121–130 of 197 posts
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Doesn’t that just mean the trading is done by a trusted third party? Fine until the third party goes belly up.
This is how most asset trading works, but outside of crypto these third parties are actually trustworthy
With multiple layers of mutualised failsafes.
Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
I once watched a new (I assume) dealer make two large mistakes at a blackjack table, in Vegas, of all places. One, I had put down $500 in twenties, and he was giving me chips, except he was going to give me $1,250 in chips, like he thought they were fifties. Pit Boss looked at him, looked at the chips, "What are you doing??", let him fix the error. A couple of hands in, dealer gets an Ace, so he checks the hole card.…
Does anyone know what the dealer training looks like in practice? I assume people will make silly mistakes for a while. Are they expected to practice until perfection before they start working?
A lot of the "genius" credit given to FTX, Alameda, Sam are all during a time when crypto was soaring, probably partially because people were home more and got free checks in the mail. The fact that a single person could absolutely tank the entire company with a single trade shows how reckless they all were. But it worked because the market was going up. That's it. The market slumped for like a week and their behavio…
Sadly, this sort of thing happens in traditional trading firms as well.
https://en.wikipedia.org/wiki/Oil_futures_drunk-trading_inci... https://en.wikipedia.org/wiki/Knight_Capital_Group#2012_stoc... https://en.wikipedia.org/wiki/Nick_Leeson#Barings_Bank https://en.wikipedia.org/wiki/Rogue_trader https://www.foxnews.com/story/typing-error-causes-225m-loss-...
Wouldn't this sell just be gobbled up quickly by buyers? Why would it move the BTC price so dramatically to the downside? Surely this couldn't have been that much volume at near all-time highs of BTC in 2021?
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If the house starts with a blackjack they collect the initial wagers from anyone who doesn't also have a blackjack.
I thought tie goes to the dealer, so they collect from everyone regardless?
Reading stories like this makes me wonder why I don't have a long term trade in place for a low amount and hope to fish a good one during a flash crash. Seen them on the stock market too. Back in my day I wrote a few trading bots, they never went anywhere positive after about a week of profit. Seems to me now that the smartest robo-trader algorithm is... 10 wait for human mistake... 20 goto 10
HFT algos are going to make quick work of the opportunity well before your broker can even think about executing your limit order.
Celsius lost millions in dumb mistakes like that too. Someone at Celsius manually approved a bogus transaction on a hacked website... https://www.coindesk.com/markets/2021/12/03/crypto-lender-ce... Badger later reimbursed Celsius with inflation on their token that would be released slowly over several years. "restitution". Someone at Celsius thought that they could sell that restitution token and ended up forfeiting…
yeah a lot of "dumb" mistakes. whoops accidentally sent to wrong address, which i happen to own the private key too...
Someone exploited a weakness in CloudFlare and was able to replace the Badger website. When someone clicked on the site to execute an approval transaction, it went to the attacker first, which gave the attacker full control over their wallet.
It did take a manual step on the part of Celsius though... which should have been checked more closely. The UX around that checking is really terrible though and when someone is trying to do something quickly, they aren't always going to check. This is a big failure of wallets these days.
Balancer.fi just had a similar attack happen to them where the .fi registry allowed a nameserver change.
https://twitter.com/Balancer/status/1704552288201883809
It is also clear that the frontends really need to be hosted in a way that they can't be modified.
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Funny that the top comment here is about poker - there's a rumor in the poker world that SBF was a whale in some of the biggest private app games, and owed the game runners north of $10m when he went down, which the winners in that game (apparently including legend of the game Dan "Jungleman" Cates) are now never going to see.
Don’t they generally have ties to the underworld/extralegal means of reprisals against people who owe them money? So wouldn’t they have acted by now if this were true (even if not “successful”)?
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Would you mind explaining the second story? I don't play casino blackjack. Isn't the goal of the house to get blackjack? So if the dealer had Ace face up and King down, isn't he assured to win the hand and collect all the stakes?
If he has ace face up and checks and sees a king he is supposed to flip it over, show his blackjack, and take everyone's money. He instead let them play the hand out as if he didn't have the king.
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You realize that this is how valuations for publicly-traded companies are calculated, right? Also the networths of people whose vast majority of wealth is tied to publicly-traded shares.
Putting on a white coat doesn't make you a doctor, the years you spend studying and practicing does. Similarly, printing a billion tokens and trading one for a dollar doesn't give you a billion dollar market cap, even though "all the stocks do it!" Those stocks also back productive systems, have financial statements, forecasts, and a million other things that make them a billion dollar (or larger) market capped compa…