Ahri's unqualified thoughts #16

Random articles, quotes, videos, musings. Easy to consume content: 1 quote, 1 tweet/storm and 1 article/video.

I was out of town for a short break, and now I’m back at it. In today’s menu: some tweets about the Binance US vs SEC case (fresh from today), and an article about sybilers and airdrop farming.

1 quote

"A misunderstanding is never ended by an argument, but by tact, diplomacy, conciliation and a sympathetic desire to see the other person's viewpoint" Dale Carnegie

1 tweet/storm

Today was a tumultuous day, as leaked information suggested that Richard Teng might take over from CZ at some point, and shortly thereafter, the SEC/Binance news was revealed, adding to the volatility.

Our in-house equivalent to Adrian Woj from ESPN, db tier10k, shared some less-than-thrilling news today regarding the SEC's lawsuit against Binance. The complete SEC vs Binance document can be found here.

TLDR: Following their actions against Kraken and Coinbase, the SEC continues to be on the offensive, classifying numerous crypto assets as securities (including SOL, MATIC, SAND, ALGO, and more).

As someone without expertise in these matters, I refrain from providing my personal opinion on the document and the situation.

1 article/video

Being early is one way to make money, along with farming whitelists and airdrops. However, the rise of Sybil attacks, stemming from traditional airdrop farming, is a growing concern. In this piece, DLNews explores the state of airdrop farming through interviews with various stakeholders.

TLDR:

• Sybil attackers exploit crypto airdrops, where early users of DeFi applications receive free tokens, by creating multiple wallet addresses and feigning legitimate activity.

• Airdrop farming has reportedly earned sybil attackers hundreds of millions of dollars, with one individual using a wallet to fund over 1,000 accounts and amassing tokens worth over $531,000.

• Several crypto projects, including Hop Protocol, Arbitrum, and Safe, are implementing measures to detect and filter out sybil attackers, yet eliminating the practice remains challenging.

• Airdrops are viewed as a means to attract users and decentralize governance in DeFi protocols, but balancing anonymity while preventing multiple airdrops to the same individual presents difficulties.

Insightful piece with takes from airdrop sybil attackers, and people working for Defi protocols.

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