Brock Pierce officially announces he will be in the Run for the US Presidential election.
Saturday, July 4th was a remarkable day in the world of politics and cryptocurrency. Brock Pierce, the young, forward-thinking entrepreneur announced he will be running for President of The United States of America.
Brock Pierce enters the Presidential race at a time when The United States is at a major crossroads, politically, economically, and socially.
The surprise announcement has ushered in vibrant cheers within the blockchain, crypto, and DeFi community.
Brock announced his foray into the world of politics by making this grand declaration about his inclusion as an independent candidate and tweeted the news:
In his own words, in a video announcement that he made, he shared his thoughts with the world.
The USA has always been surviving on the double-edged sword of people vs technology. But Pierce has his hopes pinned on his stressed importance on blockchain, decentralized finance, AI, and other defining technologies of the future.
Brock Pierce is an entrepreneur we all want to follow.
He has donned several hats in his career starting from his brief stint as a child actor and performer to currently being the Chairman of the Bitcoin Foundation. He has also co-founded EOS Alliance, Block. one, Blockchain Capital, Tether, and Mastercoin.
The crypto fraternity is all cheers, and why not? Samson Mow told Brock on Twitter “You have my vote” and many others have shown support to this major disruption in the USA’s political world. Michael Novogratz the CEO of Galaxy Digital also wished him luck and hoped Brock gives his running mates a hell of a competition.
Crypto and DeFi fans are especially supportive of Pierce, knowing he will further bolster digital currency solutions, blockchain technology, and decentralized finance.
With Pierce now in the run, it will be a major boost to not just cryptocurrency but every sector where technology can work wonders.
In the video, Pierce talks about how his life has revolved around creating things from nothing to something substantial and game-changing. Looking at his thought process, we can find amazing analogies of his efforts to turn Puerto Rico into a crypto paradise. Puerto Rico, hard hit by the worst hurricane Maria in the history of the Americas was laden helpless. But, here there was a man who saw a huge opportunity in transforming the helpless situation into an effective one.
At 37, Brock Pierce, chose storm-shattered Puerto Rico to relocate to, wanting to invest and rebuild its economy by providing major financing to build infrastructure to encourage innovation.
We have seen true leaders around the world who have created magnanimous opportunities out of drastic situations and Brock Pierce proved it with Puerto Rico.
In late April, Pierce donated close to half a million dollar in today’s value of bitcoin to help those in Puerto Rico and the Caribbean to fight COVID.
And Pierce’s philanthropy towards Puerto Rico goes way back.
Previously, in Isla de Vieques and San Juan, Pierce spearheaded medical and clothing donations. In the El Yunque rain forest, he raised substantial amounts for the rescue and rehabilitation of endangered indigenius birds, and also propagated new colonies of honey bees allowing them to flourish and proliferate. In terms of housing, he funded and oversaw the reconstruction of numerous homes in Vega Alta, Isla de Vieques, and Luquillo to help literally rebuild Puerto Rico in response to the aftermath of Hurricane Maria.
Regarding Puerto Rico and its people, he says:
“Puerto Ricans are so well educated, they’re so capable, they’re so competent, but due to a lack of opportunity, when you graduate from college, you leave.”
Pierce wants to change that by empowering and investing in the local communities so that every Puerto Rican has an equal opportunity.
Pierce has been revered for finding the perfect balance between wanting to aid and assist and empower the territory of Puerto Rico, without sacrificing their cultural identity, but rather embracing it. Pierce loves the people of Puerto Rico.
Having been named in the Forbes list of Billionaires in 2018, Brock has clearly indicated that all his earnings were to the society because he holds a certain vision for it. He has already donated millions to charity as well.
Furthering his message to the world, he is a hard-core believer in the spirit of entrepreneurship and believes that it is only the hard work, vision, and perseverance of entrepreneurs that can rebuild the country and give it a new lease of lift post COVID. He aims at giving small businesses a boost so that they have a voice as he is aware of how it is to build businesses from scratch.
He also deeply understands how the world and emerging markets have a right to financial freedom and financial sovereignty.
“Two-thirds of the world’s population is unbanked or underbanked. Imagine if you had all your bank accounts shut down today, if you had all your credit cards shut off today, Paypal, Venmo, etc. What would life be like? And that’s a problem that most of the world faces if you’re in Latin America, Africa or South East Asia.” -Brock Pierce
Brock Pierce says that it’s high time Americans welcome technological advancement in all the spheres of life. He believes that futuristic technologies will be able to combat every situation as well as provide an effective tool for disaster management. Being his humble best, he also believes that he has faced every situation and failures and it is due to these experiences that has given him fortitude.
For a young achiever, and a celebrated entrepreneur with noble thoughts of leading the nation, Brock Pierce as President can be ground-breaking because of his innovative, technologically focused mindset plus his philanthropic values for the betterment of society. This will certainly appeal to Millenials and Generation Z, in addition to many individuals in their 30’s and 40’s. Many top crypto industry experts have placed their bet on Brock’s nomination and are hoping for major progress in the American economy in terms of technological advancement and being able to rise to the same level as other nations in terms of innovation.
Like how any great leader of a great nation should involve people celebrating the true spirit of democracy, Brock Pierce has called for unified efforts towards achieving the rebirth of a new America that would establish its greatness again. His recent discussions have centered around the Covid-19 pandemic and the recent protests held across the great nation.
Pierce aims to bring everyone together, and fights for inclusion rather than exclusion, financial independence for all, freedom to all people no matter what race, creed, religion or sexual identity, and most of all, he wants to bring back opportunity for all Americans.
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BriFitDance: Up Close and Personal with DeFiRev.com
BriFitDance took the world and Crypto Twitter by storm with her epic and what will surely be a time capsule in bitcoin’s history. Did it spark the bitcoin Golden bull run?
If you haven’t watced the video, watch it right now:
DeFiRev.com: Tell us about your origin story and how you got to where you are today. When and how did you first learn to dance?
BriFitDance: I am originally from Ecuador. My family and I immigrated to the United States in 2009, learning and exploring the USA journey. Since I was 3 years old, I’ve been staying active by dancing, swimming, riding a bike, and running. I’ve always loved to be in the fitness field, but my passion is dancing, especially belly dancing. I am also learning to hoop dance to incorporate more dancing activities in my videos.
DeFiRev.com : Where did you grow up and what’s your favorite type of music?
BriFiDance: I grew up in the United States as in the state of Maryland, as a teenager and as an adult. My favorite type of music is pop music. I do like all kinds of music, I think it soothes the soul, relieves stress, and lifts up the mood a great amount.
DeFiRev.com: Do you usually come up with the lyrics to the songs first or start with the music or dance moves?
BriFitDance: I work with a video producer from MidAtlanticTV.com We start with the lyrics, then work on a beat, record my vocals with a professional recorder, practice the choreography and then perform the music video with the dance moves.
DeFiRev.com: How did you first get into bitcoin?
BriFitDance: I got into Bitcoin in the beginning of this year, buying and holding, also accepting donations. No altcoins however.
DeFiRev.com: What has been the video you had the most fun making so far?
BriFitDance: I had a lot of fun making the Crypto_Bitlord Tongue song because it had a few acting moves and loved performing it.
DeFiRev.com: What has been your favorite moment in crypto history?
BriFitDance: The Bull Run since my Saylor Bitcoin Bull song.
DeFiRev.com: When you’re not working, what do you like to do for fun? Favorite hobbies? Anything that would surprise us?
BriFitDance: I like to walk with my family and help my parents edit their videos, because they aspire to be YouTube stars as well.
DeFiRev.com What are a few of your favorite books? What are some that have made a long-lasting impact on you? (Can be fiction or nonfiction)
BriFitDance: Animal Farm by George Orwell and Human Development: A Cultural Approach by Jeffrey Jensen Arnett and Lene Jensen. Animal Farm has helped me realize that with teamwork and trust, dreams and goals can be accomplished and work in the future. The Human Development book has provided me with the knowledge and information, as well as understanding the foundation and statistics of human development in all countries. I have an interest in Psychology and love this subject. I would definitely recommend others to read these.
DeFiRev.com: What are you most excited about for the future of blockchain technology and where do you see the space in 5 years?
BriFitDance: Hopefully Bitcoin will be in the hands of one billion plus users.
DeFiRev.com: What are your personal theories of who Satoshi was or were?
BriFitDance: I have no idea. All I know is he/she/they is/are very smart!
DeFiRev.com: At what point did it hit you that bitcoin was history in the making?
BriFitDance: The first time I heard Michael Saylor talk about Bitcoin.
DeFiRev.com: What advice would you give our viewers regarding blockchain, business, motivation, or life in general?
BriFitDance: Buy and HOLD Bitcoin!
It has been a historic week for bitcoin and we at DeFiRev.com wanted to thank BriFitDance and congratulate her for being the DeFiRev.com PERSON OF THE WEEK!
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Huobi top official arrest – Are these rumors or a reality?
CryptoQuant, a crypto information provider, has indicated a significant increase in Bitcoin funds outflows from Huobi global. This is a development that comes when the firm has issued in public denial about rumors of an arrest of one of its executives. But as per the Chinese media, crypto exchange Huobi Chief Operating Officer (COO) Robin Zhu was under investigation by the Chinese people.
In a tweet thread that was posted on November 2, Huobi quashed rumors about the supposed arrest of a Huobi senior executive. It came out with the clarification stating:
“All of Huobi’s management team members have been accounted for and have not been detained or arrested,” the firm said. “We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.”
CryptoQuant mentions that the outflow increase peaked after midday on Monday.
Huobi is a global exchange with monthly trading volumes above $170 billion. It has assured its users and the media that nothing such as this has happened. It so happened that Huobi COO Zhu Jiawei was reportedly unreachable on Monday evening and immediately after that rumors were afloat in the circles that he was being arrested. All of the social media was swirling with the news with local news channels also reporting on the rumors.
The exchange said that Zhu was on a flight returning from a conference in Guizhou and that he would be attending a meeting in Beijing on Tuesday morning.
But, the assurances of Huobi haven’t stopped users from withdrawing funds and now they are viewing themselves in the same boat as users of OKEx. In fact, many hours before it directly addressed the rumors of an arrest, Huobi tweeted that it uses a multi-signature process for withdrawals so that the users did not have to rely on a single key holder. As for the rumors, the exchange claimed that Zhu was on a business trip and would be here this week for an important meeting. Huobi said that its operations were unaffected by these unsubstantiated rumors as per an earlier statement on its Chinese website.
Bitcoin removed from Huobi rapidly
A greater likelihood is that the rumors are false but users are not taking any chances. As said earlier, there is a mass exodus of Bitcoin with its outflows hitting 4,241 BTC which is growing rapidly.
“Looking at Huobi Netflow, BTC outflow has soared in the last eight hours.”
In the month of June, there were rumors that Dong Zhao, the co-founder of the Chinese crypto lending platform Renrenbit apparently cooperating with the police for investigations which is now a new trend in the Chinese markets. OKEx announced in October that the founder Star Xu also has been under investigation for weeks, and following that OKEx had suspended withdrawals of crypto assets from the platform. The statement came out at least one week after he was detained by the police and users are still not able to withdraw their funds.
Huobi Token price today is $3.58 with a 24-hour trading volume of $257,890,383. HT price is down -6.6% in the last 24 hours as per CoinGecko.
Rumor or reality?
Huobi is surely the largest target for Chinese authorities and watchdogs cracking down on crypto exchanges, and all this has added to the jitters of the crypto investors. As of now, there has been no evidence proving that the COO had been arrested and the company has plainly denied allegations. But nonetheless, the markets reacted.
But as far as evidence and other events surrounding it happened, the rumors have been baseless. The Bitcoin and crypto trading platform also confronted these claims in a tweet thread stating that they could share it with strong confidence that they are false. The exchange further stated that they have accounted for all of their executive team members and reassured users that all their assets are safe.
“All of Huobi’s management team members have been accounted for and have not been detained or arrested. We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.”
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Harvest Finance Hack Explained. Here’s how it happened.
Unscrambling the Harvest Finance hack and its aftermath
Harvest Finance, the Decentralized finance protocol was hacked for a staggering $24 million. The attack was a reminder to the crypto community that DeFi has sure risen to prominence but it has its own share of loopholes, and it is this that the attackers take advantage of.
Harvest Finance attack details
The attacker directly attacks the protocol’s liquidity pools leading the arbitrage attack using a large flash loan – a type of uncollateralized loan. The attacker later returned $2.5 million but in a mere seven-minute act, the entire hack was complete, leaving the protocol stakeholders bewildered.
In further addition to the details of the hack, the protocol revealed that the hacker manipulated prices on one money lego which is the Curve Y pool. This was done to drain another money lego farm USDT (fUSDT), farm USDC(fUSDC) multiple times.
The attacker then converted the funds to renBTC and later excited to Bitcoin. renBTC is not synthetic because it does not rely on any liquidation mechanism and it is certainly not the price of Bitcoin on Ethereum. It is a one-to-one representation of Bitcoin on Ethereum which can be redeemed for BTC at any time and in any amount.
The native token of Harvest Finance, FARM fell 54% to $101.79 when the news of the hack came forward. Following the attack, the amount of money that was locked in the protocol plummeted from $1 billion to $575 Million On October 25th. The investors were so fretful that they pulled their deposits back.
Harvest Finance acted accordingly and withdrew all the funds from the shared pools almost immediately after it had completed a fine evaluation of the attack. It began with reconstructing the processes which included DAI, USDC, USDT, TUSD as well as WBTC and renBTC. The funds are currently present in the vaults safely so that they are not exposed to further market manipulation. The hack did not involve DAI, TUSD, WBTC, and renBTC, and the depositors in these vaults were not affected.
How was the hack carried out?
The mechanics of the protocol has allowed for the execution of such an attack. Let us see how:
The investment strategies used by Harvest involves calculating the real-time value of assets that are invested in the base real-time protocols. The value of the assets is then used by the vaults to calculate the number of shares to be used to the user depositing the funds. The same value of the assets is also used when the users take out funds from the vaults.
Payout is then calculated upon the user exit. What also needs to be noticed here is that the assets inside some of the vaults are deposited into shared pools of underlying DeFi protocols. These are subject to market effects such as impermanent loss, arbitrage, and slippage. This means that its value can be manipulated through larger volumes of market trades.
The attacker knew this well and had exploited the impact of the impermanent loss of USDC and USDT inside the Y Pool of Curve.fi by manipulating the asset value to deposit funds into the vaults and obtain the shares for a beneficial price.
The aftermath of the Harvest Finance Hack
Harvest Finance’s Twitter account has been buzzing with messages and activity. The protocol has taken full responsibility for the engineering attack and has ensured that in the future such attacks will be countered and mitigated. The protocol has made it clear that formatting a disaster management plan to assist those who are affected will be the top priority for the protocol.
The protocol is investing its resources to catch hold of the scammers and has already provided a list of Bitcoin addresses of the hacker where it believes that the stolen funds may have moved. It also had taken immediate action by asking prominent exchanges like Binance, Coinbase, and Huobi to block the attacker’s addresses. It further said that there is:
“A significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.” Not willing to dox the cyber-thief, Harvest Finance is now offering a $100,000 bounty “for the first person or team to reach out to the attacker”.
Harvest further tweeted that the $2.5 million returned by the hacker will be distributed to the affected depositors on a pro-rata basis using a snapshot. The attack on Harvest comes only six weeks after the attacker escaped with $8.1 million in Bitcoin from another DeFi protocol BZX, however, BZX managed to recover the funds.