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SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

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Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#81

Post by croes »

derefr wrote: post #46
tumblewit wrote: post #39

Earlier quoted context omitted.

Not really. If owning a coin becomes illegal it can fall below zero where you are paying someone to take your coins. Something similar to oil happened a while ago when storage had become an issue so prices fell below 0$

Oil is physical; it takes up space, and needs special protections to not pollute the container it's stored in. Digital goods, meanwhile, can just be transferred permanently "into the void" (i.e. to an account without an associated key.)

There is no void for digital data, it's always some kind of data storage. RAM, HDD, SSD etc.

If the data is send to void it's gone.

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#82

Post by drcross »

MattGaiser wrote: post #61
omk wrote: post #31

A point that most crypto heads miss is that the world does not run algorithmically. Legal contracts do not work like a software program and that characteristic is a feature not a bug. Not being able to reverse transactions that were part of an exploit is in infact a bug. Businesses need that tolerance for error. You need an oracle in your system. The oracle can maintain transparency of the attestations carried out if…

Indeed. Credit cards are far less decentralized than cash. But because credit cards have an administrator to protect the consumer, they are also preferable to cash.

The majority of people in the world can't get a credit card.

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#83

Post by sethammons »

Applejinx wrote: post #2

Zero counts as stable. Nothing further is ever going to happen to that price, I'll bet :)

Reminds me of a quote from someone at work in regards to a big bug: it is a self correcting problem - people will stop using and paying for it and it will no longer be a problem!

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#84

Post by SheinhardtWigCo »

croes wrote: post #81
derefr wrote: post #46

Earlier quoted context omitted.

Oil is physical; it takes up space, and needs special protections to not pollute the container it's stored in. Digital goods, meanwhile, can just be transferred permanently "into the void" (i.e. to an account without an associated key.)

There is no void for digital data, it's always some kind of data storage. RAM, HDD, SSD etc. If the data is send to void it's gone.

That is exactly the point of the comment you’re replying to.

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#86

Post by renewiltord »

This stuff always has the vague feeling of pirate treasure type stuff. Like you’ve got a map with a red X on it and you then go look for the treasure and it’s got all these traps and stuff and then bam! Treasure! But then the pirates come after you.

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#87

Post by rank0 »

everfree wrote: post #44
aerovistae wrote: post #5

There is no such thing as a stablecoin, it's a made up term to try to lend legitimacy to new crypto scams. And I say this as someone who just bought some Ethereum in the hopes of making a profit :)

This is uninformed. What do you call USDC, which is directly redeemable for US Dollars by anyone with a Coinbase account? Every USDC is backed by one USD of deposits in a US-based bank. USDC is a stablecoin, and there are plenty of others out there.

*redeemable with permission from Coinbase and provided they follow through on their promises of 1-1 backing

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#88

Post by saalweachter »

__MatrixMan__ wrote: post #70
cutler wrote: post #15

Earlier quoted context omitted.

Maybe the world just needs less people trying to get something for nothing. If the scammers operating these currencies teach the greedy traders a lesson we'll all be better off.

Agreed. I'd like to figure out how to build a cryptocurrency that is useful for conducting actual business but toxic to investors. An economy that lacked parasitic middle men would be a good thing for the status quo to have to compete with.

Every day the largest wallet is confiscated, divided into ten equal portions, and each piece is randomly awarded, lottery-style, with every transaction from the previous day serving as a lottery ticket.

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#89

Post by iNane9000 »

lalaland1125 wrote: post #8

These incidents really illustrate the main flaw of smart contracts: a single bug in your code can lead to incredible losses. I simply don't think it's possible for human beings to write good enough software for smart contracts.

That’s not even close to the main flaw. The main flaw is that it incentivizes crime, human trafficking and accelerates environmental destruction. None of these are huge problems if you can afford a private bunker in New Zealand. It’s a major problem for ordinary citizens, especially those of poorer countries.

Everything involving code has bugs. Bugs aren’t a reason not to use code. Bitcoin isn’t a problem for the very small fraction of the population that use it. Bitcoin users are super rich tech workers and finance guys, by and large.

The people hurt most by Bitcoin are all the people who don’t use it. It benefits the ultra-rich at great expense to the other 99% of humanity.

Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

#90

Post by wnevets »

drcross wrote: post #82
MattGaiser wrote: post #61

Earlier quoted context omitted.

Indeed. Credit cards are far less decentralized than cash. But because credit cards have an administrator to protect the consumer, they are also preferable to cash.

The majority of people in the world can't get a credit card.

but they can get and use {meme}coin?
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