That was a "breath of fresh air in a sea of Sh1t!"
...While trying to expose crypto scams, i stumbled across
run by Sequential run by:
npub1dz5yda57nyhvs7keu488jravhravq6ee4v68j7xgqz5p0x2fynyqae5c5e
I was impressed with the founder and the project—what do you think?
Are the alarm bells ringing or is this legit? 👀 🚨
Full crypto scams video here: https://www.youtube.com/watch?v=i6rV5HlbPTM
Hmm, so what I got from this (without doing any further research):
1. A federated chain, LIKE Blockstream, but not good enough to stay that way.
2. Since they need to collect fees for their investors, they must stay in control of the network/system. Hence the federation is private and closed. This is a private technology.
3. PoS later, odd, but shows how centralized it is that it can change. PoW not considered? Is it too much chaos with no control?
4. You pay for fees in whatever coin... Is that WRAPPED coin? Or is it some sort of market based agreement where payment made on the original chain but conditional to it being provably mined?
5. If the latter, then it implies that miners/validators choose transactions based on value AND payment type. Even if wrapped, I guess this would be true. You might offer me 1btc wrapped, but I know that there is no market to turn it into 1btc, so I won't mine your transaction.
6. I sounds like off band/off chain fees, no way to tell if it is fair and sound. And since it is centralized, if I as a validator record your payment/swap and collect the reward, then I can just undo it because it is a private trust tech. I win, you lose.
Not saying that they'll do that, or that there isn't a reputational cost, but reputation is not sound security and at what point do we just say: run a money changing business.
Or is that it.. Run a money changing business without getting licenses. Pretend you are not in control, until you get caught.
Your work is epic joe! 🤙 thanks!
