My DeFiChain Security Adventure

ONUS · January 16

Bitcoin, known for its decentralized nature, faces vulnerabilities in terms of hacking and price manipulation. Hacking risks stem from vulnerabilities in exchanges and wallets, with past incidents compromising significant amounts of Bitcoin. The potential for a 51% attack, though unlikely, exists if a single entity controls over 50% of mining power. Price manipulation threats include "whale" manipulation, thin market liquidity leading to significant price swings, and susceptibility to "pump and dump" schemes.

Mitigating these risks involves increased security measures, such as multi-signature wallets and cold storage solutions. Regulatory oversight may deter price manipulation, and ongoing efforts in education and awareness can contribute to a more resilient user base. Despite Bitcoin's resilience, addressing these vulnerabilities through enhanced security, regulation, and user education is crucial for a secure and stable Bitcoin ecosystem.

Update Bitcoin price at : https://goonus.io/markets/btc/

ONUS · January 16

Monitoring real-time Bitcoin prices down to decimal precision has become a standard feature on many websites. This precision may leave users wondering: where do these websites get their data, and is it reliable? In this article, we delve into the mechanisms behind meticulous Bitcoin price updates and address the reliability of the data.

Data Sources:
Bitcoin prices often originate from various cryptocurrency exchanges worldwide. These exchanges facilitate convenient buying and selling of Bitcoin, with each exchange having its own order book reflecting the current market price. Websites aggregate data points from multiple exchanges to provide comprehensive and accurate market information.

Synthesis Algorithms:
To ensure accuracy, websites employ sophisticated algorithms to synthesize data from different exchanges. These algorithms consider factors such as trading volume, liquidity, and order book depth to calculate a weighted average. This approach helps minimize the impact of anomalies on less liquid exchanges, providing a more accurate reflection of overall market sentiment.

Update Frequency:
The rapid evolution of the cryptocurrency market necessitates frequent updates. Websites often utilize Application Programming Interfaces (APIs) provided by exchanges to receive real-time price data. This continuous information stream allows users to track price fluctuations with minimal latency.

Data Reliability:
While reputable cryptocurrency websites regularly update Bitcoin prices, users should exercise caution and verify the reliability of the source. Trustworthy websites typically display the exchanges from which they aggregate data, emphasizing transparency. Additionally, cross-referencing prices from multiple reliable sources can enhance confidence in the displayed values.

Market Integrity and Regulation:
The cryptocurrency market has evolved over the years, with an increasing focus on market integrity. Regulatory measures, especially on recognized exchanges, contribute to enhancing data reliability. Users should prioritize websites that adhere to industry standards and comply with relevant regulations.

ONUS · January 16

When cryptocurrency exchanges face downtime, users often wonder if they can still access their Bitcoin held in exchange wallets. This article simplifies the concept, explaining how these wallets work independently during such situations.

1. Understanding Exchange Wallets:

Cryptocurrency exchanges offer users wallets to manage their Bitcoin. These wallets are like digital representations of ownership on a secure network called the blockchain.

2. Blockchain and Ownership:

Bitcoin operates on a decentralized blockchain, ensuring ownership is recorded securely. Even if an exchange stops working, the blockchain continues, and users' ownership remains intact.

3. Private Keys and Access:

The key to access is owning private keys. Some exchanges let users control these keys, ensuring access during downtime. Others manage keys on behalf of users, posing challenges during outages.

4. Hot Wallets vs. Cold Wallets:

Exchanges use hot wallets for liquidity and cold wallets for security. While hot wallets may be affected during downtime, funds stored in cold wallets remain secure and accessible.

5. Communication and Transparency:

Good exchanges communicate well during downtime, updating users on the situation and explaining safety measures. Transparent exchanges inspire confidence by sharing information about wallet access and recovery plans.

6. User Precautions:

To reduce risks during exchange downtime, users can withdraw funds regularly to private wallets they control. This lessens dependence on the exchange's operational status.

7. Regulatory Compliance:

Exchanges following regulations often have plans and security measures for users' funds during unexpected events. Users should choose exchanges with a robust regulatory framework.

Conclusion:

In summary, your Bitcoin in exchange wallets remains accessible even when the exchange is down, thanks to the decentralized nature of the blockchain. Understanding key ownership, wallet types, and exchange communication is vital for users to navigate challenges during downtime. Taking proactive measures and choosing reputable exchanges enhances the security and accessibility of Bitcoin holdings.

Update Bitcoin price at: https://goonus.io/markets/btc/

ONUS · January 17

1. VanEck Ethereum Strategy (EFUT)
VanEck Ethereum Strategy is one of the pioneer Ethereum ETF Futures launched in the United States. Officially listed on the Chicago Board Options Exchange (CBOE) and commencing trading on October 2, 2023, VanEck Ethereum Strategy boasts a competitive expense ratio of only 0.66%. This is lower than the 0.85% of Bitwise Ethereum ETF and 0.95% of ProShares Ethereum ETF.

2. ProShares Short Ether Strategy ETF (SETH)
ProShares Short Ether Strategy ETF (SETH) is an Ethereum ETF Futures introduced by asset management firm ProShares. Listed on the New York Stock Exchange on October 2, 2023, SETH is designed to offer investors an opportunity to profit from the decline in the price of Ethereum.

3. Bitwise Ethereum Strategy ETF (AETH)
Bitwise Ethereum Strategy ETF, launched by Bitwise Asset Management, one of the world's largest cryptocurrency index fund managers, eliminates barriers and complexities in the cryptocurrency field. With a relatively low expense ratio of 0.85%, Bitwise Ethereum Strategy ETF provides traditional investors with an easy and secure means to invest in Ethereum, the second-largest cryptocurrency in the world.

4. Valkyrie Bitcoin and Ether Strategy ETF (BTF)
Valkyrie Bitcoin and Ether Strategy ETF, managed by Valkyrie Investments, emerged as the most traded fund among the nine Ethereum ETF Futures on its debut day, with a trading volume of $800,000, constituting 46% of the total volume. Notably, BTF combines investments in both ETH and BTC futures, granting traditional investors access to the two largest cryptocurrencies by market capitalization.

5. Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP)
Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP), managed by Bitwise Asset Management, is listed on the New York Stock Exchange (NYSE), ensuring liquidity and convenience for trading. This ETF combines investments in both Bitcoin and Ethereum futures with an equal weight ratio. Additionally, the expense ratio for Bitwise Bitcoin and Ether Equal Weight Strategy ETF is 0.85%, lower than many other cryptocurrency ETFs.

Source: https://goonus.io/ethereum-etf-la-gi-tai-sao-nhieu-nha-dau-tu-dang-trong-doi-ethereum-etf/

ONUS · January 17

Many investors believe that approving the Bitcoin Spot ETF in January 2024 could bring new opportunities for the cryptocurrency market. This ETF will be available on a major U.S. stock exchange, making it easier for individual investors, institutions, and even retirement funds to get involved. Investing money into the Bitcoin ETF might contribute to boosting the price of Bitcoin.

With more than 13 additional applications for cryptocurrency ETFs being reviewed by the SEC, the cryptocurrency market might step into the global ETF scene, and the total market value could reach a substantial 9.46 trillion USD.

Source: https://goonus.io/bitcoin-etf-la-gi/

ONUS · January 19

Legal Challenges: Currently, several countries do not officially acknowledge cryptocurrencies, exposing users to potential legal risks if they fail to adhere to their respective national regulations. For instance, the United States regards USDT as a form of security, requiring owners to comply with taxes and regulations applicable to securities when holding USDT.

Security Vulnerabilities: USDT, being a digital asset, is susceptible to theft if users do not ensure secure storage.

Risks Arising from Tether Limited: Tether Limited has faced accusations multiple times concerning insufficient US dollars to fully support the circulating USDT amount, posing a potential risk of devaluing USDT to below $1.

Source: https://goonus.io/usdt-la-gi/

Edited January 19 by ONUS
missing source

ONUS · January 19

Once upon a time in the vast world of DeFiChain, I stumbled upon a fascinating realm of decentralized wonders. As I delved into the ecosystem, two standout features caught my attention:

1. The Enchanting Decentralized Asset Group (dTokens)

Imagine a magical group of assets known as dTokens, representing the essence of users' treasures within DeFiChain. Curious to unlock their power, I discovered that by offering my assets as collateral, I could mint an enchanting batch of dTokens. These mystical tokens, born from successful minting, granted me access to a world of trading possibilities and profit-making adventures within the enchanted DeFiChain ecosystem.

2. The Swift and Transparent Transaction Odyssey

In this blockchain fairytale, DeFiChain emerged as a knight in shining armor, designed to swiftly and transparently cater to decentralized financial needs. I marveled at the ability to conduct direct transactions and embark on lending and borrowing quests without bowing to the rule of any singular entity. Every transaction, a chapter in this tale, unfolded with transparency, open to the watchful eyes of all. Venturing deeper into the DeFiChain kingdom, I marveled at its optimization for performance and scalability. With a mere 30 seconds between each block creation, and the capacity to process over 2,432 transactions per second (tps), it was a world where speed and decentralization coexisted harmoniously.

As my journey through DeFiChain continued, I realized that not all financial adventures needed a centralized guide. In this decentralized wonderland, anyone could join the network, embracing the power to control their assets and partake in the magic that DeFiChain offered. And so, my DeFiChain adventure unfolded, a tale of dTokens and transparent transactions in the blockchain kingdom.

ONUS · January 19

So, I started poking around DeFiChain, and guess what? It's like this cool virtual world where computers (called nodes) team up to keep everything in check. They're like the guardians making sure transactions are legit and the whole place is super secure.

Now, here's the magical part – encryption keys. DeFiChain hands out these keys to users. The Public Key is like your virtual address where you get all your assets, and the Private Key is your secret code to do whatever you want with your stuff, all super safe and secure.

But hold on, there's more. DeFiChain asks for a bit of ID before you dive in further. It's like an extra layer of protection, making sure no funny business is going on and keeping you safe from any sketchy money stuff.

So, there you have it – my journey into DeFiChain's security world. It's like this digital adventure where keys and a bit of ID make sure everything is cool and secure. Easy peasy!