The fact that this is trending on HN shows how little hacker news knows about the cryptocurrency space. A relatively unknown, recently launched stablecoin collapsing is not big news in crypto. Now if dai, usdc or usdt had failed, that would be a big deal.
> A relatively unknown, recently launched stablecoin collapsing is not big news in crypto. The fact that some people think a $250,000 heist followed by the collapse of a half a million dollar stablecoin is "not news" underscores how ridiculous the cryptocurrency space is right now.
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
#522Earlier quoted context omitted.
How are they trivial? From my limited knowledge they are basically trying to stabilize a speculative asset using another speculative asset. To me it seems like an essentially impossible task.
Yeah. In theory they are broken. But in practice they can work for a while. They work by taking a collateral and splitting in two. The first part has some fixed value in an external currency. The other part is the rest. And that works as long as the rest has some value. However here we are talking about programming errors in the implementation. And Solidity/Ethereum is really at fault. How do you implement a contract…
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#523Earlier quoted context omitted.
> A relatively unknown, recently launched stablecoin collapsing is not big news in crypto. The fact that some people think a $250,000 heist followed by the collapse of a half a million dollar stablecoin is "not news" underscores how ridiculous the cryptocurrency space is right now.
That's literally one junior software engineer's annual salary. It honestly is negligible in the context of the crypto market.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#524Earlier quoted context omitted.
Immutability is at the heart of blockchain functionality. Everything involved requires it. So, you'ld have to throw it all out and try to invent something entirely different.
Have you heard of Tezos? Tezos is often referred to as the first “self-amending” blockchain, which routinely adapts and adopts new features natively and automatically via its unique on-chain governance mechanism. This protocol functionality allows the system to coordinate the selection of new updates though popular voting, integrate the new updates that are selected, and compensate the developers who proposed them. […
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#525Is 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.
Yes - Rekt. https://www.rekt.news/leaderboard/
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#526Is 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.
Yes - Rekt. https://www.rekt.news/leaderboard/
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#527Earlier quoted context omitted.
Doing illegal things, mostly. If you are working a w2 job and paying taxes and paying your mortgage / auto loan... crypto doesn't really help you. Blackmail? Awesome. Buying illegal substances? Awesome. Gambling? You got it...
I’m making an assumption here that “crypto” means “crypto coin” and, perhaps further, any form of blockchain based, consensus maintained, public ledger. I don’t understand this “crypto is good for doing crime” narrative. When I’m doing crime, I strongly prefer there to be no record of the transaction. The closer I can get to an assurance there is no permanent record of the transaction, the safer I feel in deviating f…
Further, this point is completely nullified by the fact that there are private ledger cryptocurrencies (e.g. Monero). Widely available public cryptocurrencies like Bitcoin are useful for crime because they're (relatively) easily understandable, usable, and purchasable by laypeople. This results in a process that goes as such:
> Customer wants illicit good
> Customer goes on coin brokerage and buys Bitcoin
> Customer sends Bitcoin to illicit goods dealer in exchange for goods/services
> Dealer exchanges Bitcoin for Monero
> Dealer now has "clean" currency that could be used for anonymous cash drops, speculation, or even withdrawal from a public marketplace.
There are at least hundreds of people operating in the many millions of revenue using this model (with some additional safeguards) that have been successful for years and years. You are correct in saying that you are staking your freedom on the safety of something such as Monero, although you are free to analyze its safety and determine whether or not it is suitable for your threat model.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#528Earlier quoted context omitted.
That's literally one junior software engineer's annual salary. It honestly is negligible in the context of the crypto market.
Unrelated to the main thread but what jobs pay junior's 250k? Asking for a friend...
Although, junior devs certainly can get that much at top tier companies in SF, but you have to be really good to get them.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#529I see a lot of negative comments about blockchains in general here. We are now trying to build a new world order and It is purely built on code. Of course, we will have issues like this. Nothing is perfect.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#530Earlier quoted context omitted.
Quite the opposite. It's valid, healthy and even recommended to have significant skepticism regarding crypto. I think that's fair game, as about 90% (or more) of coins are pump-and-dump schemes. Further, almost everything "Defi" is supremely risky, as they are completely unregulated, not insured, often lack liquidity, and can go down the drain at moment's notice. Fine. However, there's a general anti-crypto stance he…
> Fine. However, there's a general anti-crypto stance here largely based on outdated mainstream narratives that if you truly would be literate about crypto, could only laugh at. Can you be specific about the narratives you're seeing on here that you are laughing at?
"Crypto is only used by criminals". Complete non-sense, cash is used far more often for illicit activities. In fact, blockchain forensics is developing so fast that crypto increasingly is very unattractive. Not only may they find you, your coins may become "tainted", and rejected by exchanges.
"Crypto is a scam". Inaccurate. Out of the 10,000 or so coins, most are scams. Yet there's at least two dozen or so serious long term projects, and these matter, as judged by their market cap.
"It's a pyramid scheme or ponzi fraud". No, in particular for the serious projects (Bitcoin, Ether), it does not meet this comparison at all. There is no single beneficiary doing a rug pull.
"Crypto boils the oceans". It doesn't. If you see it as an industry, it's greener than most other industries. And particular as we speak, almost all dirty mining (coal-based) is rapidly moving to renewables as miners are leaving China. And not just that, there's a mining council stimulating in particular stranded energy.
"It's worth zero". Well, I can't predict market prices, but the point here is that people have no idea about Bitcoin adaption. It grows by millions of users per week, faster than the rise of the internet and Facebook. Also, institutional investors are in, there's ETFs, the first nation accepting it as legal tender, the list goes on. It will face many more obstacles but the point is that this is no longer some weird internet cult, it's mainstream.
"Political rejection" Here I'm hinting at mostly liberals rejecting crypto based on political motives. Yet they quite literally fail to see the other side of the coin. Where Bitcoin besides being speculative, also has tremendous humanitarian value. It can help the poor unbanked to store/grow value. It can help people in inflationary regimes protect their property. It allows immigrants to cross borders without seizure. It allows immigrant arrivals to send back money to their homeland, without the middle man taking 35%. And perhaps closer to our first world, crypto may be the young's generation only chance to grow some wealth, as they are locked out of everything else.
I know, the above list make me sound like a proponent. I'm not, I'm confused, puzzled. And I embrace that. Because this entire thing is just too complex to slap a single label on.