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Crypto brothers front-ran the front-runners

bloomberg.com

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Re: Crypto brothers front-ran the front-runners

#3

Post by mmastrac »

At what point does a "clever technique" become a "hack" in the world where code is law?

The biggest mistake I see those in the crypto space make is thinking that you can remove humans from the loop entirely and just rely on machines. It just cannot work.

Re: Crypto brothers front-ran the front-runners

#5

Post by joeldw »

Correct me if my understanding is wrong, but there are no crypto transactions involved with arbitrage in the common case. Arbitrage is concerned with the relative price of two assets, for example BTC/USD. There is no bitcoin transferred from exchange A to exchange B, simply the trade of USD to BTC on exchange A and BTC to USD on exchange B.

Re: Crypto brothers front-ran the front-runners

#6

Post by akira2501 »

I'm uncomfortable with the tax dollars of hard working people being used to defend the likes of those who use robots with million dollar wallets to rake up the low hanging fruit of digital arbitrage on an entirely unregulated network.

They wanted the rewards that came with this risk. Now that they got hustled, they cry foul, and the DOJ is going to spend huge amounts of money litigating their case?

Perhaps it is in and of itself just a new form of "front-running justice" or "administrative arbitrage." What wonderful new things our digital world has brought us.

Re: Crypto brothers front-ran the front-runners

#7

Post by blackhawkC17 »

I really don’t see what these guys did wrong. Good for them for making away with $25 million…the government should leave them alone.

After all, crypto bros wanted decentralized finance where code is law. But they’ll run to the government when someone outsmarts them.

Reminds me of people from corrupt countries parking their money in countries with strong rule of law, where they know it can’t be seized without due process. Sheer hypocrisy.

Re: Crypto brothers front-ran the front-runners

#8

Post by AlexandrB »

mmastrac wrote: post #3

At what point does a "clever technique" become a "hack" in the world where code is law? The biggest mistake I see those in the crypto space make is thinking that you can remove humans from the loop entirely and just rely on machines. It just cannot work.

"Code is law" was always just marketing. For example the original "DAO" had buggy code that allowed malicious actors to take money from the wealthy early investors. Suddenly "code is law" went out the window and the Ethereum chain was forked to get the investors their money back[1].

[1] https://www.gemini.com/cryptopedia/the-dao-hack-makerdao#sec...

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