CRYPTO NEWS

Crypto Twitter Community Shares Thoughts on UST De-Pegging

Crypto Twitter

  • There is a debate in the crypto space as to whether or not Terra USD’s (UST) collapse is bringing the rest of the crypto market down.
  • A Twitter user by the name of David Gokhshtein hosted a live space on the social media platform today.
  • One point that kept making its way to the session was the situation with the rest of the global financial markets.

There is a debate making rounds in the crypto space as to whether or not Terra USD’s (UST) collapse is bringing the rest of the crypto market down. This of course follows after UST lost its peg to the U.S. Dollar recently, as its price dropped below 30 U.S. cents.

To find out what the community’s thoughts are, a Twitter user by the name of David Gokhshtein hosted a live space on the social media platform today. The link to the live space was also shared by Cardano’s co-founder and CEO, Charles Hoskinson.

The sentiment towards the current crypto market crash seems to be neutral as the Twitter users that joined the session seem to be crypto HOLDlers. In fact, most seem interested in the long-term prospects of the technology.

One point that kept making its way to the session was the situation with the rest of the global financial markets. Session attendees kept highlighting the fact that what is going on in the cryptocurrency market is no different from what is happening in the rest of the financial markets.

Some of the events in the global financial markets that were brought up include the current rate at which the U.S. is printing fiat currency and the amplified market manipulation seen in the traditional financial sector.

One Twitter user even pointed out that cashing out cryptocurrency for fiat defeats the whole purpose, and that the community must remember why cryptocurrency and blockchain technology was created in the first place: to introduce more transparency, decentralization, and accountability in the financial sector.

Simple scheme to publish data with a private key

The goal is for Alice to send an encrypted message to Bob. Neither Bob nor anyone else should be able to decode the message. Alice should be be able to decode it, when all data is shown to her. However, Alice cannot store anything related to the message. Private keys: X1 – random bits X2::Listen

The goal is for Alice to send an encrypted message to Bob. Neither Bob nor anyone else should be able to decode the message. Alice should be be able to decode it, when all data is shown to her. However, Alice cannot store anything related to the message.

Private keys:

  • X1 – random bits
  • X2 – random bits
  • M – large prime number

Transmitted Key:

  • A – random large prime number

To send a message:

  1. Generate random prime A
  2. msg = msg XOR X1
  3. msg = msg * A (mod M)
  4. msg = msg XOR X2
  5. send (msg, A)

To decode:

  1. B = Multiplicative Inverse of A (mod M)
  2. msg = msg XOR x2
  3. msg = msg * B (mod M)
  4. msg = msg XOR x1

The idea is that the multiplication is sandwiched between two XORs which eliminate any sort of identifiable pattern.

Is this a reasonable algorithm or have I made a mistake somewhere?

(Note: I understand that ciphers such as RSA are the industry standard for this kind of problem. However, I wonder if a simpler solution is feasible when the stakes are lower. The use case here is not incredibly high-secure, it is for something like a CAPTCHA service, we can let the server issue a CAPTCHA question and send the answer to the client, asking him to return his answer alongside the encrypted answer, thus eliminating the need for a server-side data store.)

Crypto Twitter Community Shares Thoughts on UST De-Pegging

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