Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi...
by delusional on Monday June 28, 2021 @05:08PM
(#27668158)
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.
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Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi...
by throwaway4good on Monday June 28, 2021 @05:23PM
(#27668337)
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 in Ethereum where a certain thing happens the price of Ethereum drops below XXXX dollars? You can (as this is what MakerDAO and others are doing) only it is silly complex to do.
It really should not be.
Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi...
by hanniabu on Monday June 28, 2021 @08:04PM
(#27669927)
Most things are simple in theory and not so simple in practice. Also just because people write programs with bugs doesn't mean the language or platform is at fault. Sorry but it sounds like you have no idea what you're talking about.