Topic: Is DeFi really revolutionary? One attack after another. - page 2. (Read 279 times)
The issue with Deforce team is predictable, I do not know how stupid a team can be and decided to force compound code and start using it, do you think the compound team are stupid when they decided to move to V2. I do not think some of these developers understand the risk factor associated with business like Defi and people just start to appreciate some platform that has been running for years without being exploited and users also need to do the cost benefit analysis if it worth it risk your money for a 10% at most profit.
It seems hackers have identified a loop hole in defi protocol and that's how the hacking will continue. Something needs to be done to stop this early.
Give the ecosystem some time, it will find stability
On what basis do you say that? It is a shit -show with people coming up with these concepts of BTC derivatives/ ETH-derivatives. Cryptocurrencies in themselves are an in-fallible record unto themselves. Just because you want to trade them, you don't necessarily need these "derivatives". In most cases, the underlying assets lose value, or are manipulated by market strategies or worse still, the developers fuck up and have their code exploited.People who are betting on such an infrastructure are bound to lose. Instead of making a show of these so-called protocols and smart-contracts, the serious developer should actually be focussing on ensuring that the underlying asset is rock-solid in terms of finality of settlement and robustness of code. Only bitcoin fulfills that. If these DeFi devs want to be taken seriously, they should stop toying around with insecure protocols and start development using bitcoin. The ideas of smart-contracting using Simplicity/ Sidechains are what they should invest effort in. Otherwise "DeFi" will continue to be another one of the money grabs after ICOs, IEOs and what not.
Give the ecosystem some time, it will find stability
We all know that a few months back we had Flash loan attacks costing millions by exploiting bZx protocol. Now, looks like a DeFi protocol, dForce has lost over 99 percent ($25 Million) of its assets in an attack Saturday night.
More info: https://www.coindesk.com/attacker-drains-decentralized-protocol-dforce-of-25m-in-weekend-attack
So is DeFi really a revolutionary idea as some claim?
More info: https://www.coindesk.com/attacker-drains-decentralized-protocol-dforce-of-25m-in-weekend-attack
So is DeFi really a revolutionary idea as some claim?
Jump to: