I lost money in this.
AMA I guess?
SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
421–430 of 577 posts
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#422Earlier quoted context omitted.
VCs blowing an order of magnitude more on coke doesn't make the news
If someone blows millions of dollars on coke I very much want to read that article. Why would that not get reported, are you sure?
I’m sure he was exaggerating,
But it’s definitely true that half a mission is nothing for
VCs and its pocket change in terms of market cap.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#423The fact that this is trending on HN shows how little hacker news knows about the cryptocurrency space. A relatively unknown, recently launched stablecoin collapsing is not big news in crypto. Now if dai, usdc or usdt had failed, that would be a big deal.
Its the end of the bull run and $250k rugs/exploits are about as common as rainy days in London.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#424There are more than $100b of stablecoins — 285x year-over-year growth — with a variety of very interesting and high-quality stablecoins proliferating. And of course, Hacker News focuses on some garbage project nobody in the space even followed. How is there no discussion about FRAX, Maker's DAI, USDC, CRV's 3pool token, Liquity's LUSD, and so many other interesting projects?
> high-quality stablecoins
Until the next financial crisis maybe?
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#425Earlier quoted context omitted.
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…
// Knight lost half a billion dollars in 30 seconds. Nobody reversed though, even though it was clear error. You cited Knight twice in this thread, and it's just not the same concept. I think your point is that people should accept irreversible transactions in whole because there are some edge cases where they exist today, and that just doesn't make sense. First, there's a difference between an average person and Kni…
There’s no categorical difference between Knight and Vanguard. If Vanguard fucks up its trading, the exchange is not under any obligation to make it right. The only difference is that Knight was a lot more aggressive in terms of pushing the envelope on its algorithms to reap excess profit. I’m sure Vanguard is a lot more politically sympathetic, but I’d trust that “guarantee” a hell of a lot less than I’d trust battle tested software.
Say the fund managers running your 401k decided to say “fuck it, turn off all the circuit breakers.” Would you just shrug your shoulders and say “no worries, I’m sure FINRA’s got my back if anything goes wrong. Blindly trusting the people running institutions to keep you safe is as misguided as assuming that all software is infallible .
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#426Earlier quoted context omitted.
Because there's nothing interesting about them. They're just another variation on the same ol' "we peg our value to the dollar(*)!" pitch. The interesting stuff happens when they fail.
I couldn't disagree more. All of the projects I listed have radically different mechanisms, failure conditions, capital efficiencies, and value capture abilities. It's a fascinating space that is in its infancy. And you're missing projects that aren't pegged to the dollar, but instead have dampened volatility floating price targets — like Reflexer and OlympusDAO. It's a rich, beautiful corner of a rapidly growing spa…
It's a rapidly inflating bubble like NFTs and subprime mortgages.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#427The fact that this is trending on HN shows how little hacker news knows about the cryptocurrency space. A relatively unknown, recently launched stablecoin collapsing is not big news in crypto. Now if dai, usdc or usdt had failed, that would be a big deal.
> A relatively unknown, recently launched stablecoin collapsing is not big news in crypto. The fact that some people think a $250,000 heist followed by the collapse of a half a million dollar stablecoin is "not news" underscores how ridiculous the cryptocurrency space is right now.
250k is nothing compared to the biggest defi losses: https://rekt.news/leaderboard/
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#428Earlier quoted context omitted.
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.
Let's see: - Google: monopolistic tendencies, decline of their search engine, copyright troubles for youtubers, overall bad execution with their projects recently. - iot: really bad security and privacy, otherwise it would be neat. - modern websites: gauntlet of cookie banners and modals, ads and surveillance are criticized, page weight often silly, but the capabilities of modern websites are generally appreciated he…
Yes, I could. You just did it, as did the 3 other replies. You double down and confirm my point.
Like I said, I see the humor in it. It's culture. Every forum has a culture. That's why you came to the defense, even in absence of an attack.
I know I won't change that, but I do want to explain my counter point by means of an example.
You have absolutely no idea how deeply I hate Google. I could write books full of it. Yet I will still not fall in the trap of an absolute closed mind or simplistic binary rejection.
Same for crypto and for anything large and impactful. It's a hard thing to do these days, to be a technologist for technology sake, and to cleanly separate it from the maker's reputation, personal politics, and so on. Very few things in life can be sorted into good or bad.
So when you have topics that are close to taboo, yes, I do think that's odd.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#429Earlier quoted context omitted.
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).
We're in agreement that lying about backing is wrong in any case, no argument there. I in particular object to the notion that things of value should be 100% backed by actual USD, in bank accounts or cash. That's not how liquidity works, yet a lot of people intuitively believe this to be so.
They said it wasn't hard, not that it was necessary in all circumstances.
Banks and gold deposits re-lend money because it makes them money and they can sell the storage service for cheaper. If you want something that won't be loaned back out then you can buy that service pretty easily.
And stock prices changing is a very different thing. The actual supply is there, and entire markets caps can and do get sold in things like mergers.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#430Earlier quoted context omitted.
How many bugs had a direct financial return in the same way? If you found a bug in maker (or any of the other big contracts) today, you can walk away with billions of dollars worth of coins, that's a huge sum.
Major bugs in smart contracts can cause the system to stop working rather than handing anyone billions. As such people can discover such issues without disclosing them in much the way infrastructure can be vulnerable without people damaging it.
The Parity wallet bug from 2017 is the classic example so far, where someone who was just messing around with the smart contract 'accidentally' locked up $280m in assets[1]. I've linked to the GitHub thread below...this person didn't get anything from the exploit, and it wasn't for street cred (they deleted their account).
https://github.com/openethereum/parity-ethereum/issues/6995#...
https://www.cnbc.com/2017/11/08/accidental-bug-may-have-froz...