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5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned

When Redditor Joe Greene started the Top 10 Cryptos experiment in 2018, he bought $1,000 of Dash, NEM and Iota, among others, only to watch it crash to $150. But five years on, his experiment has paid off big time.

The rules: Buy $100 of each of the top 10 cryptocurrencies on Jan. 1, 2018, 2019, 2020 and 2021. Hold only. No selling. No trading. Report monthly.

Every January since 2018, Greene has reviewed a list of the top 10 cryptocurrencies by market cap from his tropical office in Bali. He puts $100 of his own money into each, tracks the performance every four months or so, and publishes the findings on his website and on Reddit.

When he began, crypto indexes were few and far between, so there wasn’t an easy alternative. Having invested in stocks for years before moving into crypto, Greene predicted that chasing tokens on a hot streak was dangerous — unless done consistently — and this was indeed proven so by his experiment with the Top Ten Crypto Index Funds. 

Bitcoin 2017

Like almost everyone else that year, Greene was mesmerized by the sudden rise of Bitcoin during the 2017 bull market. “I remember looking to buy a rig to do some mining, but it turns out they were all sold out. So, I thought, ‘Whatever, I’ll just go out and buy some coins instead,’” he tells Magazine. A combination of the underlying technology, the financial elements and the future direction of the asset class kept Greene in the sector. He has been blogging with the project ever since. 

Top Ten Cryptos bought in 2018 still haven’t recovered to their all-time highs
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Wintermute suffers $160M attack, Kraken CEO departs and US bill aims to ban algo stablecoins: Hodler’s Digest, Sept. 18-24

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

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Kraken’s Jesse Powell will step down as CEO, stay on as board chair

After more than a decade heading up crypto exchange Kraken as CEO, Jesse Powell has decided to pass the torch to the company’s chief operating officer, Dave Ripley. Powell is not done with Kraken, however. He will become chair of the board for the organization. “It’s just gotten to be more draining on me, less fun,” Powell said, as quoted in by Bloomberg. Ripley joined Kraken as chief operating officer in 2016.

 

South Korean ministry recommends enactment of special Metaverse laws

In line with other advances South Korea has taken to embrace the digital world, the country wants to create new laws regarding the Metaverse, according to plans from the Ministry of Science and ICT. The ministry wants proper laws in place for the Metaverse, but thinks it’s unwise to form-fit current regulations to new technology. Previous news saw South Korea invest $200 million toward metaverse development in the country.


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Toss in your job and make $300K working for a DAO? Here’s how

Increasing numbers of employees are quitting 9–5 corporate jobs to work for DAOs. While the money’s great, DAOs fall into a legal gray area, and it can be tricky to get your foot in the door.

Researchers Nataliya Ilyushina and Trent MacDonald from the Royal Melbourne Institute of Technology Blockchain Innovation Hub take you through how to get started.

This year could see two emerging workforce dynamics come to a head. Twenty-one million Americans quit their jobs in 2021 — heralding the “Great Resignation” era — after an extended experience working remotely during COVID-19 lockdowns and dissatisfaction with conditions upon reentering their workplaces.

One in 5 workers reported an intent to quit their jobs in 2022. At the same time, the peak number of members of decentralized autonomous organizations at the start of August 2022 was 3.4 million, with over 140,000 new members joining in July 2022 alone.

Although the “Little Migration” to DAOs pales in comparison to the Great Resignation, we might still wonder if these two trends are connected in some small way. 

Work for a DAO
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Saving the planet could be blockchain’s killer app

The sustainability movement has emerged as a 21st century megatrend, and it shows no signs of abating. Record heat in Europe, wildfires in the U.S. West, floods in Pakistan, drought in China, and accelerating ice cap melt in Greenland and Antarctica have driven home to many the looming threat of climate change.  

Meanwhile, the New York Times declared in December “the sustainable industrial revolution is just getting started,” and even heavy industries like shipping, steel, and plastics are beginning to grasp the importance of an ecologically sustainable future — developing products like “green steel,” which is a fossil-free steelmaking process. 

But hurdles remain, including questions about transparency, accountability, traceability, trust, data integrity, and even greenwashing (making false or insincere environmental claims.) Or as the Times asked: “Can some of history’s highest-polluting industries be trusted?” in spite of their professed good intentions.

This is where blockchain technology could make a difference. Like the sustainability movement itself, blockchain tech is global, 21st century, and mostly unformed though likely to be shaped soon by new laws and rules. Blockchains can simplify and lower costs of ESG (environmental, social and governance) reporting, build trust in “collected” data, develop new eco-related trading markets, and suggest new sources of innovation.

Blockchain can prove that green energy is really green. (Source: Pexels)

In March, for instance, automaker Volkswagen announced that it was using blockchain technology to help ensure that electric vehicle (EV) charging stations were using sustainable sources to recharge their electric cars. This move is aimed at consumers who want validation that the energy being used to recharge their vehicles isn’t coming from brown coal-powered electric companies or the like. BMW is said to be developing something similar.

John Bulich, Technical Director and co-founder of Powerledger, along with Dr Jemma Green, Executive Chairman and co-founder
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Ethereum completes Merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

Breaking: Historic day for crypto as Ethereum Merge to proof-of-stake occurs

Ethereum’s highly anticipated conversion to a proof-of-stake (PoS) consensus algorithm, dubbed “the Merge,” took place at 6:42:42 am UTC on Sept. 15. The move is a key part of an overarching multi-year transition for the Ethereum blockchain. “It starts a chain reaction of changes,” Eli Ben-Sasson, co-founder and president of StarkWare, told Cointelegraph regarding the Merge. The Merge will reportedly help the Ethereum blockchain reduce its energy consumption by around 99%. 

During a viewing party before the network’s shift from proof-of-work (PoW) to PoS, Ethereum co-founder Vitalik Buterin said: “[It] has obviously been a dream for the Ethereum ecosystem since pretty much the beginning. We started the proof-of-stake research with that blog post on Slosher back in January 2014.”

One party known as ETHW Core disagrees with the transition, however, aiming to maintain a PoW version of Ethereum via a fork in the 24 hours following the Merge. Multiple crypto exchanges plan on listing the forked chain’s related asset, ETHPoW (ETHW).


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Powers On… Insider trading with crypto is targeted — Finally! Part 2

This is the second part of my column about the crackdown on insider trading involving crypto. In the first part, I discussed the criminal indictment of Nathaniel Chastain, a former product manager at the OpenSea NFT marketplace. I also discussed the SEC’s allegations against former Coinbase employee Ishan Wahi, his brother and his friend, based on the “misappropriation” theory of insider trading.

Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches “Blockchain & the Law.”

Since the United States v. O’Hagan Supreme Court case in 1997, the misappropriation theory of insider trading liability has been explicitly recognized. Both before that date and after, “misappropriation” of company secrets or confidential information used in connection with stock trading has been an active area of Securities and Exchange Commission enforcement and criminal prosecutions.

Examples include a former writer for The Wall Street Journal in United States v. Winans; employees at the magazine stand Hudson News in Securities Exchange Commission v. Smath; a printer at a company that printed tender offer documents in Chiarella v. United States; and more recently, financial analysts in United States v. Newman and Salman v. United States. On the same date as the SEC filing against Ishan Wahi and his two associates, the U.S. attorney for the Southern District of New York unsealed a parallel criminal indictment that charged these same three defendants with wire fraud and wire fraud conspiracy.

Tippees that receive material, nonpublic or confidential information from a tipper violate insider trading rules if they know the tipper breached a duty they owed to another and received some sort of personal benefit from the tip. The Supreme Court said in the 2016 Salman case that the personal benefit need not be financial or pecuniary. The benefit requirement is satisfied by bestowing a gift of this information on a trading relative or a close friend. 

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Guide to real-life crypto OGs you’d meet at a party (Part 2)

In Part 1, we detailed three of the different kinds of crypto OGs you might meet at an industry party.

They were: (1) shadowy super coders and/or anon founders, (2) “reputable” and respected OG industry leaders like Vitalik Buterin and Brian Armstrong, and (3) the comeback OGs, who were trying to shake off the stink of a failed project.

This time around, we meet even more categories of crypto OGs, with insight from the insiders most familiar with them.

 

 

Sam Bankman Fried in a Youtube interview
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Ethereum is eating the world — ‘You only need one internet’

There’s a version of the future that’s tantalizingly possible in which Ethereum becomes the base layer for pretty much everything.

Recent advances in a technology called zero-knowledge Rollups — from StarkWare, Polygon and zkSync — enable the blockchain to move from fewer than 20 transactions per second to… well, an infinite number of TPS.

In theory, it would allow the entire world’s financial system to run on Ethereum.

“I think it’s theoretically possible,” explains Declan Fox, product manager for rollups at Consensys, which provides Ethereum infrastructure and apps like MetaMask. “We have the technology to achieve that kind of throughput necessary.”

“With recursive rollups and proofs, we theoretically can infinitely scale.”

StarWare co-founder Eli Ben-Sasson and Cointelegraph Magazine’s Andrew Fenton
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Binance removes 3 stablecoins, Russia eyes cross-border crypto payments and UK exudes crypto positivity: Hodler’s Digest, Sept. 4-10

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlier

Global crypto regulation remains a prevalent topic looming over the sector. Recent comments from United States Federal Reserve Board Vice Chair for Supervision Michael Barr and Acting Comptroller of the Currency Michael Hsu favored a lean toward more government overwatch. Barr expressed a desire for stablecoin regulation as well as crypto-related banking regulations. Hsu’s comments included looking at the industry cautiously.

 

GameStop doubles down on crypto amid a new partnership with FTX US

GameStop is teaming up with crypto exchange FTX US in a promotional partnership. So far, 2022 has seen GameStop pursuing increasing involvement in the crypto space, evident in its NFT marketplace launch and its new gaming division devoted to Web3. GameStop has a long-term vision for crypto involvement, according to CEO Matt Furlong during a Q2 fiscal year earnings call.


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Insiders’ guide to real-life crypto OGs: Part 1

Crypto OGs — slang for Original Gangsters — have acquired almost a mythical and godly reputation in an industry populated with libertarians, anti-government rebels, innovators, get-rich-quick scammers, hackers and degen investors with rampant gambling addictions and toxic social media behavior. 

Who are these OGs exactly? Unlike the rich and powerful in the traditional finance and conventional tech sector, crypto OGs are often protected by a layer of decentralized anonymity in a particularly wild corner of cyberspace. Who deserves this mythical label? The year they got into crypto? Their current net worth? Their lifestyle? Their impact on the industry?

How can you separate the randos and wannabes from the OGs? Without further ado, here’s our guide to spotting OGs at any networking party, written with insider tips from real-life OGs.

 

 

Cyclone finishing his SGD 5 meal
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Powers On… Insider trading with crypto is targeted — Finally! Part 1

It took a few years, but government crackdowns on “insider trading” involving digital assets have finally arrived. It’s about time! Insider trading occurs often in our securities markets, so it was only a matter of time before crypto and other digital assets would be exploited improperly by miscreants for financial gain.

Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches “Blockchain & the Law.”

Back on June 1, the U.S. attorney for the Southern District of New York announced a criminal indictment against a former product manager of the OpenSea marketplace, Nathaniel Chastain. He is charged with using the confidential information about which nonfungible tokens were going to be featured on OpenSea’s homepage to buy them in advance of that event, and then sell them after they were featured. It is alleged that to conceal the fraud, Chastain conducted these purchases and sales using various digital wallets and accounts on the platform. He is charged with wire fraud and money laundering through making approximately 45 NFT purchases on 11 different occasions between June and September 2021, selling the NFTs for 2x to 5x his cost.

 

 

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Saylor gets sued, FBI warns about DeFi exploits and Crypto.com drops $495M sponsorship: Hodler’s Digest, Aug. 28-Sept. 3

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

DC Attorney General sues Michael Saylor and MicroStrategy for tax evasion

MicroStrategy co-founder Michael Saylor faces charges of evading United States income taxes he allegedly incurred while living in Washington, DC. The office of the region’s attorney general, Karl Racine, has sued Saylor and MicroStrategy on claims that the firm helped Saylor evade over $25 million in DC income tax. The charges, stemming in part from an amendment to DC’s False Claims Act encouraging whistleblowers to report tax evasion, mean Saylor could see $75 million in penalties.

 

Crypto.com backs out of $495M sponsorship deal with UEFA Champions League: Report

Crypto.com has decided not to go through with a $495 million sponsorship agreement in response to possible regulatory issues. The sponsorship deal with the Union of European Football Associations (UEFA) would have seen Crypto.com advertised in the UEFA Champions League for five seasons. The crypto exchange was reportedly in sponsorship talks after the Champions League removed Gazprom, an energy company owned by the Russian state, as a sponsor. Crypto.com already has several high-profile advertising efforts under its belt, such as a commercial starring American actor Matt Damon.


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Crazy outcomes when current laws applied to NFTs and the metaverse

NFTs can now serve as court documents… but they might also be unregistered securities, illegal loot boxes, or come with impossible tax demands. 

Nonfungible tokens (NFTs) are thought of by most people as just funny pictures that degens on the internet spend far too much money on for poorly understood reasons. But Jason Corbett, managing partner of global blockchain law firm Silk Legal, says new and innovative use cases are beginning to emerge.

“We’ve seen recently the courts allowing the serving of court documents by way of an NFT,” Corbett says, referring to a recent decision by a United Kingdom court to allow notice of the case to be served by airdropping court documents as NFTs to wallets allegedly stolen from the claimant.

 

 

Find your house.Make it an NFT
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Billions are spent marketing crypto to sports fans — Is it worth it?

Crypto advertising has been plastered across every available sporting surface since the bull run of 2021, from stadium naming deals and team’s playing kits to Formula One racing car liveries. But in the current bearish market conditions, it seems hard to calculate a return on the ubiquitous spending of 2021’s crazy big advertising. 

In Australia, where I’m based, there was a sharp uptick in crypto firms spending big on ads and sponsorship deals in the Australian Football League in 2021–2022. While it may make sense for a local crypto exchange, why would a global project spend big dollars on a sport that isn’t even the major football code in every state, given some of the bigger states prefer the National Rugby League?

Take, for example, the Staples Center in downtown Los Angeles, home of the National Basketball Association’s Lakers and Clippers, the National Hockey League’s Kings and the Women’s National Basketball Association’s Sparks. It got a new name on Christmas Day 2021 — Crypto.com Arena — for a reported $700-million dollar deal. 

 

 


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VanEck BTC ETF delayed, Bitcoin Depot plans public listing and Huobi gets flagged: Hodler’s Digest, Aug. 21-27

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

Ethereum Merge in trouble? Developers find bugs ahead of the planned update

Ethereum’s highly anticipated transition to proof-of-stake, popularly known as the Merge, hit a roadblock recently after developer Péter Szilágyi uncovered a bug that could cause data corruption. However, the issue was quickly resolved by Ethereum developers, who deployed a hotfix that required participants to roll back their updates and test whether things were running smoothly. The Ethereum Foundation is looking to pay considerably higher sums to bug hunters leading up to the Merge.

 

It’s a go! Uniswap Foundation becomes reality after 86M votes in favor

The Uniswap Foundation was voted into existence this week by an overwhelming majority of responses in favor of the move. A decentralized exchange, Uniswap was a hot name during the 2021 crypto bull market that was initially catalyzed by decentralized finance protocols. The privilege of voting on the formation of the Uniswap Foundation required holding UNI, the exchange’s asset. The move to create the foundation tallied over 86 million “yes” votes, far surpassing the 40 million votes in favor required for the motion to pass. Among its activities, the foundation aims to work on the Uniswap project’s governance and hire staff.


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DeFi vs. CeFi: Decentralization for the win?

“The collapse of crypto shadow banks like Celsius demonstrated just how problematic centralized, opaque finance can be,” says Sunny Aggarwal of Osmosis DEX.

Centralized finance platforms have taken a huge credibility hit due to poor risk controls, but decentralized finance protocols haven’t escaped unscathed either. So, is DeFi or CeFi likely to emerge stronger from this current period of turmoil, or is the future likely to see some sort of hybrid of the two?

In November 2021, Zhu Su, co-founder and chief investment officer of hedge fund Three Arrows Capital (3AC), was a big name within the CeFi industry. Having just closed a purchase of more than $400 million worth of Ether using the fund’s assets, together with his friend Kyle Davies, the two had become among the world’s largest crypto holders.

As a crypto bull market mesmerized the attention of return-hungry investors, funds poured into the Singaporean-based 3AC. After all, all investors had to do was to make a wire transfer, sit back, relax and enjoy the fat returns generated by the hands of “professionals,” right? 

Fast forward just eight months later, both Su and Davies are in hiding after the collapse of the firm blew up the CeFi sector and wiped hundreds of billions off the overall market cap. A court in the British Virgin Islands ordered 3AC’s liquidation with an estimated $2.8-billion hole in the balance sheet.

List of bounties on Immunefi | Source: Immunefi
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Crypto City Guide to Prague: Bitcoin in the heart of Europe

Prague is the birthplace of the world’s first hardware wallet, the first Bitcoin mining pool, and, reportedly, even the first Bitcoin cafe. It is among the most affluent cities in Central Europe, visited by millions of tourists each year.

Ranked as one of Europe’s most charming and beautiful cities, Prague is a burgeoning tech hub with a new generation of crypto-saavy individuals populating its streets.

 

Fast facts

City: Prague
Country: Czechia
Population: 2.7 million (Metropolitan Area)
Established: 8th Century
Languages: Czech, Slovak, English, Ukrainian, German, Vietnamese, Russian

 

The Powder Tower during the Habsburg Era | Photo Source: Old-Prague.com
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BlockFi tops revenue grower list with 250,000% increase, BitGo aims to sue Galaxy Digital, and Bitcoin’s price drops: Hodler’s Digest, Aug. 14-20

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

Fed to issue long-awaited guidelines for granting master accounts to crypto banks

Crypto’s continued journey into the mainstream has come with various levels of regulatory action across the globe. This week brought clarity in terms of expectations for crypto-focused banks seeking accounts with the United States Federal Reserve. A framework released by the Federal Reserve Board details expectations for such applicant banks, including the level of due diligence to be provided based on each applicant’s risk level. Giving crypto-focused banks access to the Fed’s so-called “master accounts” has been a slow process, but it suggests that regulators are gradually integrating digital assets into mainstream finance.

 

BlockFi tops the Inc. 5000 list with almost 250,000% revenue growth in three years

Centralized finance player BlockFi topped Inc. magazine’s 2022 list of U.S. companies showing the highest revenue growth over the past three years. Although the list showcases 5,000 companies posting revenue growth, making it into consideration for the list requires paying a small fee and submitting an application. Be that as it may, BlockFi has tallied a 245,616% increase in revenue — substantially higher than the company holding second place on the list.


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Fake employees and social attacks: Crypto recruiting is a minefield

Hiring in the crypto world can be difficult. Web3 companies are often disorganized and lack HR departments. Developers sometimes want to remain anonymous — even to their potential employers.

Some employees don’t exist at all, while others are secretly juggling three other remote gigs. Then there are those who pretend to be employees but are really just plotting to rug everyone.

The job of a hiring manager is no easy one. This goes doubly so for the Web3 world, where expectations both from employers and employees can be drastically different compared to the Web2 corporate world.

Magazine spoke to Declan Strain, managing partner of Dubai-based talent consultancy BlockDelta, which helps companies in the Web3 industry connect with workers of all levels. After 20 years as a recruiter, he became involved in the blockchain space in 2015 and set up his specialist consultancy in 2017.

“A traditional recruiter won’t be as successful as someone who lives and breathes this space,” he says, referring to his efforts to “be part of the fabric of the metaverse” by attending events and making connections in person.

Consultancy
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Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin

With Tesla now having sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the U.S. economy is “past peak inflation” and predicts that only a “mild to moderate” recession could be incoming. “We sort of have some insight into where prices are headed over time, and the interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla — not all, more than half the prices — are trending down in six months from now,” Musk said at Tesla’s 2022 Annual Meeting of Stockholders.

 

Coming sooner: ETH devs move up the date for Merge

The long-awaited Merge looks to be ahead of schedule, with Ethereum core developers Tim Beiko and Terence Tsao agreeing on a developer call Thursday to tentatively set the date of the Merge for Sept. 15. The previously estimated date from Beiko was Sept. 19, and suggested that the final preparation work is going smoothly after the final Goerli testnet merge went off without a hitch this week.


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