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 :)
All terms are made up by your definition.
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
#12So what type of exploit is this? Is this a problem with smart contracts? Could this be a problem for other cryptocurrencies with smart contracts, like Ethereum?
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#13There 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 :)
Isn't the whole value of your ethereum based on people using it for these kinds of scam projects?
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#14These 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.
How is that different from a traditional contract written by a lawyer? A single word could leave a huge unexpected hole in a traditional contract.
There's actually some chance that a poorly written contract, can be fixed / worked out between the parties involved.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#15There 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.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#16These 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.
How is that different from a traditional contract written by a lawyer? A single word could leave a huge unexpected hole in a traditional contract.
The difference is that disputes are resolved by humans who attempt to determine intent.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#17Is there a website along the lines of istheshipstillstuck.com or arewewebyet.org but for "Is that coin / smart-contract dead already" ?
Would be an useful reference in this ever-changing landscape, though I would pity the maintainers.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#18These 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.
I've seen them described as "self-funding bug bounties".
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#19There 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 :)
Isn't the whole value of your ethereum based on people using it for these kinds of scam projects?
Absolutely.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#20There 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 :)
MakerDAO is not a scam, and the dollar peg survived the last crypto crash so it's pretty "stable".