Happy Friday, folks,

Get your dancing shoes on, and let’s take a waltz around today's top stories.

I’ll lead…

• Bitcoin Dips Under $20K as Biden Budget Targets Miners

• Hedera Blockchain Paused After Confirmed Exploit

• Meta Explore Decentralized App Options

Bitcoin Dips Her Toes Back into the Teens

After the news yesterday that Silvergate Bank had entered into voluntary liquidation and Biden’s proposed change to the Capital Gains tax bracket, Bitcoin was dealt another blow that sent its price under $20k for the first time in nearly two months.

This time Judgy Joe is going after the miners. A budget explainer paper published yesterday revealed that U.S. crypto miners could be subject to a 30% tax on electricity costs under a Biden budget proposal to “reduce mining activity.” 

Jeez, Joe, it’s like you’ve realized you screwed the economy, and now you’re scrambling to fix it by taxing all and sundry before the next election.

Hedera Exploit Forces “Decentralized” Shutdown

“Decentralized” Proof of Stake Blockchain Hedera was forced to shut down yesterday after an exploit was confirmed.

A smart contract vulnerability was attacked on the Hedera Mainnet, which led to the theft of several liquidity pool tokens.

Thankfully, the theft was noticed when the attacker attempted to move the stolen tokens over the hashport bridge. The bridge operators sprang into action and disabled it. 

The Blockchain was later shut down until a fix had been found.

The Hedera team later stated:

"Once the solution is ready, Hedera Council members will sign transactions to approve the deployment of updated code on mainnet to remove this vulnerability, at which point the mainnet proxies will be turned back on, allowing normal activity to resume,"A question that keeps cropping up is; if a blockchain can be shut down, is it decentralized?

Meta Explore Decentralized App Options

Back in 2021, the Zucker-Borg renamed Facebook to Meta to show their Web3 intentions (or to move away from several alleged privacy scandals…you decide).

With its metaverse division losing $13.7 billion last year, it seems they want to change direction slightly.Meta is working on a decentralized text-based app codenamed P92. It will allow users to log on using their credentials for Instagram (also owned by Meta). Like the existing decentralized app Mastodon, it will support the ActivityPub protocol.A Meta spokesperson said:"We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests."The question is…is there any trust in Zucks to remain decentralized?

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