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Do not rug on me: Zero-dimensional Scam Detection

arxiv.org

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Re: Do not rug on me: Zero-dimensional Scam Detection

#81

Post by socialismisok »

throwup wrote: post #76
pyrale wrote: post #52

Earlier quoted context omitted.

Yeah, people should remember that they have 2.3% chance of not getting scammed on uniswap. That's the definition of safe to use.

This is logically incoherent. It would only be true if you chose a token completely at random instead of choosing a widely-used token you wanted to use. Reminds me of "it either works or it doesn't, so there's a 50/50 chance"

Trusting all individuals to make safe decisions in a marketplace flooded with scams is just not scalable. You cannot educate every user in how to identify a scam.

And excluding users who haven't gone through that education hardly seems like the democratization of finance that these services advertise.

Re: Do not rug on me: Zero-dimensional Scam Detection

#84

Post by tsukikage »

zmaurelius wrote: post #47
churchill wrote: post #19

Crypto is pitched as a decentralized alternative to central bank currencies. Which, I think, is a great idea, especially with CBDCs (which are really going to be the catalyst for fascism on steroids, especially in quasi-democracies) on the horizon. My biggest problem with crypto is that most people who buy and hold it are not truly libertarians looking to scale up usability in the space. They're really just gamblers…

That's the thing with decentralization, since anyone can participate you will always get a bunch of gamblers because most people are not in it for ideology but rather to make a buck. That's just human nature. Is it possible to create incentives to keep the gamblers way? I haven't come across any great ideas so far.

It's actually worse than that. The entire selling point of crypto is that it's an ungoverned unregulated financial wild west. That makes this space very attractive for people who want to do things that would be more difficult in a regulated environment where actions have legal consequences; and the more such actors enter the space, the more people who do not want to be around such actors leave. So eventually you end up with a population of half a dozen confused normies and a gazillion scammers and gamblers.

It's exactly the same effect as evaporative cooling of online social groups: if you don't set boundaries, trolls kicked out of places that do gather in your space and people who don't like being in such a space leave, until your space is nearly all trolls and one morning you wake up to find you've made a *chan again.

Re: Do not rug on me: Zero-dimensional Scam Detection

#85

Post by Sargos »

socialismisok wrote: post #78
Sargos wrote: post #50

Earlier quoted context omitted.

Why would I dispute it? At best the title is misleading though as most readers likely aren't aware of how Uniswap works and will think "97% of the tokens are scams so Uniswap is unsafe to use" which isn't true in the slightest.

97% of the things available in my vanguard or Charles Schwab aren't scams. It's preposterous to call a marketplace where less then 3% of the offerings are "legit" a safe market to use.

This misconception is exactly why I made my comment. If you go to Uniswap right now you won't have access to any of these tokens. You are just about as safe as using Charles Schwab.

Re: Do not rug on me: Zero-dimensional Scam Detection

#86

Post by z3c0 »

socialismisok wrote: post #78
Sargos wrote: post #50

Earlier quoted context omitted.

Why would I dispute it? At best the title is misleading though as most readers likely aren't aware of how Uniswap works and will think "97% of the tokens are scams so Uniswap is unsafe to use" which isn't true in the slightest.

97% of the things available in my vanguard or Charles Schwab aren't scams. It's preposterous to call a marketplace where less then 3% of the offerings are "legit" a safe market to use.

Yeah? You can't pick apples from an orange tree either. What do shares of a company/futures/fund have to do with this market in particular?

Its a digital marketplace. The digital space is full of attempted scams that never come to fruition, and their presence is no indication of engagement. Is that really that hard to wrap your head around?

Re: Do not rug on me: Zero-dimensional Scam Detection

#88

Post by jkepler »

fieldcny wrote: post #66
onlyrealcuzzo wrote: post #7

What constitutes a scam? I'm about as much of an NFT hater as you can be. But people spend money on lots of "dumb" stuff. So why is an NFT a scam if Pokemon cards aren't? Both of them are artificially scarce. Both of them are mainly about buying cute pictures. And at least for a lot of the buyers, it's about speculating the price will go up in the future.

You clearly aren’t as much of an NFT hater as you claim to be. The difference is when I buy a Pokémon card, I own the physical item. When I buy an NFT I buy a digital claim on some item, but you don’t actually own the item, you own the claim that you own the item.

You buy a digital claim to own a non-scarce jpeg, that anyone can copy, but only you can "own". Problem is, to enforce your ownership rights you are relying on the security of whatever the underlying block chain is.

And, we know that Ethereum has changed history in the past (DAO failure in 2016), and they can do it again anytime a majority of the stakeholders think it ought to be done.

I think rule-of-law property rights are more robust, or simply owning bitcoin, as its just a protocol without a group of people in change.

Re: Do not rug on me: Zero-dimensional Scam Detection

#89

Post by eswat »

ethanbond wrote: post #65
Sargos wrote: post #60

Earlier quoted context omitted.

If you go to Uniswap right now you won't see any of these tokens. You run no risk of getting scammed by using Uniswap unless you go out of your way and manually add them.

Which you have to do to use Uniswap, right?

No. Uniswap will display the Uniswap Labs default list from Token Lists[0], which covers a lot of the legitmate tokens. Token Lists has additional lists from other protocols if you want to expand the listings. Unless a token is playing a long con (FTT I guess) it’s unlikely to be listed in these.

If you want to trade an unlisted token by adding the contract address manually, sure you can do that. But then it’s on you if you get scammed, like if you follow through on a solicitation from a spam email.

[0] https://tokenlists.org/

Re: Do not rug on me: Zero-dimensional Scam Detection

#90

Post by k__ »

lvass wrote: post #49

There's a lot of reasons to dislike cryptocurrencies but the fact you can manually paste an address to the uniswap interface and trade a well-performing token to a poor-performing one (the definition of scam used here) is definitely not one of them.

Yes.

It's a bit like saying most startups go belly-up in the first years, so we shouldn't do startups anymore.

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