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ummjackson's profile
Jackson Palmer
Jackson Palmer
Jackson Palmer
Verified account
@ummjackson

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Jackson PalmerVerified account

@ummjackson

Product @ Adobe. Creator of @Dogecoin. Opinions my own. He/His. YouTube: http://youtube.com/JacksonPalmer 

ummjackson.com
Joined March 2009

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    1. Jackson Palmer‏Verified account @ummjackson 9 Jul 2018

      Jackson Palmer Retweeted Techmeme

      The key thing here is not the hack itself - it's the fact the Bancor team had the ability to freeze funds. How many other "decentralized" DApps have a built-in kill switch that's centrally controlled?https://twitter.com/Techmeme/status/1016454637011001345 …

      Jackson Palmer added,

      TechmemeVerified account @Techmeme
      Token creation platform Bancor, which raised $153M in last year's ICO, has gone offline after a security breach that successfully stole ~$13.5M worth of crypto (@muyaoshen / CoinDesk) http://www.coindesk.com/token-platform-bancor-goes-offline-following-security-breach/ … http://www.techmeme.com/180709/p19#a180709p19 …
      29 replies 139 retweets 439 likes
      Show this thread
    2. Jackson Palmer‏Verified account @ummjackson 9 Jul 2018

      Starting a thread here of "decentralized" DApps/exchanges etc. that have a centralized kill switch or control. Let's start with @KyberNetwork ... looks like they can halt the network, per https://github.com/KyberNetwork/smart-contracts/blob/f93e5f4e9c48daca91c93a98a865c1ed4b218f04/integration.md …pic.twitter.com/hT70ZjS9Py

      12 replies 27 retweets 100 likes
      Show this thread
    3. Jackson Palmer‏Verified account @ummjackson 9 Jul 2018

      Correct me if I'm wrong, but does this code not allow the owner of the MakerDAO contract to mint new coins? Source: https://etherscan.io/address/0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2#code …pic.twitter.com/TJ3UsrFFVn

      16 replies 13 retweets 76 likes
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    4. Jackson Palmer‏Verified account @ummjackson 9 Jul 2018

      Looks like @EnigmaMPC can completely pause transfers of any tokens also. That's control of a $100M market, under a single entity. Source: https://etherscan.io/address/0xf0ee6b27b759c9893ce4f094b49ad28fd15a23e4#code …pic.twitter.com/IL1udAXIDO

      3 replies 14 retweets 60 likes
      Show this thread
    5. Jackson Palmer‏Verified account @ummjackson 9 Jul 2018

      .@AugurProject can do the same. Ability to completely and centrally pause transfers across their $373M market cap. Such decentralization. Much farce. Source: https://etherscan.io/address/0xe94327d07fc17907b4db788e5adf2ed424addff6#code …pic.twitter.com/qb4Lenr3fy

      4 replies 17 retweets 79 likes
      Show this thread
      Jackson Palmer‏Verified account @ummjackson 9 Jul 2018

      Some of these contracts include an "upgrade"capability which also allows them to essentially upgrade/replace the token contract. I wonder why none of them have used said (centralized) capability to remove their ability to pause transfers?

      5:59 PM - 9 Jul 2018
      • 4 Retweets
      • 41 Likes
      • Classic is Coming Étienne Chris Bell Blockchain Smart Solutions Tommy Grumbles ssfaser 💫 E Modular Kingdom George HIGH IQ WHALE 🧠
      6 replies 4 retweets 41 likes
        1. Jackson Palmer‏Verified account @ummjackson 9 Jul 2018

          tl;dr - the majority of the Top 100 #Ethereum based ERC-20 tokens give centralized authority to the contract owner (ie. the company who did the ICO) to mint new tokens, pause all transfers, or overhaul the contracts inner-workings via an upgrade. That's over $16B market cap.pic.twitter.com/n2wxQCNF37

          20 replies 77 retweets 200 likes
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        1. Elie Steinbock‏ @elie2222 9 Jul 2018
          Replying to @ummjackson

          Security best practices from @ConsenSys: https://consensys.github.io/smart-contract-best-practices/general_philosophy/ … You can add popular collectibles such as @CryptoKitties and @CryptoFighters to the list too btwpic.twitter.com/XakAlEcqe3

          0 replies 2 retweets 2 likes
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        1. Crypto Chaos Mystic‏ @tezosevangelist 9 Jul 2018
          Replying to @ummjackson

          Dogecoin needs you

          0 replies 0 retweets 4 likes
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        1. Shane Pickens‏ @shanepicker 11 Jul 2018
          Replying to @ummjackson

          Centralized is just a word. the contract execution is decentralized. The governance is centralized. the token is not a blockchain. if you want to understand ERC20 then learn it but you seem to be conflating concepts (accidentally i hope)

          0 replies 0 retweets 0 likes
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        1. Mαяcυѕ ⟠‏ @MarcusMonnig 9 Jul 2018
          Replying to @ummjackson

          That is indeed best practice and fine as long as the current code used is reviewable by the user. Btw, you've missed IDEX. Their trade function can only be called by IDEX. They have reasons to do it that way, but they should stop calling themselves decentralized.

          0 replies 0 retweets 0 likes
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        1. bitmaster177 🔎‏ @bitmaster177 9 Jul 2018
          Replying to @ummjackson

          bring back dogeparty 😉

          0 replies 0 retweets 0 likes
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