Crypto Tag: Cryptocurrency Diary

It seems to have been removed. What happened?

Have you heard the news that’s buzzing in the Web3 community? Mirror.xyz, a well-known platform for Web3 creators, has been acquired by Paragraph.com, another major player in the same space.

Will Mirror Disappear?

Some users might worry: “Does this mean Mirror will be gone?” Don’t worry. Mirror itself isn’t vanishing. The service will continue, but now it will be operated by Paragraph. That means the features you’re used to-like publishing NFT articles and using crowdfunding tools-will remain available, just under new management. Your articles and projects on Mirror should still be accessible and usable as before.

What Happens to the Mirror Team?

So, what about the Mirror development team? They’re shifting their focus to a new project called “Kiosk.” Kiosk is a new kind of social network built on Farcaster, a decentralized Web3-native social protocol. It’s being described as a Twitter-like platform for the Web3 era, blending social media with blockchain and e-commerce features. For now, details about how Kiosk might integrate with existing Farcaster-based apps like Warpcast remain limited, but it’s clear the team is aiming to create a new kind of social experience using NFTs and tokens.

What’s Next for Paragraph and Mirror?

Currently, Mirror and Paragraph will continue to operate as separate services. However, there are plans to eventually merge their features and user bases into a single, more powerful Web3 publishing platform. This could mean even better tools and opportunities for creators on both platforms in the future.

What Should Users Do?

If you’re a Mirror user, you can keep publishing NFT articles and running crowdfunding campaigns as usual. The main change is that Paragraph will now be managing the platform, so future updates and new features will come from them. I’ve created a Paragraph account too, in case of future integrations or changes. Whether the platforms merge or remain independent, users will be able to continue their creative work without disruption.

Summary

• Mirror.xyz has been acquired by Paragraph.com, but the service will continue.
• The Mirror team is now focusing on developing the new “Kiosk” social platform.
• Mirror and Paragraph are expected to eventually merge into a unified Web3 publishing suite.
• Users can keep using Mirror as before-there’s no need to panic.

The Web3 world moves fast, and this acquisition could lead to exciting changes in publishing and social platforms. Stay tuned to see how things evolve!

That’s all for today.

The future of cryptocurrency can be considered from the following perspectives:

Factors Indicating Potential

• Market Growth and Adoption:
  The cryptocurrency market continues to expand, with increasing participation from corporations and institutional investors. Major cryptocurrencies like Bitcoin and Ethereum are gaining credibility as assets. Additionally, their adoption as payment methods is growing, with some countries even recognizing them as legal tender.
• Technological Advancements:
  Innovations in blockchain technology, such as smart contracts and decentralized applications (DApps), are driving new use cases in areas like decentralized finance (DeFi) and non-fungible tokens (NFTs). Efforts to address scalability issues, such as Ethereum’s “The Merge” and Layer 2 solutions, are also progressing.
• Regulation and Institutional Frameworks:
  Governments worldwide are developing clearer regulations, improving transparency and trust in the market. For instance, Japan has strengthened its cryptocurrency exchange oversight through amendments to its Payment Services Act. Regulatory clarity is attracting institutional players and fostering mainstream adoption.

Risks and Challenges

• Volatility and Speculation:
  Cryptocurrencies remain highly volatile, with significant price fluctuations driven by speculation. This makes them risky for investors.
• Security and Fraud Risks:
  Cyberattacks and scams remain concerns. Additionally, environmental criticisms, particularly regarding Bitcoin mining’s energy consumption, pose challenges.

Short-Term Outlook

As of 2025, external factors like Bitcoin ETF approvals and tighter regulations in major economies significantly influence the market. While volatility persists, long-term growth trends appear positive due to increasing adoption and technological progress.

Conclusion

Cryptocurrencies hold immense potential but face substantial challenges. As technological innovations advance and regulatory frameworks mature, the market is becoming more stable. However, thorough understanding and cautious decision-making remain essential for both investors and users.

Hey everyone, have you tried using any of the new Web3 social networks or blogging platforms lately?

I’ve been experimenting with a few, and honestly, each one has its own quirks that make me go, “Hmm… not sure about this.” Let me share my candid impressions.

Hive and Steemit: Feeling a Bit Outdated

Let’s start with Hive and Steemit. Both are long-standing decentralized social networks where you can earn rewards with their native tokens.

But to be honest, they feel kind of outdated now. The user interfaces aren’t very modern, and the biggest issue is the flood of spam comments from bots.

It’s hard to have meaningful interactions when there’s so much noise, and the communities just don’t seem as lively as they could be. It also seems like they’re struggling to attract new users, which makes me wonder about their future.

Mirror.xyz and Paragraph.com: What’s Next?

Then there’s Mirror.xyz. It was getting a lot of attention as a next-gen Web3 blogging platform, but it recently got acquired by Paragraph.com.
No one really knows how the integration is going to play out, so as a user, it feels a bit uncertain.

Plus, once you create an account on Mirror.xyz, you can’t change your wallet address later. If you want to switch wallets, you basically have to make a whole new account, which is pretty inconvenient.

memo.cash: Losing Its Bitcoin Cash Identity?

memo.cash is a social platform built on Bitcoin Cash (BCH), but it has a really strict character limit for posts.

If you want to write anything long-form, it’s just not the right place.

On top of that, BCH keeps adding features like token creation and NFTs, which makes it feel like they’re trying to become more like Ethereum.

It’s almost as if they’re moving away from what made BCH unique in the first place, and that makes me a bit hesitant to keep using it.

nostr: For Hardcore Bitcoiners Only?

nostr is a decentralized social protocol, and most of the users seem to be hardcore Bitcoin and Lightning Network fans.

I tried using Wallet of Satoshi for Lightning payments, but since it’s not a fully non-custodial wallet, I had some security concerns.

Plus, there were bots sending me tiny amounts of Bitcoin, which felt a lot like a dusting attack. That kind of thing just puts me off.

In Summary

So, while Web3 social networks and blogging platforms are definitely evolving,

• The user experience still feels lacking
• There’s too much spam and too many bots
• Account management can be a hassle
• Some platforms are losing their original charm
• Security and trust are still big concerns

I really hope we’ll see more user-friendly, vibrant, and secure platforms in the future. For now, though, there’s still a lot of room for improvement.

The increasing recognition of meme coins as investment assets signifies a challenge to traditional financial systems’ values and structures. Below, we explore the cultural background, economic implications, and potential impacts of this phenomenon.

The Rise of Meme Coins and Their Cultural Context

• Meme coins have evolved from mere internet jokes to speculative assets with significant market influence. For example, PEPE ranks as the fourth largest in the meme coin market by market capitalization, with its value heavily influenced by social media and community activity.
• Investors prioritize cultural virality and hype over traditional financial metrics, reflecting a shift in investment behavior.

Impact on Traditional Financial Systems

1. Changing Value Standards:
   • Unlike conventional currencies or stocks, meme coins lack ties to real-world economic fundamentals like profitability. Their popularity among younger investors raises questions about the reliability of existing monetary systems.
2. Shift Toward Speculative Economies:
   • Meme coin markets are characterized by extreme price volatility and speculation. This contrasts sharply with the stability of traditional financial systems, transforming the concept of “money” into a form of entertainment.
3. Erosion of Currency Trust:
   • Currencies traditionally serve as stores of value, mediums of exchange, and units of account. The rise of unstable assets like meme coins could weaken trust in established currencies by comparison.

Why Meme Coins Are Not a Complete Disruption

• Despite their popularity, meme coins remain highly speculative and lack the long-term utility or infrastructure seen in major cryptocurrencies like Bitcoin or Ethereum. This limits their potential to fully replace traditional financial instruments.

Conclusion:
The rise of meme coins represents a cultural and economic shift that challenges traditional monetary systems. While they may not yet signal the “end” of conventional finance, their influence suggests a redefinition of value and a potential transition toward new economic models driven by cultural trends and community engagement.

The cryptocurrency exchange Bybit has suffered one of the largest hacks in history, with hackers stealing approximately $1.5 billion worth of Ethereum from a cold wallet. The breach occurred on February 21, 2025, during a routine transfer from a cold wallet to a warm wallet. The attackers used sophisticated techniques, including manipulating smart contract logic and masking the signing interface, to gain unauthorized access to the wallet.

Key Details:

• Scale of Loss: Around 401,000 ETH was stolen, valued at $1.5 billion, making it the largest cryptocurrency theft to date. This surpasses previous records such as the $620 million Ronin Network hack in 2022.
• Attack Methodology: The hackers exploited vulnerabilities in Bybit’s multi-signature authentication process and used advanced phishing and social engineering tactics. They redirected funds to unidentified wallets and began liquidating them across various platforms.
• Suspected Perpetrators: North Korea’s Lazarus Group is suspected to be behind the attack due to similarities with previous hacks attributed to the group.
• Impact on Bybit: Despite the massive loss, Bybit’s CEO Ben Zhou assured users that all client assets are backed 1:1 and operations remain unaffected. The company has over $20 billion in assets under management and is financially solvent.
• Response Measures: Bybit is working with blockchain forensic experts and authorities to trace the stolen funds. They have also secured bridge loans to cover 80% of the loss if necessary.

This incident highlights ongoing security vulnerabilities in the cryptocurrency industry and raises concerns about safeguarding digital assets against increasingly sophisticated cyberattacks.

About the Possibility of Rolling Back The Ethereum Blockchain (Hard Forking)

The recent $1.5 billion hack of Bybit has sparked intense debate within the cryptocurrency community about the possibility of rolling back the Ethereum blockchain to recover the stolen funds. A blockchain rollback would involve reverting Ethereum to a state prior to the hack, effectively invalidating the malicious transactions. However, this proposal has divided opinions due to its implications for decentralization and immutability.

Key Points of the Debate:

• Support for a Rollback:
  • Arthur Hayes, co-founder of BitMEX, has advocated for a rollback, citing Ethereum’s 2016 DAO hack rollback as precedent. He argued that since Ethereum previously compromised on immutability, another rollback could be justified.
  • Samson Mow, CEO of JAN3, also supports a rollback, emphasizing its potential to prevent North Korea (linked to the Lazarus Group) from using the stolen funds to finance nuclear weapons programs. He even proposed renaming the current chain if a rollback occurs.
  • Proponents argue that recovering $1.5 billion in stolen funds could restore trust in Ethereum’s security and protect users.
• Opposition to a Rollback:
  • Critics argue that rolling back the blockchain would undermine Ethereum’s credibility and violate its principle of immutability, which ensures trust in decentralized systems.
  • Many believe that Ethereum’s ecosystem is now too complex for a clean rollback. Unlike in 2016, when Ethereum was less interconnected, today’s ecosystem includes bridges, stablecoins, Layer-2 solutions, and real-world assets (RWAs), making a rollback highly disruptive.
  • Pseudonymous trader Borovik and Bitcoin advocate Jimmy Song have dismissed the idea as impractical and harmful to Ethereum’s reputation.
• Bybit CEO’s Position:
  • Ben Zhou, Bybit’s CEO, has stated that any decision on a rollback should involve community consensus through voting. While he acknowledged exploring all options to recover funds, he emphasized that such a decision cannot rest with one individual.

Historical Context:

The debate draws parallels with Ethereum’s 2016 DAO hack rollback, which resulted in a hard fork splitting Ethereum into two chains: Ethereum (ETH) and Ethereum Classic (ETC). However, critics note that the DAO hack involved only $60 million and had a clearer recovery path compared to the current situation.

Broader Implications:

This discussion has reignited concerns about blockchain governance and the balance between decentralization and intervention during crises. The outcome of this debate could set significant precedents for how future hacks are addressed in decentralized ecosystems.

Here are the currently trending Ethereum Layer 2 projects:

1. Arbitrum
   • Dominates the Layer 2 market with significant market share.
   • Utilizes Optimistic Rollup, achieving substantial transaction fee reductions and faster processing.
   • Rapidly expanding ecosystem with numerous DeFi and NFT projects.
2. Optimism
   • Also employs Optimistic Rollup technology.
   • Excels in reducing gas fees and improving throughput.
   • Recently announced the “Superchain” concept to integrate multiple chains for a more scalable ecosystem.
3. zkSync Era
   • A next-generation Layer 2 leveraging zkRollup technology.
   • Balances high security with scalability.
   • Offers robust tools for developers, attracting attention from DeFi and gaming projects.
4. Polygon (zkEVM)
   • Combines zkRollup with EVM compatibility.
   • Strong Ethereum compatibility allows seamless migration of existing dApps.
   • Features a broad ecosystem under the Polygon umbrella.

Currently, competition between Optimistic Rollups (e.g., Arbitrum, Optimism) and zkRollups (e.g., zkSync Era, Polygon zkEVM) is intensifying. zkRollups offer superior security, while Optimistic Rollups benefit from mature ecosystems, making the choice dependent on specific use cases.

Does cryptocurrency strengthen individualism? Exploring coexistence in an era of harmony.

Cryptocurrency, by its very nature, emphasizes individualism. By eliminating central authorities and enabling individuals to directly manage and transact their assets, it offers a level of freedom distinct from traditional financial systems. However, if the future is envisioned as an era emphasizing “harmony,” the question arises: how can the individualistic traits of cryptocurrency coexist with this societal direction?

Cryptocurrency and Individualism

The foundation of cryptocurrency lies in blockchain technology, which is inherently decentralized. This enables individuals to conduct transactions and manage assets without intermediaries. Such mechanisms highlight values like self-responsibility and personal sovereignty, which align with individualistic ideals.

Moreover, the rise of Web 3.0 is paving the way for a “self-sovereign” internet, where individuals control their data and digital identities. This shift away from centralized structures symbolizes a transition to an era where individuals wield greater power.

However, this freedom comes with risks. Users must bear full responsibility for security threats like fraud and hacking, which could be burdensome for many.

Relationship with an Era of Harmony

In an era of harmony, the goal is to respect individual freedoms and rights while fostering systems that encourage collective cooperation. Here, cryptocurrency and blockchain technology hold significant potential.

Decentralized Autonomous Organizations (DAOs) exemplify this potential. DAOs allow individuals to collaborate on decision-making and work toward shared goals. This model leverages cryptocurrency technology while contributing to harmonious societal structures.

Additionally, in emerging economies, cryptocurrencies are complementing existing financial infrastructures by enabling fair economic participation. Even those without bank accounts can participate in the global economy through cryptocurrency wallets, potentially addressing economic inequality.

Balancing Individualism and Harmony

Cryptocurrency is flexible enough to accommodate both individualism and harmony, depending on its design. For instance, regulations and education can balance user protection with freedom. Advances in technology are also enhancing safety and transparency, thereby increasing trust.

The key lies not in the tool itself but in how it is utilized. Individual freedom and societal harmony should not be seen as opposing forces but rather as complementary elements that can coexist.

Conclusion

Cryptocurrency undoubtedly has individualistic aspects but is not inherently incompatible with harmony. Its technologies and principles have the potential to promote cooperation and fairness on a societal scale. Moving forward, the challenge will be leveraging technology to achieve both individual freedom and collective harmony.

Since its rebranding to “Sky Protocol” in August 2024, MakerDAO has undergone significant changes. The introduction of the stablecoin “USDS” and governance token “SKY” has positioned the protocol as a key player in the Endgame strategy, aiming to expand the DeFi ecosystem.

Current Status and Trends

• USDS Growth:
  The supply of USDS has surged, reaching $2.32 billion as of February 2025—a 135% increase in just five months. In contrast, the supply of the older stablecoin DAI has declined.
• SKY Token Transition:
  Governance tokens are transitioning from MKR to SKY. However, SKY’s price performance has been underwhelming, showing a downward trend instead of the anticipated growth.
• Community Reactions:
  Opinions on the rebrand are divided. Some community members express concerns about a perceived drift from decentralized principles and MakerDAO’s original values.

Challenges and Discussions

The transition to Sky Protocol has incurred high costs, and criticism surrounds new features and regulatory adaptations. Some suggest revisiting the current branding strategy to address these issues.

Summary

While Sky Protocol has shown growth, particularly with USDS adoption, it has yet to gain full support from the market and its community. Adjustments and strategic refinements will be critical for its future trajectory.

The cryptocurrency “TRUMP” is an official meme coin issued by Donald Trump on January 18, 2025, to commemorate his presidential inauguration. It has gained attention as both a political symbol and an investment opportunity. Below is a summary of its features, risks, and future potential.

Overview of TRUMP Cryptocurrency

• Launch Date: January 18, 2025
• Total Supply: 1 billion tokens (200 million initially circulated)
• Platform: Solana blockchain
• Ownership Structure: Trump-affiliated companies hold 80%, releasing it gradually over three years.

Features

• Official Presidential Meme Coin: Unlike other meme coins, TRUMP is directly associated with a sitting president.
• Price Trends: The token’s market cap surged to approximately ¥4.5 trillion shortly after launch but has since experienced high volatility.
• Utility Expansion: Efforts are underway to enable TRUMP for purchasing Trump-branded products.
• Political Impact: Popular among Trump supporters, it symbolizes crypto deregulation policies promoted by his administration.

Risks and Concerns

• Price Volatility: As a meme coin, it is highly speculative and prone to significant price swings.
• Conflict of Interest: Trump-affiliated companies’ control over 80% of tokens raises transparency and ethical concerns.
• Political Risks: Policy changes or shifts in political dynamics could heavily impact its value.

Future Potential

TRUMP is more than just an investment; it serves as a political statement for supporters. However, its success depends on market demand and Trump administration policies, making it a highly uncertain venture. Prospective investors should thoroughly research market trends and risks before making decisions.