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MetaMask Ethereum Wallet update to prevent scams

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MetaMask just announced its update on 07/27/22. This update is critical because it will prevent “Wallet Drainer”.

What is Wallet Drainer

Wallet Drainer is a way to attack the wallet that, through the smart contract and links NFT project with other wallets without admitting approval from the individual signature required to each wallet.

How the Wallet Drainer works are following:

  • fake NFT page with an artificial countdown to create urgency
  • victim connects wallet
  • the program will check valuable of NFTs
  • victim active the signature to transaction(s) to transfer ownership of NFTs
  • program fake the “mint” and transaction will not interact with the smart contract
  • the process repetitive

Here is how technically the program works and comprehensively addresses the potential impact of this attack. 

How MetaMask prevents such attack

With an extra step to allow the wallet to get permission for all transactions, the user has a way to stop a bundle of transactions at once without permission allow from the user side.

https://github.com/MetaMask/metamask-extension/pull/15010

You may think that is no a big deal but it saves a lot of NFTs project to prevent attacking users valuable assets.

How to prevent the attack

https://dappradar.com/blog/how-to-prevent-scammers-from-draining-your-wallet

  • Never click on links from unidentified sources.
  • Never click Google Ads for crypto services, instead go to the official website yourself.
  • Always use Two-Factor Authentication (2FA) when possible. Google Authenticator is free to use, so use it.

Also, double-check the website before connecting your wallet to the suspective website.

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Crypto Research

Crypto is a good investment or not

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Many people buy crypto to believe it is a great investment. However, it may not be the case.

I asked ChatGPT about the crypto investment and here it is:

Investing in cryptocurrency can be a good opportunity, but it also comes with high risk and volatility. It is important to thoroughly research and understand the cryptocurrency market before investing. Additionally, it is recommended to diversify your investment portfolio and not to invest more than you can afford to lose.

Here are some misconceptions:

First, crypto is not a traditional investment that requires a conventional way to invest. Instead, it is a catch-or-miss investment that you really need to time the market to make profits.

Second, you do not need to hold for too long if you need money quickly. Crypto tends to perform badly long term than average assets did.

Third, high risk only sometimes has high rewards. Many crypto with high risks may not ever provide high returns eventually and many go to zero instead.

Last, do not go FOMO because you are likely to become a bagholder.

There is not missing out and it is too late in the crypto. Rather, you should always keep an eye on the market.

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Crypto Research

Mother of all bubble

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We are heading into a bubble economy and there is one that is about to pop.

ChatGPT suggests that a financial bubble is:

A financial bubble is a situation in which the price of an asset, such as a stock or a commodity, becomes artificially inflated due to excessive speculation and investment. This can lead to a situation where the market becomes overvalued and eventually collapses, resulting in significant losses for investors. Bubbles can occur in a variety of different markets and can be caused by a number of factors, including low interest rates, economic growth, and investor sentiment.

Let’s take Tesla as an example.

Tesla CEO is Elon Musk, who purchased Twitter last year and believed the company can help Tesla to make more profits.

Does it? Or he tried to inflate Tesla instead?

If you go to Twitter, there is less opposition than a supporting voice.

Elon Musk sells Tesla cars and Tesla stocks.

People purchase cars to help pump the stock price and when stock price goes up, people want a new Tesla.

Despite all the bad reviews about the car and its questionable autopilot feature, Tesla cars sold quickly and stock goes up no question.

Is this a Ponzi scheme?

Similarly, cryptocurrency is also highly speculative.

It goes up a time to time, but people buy the narrative without further investigating how useful the crypto really is.

What if people stop buying the crypto, will that still go up?

What if the economy is so bad and the interest rate is high that people have less money to buy more crypto?

We will see how it goes.

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Crypto Research

One more thing NFT can do

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California will have a pilot program to use NFT to record car titles as an innovation of record management. 

ChatGPT stated NFT is:

NFT stands for “non-fungible token.” It is a digital asset that represents ownership of a unique item or piece of content, such as a digital art piece or collectible. NFTs are created and stored on a blockchain, which is a decentralized digital ledger. This allows for the creation and transfer of ownership of digital assets in a secure and verifiable way.

Finally, the government has realized the use of the blockchain, and it will reduce government spending while providing more accurate information to citizens.

I think blockchain has more utilities other than money. Digital money is the first step in testing society’s compatibility, but the blockchain should focus more on providing services rather than investing to people.

That blockchain service can be essential for society later rather than simply going to moon-style investments to create unsustainable pump and dump.

Such government collaboration is the first step to making blockchain a social system.

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