated fairly especially in relation to minority shareholder rights as well as the need for healthy relationships between shareholders and the boards of companies.

Risk Management/Whistle-Blowing :- The code requires the need for companies to have a clear Risk Management Framework & a clear policy plan for safeguarding the invested interests of shareholders.

Sustainability and Communication :- This is required by the code to be practiced by companies through the development by companies of clear policies for Environmental, Social & Governance (ESG) responsibilities.

Business Conduct & Ethical Culture:- This is a principle espoused by the code on the need for companies to develop models for compliance with sector and company-specific business ethical rules from the entry to top-management levels of a company.