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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

#191

Post by ljm »

Barrin92 wrote: post #92
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…

I'm gonna be honest I don't know what the audience is for a product where you risk losing your entire life savings because you typed a wrong word in a smart contract rather than paying a middleman a fraction of a percent. It's almost like a sort of willful ignorance of division of labour and the concept of pooling risk.

Or where you do the equivalent of stuffing cash under your mattress by hiding the password to your cryptowallet inside a safe, or using one of the various incantations of writing your password on a post-it note.

Sure, the vast potential of reward justifies the added risk. But I'm also not in the US, I'm not rabidly anti-government, and I don't want to store my money under my floorboards. Good, old-fashioned, regulated banks serve a valuable purpose.

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

#192

Post by lamontcg »

TrainedMonkey wrote: post #96
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…

A point that most people miss is that the world is slowly being eaten by algorithms. One example would be trading floors being converter from mosh pits to electronic ledger books. Another example would be slow advent of self driving, sure it's not here yet, but I think we can agree it is possible. So, is it that much of a stretch to assume that some day a significant fraction of contracts will be more algorithmic? "T…

The backstop needs to be humans.

The rest of the world doesn't want to lose millions due to an exceptional condition in a contract that wasn't apparent on audit.

That isn't how the law works, and that's a good thing.

When it comes to contract disputes you ultimately wind up before a human with hopefully decades of experience trained by a system with centuries of experience which can deploy some level of nuance.

Which is not how geeks think the legal system works. Or if they do understand it works that way they feel that it is flawed. That isn't a flaw, that's a feature.

Sometimes it goes wrong. But if you're ever the beneficiary of a judge going "yeah that contract term was always bullshit. you think you're clever, but i wasn't born yesterday. nullified." then you'll appreciate it.

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

#193

Post by andai »

UIGYUIUYG wrote: post #175
brianwawok wrote: post #132

Earlier quoted context omitted.

Doing illegal things, mostly. If you are working a w2 job and paying taxes and paying your mortgage / auto loan... crypto doesn't really help you. Blackmail? Awesome. Buying illegal substances? Awesome. Gambling? You got it...

You can literally say that about cold hard cash. Blackmail? Pay cash. Buying illegal substances? Cash. Gambling? Get your cash out. It's all in how you use it. https://eandt.theiet.org/content/articles/2021/05/moon-missi... Anything is a store of value, wood, gold, water, dogecoin ect. If people want to accept something for something else this is a way of life. It's just sad that people only see the bad use cases. Ho…

This is one reason cash is being phased out in many countries. It took me most of a week to deposit money on my account -- the bank literally would not take my money! They told me to find a machine, and they were either out of order, removed, or did not take cash.

Well, that's the noble explanation. Another consequence is they can now have an electronic record of every single purchase almost every citizen makes.

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

#194

Post by rawtxapp »

brianwawok wrote: post #132
Barrin92 wrote: post #92

Earlier quoted context omitted.

I'm gonna be honest I don't know what the audience is for a product where you risk losing your entire life savings because you typed a wrong word in a smart contract rather than paying a middleman a fraction of a percent. It's almost like a sort of willful ignorance of division of labour and the concept of pooling risk.

Doing illegal things, mostly. If you are working a w2 job and paying taxes and paying your mortgage / auto loan... crypto doesn't really help you. Blackmail? Awesome. Buying illegal substances? Awesome. Gambling? You got it...

> If you are working a w2 job and paying taxes and paying your mortgage / auto loan...

You forgot to add "and live in a stable country with a stable currency and relatively functional contract/justice system".

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

#196

Post by breck »

jcranmer wrote: post #160
breck wrote: post #98

Earlier quoted context omitted.

> I simply don't think it's possible for human beings to write good enough software for smart contracts. I agree, but think it's fixable. I believe we have missed a natural platform in between binary notation and computer languages. I believe there is a 2-D dimensional binary. Simply using a grid (with an array of cells forming a line, and lines stacked on top of each other—a spreadsheet basically), we can drop *all*…

> I believe there is a 2-D dimensional binary. Simply using a grid (with an array of cells forming a line, and lines stacked on top of each other—a spreadsheet basically), we can drop all syntax characters. The only thing you have is your cells and your semantic words. I fail to see how this helps. The reason why bugs crop up all the time in software isn't because syntax is confusing. It's also not because semantics…

All parts in a system have a probability of failure. A bug in a well-engineered system is only a problem when a long series of things simultaneously go wrong. Tree Notation (2D languages), can be used at all layers, from microcode to assembly to system langs to interpreted langs to user facing high level langs. It's simplicity will decrease the probability of failure at each layer of the stack, causing a huge improvement in total reliability of systems. It even works great with paper! Easy to make fallbacks for when the network goes down.

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

#197

Post by [deleted] »

UIGYUIUYG wrote: post #175
brianwawok wrote: post #132

Earlier quoted context omitted.

Doing illegal things, mostly. If you are working a w2 job and paying taxes and paying your mortgage / auto loan... crypto doesn't really help you. Blackmail? Awesome. Buying illegal substances? Awesome. Gambling? You got it...

You can literally say that about cold hard cash. Blackmail? Pay cash. Buying illegal substances? Cash. Gambling? Get your cash out. It's all in how you use it. https://eandt.theiet.org/content/articles/2021/05/moon-missi... Anything is a store of value, wood, gold, water, dogecoin ect. If people want to accept something for something else this is a way of life. It's just sad that people only see the bad use cases. Ho…

[deleted]

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

#198

Post by r3trohack3r »

brianwawok wrote: post #132
Barrin92 wrote: post #92

Earlier quoted context omitted.

I'm gonna be honest I don't know what the audience is for a product where you risk losing your entire life savings because you typed a wrong word in a smart contract rather than paying a middleman a fraction of a percent. It's almost like a sort of willful ignorance of division of labour and the concept of pooling risk.

Doing illegal things, mostly. If you are working a w2 job and paying taxes and paying your mortgage / auto loan... crypto doesn't really help you. Blackmail? Awesome. Buying illegal substances? Awesome. Gambling? You got it...

I’m making an assumption here that “crypto” means “crypto coin” and, perhaps further, any form of blockchain based, consensus maintained, public ledger.

I don’t understand this “crypto is good for doing crime” narrative.

When I’m doing crime, I strongly prefer there to be no record of the transaction. The closer I can get to an assurance there is no permanent record of the transaction, the safer I feel in deviating from the law.

Conducting any illegal business in a permanent public ledger is a non-starter for me. Even with a public ledger that ”guarantees” privacy, I’m staking my freedom on the underlying cryptography not being broken before the statute of limitations for my crime passes.

I’d go as far as reversing this narrative. Crime moving to a permanent public ledger strikes me as any regulating body’s dream.

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

#199

Post by rednerrus »

derac wrote: post #68
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…

Yes, secure your own keys or risk losing everything doesn't work in the real world. This is a level of required diligence by the end-user that is unacceptable for any real world use. With billions being syphened from African countries, it's hard to make the case that crypto microloans are a net good for the continent.

Many of those taken in some of these elaborate scams, are security EXPERTS. Assuming that Joe T Dillhole is going to be better at securing their bag than security experts is a stretch.

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

#200

Post by [deleted] »

Barrin92 wrote: post #92
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…

I'm gonna be honest I don't know what the audience is for a product where you risk losing your entire life savings because you typed a wrong word in a smart contract rather than paying a middleman a fraction of a percent. It's almost like a sort of willful ignorance of division of labour and the concept of pooling risk.

[deleted]
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