Military spending worldwide 🌏
Speaking on NK, here are some charts on military spending worldwide. After WW2 US spending dropped relative to GDP, but is still very high in absolute numbers. Not inflation-adjusted. More 📊 https://ourworldindata.org/military-spending
Speaking on NK, here are some charts on military spending worldwide. After WW2 US spending dropped relative to GDP, but is still very high in absolute numbers. Not inflation-adjusted. More 📊 https://ourworldindata.org/military-spending
Pantera ICO Fund REKT 💩
Here is the public disclosure by Michael Novogratz' Galaxy Digital VC. As you see, most of the liquid holdings are ICO funds and those are rekt. Also, Pantera ICO Fund is closing.
My prediction is that the equity bets on smaller players, like most of the recent SF VC deals, will be 100% annihilated into shitter. Expecting any revenue or actual usable products is not realistic.
The only way out for them is to dump on bigger funds in the next round who simply HAVE to deploy capital somewhere, so they will agree.
Another day, another pleb.
Here is the public disclosure by Michael Novogratz' Galaxy Digital VC. As you see, most of the liquid holdings are ICO funds and those are rekt. Also, Pantera ICO Fund is closing.
My prediction is that the equity bets on smaller players, like most of the recent SF VC deals, will be 100% annihilated into shitter. Expecting any revenue or actual usable products is not realistic.
The only way out for them is to dump on bigger funds in the next round who simply HAVE to deploy capital somewhere, so they will agree.
Another day, another pleb.
Ⓜ️atic Network - success breeds success
The right mix of the community, narrative, and price. Somewhat of a social media business case study.
A shoutout to the relentless work! There are very few projects I like in the space, and it's always either because the tech seemed very innovative, the community was vibrant, the team seemed very strongly opinionated... In the case of Matic, it's more of a mixture of different pieces. Whether you like Plasma, sidechains, L2, and so on - is not even particularly relevant here. Surely, they have that, but to me personally, I see something else they have mastered that very few could. Let's go directly into those.
1️⃣ Marrying the narrative with the price
Considering the previously negative connotation of being an Indian project, many have called them a scam, despite the team building such cool things as Wallet Connect. It was a tough narrative to reverse, however, they managed to do more. Being a Binance Launchpad project, that gave them some boost, but it wasn't easy [see 3]. If whitepapers are deemed useless, partnerships are seen as vague, technology is early - what tools do you have left? How do you make the narrative work for you?
Price. These guys managed to keep building and promoting it in such a way, where their success led to more success. From an Indian shady project, they grew to the best launchpad performer, to becoming a very known Ethereum ecosystem player, to now leading to the The tech hub of India narrative. They mastered the price and liquidity where their work has been amplified, and is now becoming a living organism by itself. That's what any social media - community strategy should be these days.
2️⃣ Staying lean and community-oriented
Many people, once raising, forget about their previous friends. Honestly, not a hater of Nym per se, but those US projects really get cocky as hell [not budy - cocky] once they get some cash. It;s the trend I only see among them. On the other hand, Matic guys stayed lean, always communicating with the community, tons of AMAs, responding to everyone, being active on media - and not hiding behind secretaries and some full-suited meetings. When people feel the affiliation, they get stuck with your brand, and they become more active.
3️⃣ The importance of feedback and community
Sure, B Launchpad helped them grow and helped get that kickstart, but they have achieved much more than other peers from that cohort. A launching platform is just a boost, it doesn't define everything. In fact, at the very beginning, it was hard for them to get the community love because normal people couldn't really get a part of Matic in ICO as they have been used to. And when it doesn't happen [that people have economic incentives] they don't pay attention - and who are we to blame them, there are hundreds of other coins.
Following up on No1 comment, they have helped bring exposure to Marlin Protocol, Cere Network, and other aspiring projects showing hopes - cementing their position as a leader.
PS: not a paid post duh. Why not use the opportunity to clap to the cool dudes working all the time, it's inspiring! Battle Racers & CryptoKitties, Chain Guardians, Blockade Games, Axie Infinity, and so on - I like the spirit. Price-wise further, idk, they are TOP-damn-50 CMC. Also, I am still rekt as I always have sold the bottom, fml.
The right mix of the community, narrative, and price. Somewhat of a social media business case study.
A shoutout to the relentless work! There are very few projects I like in the space, and it's always either because the tech seemed very innovative, the community was vibrant, the team seemed very strongly opinionated... In the case of Matic, it's more of a mixture of different pieces. Whether you like Plasma, sidechains, L2, and so on - is not even particularly relevant here. Surely, they have that, but to me personally, I see something else they have mastered that very few could. Let's go directly into those.
1️⃣ Marrying the narrative with the price
Considering the previously negative connotation of being an Indian project, many have called them a scam, despite the team building such cool things as Wallet Connect. It was a tough narrative to reverse, however, they managed to do more. Being a Binance Launchpad project, that gave them some boost, but it wasn't easy [see 3]. If whitepapers are deemed useless, partnerships are seen as vague, technology is early - what tools do you have left? How do you make the narrative work for you?
Price. These guys managed to keep building and promoting it in such a way, where their success led to more success. From an Indian shady project, they grew to the best launchpad performer, to becoming a very known Ethereum ecosystem player, to now leading to the The tech hub of India narrative. They mastered the price and liquidity where their work has been amplified, and is now becoming a living organism by itself. That's what any social media - community strategy should be these days.
2️⃣ Staying lean and community-oriented
Many people, once raising, forget about their previous friends. Honestly, not a hater of Nym per se, but those US projects really get cocky as hell [not budy - cocky] once they get some cash. It;s the trend I only see among them. On the other hand, Matic guys stayed lean, always communicating with the community, tons of AMAs, responding to everyone, being active on media - and not hiding behind secretaries and some full-suited meetings. When people feel the affiliation, they get stuck with your brand, and they become more active.
3️⃣ The importance of feedback and community
Sure, B Launchpad helped them grow and helped get that kickstart, but they have achieved much more than other peers from that cohort. A launching platform is just a boost, it doesn't define everything. In fact, at the very beginning, it was hard for them to get the community love because normal people couldn't really get a part of Matic in ICO as they have been used to. And when it doesn't happen [that people have economic incentives] they don't pay attention - and who are we to blame them, there are hundreds of other coins.
Following up on No1 comment, they have helped bring exposure to Marlin Protocol, Cere Network, and other aspiring projects showing hopes - cementing their position as a leader.
PS: not a paid post duh. Why not use the opportunity to clap to the cool dudes working all the time, it's inspiring! Battle Racers & CryptoKitties, Chain Guardians, Blockade Games, Axie Infinity, and so on - I like the spirit. Price-wise further, idk, they are TOP-damn-50 CMC. Also, I am still rekt as I always have sold the bottom, fml.
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Are you rekt? Yes. Me too! Here is some hopium from @crypto_eli5 - use this video as an answer when your family members ask you how that Bitcoin thing is going 👾
What has 2019 brought us - and what are the predictions for 2020? Check the twitter thread by nlw on the most popular pieces of this year 👉 https://twitter.com/nlw/status/1208748177349890048
A lot of the claims are easily seen as pumping bags. VCs claim there is infrastructure building ongoing with new protocols - which is clearly not the case. Lawyers think there is some regulation being passed through, Bitcoiners want anarchy, others see currency wars, and so on.
Quite frankly, almost no correlation with ideas, because everyone has different financial stakes in the game. But it's interesting to recap what some of them say, enjoy the scroll!
A lot of the claims are easily seen as pumping bags. VCs claim there is infrastructure building ongoing with new protocols - which is clearly not the case. Lawyers think there is some regulation being passed through, Bitcoiners want anarchy, others see currency wars, and so on.
Quite frankly, almost no correlation with ideas, because everyone has different financial stakes in the game. But it's interesting to recap what some of them say, enjoy the scroll!
Wanted to make some engaging opinionated content, so here is an attempt on some of the things which could spike discussions.
I hope you find some of these interesting. Have a happy and successful 2020 🎄
https://medium.com/@ivangbi/controversial-crypto-statements-opinions-end-of-2019-edition-331e01da3044
I hope you find some of these interesting. Have a happy and successful 2020 🎄
https://medium.com/@ivangbi/controversial-crypto-statements-opinions-end-of-2019-edition-331e01da3044
Medium
Controversial crypto statements & opinions: end of 2019 edition
Hi there! I’ve been working in the space full-time since 2017. here is an attempt on some of the things which could spike discussions…
The syndrome of Arthur can now also get you on-chain 😥
Yesyes, the BitMex Arthur. Liquidating plebs on low depth is what he does as a job and as a hobby. And now it's available in DeFi! Well, it has always been...
Fulcrum has lost a portion of its ETH today following the attack... or as some speculate, actually just a very smart trade which abused the functionalities of the tools people have actually built. That's the risk you indulge in when all the systems so openly inter-operate. A house of cards, quite literally 🃏 Time and tests will fix it, but be careful for now!
By relying on an on-chain decentralized price oracle without validating the rates returned, DDEX and bZx were susceptible to atomic price manipulation. This would have resulted in the loss of liquid ETH in the ETH/DAI market for DDEX, and loss of all liquid funds in bZx. Fortunately, no funds were actually lost. - was actually said before, but it looks like something went through after all. Here is the article from September 2019: https://samczsun.com/taking-undercollateralized-loans-for-fun-and-for-profit/
Curve said: On a serious note, using Uniswap as a price oracle currently, especially if done in a single transaction rather than time averaged, is very dangerous. And also speculating that maybe it was beneficial for some systems, check this tweet: https://twitter.com/CurveFinance/status/1228663789312184320
Cool people, cool communities, cool tools 🤜
Let's use this moment to not just be sad or warn about risks, but also clap to the builders of the ecosystem who are doing cool stuff. There are so many new things and tools that I actually am not sure I can follow them all at this point. So if I missed any - actually please come educate us in the @lobsters_chat 🦀
1. iEarn Finance 🐾 So many lending platforms and APR generating protocols, how do I choose between them? Our beloved nocoder Andre Cronje built an aggregator. You just connect to that, and the contracts decide and rebalance into different protocols. He is actively adding new stuff, inspiring to see! See iearn.finance
2. Frontier Wallet 🌀 The amazing Palash and Ravindra (ex-InstaDapp) built a very cool and unique feature with their new DeFi wallet TxLink Wallet Composability on Mobile as they called the article. Really improves the UX and lets you more easily surf around web3. Read more: https://bit.ly/38uAmLR
3. Curve Finance ➕ Stablecoin on-chain marketmaker Creating deep on-chain liquidity using advanced bonding curves. it's something so mathematically beautiful, and is built by Michael Egorov, CTO of NuCypher, who many community members adore. What a champ too! See: https://compound.curve.fi/faq.html
Super looking forward to ETHDenver submissions and results! Heard of a project doing an exciting experiment there with the networking layer, xDai and Austin taking wallet experience further, Splunk offering more dev-stats in a cool manner, a few new DeFi tools, and more. Will be sharing that later too. Cheers!
Yesyes, the BitMex Arthur. Liquidating plebs on low depth is what he does as a job and as a hobby. And now it's available in DeFi! Well, it has always been...
Fulcrum has lost a portion of its ETH today following the attack... or as some speculate, actually just a very smart trade which abused the functionalities of the tools people have actually built. That's the risk you indulge in when all the systems so openly inter-operate. A house of cards, quite literally 🃏 Time and tests will fix it, but be careful for now!
By relying on an on-chain decentralized price oracle without validating the rates returned, DDEX and bZx were susceptible to atomic price manipulation. This would have resulted in the loss of liquid ETH in the ETH/DAI market for DDEX, and loss of all liquid funds in bZx. Fortunately, no funds were actually lost. - was actually said before, but it looks like something went through after all. Here is the article from September 2019: https://samczsun.com/taking-undercollateralized-loans-for-fun-and-for-profit/
Curve said: On a serious note, using Uniswap as a price oracle currently, especially if done in a single transaction rather than time averaged, is very dangerous. And also speculating that maybe it was beneficial for some systems, check this tweet: https://twitter.com/CurveFinance/status/1228663789312184320
Cool people, cool communities, cool tools 🤜
Let's use this moment to not just be sad or warn about risks, but also clap to the builders of the ecosystem who are doing cool stuff. There are so many new things and tools that I actually am not sure I can follow them all at this point. So if I missed any - actually please come educate us in the @lobsters_chat 🦀
1. iEarn Finance 🐾 So many lending platforms and APR generating protocols, how do I choose between them? Our beloved nocoder Andre Cronje built an aggregator. You just connect to that, and the contracts decide and rebalance into different protocols. He is actively adding new stuff, inspiring to see! See iearn.finance
2. Frontier Wallet 🌀 The amazing Palash and Ravindra (ex-InstaDapp) built a very cool and unique feature with their new DeFi wallet TxLink Wallet Composability on Mobile as they called the article. Really improves the UX and lets you more easily surf around web3. Read more: https://bit.ly/38uAmLR
3. Curve Finance ➕ Stablecoin on-chain marketmaker Creating deep on-chain liquidity using advanced bonding curves. it's something so mathematically beautiful, and is built by Michael Egorov, CTO of NuCypher, who many community members adore. What a champ too! See: https://compound.curve.fi/faq.html
Super looking forward to ETHDenver submissions and results! Heard of a project doing an exciting experiment there with the networking layer, xDai and Austin taking wallet experience further, Splunk offering more dev-stats in a cool manner, a few new DeFi tools, and more. Will be sharing that later too. Cheers!
crab notes 🦀 lobsterdao
The syndrome of Arthur can now also get you on-chain 😥 Yesyes, the BitMex Arthur. Liquidating plebs on low depth is what he does as a job and as a hobby. And now it's available in DeFi! Well, it has always been... Fulcrum has lost a portion of its ETH…
Second “attack” 🍿 this time for about $640K in ETH. Here is the explanation: https://news.1rj.ru/str/lobsters_chat/26020
Not confirmed it’s the same person, but it’s unlikely that there could be 2 people exploiting the system with such deep knowledge. What a champ!
Not confirmed it’s the same person, but it’s unlikely that there could be 2 people exploiting the system with such deep knowledge. What a champ!
Dissolving a Crypto Project
So far projects had only “exit scammed” in crypto - but what else can you do? Money is out, so you just let the open-source stuff out there and fade out, not much of a choice. Well, some projects are trying to do it differently.
DigixDAO and now Contents Protocol, actually distribute the remaining assets to their “token shareholders” as to say. Check out the latest tweet: https://twitter.com/doveywan/status/1230000803496091648
Since the assets have been trading, one cannot just return money to private or crowd sale participants, as those changed hands many times [we’ll see what SEC has to say on secondary markets in situations like this]. So they split out the holdings among token holders.
To make sure we don’t have pink glasses on, there is just one worry with this: who are the actual token holders? What if the team owns most of the supply basically just nicely-legally distributing ETH into their hands this way? What if this way they are trying to liquidate more tokens and then buyback lower at the distribution?
Multiple scenarios here are possible. i am not saying this to minimize the efforts of the projects, but this is always a good question to keep in mind. What do you think? 🍿
So far projects had only “exit scammed” in crypto - but what else can you do? Money is out, so you just let the open-source stuff out there and fade out, not much of a choice. Well, some projects are trying to do it differently.
DigixDAO and now Contents Protocol, actually distribute the remaining assets to their “token shareholders” as to say. Check out the latest tweet: https://twitter.com/doveywan/status/1230000803496091648
Since the assets have been trading, one cannot just return money to private or crowd sale participants, as those changed hands many times [we’ll see what SEC has to say on secondary markets in situations like this]. So they split out the holdings among token holders.
To make sure we don’t have pink glasses on, there is just one worry with this: who are the actual token holders? What if the team owns most of the supply basically just nicely-legally distributing ETH into their hands this way? What if this way they are trying to liquidate more tokens and then buyback lower at the distribution?
Multiple scenarios here are possible. i am not saying this to minimize the efforts of the projects, but this is always a good question to keep in mind. What do you think? 🍿
Twitter
Dovey 以德服人 Wan 🪐🦖
Content Protocol, once a hot Korean ICO just announced company liquidation Their asset distribution and balancesheet is now public and really worth a read While so many other ICOs exit scam, this is a very professional way to deal with ICO liquidation imo…
Another one... SEC 💔 Enigma ENG
The SEC’s order finds that ENG Tokens are securities and that Enigma did not register its ICO as a securities offering pursuant to the federal securities laws and its ICO did not qualify for an exemption from the registration requirements.
The SEC’s order requires Enigma to cease and desist from committing or causing any violations of the registration provisions of the federal securities laws and imposes a $500,000 penalty. Enigma agreed to a claims process that would result in a return of funds to investors who purchased tokens in the ICO. The company also will register its ENG Tokens as securities and file periodic reports with the SEC. Enigma consented to the order without admitting or denying its findings.
https://www.sec.gov/news/press-release/2020-37
The SEC’s order finds that ENG Tokens are securities and that Enigma did not register its ICO as a securities offering pursuant to the federal securities laws and its ICO did not qualify for an exemption from the registration requirements.
The SEC’s order requires Enigma to cease and desist from committing or causing any violations of the registration provisions of the federal securities laws and imposes a $500,000 penalty. Enigma agreed to a claims process that would result in a return of funds to investors who purchased tokens in the ICO. The company also will register its ENG Tokens as securities and file periodic reports with the SEC. Enigma consented to the order without admitting or denying its findings.
https://www.sec.gov/news/press-release/2020-37
Today in Crypto Twitter Research
Quite an eventful week with incredible rate of use cases and tools growing for DeFi 💸
Next up covering something on Layer 🅾️ as that narrative grows in terms of exposure-interest!
Here are the latest research-twitter-defi news:
1. Maker governance delay kicked in + SCD is at 9.5%: https://news.1rj.ru/str/lobsters_chat/26602
2. SNX + ChainLink oracle bug "gave" 37K USD to users: https://news.1rj.ru/str/lobsters_chat/26604
3. Check who has admin keys and token allowances on you: https://news.1rj.ru/str/lobsters_chat/26608
4. fmETH 1:1 ETH flash loan experiment for security tests: https://news.1rj.ru/str/lobsters_chat/26610
5. 1inch knew about bZx flaws, but BzX almost neglected it: https://news.1rj.ru/str/lobsters_chat/26612
6. Too much money around, thus traditional venture funds grow in numbers: https://news.1rj.ru/str/lobsters_chat/26615
7. Nexus Mutual [insurance] paid out bZx claims. Proving its use case, but also "losing" AUM: https://news.1rj.ru/str/lobsters_chat/26616
Quite an eventful week with incredible rate of use cases and tools growing for DeFi 💸
Next up covering something on Layer 🅾️ as that narrative grows in terms of exposure-interest!
Here are the latest research-twitter-defi news:
1. Maker governance delay kicked in + SCD is at 9.5%: https://news.1rj.ru/str/lobsters_chat/26602
2. SNX + ChainLink oracle bug "gave" 37K USD to users: https://news.1rj.ru/str/lobsters_chat/26604
3. Check who has admin keys and token allowances on you: https://news.1rj.ru/str/lobsters_chat/26608
4. fmETH 1:1 ETH flash loan experiment for security tests: https://news.1rj.ru/str/lobsters_chat/26610
5. 1inch knew about bZx flaws, but BzX almost neglected it: https://news.1rj.ru/str/lobsters_chat/26612
6. Too much money around, thus traditional venture funds grow in numbers: https://news.1rj.ru/str/lobsters_chat/26615
7. Nexus Mutual [insurance] paid out bZx claims. Proving its use case, but also "losing" AUM: https://news.1rj.ru/str/lobsters_chat/26616
Omg my first ACTUAL DeFi deposit 🦄
I read-research about it a lot, but 5% rates never made sense to me as risk-rewards. Some systems gave higher rates, but were either centralized or too risky. And then Andre and Michael came along. Their systems make more sense, audited, admin keys given away… tries to calm himself down
So what I did was:
1. Take USDT out of Binance [why did I even hold USDT, ew gross]
2. Put those on Ledger and then swap to Dai via https://1inch.exchange/
3. Put that into ytokens on iearn via defi zap https://iearn.finance/zap
4. That zap also turned my ytokens into LP rewards for https://y.curve.fi/
Done! Now I am getting 20% yearly rewards - ye, they drip alll the time. the rate is subject to fluctuations, but even if drops to 12% or so, it’s still very good.
Now fucking pray every night! If this stuff gets rekt, I know where those guys live 😡
Stressed af. Now make me rich, magic stable money! Don’t hack this stuff please I beg you… stressed af 🤪
I read-research about it a lot, but 5% rates never made sense to me as risk-rewards. Some systems gave higher rates, but were either centralized or too risky. And then Andre and Michael came along. Their systems make more sense, audited, admin keys given away… tries to calm himself down
So what I did was:
1. Take USDT out of Binance [why did I even hold USDT, ew gross]
2. Put those on Ledger and then swap to Dai via https://1inch.exchange/
3. Put that into ytokens on iearn via defi zap https://iearn.finance/zap
4. That zap also turned my ytokens into LP rewards for https://y.curve.fi/
Done! Now I am getting 20% yearly rewards - ye, they drip alll the time. the rate is subject to fluctuations, but even if drops to 12% or so, it’s still very good.
Now fucking pray every night! If this stuff gets rekt, I know where those guys live 😡
Stressed af. Now make me rich, magic stable money! Don’t hack this stuff please I beg you… stressed af 🤪
❤1
Compound token 🦄 COMP
In that spirit, Compound is launching the testnet of its experimental governance platform today, complete with a trial version of its COMP governance token.
One of the largest DeFi platforms makes its own token. Acquired a user base, and now giving governance and hopefully dividends to token holders. What DAOs are supposed to be, but with a better approach?
https://www.coindesk.com/compound-extends-defi-ethos-to-itself-launches-governance-token
In that spirit, Compound is launching the testnet of its experimental governance platform today, complete with a trial version of its COMP governance token.
One of the largest DeFi platforms makes its own token. Acquired a user base, and now giving governance and hopefully dividends to token holders. What DAOs are supposed to be, but with a better approach?
https://www.coindesk.com/compound-extends-defi-ethos-to-itself-launches-governance-token
Net gain 420,182 🌀 ycurve [Curve + iearn] post-mortem
Wrapping tokens can be tricky. If they are algorithmically-pegged, going in <-> out requires liquidity. Liquidity can sometimes be there, and sometimes not. It’s not the same as cashing your USDC 1:1 USD because all reserves are always present there. Therefore, it can sometimes mean a 1% slippage depending on the size. And when the size you are trying to move is huge, you can end up with huge slippage as well.
That’s what happened recently with trying to swap ytokens, resulting in a few 100K as net gain/loss for users.
How is it different from trying to grab an Uber in peak hour? You pay x2 the rate because the liquidity of cars is low at that moment. But the key there is that you have perfect information about it. And that was probably the issue here as the uninformed user suffered due to now knowing.
It was an unreleased pool 😴 Some did not wait, took risks, and this was the result. This is a normal thing really.
0x818 after attempts at discussion blocked us and has since deleted their social media, their net gain was 139,957.
“The events above are based on user interaction and were not a flaw of either the Curve or iearn systems. Both functioned exactly as designed.”
🤔 https://medium.com/@andre_54855/post-mortem-28-02-2020-6d675a85a33b
Wrapping tokens can be tricky. If they are algorithmically-pegged, going in <-> out requires liquidity. Liquidity can sometimes be there, and sometimes not. It’s not the same as cashing your USDC 1:1 USD because all reserves are always present there. Therefore, it can sometimes mean a 1% slippage depending on the size. And when the size you are trying to move is huge, you can end up with huge slippage as well.
That’s what happened recently with trying to swap ytokens, resulting in a few 100K as net gain/loss for users.
How is it different from trying to grab an Uber in peak hour? You pay x2 the rate because the liquidity of cars is low at that moment. But the key there is that you have perfect information about it. And that was probably the issue here as the uninformed user suffered due to now knowing.
It was an unreleased pool 😴 Some did not wait, took risks, and this was the result. This is a normal thing really.
0x818 after attempts at discussion blocked us and has since deleted their social media, their net gain was 139,957.
“The events above are based on user interaction and were not a flaw of either the Curve or iearn systems. Both functioned exactly as designed.”
🤔 https://medium.com/@andre_54855/post-mortem-28-02-2020-6d675a85a33b
Medium
Post mortem 28–02–2020
On 27–02–2020 we deployed a new unannounced pool on the Ethereum mainnet. As we were still auditing, we did not release it in any public…
STEEM my buns, Justin! or "Tron fucks up #69"
1. Buying Steemit. Justin Sun, founder of Tron, bought Steemit - the most and only* useful application on STEEM blockchain: https://www.coindesk.com/steemit-sets-up-shop-on-tron-network. Imagine it's like buying Consensys [hahaha] which builds and kinda runs on Ethereum [Consensys an integrator though - not an app, so not the closest comparison]. The idea was to move Steemit to Tron and acquire those users and community members this way. Only later he would find out he fucked up.
STEEM blockchain is DPOS. And Steemit as the biggest app has a ton of foundation tokens. Ye, Justin got them now... Essentially, he could get the majority vote?
2. STEEM community casting Justin out. The people who run the Steem blockchain executed a reversible soft fork Sunday, stopping one of the largest piles of tokens from voting: https://www.coindesk.com/justin-sun-bought-steemit-steem-moved-to-limit-his-power. So now Justin needs to do something. He got the app & the tokens, but is thrown out!
PS: actually decent reporting by coindesk, wuuuuut.
3. CEXes helping Justin. CEXes, who control most of the supply, jump in and help replace the witnesses on the blockchain using users' balances without consent. Hello EOS, sounds familiar? And that's makes Justin the boss of STEEM blockchain essentially, giving him both the app and the network control now.
4. CZ coming forward saying they will remove the vote: https://twitter.com/cz_binance/status/1234574737768095746. CZ says the team assumed it was a network upgrade they must help with, no intention or information about hostile takeovers: https://twitter.com/cz_binance/status/1234577727077916673
5. Justin says "the community" won while he is the only one left alone in control now... total joke - https://twitter.com/justinsuntron/status/1234690483298820097
Why does this matter? STEEM is one of the OG cool working communities and a DAO that actually makes sense. Today, they suffered from an economic design of "big boys rule" which is how this thing works anyway in real world. But with the exception that here it was manipulated without consent.
not your 🔑 not your 💸 not your 💪
One is left to wonder what those quasi DeFi-influencers would do WEN eth moves to PoS. Seeing their recent actions, likely to see even more amateur shit actually 🦄
CryptoBriefing nicely on the matter: https://cryptobriefing.com/tron-executes-hostile-takeover-steem-exchanges-collude/
1. Buying Steemit. Justin Sun, founder of Tron, bought Steemit - the most and only* useful application on STEEM blockchain: https://www.coindesk.com/steemit-sets-up-shop-on-tron-network. Imagine it's like buying Consensys [hahaha] which builds and kinda runs on Ethereum [Consensys an integrator though - not an app, so not the closest comparison]. The idea was to move Steemit to Tron and acquire those users and community members this way. Only later he would find out he fucked up.
STEEM blockchain is DPOS. And Steemit as the biggest app has a ton of foundation tokens. Ye, Justin got them now... Essentially, he could get the majority vote?
2. STEEM community casting Justin out. The people who run the Steem blockchain executed a reversible soft fork Sunday, stopping one of the largest piles of tokens from voting: https://www.coindesk.com/justin-sun-bought-steemit-steem-moved-to-limit-his-power. So now Justin needs to do something. He got the app & the tokens, but is thrown out!
PS: actually decent reporting by coindesk, wuuuuut.
3. CEXes helping Justin. CEXes, who control most of the supply, jump in and help replace the witnesses on the blockchain using users' balances without consent. Hello EOS, sounds familiar? And that's makes Justin the boss of STEEM blockchain essentially, giving him both the app and the network control now.
4. CZ coming forward saying they will remove the vote: https://twitter.com/cz_binance/status/1234574737768095746. CZ says the team assumed it was a network upgrade they must help with, no intention or information about hostile takeovers: https://twitter.com/cz_binance/status/1234577727077916673
5. Justin says "the community" won while he is the only one left alone in control now... total joke - https://twitter.com/justinsuntron/status/1234690483298820097
Why does this matter? STEEM is one of the OG cool working communities and a DAO that actually makes sense. Today, they suffered from an economic design of "big boys rule" which is how this thing works anyway in real world. But with the exception that here it was manipulated without consent.
not your 🔑 not your 💸 not your 💪
One is left to wonder what those quasi DeFi-influencers would do WEN eth moves to PoS. Seeing their recent actions, likely to see even more amateur shit actually 🦄
CryptoBriefing nicely on the matter: https://cryptobriefing.com/tron-executes-hostile-takeover-steem-exchanges-collude/
crab notes 🦀 lobsterdao
Net gain 420,182 🌀 ycurve [Curve + iearn] post-mortem Wrapping tokens can be tricky. If they are algorithmically-pegged, going in <-> out requires liquidity. Liquidity can sometimes be there, and sometimes not. It’s not the same as cashing your USDC 1:1 USD…
failure to hack the physicist's formula 🗣👀
kerman looked into iearn+curve [ycurve] post-mortem transactions closely and wrote a report: https://defiweekly.substack.com/p/part-1-defi-madness-ft-curve-iearn
well he's probably realised that if he can drain the USDC then the exchange rate between USDC to BUSD will be highly favourable allowing him to profit $246,747. Similarly, he could drain the DAI pool and exchange it for USDT and profit another $44,692
since curve formula is not linear, but is a market maker, a certain threshold can turn the calculations from minimizing the slippage rate to maximizing it in order to rebalance the pool...
a-ha! no. that's what the guys estimate the "hacker" was trying to do, but it would have not worked in either case
see curve response 🦄 https://twitter.com/CurveFinance/status/1234842704506507264
The attacker could either end up with net zero (minus fees), or lose money if he was front-ran. And the latter is what has happened.
check what smart people are saying on the matter -> @lobsters_chat
kerman looked into iearn+curve [ycurve] post-mortem transactions closely and wrote a report: https://defiweekly.substack.com/p/part-1-defi-madness-ft-curve-iearn
well he's probably realised that if he can drain the USDC then the exchange rate between USDC to BUSD will be highly favourable allowing him to profit $246,747. Similarly, he could drain the DAI pool and exchange it for USDT and profit another $44,692
since curve formula is not linear, but is a market maker, a certain threshold can turn the calculations from minimizing the slippage rate to maximizing it in order to rebalance the pool...
a-ha! no. that's what the guys estimate the "hacker" was trying to do, but it would have not worked in either case
see curve response 🦄 https://twitter.com/CurveFinance/status/1234842704506507264
The attacker could either end up with net zero (minus fees), or lose money if he was front-ran. And the latter is what has happened.
check what smart people are saying on the matter -> @lobsters_chat
Substack
Part 1: DeFi Madness ft Curve, iEarn & Stable-Coin Whales
A special edition of DeFi Weekly covering a highly sophisticated DeFi exploit attempt.