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The collapse of the IRON stable coin

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Re: The collapse of the IRON stable coin

#331

Post by perl4ever »

ska wrote: post #173
gknoy wrote: post #93

Earlier quoted context omitted.

I don't know. I'm not a lawyer, but I recall that when it comes to contracts, they often allow you to waive protections that the law would normally give you (e.g., specifying that conflict is resolved with arbitration) if both parties agree to it. In the case of smart contracts, where both parties (if I understand it right?) agree that the code defines the contract itself, it seems like saying "... but I made a mista…

> hey often allow you to waive protections ... if both parties agree to it. This is not really generalizable. Arbitration clauses for example waive one method of recourse in favor of another method of recourse, both already accepted by the courts. I expect you couldn't replace that with trial by combat and expect it to hold in court, but you might be able to argue that a different resolution process with historical p…

I'm not particularly knowledgeable on the topic, but there are all sorts of religious courts (at least in the US). Generally they coexist with the secular legal system.

https://www.pewforum.org/2013/04/08/applying-gods-law-religi...

Re: The collapse of the IRON stable coin

#332

Post by meowface »

mardifoufs wrote: post #325
meowface wrote: post #294

Earlier quoted context omitted.

I think a better question might be: what are some valuable "non-ouroboros" projects? Most of the stuff people use essentially seems to be one form or another of shuffling the unit(s) of account around, like the ones you listed. You have a cryptocurrency. What are the uses for the cryptocurrency? Well, you can swap the cryptocurrency for another cryptocurrency or let someone else borrow the cryptocurrency in exchange…

I'm very skeptical of crypto but I'd say buying drugs online is probably better done with crypto than with fiat. It's probably the only actual use case that isn't speculation, and it probably dwarfs any legimate use as a day to day currency. But even then, all the new cryptos are usually totally useless for peer to peer, private transactions since they merely piggy back off the ETH/Binance/etc chain. They often don't…

Yeah, my question is more like "uses of non-Monero cryptocurrencies". Monero has a very clear use case: it's the new digital cash, and people actually use it to buy real things.

Re: The collapse of the IRON stable coin

#333

Post by detaro »

bikamonki wrote: post #321
aazaa wrote: post #311

> _share_price here refers to the price of TITAN, as provided by an oracle, which is correctly reporting it as… 0 (somewhere in the distance, you can hear a room full software engineers burst into laughter ). Aside from the amusing programming error, the main problem with much of the "smart contract" activity today is that doing anything remotely interesting requires an oracle. An oracle is basically a server that re…

Oracle is a fancy name for an API, right?

Specifically for something that feeds data from an API (or really any other data source) into a blockchain so it is available from smart contracts.

Re: The collapse of the IRON stable coin

#334

Post by exporectomy »

shkkmo wrote: post #138
exporectomy wrote: post #92

Earlier quoted context omitted.

How is that thing you've been saying relevant here or how does it lead to your 2nd paragraph? Smart contracts meet all your requirements for a contract just as PDF contracts do.

I believe the point the poster was making is that "smart contract" is a misnomer and contracts comprised of code should be more realistically called "dumb contracts" since they lack the intelligence to understand and compensate for context and intent.

Hard to read that from "a human construct - it is both temporal and physical and has location".

Re: The collapse of the IRON stable coin

#335

Post by [deleted] »

DennisP wrote: post #320
meowface wrote: post #294

Earlier quoted context omitted.

I think a better question might be: what are some valuable "non-ouroboros" projects? Most of the stuff people use essentially seems to be one form or another of shuffling the unit(s) of account around, like the ones you listed. You have a cryptocurrency. What are the uses for the cryptocurrency? Well, you can swap the cryptocurrency for another cryptocurrency or let someone else borrow the cryptocurrency in exchange…

I think limited scaling so far is one reason for that. With limited transaction space, only the high-value transactions are worth paying the gas fees, and mostly that's people trading stuff around looking for profit. I'm hoping that when rollups and sharding get tx/sec into five figures, there will be more room for other sorts of applications.

[deleted]

Re: The collapse of the IRON stable coin

#336

Post by meowface »

_9omd wrote: post #319
meowface wrote: post #294

Earlier quoted context omitted.

I think a better question might be: what are some valuable "non-ouroboros" projects? Most of the stuff people use essentially seems to be one form or another of shuffling the unit(s) of account around, like the ones you listed. You have a cryptocurrency. What are the uses for the cryptocurrency? Well, you can swap the cryptocurrency for another cryptocurrency or let someone else borrow the cryptocurrency in exchange…

Sure, but shuffling units around is the starting point of a new financial system. I like to say that DeFi is speed running the creation of a financial system from scratch. Storing value, trading currencies, borrowing/lending, derivatives, insurance, etc. are some of the building blocks of a financial system and all are currently live in the Ethereum ecosystem. I think some people got sold on this false premise that c…

True. Part of it is just a personal problem of mine; I like Ethereum, smart contracts, dapps, DAOs, and decentralization, but I hate finance. (Of any kind.)

Re: The collapse of the IRON stable coin

#337

Post by meowface »

DennisP wrote: post #320
meowface wrote: post #294

Earlier quoted context omitted.

I think a better question might be: what are some valuable "non-ouroboros" projects? Most of the stuff people use essentially seems to be one form or another of shuffling the unit(s) of account around, like the ones you listed. You have a cryptocurrency. What are the uses for the cryptocurrency? Well, you can swap the cryptocurrency for another cryptocurrency or let someone else borrow the cryptocurrency in exchange…

I think limited scaling so far is one reason for that. With limited transaction space, only the high-value transactions are worth paying the gas fees, and mostly that's people trading stuff around looking for profit. I'm hoping that when rollups and sharding get tx/sec into five figures, there will be more room for other sorts of applications.

Definitely true. I'm also curious about non-finance use case ideas, though, even if they're not implemented yet or don't have much use.

Re: The collapse of the IRON stable coin

#338

Post by ceejayoz »

Paradigma11 wrote: post #198
rank0 wrote: post #152

Earlier quoted context omitted.

> Their docs state that there should be a max supply of 1 billion iron titan tokens[0]. But according to coingecko, there are over 27 trillion in circulation[1]. How on earth does something like this happen?

From the article: "[EDIT: I’ve since learned that the developer(s?) behind this are already the laughing stock of the DeFi community, having wrecked each of their 3 previous projects (now 4) — though this might be their biggest hit yet]"

In other words: find a way to short their fifth project.

Re: The collapse of the IRON stable coin

#339

Post by Scoundreller »

ac29 wrote: post #263
tornato7 wrote: post #226

I think Circle is the real winner here. If there are 200 million USDC locked up permanently in some contract, then Circle can safely spend $200m of it's collateral knowing it will never be withdrawn. Or, if they were generous, they could return it to the community that invested in IRON (seems unlikely)

Given that Circle is based in the US and subject to US court rulings, more likely they would need to freeze and hold those assets pending any potential lawsuits to recover funds.

If there’s a statute of limitations, they’d eventually be free and clear, no?

Re: The collapse of the IRON stable coin

#340

Post by perl4ever »

aidenn0 wrote: post #246
dragontamer wrote: post #144

Earlier quoted context omitted.

You're talking about multi-level marketing. Which isn't quite a pyramid scheme (even though it is pyramid-ish). Pyramid Schemes have the originators (the "top" of the pyramid) win lots of money, while the base (the "bottom" of the pyramid, where most people are) losers. And the top barely did any work to get there: they just took the money from people below them.

Many MLM companies fit the legal definition of a Pyramid scheme (and have faced consequences from the FTC in some cases). The general rule is that if the majority of money does not come from selling to retail customers (either directly or downstream), but rather from recruiting new members, then it's a pyramid scheme.

There really is no "general rule" as evidenced by the fact that companies accused of being MLMs have gone on as publicly traded companies for ages, while even billionaires and hedge fund managers have feuded about whether it is a scam.

See: Herbalife and Ackman vs. Icahn.

Or AFLAC. (I'm not saying they are an MLM, but I've been personally approached for a "job" that seemed to be sales with no qualifications needed and I wondered)

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