Is DeFi anything?

[olumyd]

With people looking into ways to exploit DeFi systems, it's going to be hard to fully trust decentralized products. The recent contract manipulation on bzx could as well be a sing that not even DeFi systems are fool proof. But I do wish they had used a several oracles to determine the true point of reference. Hopefully they will consider such platforms as Chainlink for future oracles.

[gentlemand]

https://twitter.com/lopp/status/1240251570064949250

That pretty much says it all. The problem with many things, and especially ETH and similar contraptions, is that there is ALWAYS an unforeseen circumstance and ALWAYS someone present at the right moment to exploit it.

This is an area I'm going to leave to others to iron out for many, many years before taking the plunge.

[fabiorem]

I'm not into ethereum, but I like their utility projects, which aims for decentralization of finance.

Its unfortunate that bitcoin failed its purpose as a safe haven against financial crisis in the fiat system. The DeFi sector was nearly destroyed in the recent plunge, according to this article: https://www.longhash.com/en/news/3287/How-High-Leverage-in-the-Crypto-Market-Crashed-Bitcoin-to-

“The entire DeFi ecosystem almost died today. Several large market participants went bust. Many traders literally could not get money to the exchanges fast enough to trade due to blockchain congestion & the extreme volatility was then made worse,” added Jain.

[okala]

The whales are selling and the retails traders are buying! I think the dump was pre-plan by group of whales and some of them are still watching the market on the best price to come in again. I will say it is a game of manipulations.

[gentlemand]

https://medium.com/nexus-mutual/black-thursday-claims-3d9e74356992

Nexus Mutual, a 'decentralised alternative to insurance', has agreed to $786 in compensation for 'black Thursday' claims when it all fucked up.

That's great.

However $2,218,270 was turned down.

Sod this garbage.

[gentlemand]

https://twitter.com/DoveyWan/status/1251772447176536064

https://twitter.com/WhalePanda/status/1251786346282262528

A $25 million hack of summat named Dforce's defi funds.

I think it's well and truly time to stick a fork in this idea for all eternity myself. The safety simply isn't there.

[bbc.reporter]

@gentlemand. Also this news. dForce copied Compound's code hehehhe. It is paywalled, however. Does anyone have a theblockcrypto subscription? Kindly share the full article. Thank you.



VC-backed Compound is alleging that a fast-growing DeFi startup stole its code. The dispute raises questions about what 'open-source' actually means

A DeFi startup in China called dForce has seen notable growth in its lending protocol over the past two months.

VC-backed Compound says the company stole its copyrighted code – an assertion that appears to be supported by information on GitHub

The dispute highlights what “open-source” means in practice for technology firms.

Source https://www.theblockcrypto.com/daily/54389/vc-backed-compound-is-alleging-that-a-fast-growing-defi-startup-stole-its-code-the-dispute-raises-questions-about-what-open-source-actually-means

[exstasie]

https://twitter.com/DoveyWan/status/1251772447176536064

https://twitter.com/WhalePanda/status/1251786346282262528

A $25 million hack of summat named Dforce's defi funds.

I think it's well and truly time to stick a fork in this idea for all eternity myself. The safety simply isn't there.

The entire Ethereum ecosystem has been an ongoing dumpster fire for years, ever since the DAO exploit. It's a never ending story of investors dumping hundreds of millions of $ into extremely risky and untested platforms, and then losing it.

But you know what? I'm pretty confident people are going to keep shoveling their money in. As irrational as it seems, I can still feel lots of hype bubbling underneath. Markets love to stay irrational. Assuming BTC recovers nicely into year end, I also expect Ethereum's anticipated transition to POS to amplify overall hype in the space.

[bbc.reporter]

@exstasie. There was also the parity bug where a developer accidentally froze more than 500k coins in an Ethereum smart contract.

Are those bugs there because of defects on Solidity the platforms programming language?

[exstasie]

@exstasie. There was also the parity bug where a developer accidentally froze more than 500k coins in an Ethereum smart contract.

Are those bugs there because of defects on Solidity the platforms programming language?

Not defects per se, but Solidity probably allows too much functionality given the sloppiness with which contracts are historically coded. It's very easy to overlook critical vulnerabilities. The DAO exploit and Parity bug were both examples of sloppy code.

Bitcoin's Miniscript, in contrast, offers much less functionality but also has a much smaller attack surface. https://www.coindesk.com/pieter-wuille-unveils-miniscript-a-new-smart-contract-language-for-bitcoin

[bbc.reporter]

@exstasie. Defects might be wrong to say, however, would you say that Solidity is a bad smart contract language that was shown to be not appropriate for creating dapps?

[Naida_BR]

DeFi is one of the greatest functionalities of Blockchain.
Most of the projects are built on the ethereum blockchain - and this is what it makes ethereum competitive.
DeFi projects are going to have an increase in the value as it will be the starters of the mass adoption trend.

[gentlemand]

DeFi is one of the greatest functionalities of Blockchain.
Most of the projects are built on the ethereum blockchain - and this is what it makes ethereum competitive.
DeFi projects are going to have an increase in the value as it will be the starters of the mass adoption trend.

Erm, are you reading anything above? Projects are getting hacked and drained of all funds. Who the fuck would mass adopt that?

If they want it to take off it needs to have been 100% bulletproof from top to bottom for many years. Instead we get this. No one other than crypto propellerheads will ever go anywhere near it.

[Last of the V8s]

DeFi is one of the greatest functionalities of Blockchain.
Most of the projects are built on the ethereum blockchain - and this is what it makes ethereum competitive.
DeFi projects are going to have an increase in the value as it will be the starters of the mass adoption trend.

[tokeweed]

Just wondering...  Can an entity who holds a huge bag of, say, ETH use that bag to generate a ton of USD stablecoin from some Defi and pump ETH with those same generated stablecoins?