Bitcoin.com News - Duo Nine warns Bitcoin users about a “vampire attack,” where third-party entities siphon Bitcoin’s value into other blockchains and custodial wallets, urging users to prioritize self-custody and direct transactions on the Bitcoin

in blockchain •  3 months ago 

https://news.bitcoin.com/bitcoin-facing-potentially-destructive-vampire-attack-by-third-parties/
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Duo Nine, founder of Your Crypto Community (YCC), has warned Bitcoin users of a "vampire attack," where third-party entities are draining Bitcoin's value into other blockchains and custodial structures like ETFs.

This movement, though seemingly beneficial for Bitcoin's integration with decentralized finance (DeFi), could harm its future operability by immobilizing Bitcoin in custodial wallets, which reduces on-chain activity and miner rewards.

To counter this, Nine urges users to prioritize self-custody and transact directly on the Bitcoin network to safeguard its sustainability and decentralized ethos.

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blockchain horror duo-nine bitcoin vampire attack third-party siphon
3 months ago by

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      ·  3 months ago 

    Upvoted! Thank you for supporting witness @jswit.

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