491–500 of 502 posts
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Wow, sounds great. Where have you been working / which cryptocurrencies/services have you been working on?
This was with IOHK (iohk.io) on Cardano however due to relocating and work visas etc I'm currently working on my own projects in the Eth/Cardano ecosystems
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Nonsense. There's severe punishment for acts that demonstrate clear malice (e.g. violence, possession of substances well-known to be illegal) and light punishment for ambiguous cases (making a subjective judgement call in a particular way), at every level of society. If anything the error is in the other direction - legislation that requires people to make subjective noisy judgments and get them right is futile and a…
Nope. Clear malice was proven beyond doubt in Libor fixing, in credits ratings fixing in the leadup to 2008, etc. There's severe punishment for crimes committed by regular people, and no punishment for crimes committed by wealthy people, even if all things considered the latter manage to harm millions of people with their actions.
Where? As far as I saw there was one bank that thought it was obeying a discreet request from the government, and a bunch of banks where traders said usual trader nonsense (which is "malicious" in a sense, but it's very much part of the norms and culture of trading and the expected functioning of a market, just like a good lawyer should make their case as strongly as possible regardless of their personal beliefs about what happened).
> even if all things considered the latter manage to harm millions of people with their actions.
Who was harmed? If there was any effect of Libor fixing, it was likely that people paid slightly lower interest rates on their mortgages.
> _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…
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For prices you can use Uniswap's oracle which is time weighted average price and can't be manipulated unless you buy a ton of the token over the entire time period. In this case it was using a Sushi swap oracle (uniswap clone that's on matic) with very liquid pools so it was accurate, just lagged a bit when titan was dropping rapidly.
This actually surprising and doesn't make a lot of sense to me. If the oracle is just an AMM, then presumably one could get the oracle to register a nonzero value by just putting a small amount of money in the contract. As long as there aren't an infinite amount of TITAN tokens (are there?), even if all of the TITAN in existence were put into this AMM, there would still be a little money left to give TITAN a positive…
> 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 What's the best DeFi project? One where the value proposition is actually clear, there are actually people using it and it's actually at parity or better than a traditional financial system offering?
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I have to disagree, but will consider your argument. I just don't think you can write code that does money transmission and publish it and say you are now not doing money transmission because you can't modify it after it is published. Paypal could write some code and publish it on AWS, perhaps they make it so that they can never modify it every again and imagine it functions just fine. Are they now not doing money tr…
There is another issue though, on AWS, Amazon knows who you are. On Ethereum, unless you openly say you published that code, there is not many recourse to find you.
Most large defi projects are not anonymous. Many have VC backing, are on discord, etc.
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I suppose yes and no. Screwing up the maximum supply seems like an enormous blunder while I kinda understand the assumption that “price > 0” if they’re supposed to be backed by 75% usdc.
You might be confused. The "price > 0" refers to the price of TITAN. TITAN isn't backed by USDC at all. IRON is (ideally) backed by 75% USDC and 25% TITAN.
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At that point can they really be considered purely code contracts anymore? If their execution requires a trusted third party some of the rhetoric goes out the window.
They're sort of hybrid networks at that point, but Chainlink oracles are decentralized: each function is run by several nodes (31 for the BTC/USD or ETH/USD price feed, for example). The nodes have to come to consensus and individual nodes are slashed if they produce bad or late data. You can see an example of a LINK feed here: https://data.chain.link/ethereum/mainnet/crypto-usd/eth-usd Decentralization is a spectrum…
Probably a dumb question, but is there any possibility of temporarily getting the price to slightly above 0 in order to let people get their money out? For example, could some group with a lot of money offer to buy/sell a bit until the oracle considers it above 0, in exchange for some sort of compensation from the investors or devs?
Here's a better question: Why? This is exactly what crypto-enthusiasts claim is going to happen to the US Dollar and I've never heard mention of crypto taking pity on fiat by offering to give them crypto when the bottom finally falls out of fiat. So why should anyone else be responsible for people who took a calculated risk that blew up in their face? Yes, this sucks for them. But this shit happens. Don't throw good…
Profit.
There are a lot of people with USDC locked up in the contract and they might be willing to pay a share of it to unlock it.
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Bernie Madoff went to prison for fraud, what would "an honest Ponzi scheme" even mean? I think a lot of people saw The Wizard of Lies and "Ponzi scheme" is the only financial scheme they're familiar with, so it gets thrown around a LOT.
So what you're describing is that this is a next-generation Ponzi scheme where nobody goes to jail but a bunch of people still lose money. But yeah let's keep arguing over semantic definitions.
This whole thread looks like someone saying "No, a boat is not a car" and the other going "but it does have an engine, right? It's a car. Let's not argue semantics"