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r/CryptoMoonShotsSee Post

Mini Myro | Live on PancakeSwap | Trending rank 1 on Dextools & Ave | Don't Miss it

r/CryptoMoonShotsSee Post

This Is Not Financial Advise | $TINFA token named after the highly anticipated documentary launched 24hrs ago and is already trending.

r/CryptoMoonShotsSee Post

ChuckNorrisAtomicFist | AI memecoin revolution unleashed

r/BitcoinSee Post

veronika na kole 7F4E3AE2A7A8DC34536B0C3D6DEF7391 video dashinit 1

r/CryptoCurrencySee Post

4.4M in LINK Stolen, Numerous ENS Wallets Connected

r/CryptoMoonShotsSee Post

Mark Your Calendars For The Most Trending Cryptoo Project Launch BOTiFi.Ai. Top CEX listing in 6 days. Tier-1 Listing Soon #Check this out for your Next 100x Ride

r/CryptoMoonShotsSee Post

$OwU Only Way Up!

r/CryptoMoonShotsSee Post

CZKing | The real meme king has arrived | Ownership renounced | Audited & KYced | Presale will live at 14:00 Utc | Get ready

r/CryptoMoonShotsSee Post

CZKing | The real meme king has arrived | Ownership renounced | Audited | Same BNBKing Team

r/CryptoMoonShotsSee Post

CZKing | The real meme king has arrived | Ownership renounced | Audited | Same BNBKing Team

r/CryptoMoonShotsSee Post

100x ( $100x ) | The moonshot you were waiting for | 2% Tax | LP burned | Ca renounced | Aiming for 1000x

r/CryptoMoonShotsSee Post

You're an $ADDICT | No need to deny, just join us and find 100millionx projects every single day | 2% tax buy and sell | Lp burn and contract renounce | Only for chads and junkies | Big meme sensation

r/SatoshiStreetBetsSee Post

Meme Coin Allocations

r/CryptoMoonShotsSee Post

Join $EARLY | It's time for all of us to get in EARLY | LP burn & Renounce | 2% Tax | Based crew

r/CryptoCurrencySee Post

Explanation of the red pocket mission

r/CryptoCurrencySee Post

Help((

r/CryptoCurrencySee Post

Help from anyone in crypto

r/CryptoCurrencySee Post

Help from anyone (crypto newbie speaking)

r/CryptoMoonShotsSee Post

DefiPoolShare is going live on the launchpad tonight, and here's why you should be excited:

r/CryptoMoonShotsSee Post

$Kitty | On BaseChain | Huge Marketing | CA Renounced | LP Locked | Based Dev with good previous

r/CryptoMoonShotsSee Post

$Kitty | On BaseChain | LP Locked | CA Renounced | Based Dev with good previous | Huge Marketing

r/CryptoMoonShotsSee Post

$Kitty | On BaseChain | LP Locked | CA Renounced | Based Dev with good previous | Huge Marketing

r/CryptoCurrencySee Post

Help with migrating moons from Gnosis to Arbitrum Nova

r/CryptoMoonShotsSee Post

$GTFO is probably the most interesting token I've seen this year

r/CryptoCurrencySee Post

$GTFO is probably the most interesting token I've seen this year

r/CryptoCurrencySee Post

You Get Nothing! You Lose! Good Day, Sir!

r/CryptoCurrencySee Post

Coinbase Support Number +1818―540―1484 Toll―Free꧂Call꧂ OUR Certified TEAM Technical Group Member

r/CryptoCurrencySee Post

Binance to Integrate Bitcoin Lightning Network

r/CryptoMoonShotsSee Post

Starship exploded to become the biggest meme that has ever existed. This is just the beginning. Elon's Starship fleet is destined to make life multi-planetary. Sending all who buy now and HODL to the moon and Mars at insane speed. Buckle up.

r/CryptoMoonShotsSee Post

Starship Token is the crypto narrative of a generation - Influencers about to call Starship to full send to Mars include - Elon, NBC News, Fox News, CNN, CBS, ABC, Joe Rogan, The Entire Internet, Aliens and Your Mom. Time is short. Ape The Rocket Before Launch!!!

r/CryptoMoonShotsSee Post

Starship is about to break the internet. Full face melt via raptor engine ignition imminent.

r/CryptoMoonShotsSee Post

Starship (Elon's Rocket)

r/BitcoinSee Post

Any "mid-range" powered sha-256 asic miner?

r/CryptoMoonShotsSee Post

Starship (Elon's Rocket)

r/CryptoCurrencySee Post

Major vulnerability in Sushiswap RouterProcessor2 Contract. Please revoke allowances ASAP.

r/CryptoMoonShotsSee Post

Starship (Elon's Rocket)

r/CryptoMoonShotsSee Post

STARSHIP (Elon's Rocket)

r/CryptoCurrencySee Post

Italian CEX "The Rock Trading" has a financial hole of 15/20 million euros

r/CryptoCurrencySee Post

I just realized i lost about 900$

r/CryptoMoonShotsSee Post

Year of the Moon: A Degens Quest

r/CryptoMoonShotsSee Post

Year of the Moon: A Degens Quest ( this will most likely be the title, could change at any point)

r/CryptoCurrencySee Post

This is what Address poisoning looks like

r/CryptoMoonShotsSee Post

SANTA I N U - Christmas 2.0 - Novel concept for storing gifts as Smart Contract - Shop and NFT replace classic gifts! Fair Launch! Marketing starts!

r/BitcoinSee Post

Solo lottery miner options

r/CryptoCurrencySee Post

main FTX ETH wallet went from over $100 Million worth yesterday to $13.7 Million today

r/CryptoCurrencySee Post

The FTX ETH wallet is depleting fast (0x2FAF487A4414Fe77e2327F0bf4AE2a264a776AD2)

r/CryptoCurrencySee Post

What's everyone's go to?Looking for examples of platforms too use as a hedge.

r/CryptoCurrencySee Post

Are there Bitcoin ATMs in your country?

r/CryptoMoonShotsSee Post

Valoria - The Decentralized Metaverse | Create & Explore 3D Worlds | Buy the Valor ($VR) Token

r/CryptoMoonShotsSee Post

Bot Detector Bot ($BDB) | Scanner Bot Live With Great Utility | Experienced Team | Hyped Community |

r/CryptoMoonShotsSee Post

Oogie boogie, just launched, 12k MCAP, Marketing starts now, 100X incoming

r/CryptoMoonShotsSee Post

Oogie boogie, just launched, 8k MCAP, Marketing starts now, 100X incoming

r/CryptoCurrencySee Post

Eth Transaction failed? Money not arrived in wallet. Please help

r/CryptoCurrencySee Post

ETH Transaction faile? Money not arrived in wallet. Please help

r/CryptoMoonShotsSee Post

Oogie boogie, just launched, 1.8k MCAP, Marketing starts now, 100X incoming

r/CryptoMoonShotsSee Post

Bikeo Finance | The Next-gen Web 3 Fitness and Lifestyle app with Game-Fi elements | AMA before the launch | Launch on Today, 16:30 utc

r/CryptoMoonShotsSee Post

Bikeo Finance | The Next-gen Web 3 Fitness and Lifestyle app with Game-Fi elements | Launch on Tomorrow, 16:30 utc

r/CryptoMoonShotsSee Post

Basenji Inu, Marketing Incoming, Just Launched, 100X Incoming, Check us out, Low taxes 5%, ATH incoming

r/CryptoMarketsSee Post

Iran Places First Crypto-Funded Import Order, Worth $10M: Report

r/CryptoMoonShotsSee Post

USDTATE launched 2K$ Marketcap now | USDT rewards by simply holding | Passive Income for life time, Based Dev big marketing incoming!

r/CryptoMoonShotsSee Post

$BCT - Next Generation DAO token just launched!

r/CryptoMoonShotsSee Post

$BCT - Next Generation DAO token just launched!

r/CryptoCurrencySee Post

The hacker who stole $3.5m from the NIRVANA protocol is close to being identified

r/CryptoCurrencySee Post

The coming Dump, and the Coming Pump

r/CryptoMoonShotsSee Post

Saudi Shiba Inu –Presale and launch today, 21st July 4PM UTC | Coinmarketcap prelisting already done, launch will be fully tracked | Marketing started from day 1 | Legendary Dextools golden button ads start tomorrow, July 22nd

r/CryptoMoonShotsSee Post

DoberInu just stealth launched | Liquidity locked for 3 months | Telegram AMA at 100 members

r/CryptoMoonShotsSee Post

Panda Elon launched and did a 5x, with many Chinese eyeing us

r/CryptoMoonShotsSee Post

Panda Elon just launched and did a 5x and millions of Chinese people are ready to buy it:

r/CryptoMoonShotsSee Post

Panda Elon just launched and did a 10x and millions of Chinese people are ready to buy it:

r/CryptoMoonShotsSee Post

Panda Elon just launched and did a 10x and millions of Chinese people are ready to buy it:

r/CryptoMoonShotsSee Post

Defi Skeptic – Just launched! | Project's mission is to increase transparency | Developed ecosystem with multi use case | Huge partnerships done and planned ahead | Audit already done

r/CryptoMoonShotsSee Post

Rewards Inu V2 Has Launched / Get Massive Rewards by Holding / More Marketing On The Way

r/CryptoMoonShotsSee Post

Rewards Inu V2 Has Launched / Get Massive Rewards by Holding / More Marketing On The Way

r/CryptoMoonShotsSee Post

Niffler Inu launches 15 minutes | Liquidity | KYCed Team | Huge Marketing | %100 SAFE | Tax 6%

r/CryptoMoonShotsSee Post

Aggreg Finance | Presale live in one hour | The next era of algorithmic farming and pool rebalancing | kyc and audited |strong community | big marketing compaign

r/CryptoMoonShotsSee Post

Aggreg8 Finance is a long term project hodl to get you through the bear market presale on the 15th june | dont miss out on this gem

r/CryptoMoonShotsSee Post

| Zoro Inu Two ( ZORO2.0) Just Launched | Current Mcap 2.5k | 3% Buy/Sell Tax | Active Community | Don't Miss This Gem |

r/CryptoMoonShotsSee Post

The maneki–neko (招き猫, lit. ‘beckoning cat’) is a common Japanese figurine which is often believed to bring good luck to the owner. We’re building the future home of Maneki Neko and the largest meme coin game in the metaverse.

r/CryptoMoonShotsSee Post

Gain.Farm Launching in 1 hour | Eth pegged algorithmic token | Fork of Tomb.finance | Solidity Finance audit | dApp Live | Video AMA before launch

r/CryptoCurrencySee Post

UST How I lost $1M because of Kucoin's manipulation

r/CryptoMoonShotsSee Post

$DinoCatInu! Just Launched! Safe Project! A new BEP20 Token on the Binance Smart Chain launched 30 minutes ago BSC Token

r/CryptoCurrencySee Post

Exposing students to crypto at a young age will ensure mainstream adoption later on when they’re integrated into the working class

r/CryptoCurrencySee Post

10 $LUNA a to 6.5million $LUNA .Arbitrage between $LUNA and $UST

r/CryptoMoonShotsSee Post

Sheba | Cat Meme Token | $200K market cap | All time high $1.5M | CEX listing plans | Sheba NFT’s previews available soon | Join our telegram | Let's Build Together | Launching in less than 24 hours.

r/CryptoCurrencySee Post

BTC under $30k, Bear market is here, Holders and Traders need an ergonomic chair

r/CryptoMoonShotsSee Post

Sheba | Cat Meme Token | $200K market cap | All time high $1.5M | CEX listing plans | Sheba NFT’s previews available soon | BNB Rewards | Huge Potential .

r/CryptoMoonShotsSee Post

Sheba | Cat Meme Token | $200K market cap | All time high $1.5M | CEX listing plans | Sheba NFT’s previews available soon | Verified Contract | Launching few hour ago on BSC.

r/CryptoMoonShotsSee Post

Sheba | Cat Meme Token | $200K market cap | All time high $1.5M | CEX listing plans | Sheba NFT’s previews available soon | Utility in place | Launching Now on BSC.

r/CryptoCurrencySee Post

Quick breaking crypto news

r/CryptoMoonShotsSee Post

Ganja Doge |Just Launched On Pancakeswap | An NFT based crypto project | Utility Project With Big Marketing Budget | Experience Team | 100x Gem |

r/CryptoCurrencySee Post

Midweek Macro Market Moves

r/CryptoMoonShotsSee Post

Creed Dao and Cult are fighting against centralization | DAO Dapp developed and live| Audited by Solid Proof | Unicrypt Presale on 28nd April | Empowering Defi projects through a proposal/vote mechanism

r/CryptoMoonShotsSee Post

Creed DAO and Cult are fighting against centralization | Dapp developed and live audited by Solid Proof | Presale on 22nd April | Empowering DeFi projects through a proposal and vote mechanism

r/CryptoMoonShotsSee Post

Creed Dao and Cult are fighting against centralization | DAO Dapp developed and live| Audited by Solid Proof | Unicrypt Presale on 22nd April | Empowering Defi projects through a proposal/vote mechanism

r/CryptoMoonShotsSee Post

The first APY project with Flexible limits paid automatically in USDT...

r/CryptoMoonShotsSee Post

SHIBGOTCHI | Stealth Launched Few Hour ago | P Big potenial and Hard working team | Doxxed & Well Connected Devs | NFTs Coming | Utility 10/10 | GAME Coming | Join Now

r/CryptoMoonShotsSee Post

SHIBGOTCHI | launching on bsc now - owner renounced - huge marketing!

r/CryptoMoonShotsSee Post

SHIBGOTCHI | Just stealth launched | Huge marketing push incoming | Owner renounced | Retro P2E Gamefi token

r/CryptoMoonShotsSee Post

$SHiBGOTCHi / The goal is to bring the cult-game Tamagotchi into web3 and the metaverse

r/CryptoMoonShotsSee Post

$SHiBGOTCHi is a deflationary & stackable token running on the BSC chain

Mentions

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

That's an approval transaction. You gave 0x46ee2eefdce877532125d989b90ce41cdec5ebd4 permissions to spend up to 10^42 of your FET tokens And a minute later, they sent 138 of your FET tokens to 0x4A42AE14650771026d49d64b3b4A29dc030ecc63 https://etherscan.io/tx/0x588da7f9ff1b5f406da27c7d9961eeb6507f6231e6f0ae51981cb3b7b22d6534 You no longer have any FET tokens under your account.

Mentions:#FET#AE

1. 110,621 2. 0xd08b3236b42240CD6adc46afd155AE104f8eFD8f

Mentions:#AE

1. 524,789 2. 0x9C6686AE3E043c139b4b0A7f695E25A2040b006F

Mentions:#AE

1. 555,555 2. 0x10AD1213FAeEf6E280b5C82AE94B8e177698218B

Mentions:#AD#AE

1. 420,000 2. 0xEB977e30FF5f94bFDfdFdA90b25450AE06Bf7940

Mentions:#AE

520,465 0x57f471b05bbB08E22b0b710D0AE90D1217cb07B6

Mentions:#AE

690690 0xB4Bd807C9cDde19AE1498c7b7006713268E25997

Mentions:#AE

330,000 0x2F4eb00990282Cfd9886D372AAa45a85781AE9bB

Mentions:#AE

1. 70721 2. 0xd47a0Aa24a1c0ABb188aF88d6Cc163AE740A8D65

Mentions:#AE

203,111 0x9AE1c1Fd6Ba118253b99d8c5C36984B25d7537AD

Mentions:#AE#AD

725000 0x5eE9d3E7CAC743278CC92539F0C77CeABE309AE6

Mentions:#CC#AE

17386 0x8E02AE7D33359728Fd7aCb439A28BC23F024A0E5

Mentions:#AE#BC

Any Inu EVM (ETH, ARB, OP, BASE, BSC, FTM, AVAX, MATIC):   0x2598c30330D5771AE9F983979209486aE26dE875 SOL: ACeWC77UeW2DBZMe7YBsuXoxLvk4dHMnPzneApau1Au6 Blast: 0x764933fbad8f5d04ccd088602096655c2ed9879f (一个月合并到E875统一合约) DogNexus404  ETH:   0x8B42DD505b2b4c0b21F75eb284c7295bC71E580B

Good question! There are other rigs, like the [HeatBit ](https://heatbit.com/products/heatbit-mini-pro)and [Mars Lander](https://bitcoinmerch.com/products/bitcoin-merch%C2%AE-mars-lander-solo-bitcoin-miner-up-to-250gh-s) that supposedly 'mine' BTC, but I question how effective they are given the formidable computing power required to mine even just one Bitcoin.

Mentions:#AE#BTC

Usernames Aitsara1992 0x04b6d65AE021C52910d68fc467F4e103F0f2b8ec

Mentions:#AE
r/BitcoinSee Comment

I got a lump sum payment in the middle of the pandemic. I knew it was a once in a lifetime thing. If you're not careful it will disappear. First thing you if you don't want to look back on this and consider it wasted: * How did you get this money? Set aside money for taxes, at least 20% of the payment, 35k * Count up all expenses plus and multiply by 6, store this in a liquid savings account that you can access. This is for emergencies and nothing else. Lets say that's 30k. * Now you have 110k, if you want one whole coin, either DCA your cash over the next few months or just lump sum it. I did a bit of both. * Now you have 60k\~ left, I would advise you to diversify your portfolio by lump summing or dollar cost averaging into a brokerage account using the [Boglehead Method](https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investing_start-up_kit#Portfolio_construction). I use and like Vanguard. I know folks here may not because of their resistance to BTC. * Once the rest is done, treat yourself to a nice dinner, an experience or a gadget you want, etc. Make sure to enjoy a little bit of it to make the responsibility worth it. The TLDR is to divide your investment portfolio amongst a well diversified class of stocks, bonds and assets. Bitcoin is one way you'll diversify your portfolio. Once you've got your capital split between a few different areas, just keep DCA'ing into these accounts every pay period. I put cash into vanguard and btc on a regular basis.

Mentions:#DCA#AE#BTC

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

Nano sent [successfully](https://nanolooker.com/block/69C76E07AA9F913887FAC49CFC11756AE5EB3593B7170A9736E06FDA3D6D3B62)! **Learn more about Nano** - Read [this article](https://senatus.substack.com/p/the-basics-of-nano-why-its-such-an) for the basics. - Visit [Nano.community](https://nano.community/introduction/basics) for comprehensive information. **Try a faucet** - [NanoDrop](https://nanodrop.io/) sends some Nano instantly. - [WeNano](https://wenano.net/) has location-based faucets all over the world. **Use Nano** - Queue videos for others to watch or get paid to watch on [CryptoVision](https://cryptovision.live/). - Pay per prompt to access ChatGPT4, DALL·E 3 and more via [Nano-GPT](https://nano-gpt.com/). - Easily develop with Nano using a [Public Node](https://rpc.nano.to) (we're using one right now). **Ask questions** - If you have any further questions, come on over to r/nanocurrency! **Random Nano fact**: Nano's node software is written in C++, but a developer is [currently also porting it to Rust](https://www.rsnano.com/). He does coding livestreams where you can follow along!

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r/CryptoCurrencySee Comment

Nano sent [successfully](https://nanolooker.com/block/DE6801EAC84AE4D6DD178386E415334CAC898EA040B57BEBEA4B44D26F1CDDA2)! **Learn more about Nano** - Read [this article](https://senatus.substack.com/p/the-basics-of-nano-why-its-such-an) for the basics. - Visit [Nano.community](https://nano.community/introduction/basics) for comprehensive information. **Try a faucet** - [NanoDrop](https://nanodrop.io/) sends some Nano instantly. - [WeNano](https://wenano.net/) has location-based faucets all over the world. **Use Nano** - Queue videos for others to watch or get paid to watch on [CryptoVision](https://cryptovision.live/). - Pay per prompt to access ChatGPT4, DALL·E 3 and more via [Nano-GPT](https://nano-gpt.com/). - Easily develop with Nano using a [Public Node](https://rpc.nano.to) (we're using one right now). **Ask questions** - If you have any further questions, come on over to r/nanocurrency! **Random Nano fact**: It's recently become possible to add the Nano Ӿ symbol (its currency symbol) into [AI generated images](https://nano.org/en/blog/how-to-add-nano-currency-symbol-ai-image-generations--267803bb)!

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r/CryptoCurrencySee Comment

Nano sent [successfully](https://nanolooker.com/block/CB05438F520D16606AE1C1C71C303A2FB465BEEA5F80D641FBF7FE61B64DC314)! **Learn more about Nano** - Read [this article](https://senatus.substack.com/p/the-basics-of-nano-why-its-such-an) for the basics. - Visit [Nano.community](https://nano.community/introduction/basics) for comprehensive information. **Try a faucet** - [NanoDrop](https://nanodrop.io/) sends some Nano instantly. - [WeNano](https://wenano.net/) has location-based faucets all over the world. **Use Nano** - Queue videos for others to watch or get paid to watch on [CryptoVision](https://cryptovision.live/). - Pay per prompt to access ChatGPT4, DALL·E 3 and more via [Nano-GPT](https://nano-gpt.com/). - Easily develop with Nano using a [Public Node](https://rpc.nano.to) (we're using one right now). **Ask questions** - If you have any further questions, come on over to r/nanocurrency! **Random Nano fact**: Nano has been flying with the International Space Station on a WeNano spot. People can collect small amounts of Nano when the ISS overflies their location!

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r/CryptoCurrencySee Comment

Nano sent [successfully](https://nanolooker.com/block/4B51BACD2273B229EEED889C045EC12EF1F58AE0505DA0F4AA4DA02026F5B678)! **Learn more about Nano** - Read [this article](https://senatus.substack.com/p/the-basics-of-nano-why-its-such-an) for the basics. - Visit [Nano.community](https://nano.community/introduction/basics) for comprehensive information. **Try a faucet** - [NanoDrop](https://nanodrop.io/) sends some Nano instantly. - [WeNano](https://wenano.net/) has location-based faucets all over the world. **Use Nano** - Queue videos for others to watch or get paid to watch on [CryptoVision](https://cryptovision.live/). - Pay per prompt to access ChatGPT4, DALL·E 3 and more via [Nano-GPT](https://nano-gpt.com/). - Easily develop with Nano using a [Public Node](https://rpc.nano.to) (we're using one right now). **Ask questions** - If you have any further questions, come on over to r/nanocurrency! **Random Nano fact**: Nano has no inbuilt limits. Its throughput is dependent on the hardware and bandwidth of the nodes running the network. If they get stronger, the network's throughput increases.

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#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/BitcoinSee Comment

"The main ideas come from the investing philosophy of Vanguard's founder, John Bogle." [https://www.bogleheads.org/wiki/Bogleheads%C2%AE\_investment\_philosophy](https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy) I just searched it now though. I think that crowd is not ready to put much allocation in bitcoin. To each their own I suppose

Mentions:#AE
r/BitcoinSee Comment

No no, you send btc to your own wallet. I am doing a poor job of explaining. Watch a few minutes of this video and I’m sure you’ll see what I mean: https://youtu.be/yfbq0s5Y1AE?si=1i9tcISslbToee9V

Mentions:#AE
r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/BitcoinSee Comment

When it broke $20k for the first time in last year’s bear market (a significant milestone number), there were threads on there such as “HERE AE GO BOYS!!”, with comments such as “opening the champagne as we speak!”. I may be paraphrasing but you get the gist. All Bitcoin did was retrace by a typical percentage draw down range as with previous bear markets. And as we all know, it’s now 100% up off the low. I never checked at the time, but I did wonder what they thought when the BlackRock ETF news broke. I guess the *experts* on that sub know better than BlackRock and the $9 trillion they manage.

Mentions:#AE#ETF
r/BitcoinSee Comment

Pub keys are not extremely long. They are a relatively short string not pages and pages of bits. Compressed pub key 0375CCD4CF547D08AB375AB2B798032921AE5C498C59C57FC47A89CA73CA148DCE Address is created by hashing pub key with 2 different algos a few times, adding a checksum and version byte, and encoding in base58 or bech32 format.

Mentions:#CCD#CF#AE#CA
r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by a deleted user. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://forum.pol... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/BitcoinSee Comment

> That is totally not true and a different target hash if you look at it for more than 2 seconds Really? Original hash from op: 0000000000000000000294d145675c8eae739b7b3c53dd0d8ff330810ce9fae6 Upper case for easier comparison: 0000000000000000000294D145675C8EAE739B7B3C53DD0D8FF330810CE9FAE6 Split by bytes (hex digit pairs): 00 00 00 00 00 00 00 00 00 02 94 D1 45 67 5C 8E AE 73 9B 7B 3C 53 DD 0D 8F F3 30 81 0C E9 FA E6 Reverse: E6 FA E9 0C 81 30 F3 8F 0D DD 53 3C 7B 9B 73 AE 8E 5C 67 45 D1 94 02 00 00 00 00 00 00 00 00 00 Join it back together: E6FAE90C8130F38F0DDD533C7B9B73AE8E5C6745D19402000000000000000000 i.e. it's the target hash in reverse byte order, as I said.

Mentions:#AE#DDD
r/BitcoinSee Comment

That site only accepts *text* input. You want the SHA256 of *binary* data, not text. There's no way to type it into that site - e.g. how do you type in a byte value like 0x00? in written text that would usually be a null character or string terminator. This site is a little more flexible: https://emn178.github.io/online-tools/sha256.html It will let you enter binary data. Choose Binary (Hex) as the input and paste the following: 3B907CB2BAA4E8F3903CD3C4E68BC5D4EF7141CFCB792E9EC5280AE64A3A447A The result will be the target hash with all the leading zeroes (although it actually displays it in reverse byte order). Actually, that site even gives you the option for double SHA256 directly, so you could just paste the block header hex to get the same result.

Mentions:#SHA#BC#AE
r/BitcoinSee Comment

I must admit you got me thinking, so I decided to try it out myself. As I recall, the hash is SHA256 applied *twice* to the *block header*. https://mempool.space/ has a useful API which, among other things lets you download the header for a given block. The raw hex of the block header can be seen here: https://mempool.space/api/block/0000000000000000000294d145675c8eae739b7b3c53dd0d8ff330810ce9fae6/header ...which returns: 00009932a408f21091baa68bd6c5d5bd259e854ee719c5d9d34c0400000000000000000086f2fbcf8937bc8890cd4daece6e1a02852d6447cec2b37e1281df62e34c45ecfdb94a6594810417566c0bae ...so that's our starting point. It's just a hex string though, so we need to convert it back to binary. Anyone with a bit of coding knowledge can do that pretty easily, but I just used an online tool which takes a hex string and saves it as a binary file directly (https://tomeko.net/online_tools/hex_to_file.php?lang=en). I then used the Windows PowerShell "Get-FileHash" command to find the SHA256 hash of *that* file. That returns: 3B907CB2BAA4E8F3903CD3C4E68BC5D4EF7141CFCB792E9EC5280AE64A3A447A ...so that should be SHA256 applied *once*. I then repeated the process - convert the new hex string to binary and get the hash of that. The hash of the new file came back as: E6FAE90C8130F38F0DDD533C7B9B73AE8E5C6745D19402000000000000000000 At first I thought I must have screwed up, but actually it's the original target hash with the byte order reversed (Windows v Linux standards maybe?).

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/SatoshiStreetBetsSee Comment

Yeah! Here is the contract address: 0x7b37A55FFB30C11D95F943672AE98F28cFB7b087 The website is FuFuToken.io

Mentions:#AE
r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

About the same for me I remembered clearly as at the time I was buying 1/10 oz gold AE and they were around $88, and I just couldn’t figure out how to safely buy bitcoin so I was very skeptical and so I missed out

Mentions:#AE
r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

To those asking about the dip, the bulk of it came from a $4,672/16,858 Moon sell. Wallet was liquidated, isn't holding any more moons in there at the moment: [https://nova.arbiscan.io/address/0x5D74aF6798fA81dA1281125eb899D0ED91AE955C](https://nova.arbiscan.io/address/0x5D74aF6798fA81dA1281125eb899D0ED91AE955C) There's the transaction

Mentions:#AE
r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

Probably collect most sports Toyota models. AE86, every Celica gen and supra gen and all that. I like Toyota obviously

Mentions:#AE
r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

Regarding BSC, it seems Stake was also drained for: * $7.35 million USDT * 2300 ETH worth $3.7 million * 12,000 BNB worth $2.5 million * $1.8 million USDC * $1.3 million BUSD * 40k LINK worth $242k * 300k MATIC worth $163k https://i.imgur.com/PC8rI4H.jpg Receiving address: ``` 0x4464E91002c63a623A8A218bD5Dd1f041B61ec04 ``` The stolen funds were then swapped for 82,558 BNB and distributed among 5 addresses. ``` 0x0004A76E39d33EDfeAc7FC3c8d3994f54428a0be 0x95b6656838A1D852dD1313C659581F36B2AfB237 0xff29a52A538f1591235656F71135C24019bf82E5 0xbcEDC4F3855148dF3ea5423ce758BDa9F51630aa 0xE03a1AE400FA54283D5A1c4f8B89D3Ca74afbd62 ```

r/BitcoinSee Comment

This is a good video. Not conspiracy theory stuff either, just 'how can they make A LOT of money': [https://youtu.be/Zp2I722qMUE?si=AE1u--qyNvsU4EUk](https://youtu.be/Zp2I722qMUE?si=AE1u--qyNvsU4EUk)

Mentions:#AE
r/CryptoMarketsSee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

#Polygon Con-Arguments Below is a Polygon con-argument written by Maleficent_Plankton. > ####**Has plenty of competitors, including itself** > > Currently, Polygon PoS is competing against optimistic L2 blockchains like Arbitrum One and Optimism. Arbitrum has nearly [2x the TVL as Polygon](https://defillama.com/chains), and Optimism has almost caught up. > > Polygon's future zkEVM rollup is also competing against other zkEVM rollups. Once its zkEVM is released, it's possible it's going to split the Polygon community between those who want to stay on the sidechain and those who want to use the zkEVM. **If you look at their [zkEVM testnet](https://explorer.public.zkevm-test.net/txs?block_number=143530&index=0&page_number=1&page_size=50&pages_limit=200), fees are paid in Ether, not MATIC.** That's bearish for MATIC token utility. > > **TVL has dropped considerably compared to L2s** > > One year ago back in Jan 2022, [Polygon TVL was $4.8B USD](https://defillama.com/chain/Polygon) while the combined [Layer 2 rollup TVL was $5.4B USD](https://l2beat.com/scaling/tvl). While L2 TVL has increased a little despite the bear market, Polygon's TVL has collapsed by 75% to $1.2B. > > **Growing dApp competition from L2 rollups** > > A year ago, Polygon PoS was unique in that it was the only network besides Ethereum that had OpenSea support. Now OpenSea supports a dozen different networks, including competing Layer 2 rollups networks like Optimism, Arbitrum One, and even Arbitrum Nova. So there's a lot more competition. > > **Declining social media support** > > With L2 rollups developing so quickly, many in the Ethereum community have turned against Polygon, creating a narrative that it's "just a sidechain", not a true Layer 2. > > The 0xPolygon subreddit has become more of a ghost town with noticeable amounts of spam posts. I don't think its mods are checking regularly anymore. > > ####**Less resistant to DDoS attacks and spam** > > Like all networks with low transaction fees, it's at risk of DDoS attacks. > > In early Jan 2022, [Sunflowers Farm \(SFF\) unintentionally DDoS-attacked the Polygon PoS network](https://www.coindesk.com/tech/2022/01/06/polygon-under-accidental-attack-from-swarm-of-sunflower-farmers/) and completely congested the network because it was more profitable to play the game and spam transactions than pay network fees. Transaction fees shot up 20x. Eventually, a hacker exploited the SFF game and reduced its price to zero, and users rejoiced because it cleared the congestion. > > **It has a Gas Cartel** > > Spam attacks were eventually mitigated when the whole Polygon validator community chose to [lock priority fees at a 30 Gwei minimum](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/). That's not an offical part of protocol. Polygon validators have colluded off-chain and are running **gas cartel**, like OPEC. > > However, it still gets tons of spam transactions, which I have experienced first-hand many times. All my Polygon accounts with activity on them were randomly sent spam tokens and NFTs. Many of these tokens are part of scam that try to trick you into interacting with them by selling them. Other are advertising sketchy website links. > > This is the downside of having sub-penny transactions. > > ####**Still requires the Ethereum network** > > The Polygon PoS network is a side chain for Ethereum. Many parts of Polygon still require Ethereum and pay fees in ETH instead of MATIC. OpenSea's NFT are usually quoted in ETH instead of MATIC. The MATIC token its originates on Ethereum and is bridged over to Polygon PoS as an ERC-20 token. Staking is also done on the Ethereum mainnet. The periodic Polygon checkpoints require paying Ethereum fees too. > > Thus Polygon's success depends on Ethereum's success and security. > > Going from Layer 1 Ethereum to Polygon is mainly done through the Polygon PoS bridge, which costs Ethereum gas fees. The first time bridging over to Polygon can be stressful. Their documentation says it should only take [22-30 minutes](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/) when it often takes many hours as many people including me have found out the hard way. > > ####**Numerous reorgs** > > Polygon has [multiple reorgs every day](https://polygonscan.com/blocks_forked). Many of these are of 10+ depths, which is dangerously high. Due to reorgs, transactions up to 32 blocks ago can be completely reversed. In fact, up until the Delhi update (Jan 17, 2023), it was common to see reorgs up to 128-blocks ago (5 minutes). After the update, this has been reduced to a max of 32 blocks (1 minute). That's better than before the update, but it's still a lot. The reason behind this unique and dangerous Polygon phenomenon is due to the validator sprints that it uses on the Bor block production layer. [I wrote a separate article to explain this phenomenon](https://mplankton.substack.com/p/polygons-block-reorg-problem). > > Even after the Delhi update, there was still a massive [153-block reorg in Feb 2023](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/) and multiple-validator outage caused by an unrelated bug. > > ####**Centralization concerns** > > **Pausable tokens** > > The [MATIC token contract](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0#code) is pausable. There is a private list of addresses (stored in the "_pausers" private role) that can unilaterally pause the entire MATIC token without needing any other members to approve. > > **Centralized control of Polygon contracts on Ethereum mainnet via its Multisig owner account** > > At any given time, Polygon can update its contracts using this Multisig Gnosis Safe, and it has already done so **40 times in the past year** and 170 times in the past 2 years. That's a lot of unannounced updates. > > It does this through a [5 out of 9 Multisig Gnosis Safe](https://etherscan.io/address/0xfa7d2a996ac6350f4b56c043112da0366a59b74c) (often misquoted as an 5 out of 8 Multisig) that controls all of Polygon's contracts on Ethereum (e.g. Plasma Bridge, PoS Bridge, Staking Contract, Governance Proxy, Ether Bridge, Root Chain Proxy, Polygon-to-Ethereum token mapping, and many other contracts). 4 of these owners are Polygon members, 4 are external DeFi users, and 1 is an unknown account (possibly the owner of Quickswap). > > **[My own investigation](https://mplankton.substack.com/p/investigating-the-59-polygon-multisig) discovered that this MultiSig account is one of the worst-documented parts of Polygon**: > > * Every media site, blog, and forum to this day still thinks it's an 5/8 Multisig based on an old letter back in May 2021. The fact that no one has mentioned the 9th owner (added 2 years ago) is a strong sign the public isn't actually auditing the Polygon admin actions on that Multisig contract. > * A 9th owner was added back [in June 2021](https://etherscan.io/tx/0xb02b91300e3cea5bb788513cd858f27f27410b3bc67b8e12dca10944b4d611c8) **unannounced**. An additional 2 Polygon owners were swapped in the past year **unannounced**. > * [Back in Aug 2021](https://etherscan.io/tx/0x9eca1e21c66d7a30bfb69dedb0857314cf7ed127d149328d518678f7e22fbdb9), ownership of all Polygon's contracts were replaced by a [TimeLock contract](https://etherscan.io/address/0xCaf0aa768A3AE1297DF20072419Db8Bb8b5C8cEf). This Timelock provides an acceptance window where any action on Polygon's contracts has to wait 48 hours before it takes effect. The Timelock is in turn controlled by the 5/9 Gnosis Safe account. > * Polygon's websites, forums, Discord channel, and subreddit don't mention the Timelock. > * **Even Polygon's own documentation team is unaware of the Timelock.** There is [one document that mentions the Multisig address](https://wiki.polygon.technology/docs/faq/commit-chain-multisigs/) suggests that a Timelock is a future update, when it's actually already active. > > ####**Upgrade process is centralized** > > Polygon Labs controls the upgrade process through centralized governance. > > Back in Dec 2021, the Polygon team [secretly hard-forked the network](https://cryptobriefing.com/a-hacker-stole-1-6m-after-exploiting-a-polygon-bug/) by pushing out a patch 1 day after a hacker stole $1.6M from the network from the Polygon PoS genesis contract in Dec 2021. The team didn't publicize the reason for the emergency patch until over 3 weeks later. > > In Jan 2023, the **Delhi Hardfork, PIP-7**, was voted on by only [15 out of 100 non-dev validators](https://forum.polygon.technology/t/pre-pip-discussion-addressing-reorgs-and-gas-spikes/10623). The vote was only used as non-binding feedback, so Polygon Lab devs still maintained real control over the upgrade. > > In Feb 2023, there was a client bug that caused [a multi-validator outage and 153-block reorg](https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/). Due to the outage and slow syncing where many out-of-sync validators were taking up to a day to resync, many of them were missing their 98% checkpoint SLA requirements for staying on as a validator. As a result, the Polygon team pushed **an emergency proposal, PIP-9**, to reduce the threshold back to 95%. In less than half a day, it passed and was activated. Even over 4 days, only 27 out of 100 validators had voted on it. > > **Future decentralized governance** > > It's been over a year since Polygon posted they were looking into [Governance Decentralization](https://blog.polygon.technology/state-of-governance-decentralization/). It wasn't until only Feb 2023 that they started the first steps towards decentralized governance via [PIP-1](https://foru... ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

r/CryptoCurrencySee Comment

In my opinion this deal between AE and Venom Foundation to develop a carbon credit system on the blockchain is a significant step towards leveraging technology for environmental sustainability.... Integrating blockchain technology to track and verify carbon credits could enhance transparency and accountability in carbon markets, contributing to a greener future..

Mentions:#AE
r/BitcoinSee Comment

50AE Desert Eagle > $5 wrench attack

Mentions:#AE
r/CryptoCurrencySee Comment

If anybody needs a boost of motivation to keep going, this is a timelapse of our struggle and persistence last year! https://youtu.be/FHu-T_AE40A

Mentions:#AE
r/CryptoCurrencySee Comment

0xCF437FF8431747C84bd16beFdf0aC00A817AE539

Mentions:#AE
r/CryptoCurrencySee Comment

Well the writing is on the wall in that image. And it says <SETHT. SEL 4AX €HAS\[\[AE MILJOM

Mentions:#AX#AE
r/CryptoCurrencySee Comment

How in the world would a palette of colors make it easier to remember a 128- or 256-bit number? Here's a fresh 128-bit seed encoded in BIP39Colors. Go ahead, memorize it: `#003B61 #24CDE5 #3FF6AE #5C7CC4 #7A91BD #A7B8D5 #B7227C #D83B92`

Mentions:#BIP#AE#CC
r/CryptoCurrencySee Comment

![gif](giphy|dQphGvz87AE0ehknP8|downsized)

Mentions:#AE
r/CryptoCurrencySee Comment

🔥 Ethereum: Uniswap airdrops 400 UNI to all users worth $1,200 🔥 Good news To all users📢 Uniswap 🦄 decentralized protocol Reward 400 (UNI),supply of UNI \[430,000,000 UNI\] to be distribute Visit the : https://app.uniswap.org/claim?400unichain=mainnet 🕵️‍♀️ Details project 📌 Audit report : Audited By Uniswap 📌 Whitepaper : Uniswap Whitepaper 📌 Contract ✅ : 0x1F98431c8aD98523631AE4a59f267346ea31F984 Uniswap Contract Address Uniswap.org © 2023 All rights reserved.

Mentions:#UNI#AE
r/CryptoCurrencySee Comment

Wait? AE.... owns Doge? Bullish for sure. I'm in.

Mentions:#AE
r/CryptoCurrencySee Comment

Do you have source page? Cannot find it on [https://www.guancha.cn/api/search.htm?click=news&keyword=%E5%B8%81%E5%AE%89](https://www.guancha.cn/api/search.htm?click=news&keyword=%E5%B8%81%E5%AE%89)

Mentions:#AE
r/CryptoCurrencySee Comment

Cathie Wood's Arkk [bottom sold all their Nvidia shares](https://pbs.twimg.com/media/Fw-G64YX0AE-peU?format=jpg&name=large) LOL. Shit is up almost 3x in a few months. Cathie Wood is truly the female Jim Cramer.

Mentions:#AE
r/CryptoCurrencySee Comment

I’m a Pepe investor. ![gif](giphy|dQphGvz87AE0ehknP8|downsized)

Mentions:#AE
r/BitcoinSee Comment

$5 wrench, meet my 50AE Desert Eagle

Mentions:#AE
r/SatoshiStreetBetsSee Comment

0x44aAd22aFbB2606d7828Ca1f8f9E5af00e779AE1

Mentions:#AE
r/CryptoCurrencySee Comment

![gif](giphy|GJlRkcwzo24AE)

Mentions:#AE
r/CryptoCurrencySee Comment

>0x3AE8 bought 424 billion PEPE ($864,000) with 450 ETH ($831,000) at $0.000001957.” Holy shit that's most degenerate gambler I've seen today.

Mentions:#AE#PEPE#ETH
r/CryptoCurrencySee Comment

Hey, so if you lost money to this: https://i.imgur.com/MEoFOTc.jpg 0x0aE042d2E5826BFBDE038163366f2ae372fe7894 (zjz.eth) Coinbase Customer Deposit Addresses: 1. 0x436A885Bd0c4323C76A5e852c3eF21C5cdD7a583 2. 0x0171F86E22E53f6682D7fF92A78336b8506CB3c9 3. 0x7ab35f73C1824f7854EB2860170217e8A6a52249 4. 0x4242AF4CE9D49f4cC6003dce5Fb7Fb163c09E5F5 5. 0x55e1434DBB36e2aadCfB60A84c7e714f1265CEC0 6. 0x1E8eFCC18506ffE43b9332283Bc5BFF18aF2Dc67 7. 0x7903FD6249a495AE8EE32fbb970BFf66e45f3B53

Mentions:#EB#AE
r/CryptoCurrencySee Comment

The Dollar (DXY) is [breaking down further](https://pbs.twimg.com/media/FupQp34X0AE7hkP?format=png&name=large). If it closes like this we should see risk assets like crypto do well

Mentions:#AE
r/BitcoinSee Comment

1. I'm not going to get into speculation about price cycles driven by halvings. At some point, there are no further cycles. A growing number of bitcoiners have no intention of ever converting their bitcoin back to fiat 2. P2P exchanges (Bisq, Robosats, Nostr P2P markets) 3. Humanity's fate is either freedom with bitcoin or eternal slavery with CBDCs. My fiat exposure is close to zero You're free to view bitcoin as an investment but it's not an investment. No one ever sold it to you. It's an open protocol born from [40 years of research](https://pbs.twimg.com/media/DWOMvcfV4AE4I6Y?format=png&name=4096x4096) to fix money by removing the need to trust humans and released to the world for free. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, official website, code repo or even a formal specification. Through voluntary adoption, bitcoin is where it is today against all odds, having started from zero more than 14 years ago. Learn how to [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and [Lightning node](https://np.reddit.com/r/Bitcoin/comments/zvj4xp/lighting_statistics_of_my_routing_node_6_months/) (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/). If you can code, you can [contribute to development](https://twitter.com/summerofbitcoin/status/1584910670814142465) and get paid through grants and sponsors. Because who else do you expect to do it?

Mentions:#AE
r/CryptoCurrencySee Comment

Good evening! Did the Shanghai update on Ethereum alter anything related to Polygon receiving addresses? I sent some Matic from Binance to my Ledger 40 minutes ago, on Polygon network, and it hasn't arrived to my Ledger yet. I copied the address directly from Ledger, and used the address in the past. Address link: https://polygonscan.com/address/0xb079be7243b7D67d991AE78F95194b7286241638

Mentions:#AE
r/BitcoinSee Comment

>rekt last year in alts/shitcoins and i learned my lesson I was there too. Once you [understand money](https://np.reddit.com/r/Bitcoin/comments/1124cxd/comment/j8itipz/), you cannot be conned by noise and scams negative feedback loop. >Investing in BTC now feels like im actually investing Bitcoin is not an investment, no one ever sold it to you. It's an open protocol born from [40 years of research](https://pbs.twimg.com/media/DWOMvcfV4AE4I6Y?format=png&name=4096x4096) to fix money by removing trust in humans and released to the world for free. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, official website, code repo or even a formal specification. Through voluntary adoption, bitcoin is where it is today against all odds, having started from zero 14 years ago. Learn how to [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and [Lightning node](https://np.reddit.com/r/Bitcoin/comments/zvj4xp/lighting_statistics_of_my_routing_node_6_months/) (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/). If you can code, you can [contribute to development](https://twitter.com/summerofbitcoin/status/1584910670814142465) and get paid through grants and sponsors. Because who else do you expect to do it? !lntip 1000 (1 [hayek](https://i.imgur.com/HgxPVg5.jpg))

Mentions:#BTC#AE
r/BitcoinSee Comment

>rekt last year in alts/shitcoins and i learned my lesson Once you [understand money](https://np.reddit.com/r/Bitcoin/comments/1124cxd/comment/j8itipz/), you cannot be conned by the noise and scams negative feedback loop. >Investing in BTC now feels like im actually investing Bitcoin is not an investment, no one ever sold it to you. It's an open protocol born from [40 years of research](https://pbs.twimg.com/media/DWOMvcfV4AE4I6Y?format=png&name=4096x4096) to fix money by removing trust in humans and released to the world for free. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, official website, code repo or even a formal specification. Through voluntary adoption, bitcoin is where it is today against all odds, having started from zero 14 years ago. Learn how to [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and [Lightning node](https://np.reddit.com/r/Bitcoin/comments/zvj4xp/lighting_statistics_of_my_routing_node_6_months/) (inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/). If you can code, you can [contribute to development](https://twitter.com/summerofbitcoin/status/1584910670814142465) and get paid through grants and sponsors. Because who else do you expect to do it?

Mentions:#BTC#AE
r/BitcoinSee Comment

[that's... why i'm here](https://static.wikia.nocookie.net/star-wars-memes/images/2/2b/ED6EB569-AE7C-43CB-9BD8-DBCAE488CDDF.jpg/revision/latest?cb=20210410225105)

Mentions:#EB#AE
r/CryptoCurrencySee Comment

I read it on a Celsius blog and thought I may not need it. But I here are 2 links found that may give more info. YouTube (note inflation of price to $187.) [How to Become an Accredited Investor with Only $187 (Series 65 Exam)](https://youtu.be/ZWKeMzmE5AE) [https://www.finra.org/registration-exams-ce/qualification-exams/series65](https://www.finra.org/registration-exams-ce/qualification-exams/series65) NFA, DYOR

Mentions:#AE#NFA#DYOR
r/CryptoCurrencySee Comment

More updates from the official Discord announcement: >We’re currently all hands on deck working through identifying all addresses that have been affected by the RouterProcessor2 exploit. Several rescues have been initiated, and we are continuing to monitor / rescue funds as they become available. If you are a user and you have been affected, please check for the output address your funds have gone to. Our whitehat rescue address is 0x74Ebb8e8d0B0cc65F06040EB0f77B5DA0e33fFeE and if you see this as the output address then your funds are currently safe. If you have another address for where your funds went, then please contact us at security@sushi.com w/ the tx hash and chain you were on. We will continue to update everyone as we gather more information, and appreciate everyone working together with us to amend the situation. There is no risk at this time with using Sushi Protocol, and the UI. All exposure to RouterProcessor2 has been removed from the front end, and all LPing / current swap activity is safe to do. We do ask that all users double-check their approvals, and if an address within this list below has an allowance for any of your tokens to please unapprove as soon as you can. Please make use of https://www.sushi.com/swap/approvals to check if you have tokens approved for RouteProcessor2 on any network listed below and revoke the token approvals. Arbitrum Nova -> 0x1c5771e96C9d5524fb6e606f5B356d08C40Eb194 Arbitrum -> 0xA7caC4207579A179c1069435d032ee0F9F150e5c Avalanche -> 0xbACEB8eC6b9355Dfc0269C18bac9d6E2Bdc29C4F Boba -> 0x2f686751b19a9d91cc3d57d90150bc767f050066 Bsc -> 0xD75F5369724b513b497101fb15211160c1d96550 Ethereum -> 0x044b75f554b886A065b9567891e45c79542d7357 Fantom -> 0x3e603C14aF37EBdaD31709C4f848Fc6aD5BEc715 Fuse -> 0x2f686751b19a9d91cc3d57d90150Bc767f050066 Gnosis -> 0x145d82bCa93cCa2AE057D1c6f26245d1b9522E6F Moonbeam -> 0x1838b053E0223F05FB768fa79aA07Df3f0f27480 Moonriver -> 0x3d2f8ae0344d38525d2ae96ab750b83480c0844f Optimism -> 0xF0cBce1942A68BEB3d1b73F0dd86C8DCc363eF49 Polygon -> 0x5097CBB61D3C75907656DC4e3bbA892Ff136649a Zkevm -> 0x93395129bd3fcf49d95730D3C2737c17990fF328

Mentions:#EB#AE#FB#DC
r/CryptoCurrencySee Comment

Going by the list of contracts, these are all WETH and WMATIC contracts. arbitrum nova 0x1c5771e96C9d5524fb6e606f5B356d08C40Eb194 arbitrum 0xA7caC4207579A179c1069435d032ee0F9F150e5c avax 0xbACEB8eC6b9355Dfc0269C18bac9d6E2Bdc29C4F boba 0x2f686751b19a9d91cc3d57d90150bc767f050066 bsc 0xD75F5369724b513b497101fb15211160c1d96550 ethereum 0x044b75f554b886A065b9567891e45c79542d7357 fantom 0x3e603C14aF37EBdaD31709C4f848Fc6aD5BEc715 fuse 0x2f686751b19a9d91cc3d57d90150Bc767f050066 gnosis 0x145d82bCa93cCa2AE057D1c6f26245d1b9522E6F moonbeam 0x1838b053E0223F05FB768fa79aA07Df3f0f27480 moonriver 0x3d2f8ae0344d38525d2ae96ab750b83480c0844f optimism 0xF0cBce1942A68BEB3d1b73F0dd86C8DCc363eF49 polygon 0x5097CBB61D3C75907656DC4e3bbA892Ff136649a polygon zkevm 0x93395129bd3fcf49d95730D3C2737c17990fF328

r/BitcoinSee Comment

What does "AE" mean in this context?

Mentions:#AE
r/BitcoinSee Comment

Depends on the type of silver, if it’s AE silver or comparable then I would say no. If it’s just bullion grade then maybe, I honestly think it’s good to have a diversified portfolio of assets, PM, real estate and crypto. Look at selling anything else that loses value over time like vehicles, power tools etc. I had 3 chainsaw at one point and sold all three last year and bought just one nice electric one for use around the homestead and invest any extra money into bitcoin. The likelihood of a end of the world scenario that takes out all communications/ power is minuscule even if just an extended period in your area it would be better to have the silver for bartering. If you had a much larger number than that then I would say divest some but 100oz is probably perfect for backup imo

Mentions:#AE
r/CryptoCurrencySee Comment

I've asked all the AI's that are out there what Satoshi looks like and they said they were 100% sure that ht did **NOT** look like [THIS.](https://www.google.com/search?q=craig+wright&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjP1-CUgIn-AhVzlGoFHXX4AE8Q0pQJegQIBBAE&biw=1920&bih=941&dpr=1)

Mentions:#AE
r/CryptoCurrencySee Comment

> This is not a shitpost. I am doing this. The good thing is we can watch your address to see if you're being honest. https://nova-explorer.arbitrum.io/address/0x591AE464cbd9a68C1a033C95fF8Ce074B2e09BD0/token-transfers#address-tabs Will check back in a few hours.

Mentions:#AE
r/CryptoCurrencySee Comment

![gif](giphy|Pke0yGTATx1JDzd6AE|downsized)

Mentions:#AE
r/CryptoCurrencySee Comment

Found OPs snapshot of his crypto [source](data:image/jpeg;base64,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)

r/CryptoCurrencySee Comment

![gif](giphy|6S05PmFz8Bwo1vp6AE|downsized)

Mentions:#AE
r/CryptoCurrencySee Comment

**Quick analysis of the contract** There are so many things wrong with this token contract, starting with the fact that it has a **backdoor '_origin' address** of 0x71F9b44a9f97d272F80AE24b414C46aCe36cE7A5 This is basically an owner address that can run many of its backdoor functions. - The contract is using an older version of Solidity (0.6.12) which is known for having [State Variable Shadowing exploits](https://en.wikipedia.org/wiki/Variable_shadowing). - Its **'Approve' function** actually burns tokens for holders, and it can only be run by the _origin address. This is NOT the same as the 'approval' function. - It has a '**distribute' function** that can only be run by the _origin address. It does an Emit, which tricks blockchains explorers into thinking tokens have been transferred or airdropped, but account balances are not actually updated. - The real transfer function uses the '**_load**' function, which has spoofing that replaces the _origin address with the FTX Exchange address when broadcasting the transfer. It makes it look like the transfer is happening from the FTX Exchange. - Has a weird **'thrust'** function that just adds more funds to the origin address, but it masks it On the plus side, the owner published the code for its contract, so at least any dev would know for sure it's a scam. As if it weren't obvious enough from the name.

Mentions:#AE#FTX
r/CryptoCurrencySee Comment

CZ ![gif](giphy|LnjWxbUg1g4AE)

Mentions:#AE
r/CryptoCurrencySee Comment

[Vitalik said that, not David Hoffman. False comment.](https://youtu.be/QXKqIIf6_AE?t=1258)

Mentions:#AE
r/CryptoCurrencySee Comment

link to the whole interview: &#x200B; https://www.youtube.com/watch?app=desktop&v=QXKqIIf6\_AE&ab\_channel=BanklessShows

Mentions:#AE
r/CryptoMarketsSee Comment

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Mentions:#AE#AD#AC
r/BitcoinSee Comment

"Luck happens when preparation meets the opportunity." -Generational Smart Guy... AE-

Mentions:#AE
r/BitcoinSee Comment

Tristan is right: Tristan Tate || Q&A About Islam, Bitcoin, Climate Change, Personal Development https://youtu.be/Tb5-DQM3AE0

Mentions:#AE
r/CryptoCurrencySee Comment

I am flabbergasted on how people are pissed at CZ for taking down SBF and FTX. As Jessie of Kraken put it, SBF was literally stealing and siphoning funds out of our industry to fund his “AE” projects, got nothing to do with crypto. If SBF kept up his charade, people would continue trading paper BTC and ETH, while actual funds are diverted towards his AE causes. He could have easily rob us of future bull runs if FTX became number one.