Elon Musk offers to pay to deconcentrate the Dogecoin network (DOGE)

Elon Musk continues his campaign to democratize Dogecoin (DOGE). The richest man in the world thus indicates that he would be ready to pay so that the DOGE is more decentralized …

Elon Musk wants to cecentralize Dogecoin (DOGE)

Officially, Elon Musk does not promote Dogecoin. The billionaire has repeatedly defended himself from “pumping” the price of DOGE, but he seems inexhaustible on the canine altcoin, which would be his favorite cryptocurrency. But the altcoin itself has a flaw according to commentators: it is concentrated in far too few hands, as Changpeng Zhao previously pointed out . A single address would thus hold 27% of all DOGE , and the 100 largest addresses would control 65% of the cryptocurrency.

Hence a new surge of Elon Musk: he would place more trust in Dogecoin if the cryptocurrency managed to lose focus, and he is ready to pay for it:

“If the major Dogecoin holders sell most of their coins, [the cryptocurrency] will get my full support. The only real problem is excessive concentration in my opinion. I will pay money if they empty their accounts.“

Has the DOGE finished climbing?

It seems unlikely that the big DOGE holders will heed the call that Elon Musk posted. The price of Dogecoin was not affected by this new billionaire’s release. The DOGE has indeed started to fall again since two consecutive increases at the end of January and the beginning of February. Note, however, that it is trading at a much higher price than that which preceded its unexpected breakthrough:

This morning, a DOGE is trading for $ 0.068, and its market capitalization exceeds $ 7.4 billion , which places it in 12th place in the ranking of the most capitalized cryptocurrencies. Can Dogecoin profit sustainably from this resurgence in popularity? We can doubt it, as the craze has been sudden, it is therefore advisable to consider this altcoin with great caution.

Bitcoin is slecht‘ verhaal zwakt af nu Australische banken naar verluidt 385 miljoen dollar hebben witgewassen voor drugskartels

Het verhaal dat Bitcoin vooral gebruikt wordt door criminelen verzwakt nu Australische banken naar verluidt 385 miljoen dollar hebben witgewassen voor drugskartels.

In het kader van de hernieuwde anti-Bitcoin opmerkingen van de financiële wereld, zijn er berichten opgedoken over banken in Australië die samenwerken met Zuid-Amerikaanse cocaïne kartels. Ondanks aantijgingen van het tegendeel, blijft de cryptomarkt goed voor een onbeduidend deel van de wereldwijde financiële criminaliteit.

Australische banken sluizen vuil geld door naar drugskartels

Volgens de Bitcoin Trader hebben banken in het land naar verluidt ongeveer 500 miljoen Australische dollar (ca. 385 miljoen dollar) witgewassen voor Zuid-Amerikaanse drugskartels. Deze onthulling komt er nadat wetshandhavingsinstanties in het land actie hebben ondernomen om het ingewikkelde witwaspraktijken te verstoren.

Uit details van het onderzoek naar de zaak bleek dat Australische banken tussen 2014 en 2017 meer dan 300 miljoen AUD hebben helpen verplaatsen. De banken gebruikten naar verluidt ook zwart geld van drugskartels om dure elektronische artikelen te kopen voor verder vervoer naar Zuidoost-Azië en het Midden-Oosten.

Negen financiële instellingen zijn volgens de Australische grenswacht (ABF) bij de zaak betrokken, met zeven andere die buiten het land zijn gevestigd. In een reactie op het rapport verklaarde een woordvoerster van de ABF het volgende

„De ABF zet zich in voor de bescherming van de Australische gemeenschap door het bestrijden en verstoren van crimineel gedrag dat misbruik maakt van de Australische systemen voor grensoverschrijdende handel en heeft de in Australië gevestigde witwasoperaties van de entiteiten effectief verstoord.“

De onthulling dat Aussie banken helpen bij het witwassen van geld voor criminele organisaties komt op de hielen van gerapporteerde discriminerende praktijken van sommige banken tegen crypto handelaren en exchanges. Zoals eerder gemeld door CryptoPotato, heeft een Bitcoin exchange eigenaar onlangs juridische stappen ondernomen tegen twee banken voor het sluiten van zijn rekeningen.

Banken wassen opbrengsten van misdrijven

Terug in 2019 onthulden gelekte documenten van het Amerikaanse Financial Crimes Enforcement Network (FinCEN) massale witwastransacties door banken. Destijds toonde het dossier aan dat grote Amerikaanse banken meer dan 2 biljoen dollar aan zwart geld doorsluisden naar verschillende criminele organisaties.

Amerikaanse banken blijven inderdaad enorme boetes betalen voor illegale praktijken, variërend van het witwassen van geld tot spoofing. In 2020 legden Amerikaanse ambtenaren Wells Fargo ook al een boete op van meer dan 3 miljard dollar voor meerdere illegale praktijken over een periode van 15 jaar.

Interessant is dat Warren Buffett’s Berkshire Hathaway een aanzienlijk deel van de aandelen van Wells Fargo in handen heeft. Het is misschien ironisch dat Buffett anti-Bitcoin sentimenten omarmt in verband met illegaliteit, terwijl Wells Fargo transfers lijkt te hebben gefaciliteerd die in verband worden gebracht met criminele activiteiten.

Biden stoppe la proposition de FinCEN sur les règles de signalement des portefeuilles cryptés

Dès le premier jour de son mandat, le président Biden a gelé toutes les règles nouvelles ou en suspens de l’ère du Trump, y compris les règles relatives à la cryptographie, et a demandé une révision.

Le premier jour de son mandat, le président américain Joe Biden a gelé toutes les règles „nouvelles ou en suspens“ de l’ère de la trompette jusqu’à ce que les membres de son administration puissent les revoir.

Cela inclut une règle proposée par le Financial Crimes Enforcement Network (FinCEN) le 18 décembre sous la direction de Steven Mnuchin, alors secrétaire au Trésor américain. La règle proposée par le bureau „exigerait des banques et des entreprises de services monétaires“ qu’elles „soumettent des rapports, conservent des dossiers et vérifient l’identité des clients“ qui effectuent des transactions avec des portefeuilles privés de cryptoconnaissances.

La règle proposée a déclenché une véritable tempête. Les sociétés de cryptologie et les organisations de défense des intérêts ont fait pression sur le Trésor public pour qu’il repense la règle, soumettant des milliers de commentaires publics dans un délai raccourci de 15 jours, alors que le Trésor tentait de faire adopter la réglementation avant la fin du mandat de Donald Trump.

Une partie du plan de match pour les opposants à la règle était d’épuiser le temps et d’attendre de nouveaux arbitres.

„Grâce en partie à la réaction de la communauté, le règlement a été étendu à l’administration Biden“, a déclaré Neeraj Agrawal, directeur de la communication au Coin Center, à Decrypt. „Lorsqu’une nouvelle administration prend ses fonctions, il est d’usage de geler et d’évaluer l’élaboration des règles en cours“.

La note de service de Ronald Klain, le nouveau chef de cabinet de la Maison Blanche, demande aujourd’hui à toutes les agences „d’envisager de reporter la date d’entrée en vigueur des règles de 60 jours à compter de la date de cette note de service, conformément au droit applicable… afin d’examiner toute question de fait, de droit et de politique que les règles pourraient soulever“.

Il demande également aux agences d’envisager d’accorder une période de 30 jours pour la formulation de commentaires.

Enfin, le mémorandum vise à garantir que toutes les règles en cours, y compris celles qui concernent les monnaies de cryptologie, soient d’abord approuvées par les personnes nommées par le président Biden. Le président Biden a nommé Janet Yellen au poste de secrétaire au Trésor, dont la nomination doit d’abord être approuvée par le Sénat. Le FinCEN, le bureau du Trésor qui a proposé la règle, est toujours dirigé par Kenneth Blanco, nommé par M. Mnuchin.

Agrawal a déclaré à Decrypt que le gel donnera plus de temps et une base plus solide à l’industrie des monnaies cryptographiques lors de la négociation des questions de réglementation avec le gouvernement américain.

„Sans la pression du temps d’une règle de minuit, nous avons une bien meilleure opportunité de nous engager de manière réfléchie avec le FinCEN“, a déclaré M. Agrawal.

Don’t hesitate to buy bitcoin

Top analyst: Don’t hesitate to buy bitcoin – $300,000 price coming in 2021

Bitcoin is trading at just under $30,000 per coin as 2021 begins – and all indications are that the coming year will be the best yet for the cryptocurrency.

The FOMO has just begun and is currently so strong that Bitcoin Trader any corrections have been minimal and bought out in a matter of days.

Those who continue to wait for a „dip“ to buy should not „sweat“ a few thousand dollars per coin here or there, as according to one of the industry’s top analysts, each full bitcoin will be worth between $100,000 and $300,000 in 2021.

Will Bitcoin rise to $300,000?

Bitcoin is the most significant speculative asset of our time – with the potential to either revolutionise the entire financial system or crash to zero.

Throughout its history, however, the only zeros Bitcoin sees are those added to its price every few years.

Each time a zero is added to the end of the asset’s price, it also marks another phase of acceptance. From $10 to $100 it was mainly for hobbyists and early evangelists. From $100 to $1,000 it was tech enthusiasts and early investors.

From $1,000 to $10,000, it was retail investors and Millennial entrepreneurs. After $10,000, however, institutional buyers completely took over, taking Bitcoin to nearly $30,000 just a few months later.

At this point, a new parabolic phase has likely begun that will not slow down until the asset completely inflates once again and eventually bursts.

Because of the dramatic rise from now to another zero at the end of bitcoin’s price, crypto analyst Willy Woo suggests investors not sweat too much when it comes to the optimal entry price – after all, he says, a few thousand dollars won’t matter if the price per BTC eventually ends up at $100,000, $200,000, and $300,000 in 2021.

To put it more clearly: Woo is suggesting that those waiting to buy lower are at risk of the rocket ship taking off without them, as bitcoin has done for the last three full months.

If you’re looking for an entry to HODL Bitcoin long term, don’t nickel and dime an entry. You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $100k,$200k,$300k in a year.

The main bull phase is here. Capital inflows has gone nuts.
– Willy Woo (@woonomic) January 1, 2021

The price rise from $10,000 to $30,000 has been sharp and fast, and with billionaires and institutions pouring money in who can certainly afford to overspend by a few measly thousand dollars, the opportunity to buy lower may not come soon.

Woo’s bull market modelling suggests that investor activity at current prices is as strong as when Bitcoin rocketed from $5,000 to $9,000. If this is true, then Bitcoin could see another aggressive period of price appreciation in the coming months.

Interestingly, another tool Woo has developed in the past, which he now claims is not that accurate, could signal that a top has been reached, at least in the short term.

Bitcoin sets new all-time highs again – further increases could be imminent

Bitcoin and the aggregate cryptocurrency market are in another uptrend, with the bulls retaining full control of the market.

This uptrend follows an intense sell-off last night – the result of incredibly high funding rates on margin trading platforms.

The downward movement reset these funding rates and cleared out “late longs” – which laid the foundation for an upward movement.

An analyst said in a tweet that this surge was due to a spate of OTC purchases

This is a bullish sign because it suggests that large buyers are still buying Bitcoin – despite its relatively high prices.

Bitcoin and the aggregated cryptocurrency market are caught in the clutches of yet another uptrend, with Bitcoin rising above $ 40,000 as the rest of the market follows closely on its heels.

This intense boom is simply an extension of the momentum BTC has seen over the past few weeks and months – and comes as a combination of retail investor money and institutional capital pouring into the markets.

An on-chain analyst comments that OTC activity has been just before the $ 40,000 mark recently and could indicate that another spike is imminent.

Bitcoin tops $ 40,000, upward trend continues

At the time of writing, Bitcoin (To Buy Bitcoin at Plus 500 Instructions) is trading at just under 3% up at its current price of $ 40,500. This is roughly the price it has been trading at all morning.

It rose briefly to $ 42,000 before facing some selling pressures that hampered its growth and caused a regression to $ 39,000.

It has since rebounded from that lows and is showing some immense signs of strength as the bulls try to push it back towards $ 41,000.

On-chain analyst: This triggered the recent surge in BTC

An on-chain analyst wrote in a tweet that Bitcoin’s recent spike came just days after a massive surge in over-the-counter buying activity.

He notes that these investors are currently up 24% on their BTC investments.

“When we look at the recent Coinbase outflows, possibly OTC trades, I think we can estimate their PNL. BTC is up 24% since Jan 2nd. If you were institutional investors, would you be satisfied with 24% PNL for Bitcoin? „

L’échange de bitcoins EXMO piraté pour 5% des actifs totaux

L’échange de bitcoins EXMO piraté pour 5% des actifs totaux

EXMO, une bourse importante en Europe avec un volume d’échanges de 45 millions de dollars au cours des dernières 24 heures, a été piratée aux premières heures de ce matin.

Le 21 décembre, la bourse EXMO a remarqué des retraits importants et suspects de son Bitcoin Code portefeuille très convoité.
5 % des actifs totaux de la bourse ont été volés par les pirates informatiques.

L’EXMO a constaté une faille de sécurité à 14h27 UTC le 21 décembre. Les pirates informatiques ont effectué des „retraits importants“, en volant les BTC, XRP, XEX, ESDT, ETC et ETH dans les hot wallets et en transférant les fonds hors site.

Les hackers de l’EXMO ont volé des bitcoins et des altcoins

Cinq pour cent du total des actifs ont été volés, tandis que les fonds de la „cold wallet“ restent en sécurité.

Les pirates ont retiré des fonds aux adresses suivantes :

  • USDT (ERC20) – 0xa910f92acdaf488fa6ef02174fb86208ad7722ba
  • ETH – 0x4BA6B2fF35055aF5406923406442cD3aB29F50Ce
  • CTB – 1A4PXZE5j8v7UuapYckq6fSegmY5i8uUyq
  • ZEC – t1StUQiw1YyHT515xDxwxjfhEcw2iGSq2yL
  • XRP – rwU8rAiE2eyEPz3sikfbHuqCuiAtdXqa2v (tag 2033412069)
  • ETC – 0x4d9EF6846126Da2867AF503448be0508542C971e

La bourse demande que tous les services et bourses bloquent les comptes liés aux portefeuilles énumérés ci-dessus.

L’EXMO a encouragé les utilisateurs à ne pas déposer de fonds aux adresses EXMO existantes. Le personnel de l’EXMO aurait redéployé les portefeuilles chauds dès qu’il a remarqué l’activité suspecte.

La déclaration d’échange indique qu’EXMO couvrira tous les fonds des utilisateurs touchés par l’incident.

Lutte contre la criminalité cryptographique

L’EXMO a signalé l’incident à la police de Londres et restera en contact avec le département de la cybercriminalité.

Malgré la maturation de l’industrie, les piratages de devises cryptographiques et les failles de sécurité se produisent encore.

4 milliards de dollars ont été volés en cryptocurrences au cours du premier semestre 2019, avec des incidents notables comme la chute de la bourse QuadrigaCX qui a entraîné la perte de 170 millions de dollars. Les autorités canadiennes pensent maintenant que QuadrigaCX était une chaîne de Ponzi.

En 2020, 50 millions de dollars ont été volés rien qu’aux projets DeFi. La société de renseignement CipherTrace rapporte que la criminalité liée à la cryptographie a ralenti cette année, bien qu’elle affirme que 1,8 milliard de dollars ont encore été volés au cours des dix premiers mois de l’année.

Alors que le secteur attire de plus en plus d’investissements institutionnels et de contrôles réglementaires, la question de la sécurisation des échanges et de la mise en place de mesures de sécurité au niveau des entreprises devient de plus en plus importante.

Three serious competitors for Ethereum in 2021

Ethereum has become the blockchain of choice for many developers of decentralized applications (dApp). Ethereum has by far the largest developer community, even surpassing Bitcoin’s. Still, there have been more and more serious projects recently that could erode Ethereum. The three most promising Ethereum competitors under the microscope.

After several years of development, the first phase of Ethereum 2.0 has started. The major upgrade has been in planning since 2015 and the fact that it is far more difficult to change the engine in a moving vehicle than to build from scratch speaks for itself. That is why many former ETH developers took the opportunity and developed their own blockchain. Will Ethereum lose its first mover advantage?

Cardano vs. Ethereum

Cardano (ADA) has been one of the most promising smart contract platforms in the crypto space for some time. The project was originally founded by mathematician Charles Hoskinson, a co-founder of Ethereum. Charles Hoskinson left Ethereum in 2014 and then created the for-profit IOHK Foundation.

The cryptocurrency ADA made more headlines this year as Cardano introduced the Shelly upgrade on its mainnet. Shelly enables Cardano to be staked and, similar to Ethereum 2.0, is just one of many phases. Shelly is only the second phase of the ADA update and three more upgrades will follow. In the end, Cardano should be a scalable blockchain on which smart contracts can also be programmed.

In addition, Cardano ultimately wants to operate an on-chain governance model in which every ADA holder should be able to participate. In the future, Cardano is expected to be best suited for applications in the finance and organization sectors. This is because, unlike Ethereum, Cardano is programmed in Haskell. Haskell is a programming language that is particularly suitable for business applications and data analysis.

Tezos vs. Ethereum

Tezos was founded in 2018 and the foundation behind Tezos, like Ethereum, is located in Zug, Switzerland’s crypto valley. Arthur and Kathleen Breitman developed Tezos. However, the early years of the blockchain project were often characterized by internal power struggles coined between the Breitmans and the Tezos Foundation.

Tezos uses a delegated proof-of-stake consensus mechanism that it calls “liquid proof-of-stake”. However, researchers have found that Tezos, while not having the same level of decentralization as Ethereum, is more decentralized than many other DPoS blockchains.

This is mainly due to the fact that Tezos has not prescribed an upper limit for the number of nodes. This makes it possible for Tezos to become more and more decentralized as it grows. In the future, Tezos and Ethereum 2.0 could definitely compete with each other in terms of security and decentralization. The main difference between the two blockchain projects is Tezos‘ on-chain governance model.

When the Breitmans conceived the Ethereum competitor, their vision was that the Tezos platform could upgrade itself. The goal is to create a competitive blockchain that can effectively evolve from within. Each Tezos holder can vote on what should happen next with the platform.

In contrast, Ethereum has always had off-chain governance. In all probability, this will not change anytime soon. However, it is unclear which system will prove to be superior to the other.

Incredible price promotion: Ripples XRP has increased by 200% since November

Ripple’s XRP has risen enormously in recent days as the coin is finally starting to catch up with Bitcoin and the decentralised finance (DeFi) market.

Despite the fact that the token has not experienced any fundamental events, it is still exploding higher and seems to be unstoppable on its upward climb. The coin has risen by over 50 per cent in the last 24 hours alone, reaching a price of $0.75, the highest in many years.

According to market data, Ripple’s XRP is the most powerful crypto asset in the top 100 in the last 24 hours – apart from Stellar Lumens (XLM), the cousin of the third largest crypto currency.

The coin on Coinbase briefly rose to $0.92 – just Coinbase, and it appeared that the market makers for the XRP markets on the stock exchange had run out of money – or that they had withdrawn their orders to maintain their books.

On other exchanges, Ripples XRP reached only $0.80, which shows how absurd this rally has been.

WTF? Ripples XRP is pumping?

The rally of Ripples XRP has caught many traders with their proverbial pants down.

Many openly admit on Twitter that they did not expect such a move to come so soon. Now the coin has risen by more than 200 per cent since the beginning of the month and basically surpasses all other altcoins except some DeFi blue chips.

Industry researcher Larry Cermak comments:

„Coinbase’s 10 per cent price increase notifications for XRP have literally sparked spamming on my phone in the last 24 hours. I don’t know what to make of this. Stupid money is here“

Many see this as a sign that the retail investors who drove the last crypto-bull run have returned.

Ripple’s XRP was basically a dead coin until the last three weeks.

The token set a series of lower highs and lows until late 2019, early 2020 and even well into the summer. Many thought the crypto currency would never recover.

Stellar also flies to the moon

Stellar Lumens (XLM), the coin launched by Ripple co-founder Jed McCaleb, is also shooting up.

The two cousins have long been going on rally in tandem, both with the „X“ at the beginning of their tickers.

XLM has gained 70 percent in the last 24 hours, making it the best performing crypto asset in the top 100 by market capitalisation.

Like Ripple’s XRP, XLM was largely behind other top Altcoins such as Ethereum and Litecoin in recent weeks. Many see this share price action as a fall back to the middle.

Hash War: Mystery Miner’s Empty Block Attack gjør ABCs nye Blockchain nesten ubrukelig

I følge ulike rapporter har Bitcoin ABC pro-IFP-kjeden vært under ‚angrep‘ i flere påfølgende dager nå. Mysterien har gruvet et stort antall sekvensielle blokker, men nesten alle har vært tomme. Gruvearbeideren som kaller seg ‚Voluntarism.dev‘, sier at gruvedriften er en gruppe „gamle gruvearbeidere“ og hevder at de kan rote med minoritets-ABC-kjeden i årevis.

‚Prisen på frihet er bratt‘

Kryptovalutasamfunnet har fulgt ettervirkningen av den nylige blockchain-forgreningen, som så Bitcoin ABC-noden gaffel i sin egen blockchain. Crypto Bank nettverket er fremdeles navnløst og uten merkevarebygging, og token blir ofte referert til som enten “ABC”, “BCHA” eller “BAB.”

Forrige uke rapporterte news.Bitcoin.com om en skjult gruvearbeider som har gruvet et stort antall påfølgende tomme blokker. Fordi blokker har vært tomme så lenge, har det vært vanskelig for noen å sende en transaksjon på ABC-kjeden og få transaksjonen bekreftet i tide.

Hash War: Mystery Miner’s Empty Block Attack gjør ABCs nye Blockchain nesten ubrukelig

Det antas at den mystiske gruvebassengoperatøren Voluntarism.dev kontrollerer 90% av ABC-kjedens hashrat lørdag 28. november 2020.

Siden nyhetsdeskens rapport har mystery miner introdusert gruppen på Twitter under kontonavnet Voluntarism.dev, og gjennom coinbase-parametermeldinger hver gang bassenget finner en ABC-blokkbelønning. 24. november 2020 opprettet Twitter-kontoen Voluntarism.dev en melding med en blockchain-signatur for å bekrefte legitimiteten.

Samme dag tvitret gruvearbeideren: “gode ideer krever ikke makt” og dagen etter twitret gruppen en melding til andre gruvearbeidere som pekte hashrate mot ABC-kjeden. Voluntarism.dev sa:

Jeg håper alle gruvearbeidere er enige: vi vil at 100% av BCHA-myntbase-belønningen skal gå til pqnqv9lt7e5vjyp0w88zf2af0l92l8rxdgnlxww9j9.

Uniswap loses 57% of its total allocated value with rivals increasing rewards

Rival decentralized exchanges are increasing their liquidity mining rewards to attract former

Uniswap liquidity providers, causing SushiSwap’s TVL to triple in a week.

Uniswap loses 57% of its total allocated value with rivals increasing rewardsNOTICS
With Uniswap’s market-leading decentralized exchange having ended its yield farming incentive program, rival automated market makers 1inch, SushiSwap and Bancor are taking on liquidity providers with targeted rewards.

On November 17, the same day Uniswap’s rewards ended, automated and cloned market maker SushiSwap announced a new incentive scheme for the same four pairs previously encouraged by Uniswap.

The total Uniswap allocation (TVL) fell by more than $1 billion in less than 24 hours that day. Since reaching a record US$3.07 billion on 14 November, Uniswap’s TVL has fallen 57.5% to US$1.3 billion.
In contrast, SushiSwap’s TVL has skyrocketed almost 160% since 17 November, from US$407 million to US$1.05 billion. It is now over 313% since a week ago.
SushiSwap was not the only DEX to launch a „vampire“ campaign targeting Uniswap liquidity providers, with Bancor announcing a liquidity mining program including retroactive rewards on November 17.

On November 18, 1inch launched the second phase of its yield farming incentives, allocating an additional 1% of its supply of tokens to liquidity providers. Speaking to Cointelegraph, 1inch’s CEO and co-founder, Sergej Kunz, said:

„At the moment we are seeing many other projects launching incentives after Uniswap has stopped. As we are confident that our Mooniswap protocol has much potential to be unblocked while attracting additional liquidity, we have decided to announce our new liquidity mining programme to seek the liquidity released from Uniswap“.
Automated market makers comprise decentralized, non-owner exchanges that settle trades using the combined liquidity of the users. In addition to offering liquidity providers, many DEXs have sought to attract users by offering yield farming rewards in the form of their native tokens.

The UNI token holder and the streaming platform powered by Audius blockchain presented a governance proposal to Uniswap to re-establish the exchange liquidity mining program with about half the rewards of the previous program on November 17.

The proposal almost passed its first round of voting. However, it must complete two more rounds of voting and secure at least 40 million votes to be implemented. Since the decentralisation of governance on 16 September, Uniswap has been unable to approve any governance proposals.