8 highlights from hedge-fund billionaire Ray Dalio’s Reddit ‘AMA’ session

Dalio — who founded the world’s biggest hedge-fund, Bridgewater Associates, in 1975 — is a self-made billionaire with a net worth of $18.4 billion.

Ever wanted to ask a billionaire anything? The hedge-fund founder Ray Dalio sat down for a surprise Reddit AMA on Tuesday, during which he answered questions from Reddit users on a variety of topics, including climate change and his favorite books.

Reddit users (or Redditors) are part of a vast online community with subreddits for nearly everything. One of the most popular subreddits is “/r/IAmA,” where celebrities and authorities in specific fields sit down for the digital equivalent of a radio call-in show (AMA stands for “ask me anything”).

Dalio — who founded the largest hedge-fund, Bridgewater Associates, in 1975 — is a self-made billionaire with a net worth of $18.4 billion. He recently launched an app, Principles in Action, based on his 2017 best seller, “Principles,” designed to give advice on success in work and in life. Now Dalio has decided to give out his life advice on the internet to anyone curious enough to ask.

Dalio opened up the question-and-answer session with a post that began: “I’m Ray Dalio – founder of Bridgewater Associates. I’m interested in how reality works and having principles for dealing with it well – especially about life, work, economics and investments. Ask me about these things—or anything.”

Here are some highlights from that discussion:

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Can Blockchain Technology Help Fight Fraud?

Thomas Glucksmann, head of data management solutions at Diginex, talks about the different reasons fraud occurs, how it has traditionally been dealt …
Media TeamMay 6, 2019 6:37 PM
May 6, 2019 6:37 PM
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Thomas Glucksmann, head of data management solutions at Diginex, talks about the different reasons fraud occurs, how it has traditionally been dealt with, and how blockchain technology can be used to combat it.

Read the full article here.

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Maker Imposes “Critical Update” Urging Users To Move MKR Tokens To Personal Wallets …

The creators behind the DAI stablecoin stated that there is a critical issue that has been found that impacts the smart contract auditing process, …
Maker-Foundation-Imposes-Critical-Update-Urging-Users-to-Move-MKR-Tokens-to-Personal-Wallets-ImmediatelyMaker-Foundation-Imposes-Critical-Update-Urging-Users-to-Move-MKR-Tokens-to-Personal-Wallets-Immediately

Maker Foundation Imposes “Critical Update,” Urging Users To Move MKR Tokens To Personal Wallets “Immediately”

  • Second round of auditing with Maker Foundation reveals the need for “critical update.”
  • Users are told to pull any MKR tokens they have in voting contract to their wallets right away.

The cryptocurrency industry constantly seeks to provide opportunities and assurances to users, which is why many jurisdictions have imposed regulations that favor the users. Exchanges will update their data in an effort to offer more products or services, but the recent changes imposed by the Maker Foundation are to support the governance voting contract. The creators behind the DAI stablecoin stated that there is a critical issue that has been found that impacts the smart contract auditing process, as stated in The Block.

The company posted to Reddit to discuss the matter, explaining that the Maker Foundation was undergoing their second auditing round, as they collaborated with Coinbase and Zeppelin. However, during this process, the company found that there is a “critical update” that has to be imposed.

The message on Reddit stated,

“You are not in danger of losing your MKR if you own one of the ~190 addresses who have staked MKR in the current MakerDAO Governance Voting Contract, but you are advised to move your MKR out of the contract and back into your personal wallet immediately.”

Users are able to withdraw their tokens from the smart contract easily, though the company provided details on withdrawal by visiting migrate.makerdao.com. However, anyone that does not have a stake in the smart contract will not have to do anything at this time.

The goal of the Maker Foundation is, and always has been, making sure that everyone can have a smooth experience on the platform. Users can go to the Reddit chat to voice any of their other concerns about the changes, though they assure users that there is nothing to impact the MKR token with the update. Instead, the only people impacted are those that are still involved with the previous voting contract.

Once the changes are complete, users will be debriefed on the issue, and there will be a full report on what the Maker Foundation has collaboratively done to fix it. The Reddit post concluded with a thank-you to Coinbase and Zeppelin for their “due diligence and responsible disclosure” while the issue is being fixed.

On the link provided on Reddit, The Block reports that the stability fee voting proposal has recorded nearly $63 million in MKR tokens. Zeppelin offered a statement on the matter, saying that the issue has since been corrected, and concurred with the Maker Foundation that the MKR token’s security remained unaffected.

Reports from Crypto Slate say that the Dai stablecoin has struggled to keep its peg, and the fees associated with using it have increased by nearly 40 times the original rate. However, the recent drama and uncertainty of Tether has driven more users to use the Dai stablecoin instead.

To view the Reddit post, visit https://www.reddit.com/r/MakerDAO/comments/ble9j1/notice_critical_update_to_governance_voting/.

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Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit

Coinbase exchange-listed Maker in December 2018 as one of its traded assets. The Maker Foundation is currently engaging in an audit of the Maker …

Zepplin, a blockchain security firm has reported a critical vulnerability that affects MakerDAO system currently in production. The vulnerability which was found in one of the DappHub library contracts during an audit of the Maker Voting Contract being reviewed is said to be fixed and is not a threat to the MKR token contract anymore.

Do MakerDAO holders need to worry?

The discovered vulnerability has been confidentially reported to MakerDAO, according to a Medium post by Zeppelin. The team also says it has been working on a fix and have confirmed a fix. However, Maker holders who participated in the voting portal must be wondering if there is a reason to worry.

The Head of Community Development at Maker Foundation, in a Reddit post, said:

“You are not in danger of losing your MKR if you own one of the ~190 addresses who has staked MKR in the current MakerDAO Governance Voting Contract.”

However, he encourages participants to move their MKR from the contract to their personal wallets, just in case, while those who did not participate have no reason to worry.

Assurance of safety

The Maker team also assures users of their continuing effort to make participation in the platform activities as safe and seamless as possible.

“The Maker Foundation is committed to ensuring everybody has a seamless experience making this shift, so please join us in our chat at #help. Support will be standing by to help anyone having issues or problems with transferring your MKR,” the announcement read.

Coinbase exchange-listed Maker in December 2018 as one of its traded assets. The Maker Foundation is currently engaging in an audit of the Maker Voting Contract as part of routine security checks as is practiced by Coinbase. To properly secure the network, the Maker team is doing an urgent upgrade and will give a full account of the development as soon as it is complete, according to the Reddit post.

Summary
Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit
Article Name
Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit
Description
A critical security vulnerability has been discovered during a MakerDAO Voting Contract. Although MKR is not at risk, the voting participants are advised to withdraw their MKR to their personal wallets.
Author
Ponvang Bulus
Publisher Name
Coingape
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Bitfinex’s Customers Are Hurting

Attorneys for Bitfinex contend the New York attorney general’s injunction against the exchange is hurting customers and the broader crypto industry.
Media TeamMay 6, 2019 5:44 PM
May 6, 2019 5:44 PM
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Attorneys for Bitfinex contend the New York attorney general’s injunction against the exchange is hurting customers and the broader crypto industry.

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