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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

#361

Post by vel0city »

jvanderbot wrote: post #99
drcross wrote: post #82

Earlier quoted context omitted.

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

This argument does not help. Those same folks cannot carry around a crypto-buck either. There are plenty of mobile-only banking solutions that are widely used in non-western worlds, and that's likely a model for emerging economies. When electronic banking comes, OP is saying that standard banking ("perfected over millenia TM") is honestly quite preferable over algorithmic contracts.

FWIW, traditional banking and credit processes existed over a millennia ago. The Book of Ezekiel which writes a lot about the "sin" of interest was written around 593 BC. Exodus which classically is attributed to Moses was probably actually written down around that time as well also talks about charging interest. Clearly people over 2500 years ago had concepts of loans, interest, and debt.

Note: I am not a religious extremist, I have a traditional mortgage and an auto loan.

https://biblehub.com/ezekiel/18-13.htm

https://biblehub.com/exodus/22-25.htm

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

#362

Post by fleddr »

SavantIdiot wrote: post #331
ayngg wrote: post #131

Earlier quoted context omitted.

Because this is the kind of story that cryptocurrency detractors love, and that aligns with the general sentiment towards cryptocurrencies on HN.

Odd: HN is made up of the people closest to cutting-edge technology on the planet, and yet sentiment is negative on cryptocurrency. Hmmm...

It's odd indeed. This is a VC-created forum where its users reject entire sectors of new technology. Besides being anti-crypto, there also anti-google, anti-iot, and anti-any website looking fancier than something from 1996.

It's a thing to accept and be entertained by I guess. The stunning lack of self awareness over here is legendary though.

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

#364

Post by WalterSear »

mikkelam wrote: post #350
danellis wrote: post #322

Earlier quoted context omitted.

> As long as everyone agrees i see absolutely no problem. They didn't all agree, though. Now there's Ethereum (the people who agreed with the fork) and Ethereum Classic (the people who didn't agree).

Some agreed, others didn't and they decided to create a fork. Consensus doesn't require everyone to agree, just the majority

One way of reading this comment is that you concur that there's a problem.

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

#365

Post by ekir »

unholiness wrote: post #339
mrec wrote: post #18

Earlier quoted context omitted.

I've seen them described as "self-funding bug bounties".

But it's so much worse than that, right? Bugs in a smart contract are immutable. Those are just the terms everyone agreed to. There's simply no path to deploying a fix that every good actor agrees is beneficial.

It's fairly common to deploy a proxy contract, which allows for a sort of updating. Basically you deploy a new contract and have the proxy point to that new contract instead of the old one. There are definitely some limitations and it's not fully standardized yet. There's a tentative standard here https://github.com/ethereum/EIPs/issues/1538 and OpenZeppelin also has their own implementation.

Although neither of these things will actually help if your contract gets exploited before you can push a fix.

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

#366

Post by fleddr »

cutler wrote: post #15
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 :)

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.

It won't work, the lessons won't be learned.

Within the larger space of crypto are the "degenerates" and "ape investors". That's what they call themselves. They're fully self-aware of their unhinged choices and behavior. They embrace it and laugh at it.

This is important to understand. They aren't uninformed or gullible. They know they're crossing a field of land mines and decide to go for it anyway.

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

#367

Post by WalterSear »

AgentME wrote: post #342
iNane9000 wrote: post #89

Earlier quoted context omitted.

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 ver…

>accelerates environmental destruction Ethereum is working on moving to proof-of-stake within the next year, which completely removes its need for energy-intensive proof-of-work mining.

Ethereum keeps kicking the can on this, and not for technical reasons.

> “One of the biggest problems I’ve found with our project is not the technical problems, it’s problems related with people”. - Buterin

https://tokenist.com/buterin-explains-why-ethereum-2-0-upgra...

Given that the reasons are political rather than engineering in nature, there's no way to put a timeline on them.

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

#368

Post by Scoundreller »

incrudible wrote: post #357
Scoundreller wrote: post #128

Earlier quoted context omitted.

But nobody in crypto would willingly trade their crypto for something backed by fiat and therefore inflating. Right?

Wrong. Unlike bank deposits or treasury notes, stable coins have interest yields to outweigh inflation.

I guess as far as counterparties go, people trust a bank or the fed more.

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

#369

Post by mike00632 »

fleddr wrote: post #356
slownews45 wrote: post #336

Earlier quoted context omitted.

No kidding - each of the these crypto folks go "trust us" - and then even the simplest things (1:1 US Dollar backed coin - seriously - how hard is this!) turn out to be a full of crap and lies. And if you believe USDT has been 1:1 backed by us dollars for its full history - dream on. If you believed they would actually get audited when they said they would - hahah.

Your statement "how hard is this" shows your complete incompetence regarding the backing of anything. Nothing of value is backed in our world. If a mere 7% of bank account holders go to the bank to collect their money, the bank collapses. They don't have your money, it's not there. If all owners of gold (gold value papers) today claim their physical gold, it can't be done. There's 400% more value paper compared to th…

The difference is that Apple doesn't claim to have a 1:1 reserve of dollars to back the value of their stock. It should matter to you that the USDT folks are lying (over something important).
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