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

Post by ipython » Mon, Jun 28, 2021, 7:09 PM UTC

r3trohack3r wrote: post #198

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...

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 f…

Post by jk7tarYZAQNpTQa » Mon, Jun 28, 2021, 7:10 PM UTC

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.

Post by admiral33 » Mon, Jun 28, 2021, 7:10 PM UTC

ncann wrote: post #206

UIGYUIUYG wrote: post #175

Earlier quoted context omitted.

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…

> It's just sad that people only see the bad use cases Yeah, when 95%+ of the actual things that people use crypto for are those things, it's hard not to. Can you honestly say the "valid" uses for crypto take up more than 5% the total volume in any possible metric you can think of? It's always ransomware, extortion, blackmail, money laundering, drugs, you name it.

Post by Applejinx » Mon, Jun 28, 2021, 7:11 PM UTC

dcolkitt wrote: post #185

tptacek wrote: post #130

Earlier quoted context omitted.

It literally does not. The world runs advised by algorithms, but not governed by them. It's a fundamental difference. When algorithms in the real world create lose-lose outcomes, people override them, which is why when your credit card gets stolen you don't end up paying for stuff. You can bake that logic into a software contract, but if the design of your system is that the totality of software contracts are the fin…

You are aware that the vast majority of financial market trading is run by algorithms that govern not advise vast amounts of capital in an irreversible way. Sometime these algorithms break or are exploited. Often in spectacular disasters. Knight lost half a billion dollars in 30 seconds. Nobody reversed though, even though it was clear error. If you have a 401k I guarantee you that a significant amount of your money…

Post by whatshisface » Mon, Jun 28, 2021, 7:12 PM UTC

progbits wrote: post #59

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.

Time for LawyerCoin (TM). The smart-contract is written in English (or other human language) and the oracles are powered by a bunch of lawyers who pinky swear to enforce them. I'm doing ICO next week, if anyone wants in.