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Merged Bitcoin - Part 3

psionl0 said:
So what? Do you have any evidence that at some time in the future the price will collapse permanently?
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Do you have any evidence that it won't? I don't think you understand who really owns the burden of proof when it comes to speculative financial instruments.
 
Checkmite said:
Do you have any evidence that it won't? I don't think you understand who really owns the burden of proof when it comes to speculative financial instruments.
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The claim was that a permanent price collapse is "inevitable". The use of this word instead of "possible" places the burden of proof on the claimant.
 
psionl0 said:
The claim was that a permanent price collapse is "inevitable". The use of this word instead of "possible" places the burden of proof on the claimant.
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The only person I see in this thread referencing a "permanent price collapse" is you.

A collapse - a bubble burst - is certainly inevitable because that's what all speculative bubbles do. There are a finite number of people in the world that can be recruited into buying in and a finite amount of cash that can even theoretically be spent buying crypto. When there's nobody left to sell crypto to, the price begins to drop immediately; it can't not. That is the kindest possible assessment.
 
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Hodlers can now panic.
The monthly distribution top is complete with a most elegant neckline.

Target 11k
(initially)
 
HODL

HODL is a term derived from a misspelling of "hold," in the context of buying
and holding Bitcoin and other cryptocurrencies. It's also commonly come to
stand for "hold on for dear life" among crypto investors.
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Welcome to the wonderful world of speculating by looking at charts
of randomness all day long and seeing patterns where there are none.


Neckline

The neckline is a level of support or resistance found on a head and shoulders
pattern that is used by traders to determine strategic areas to place orders.
A neckline connects the swing lows (which occur following the first two peaks)
of the head and shoulders topping pattern. A move below the neckline signals
a breakout of the pattern and indicates that a reversal to the downside of the
prior uptrend is underway.
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Solitaire said:
Welcome to the wonderful world of speculating by looking at charts
of randomness all day long and seeing patterns where there are none.
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Oh thanks. I’ve seen them online and they do look like other visual conspiracy theorists. Like Bigfoot photo analysis or WTC 9/11 explosion finders.
 
The future is now!

On Sunday, an attacker managed to drain around $182 million of cryptocurrency from Beanstalk Farms, a decentralized finance (DeFi) project aimed at balancing the supply and demand of different cryptocurrency assets. Notably, the attack exploited Beanstalk’s majority vote governance system, a core feature of many DeFi protocols.
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13 seconds, don't think you can make a good heist movie out of this nerd stuff:

According to analysis from blockchain security firm CertiK, the Beanstalk attacker used a flash loan obtained through the decentralized protocol Aave to borrow close to $1 billion in cryptocurrency assets and exchanged these for enough beans to gain a 67 percent voting stake in the project. With this supermajority stake, they were able to approve the execution of code that transferred the assets to their own wallet. The attacker then instantly repaid the flash loan, netting an $80 million profit.

Based on the duration of an Aave flash loan, the entire process took place in less than 13 seconds.
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Decentralized finance, unless someone has enough money to do a majority takeover, then they can just vote as a bloc to clean out the assets. Whoops!

https://www.theverge.com/2022/4/18/23030754/beanstalk-cryptocurrency-hack-182-million-dao-voting
 
SuburbanTurkey said:
The future is now!




13 seconds, don't think you can make a good heist movie out of this nerd stuff:



Decentralized finance, unless someone has enough money to do a majority takeover, then they can just vote as a bloc to clean out the assets. Whoops!

https://www.theverge.com/2022/4/18/23030754/beanstalk-cryptocurrency-hack-182-million-dao-voting
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This isn't a hack though in the sense of a computer hack, this is a legal hostile take over. The article does not seem to understand the difference, nothing was actually stolen here.
 
ponderingturtle said:
This isn't a hack though in the sense of a computer hack, this is a legal hostile take over. The article does not seem to understand the difference, nothing was actually stolen here.
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Indeed. Far worse than a hack, a fundamental flaw of "defi". You don't even need to have the money to do such a hostile takeover, you can just borrow it for extremely short periods of time.

Ostensibly all crypto is vulnerable to such attacks generally. The public ledger is only immutable if you assume that no one person or persons controls a majority of it.

https://dci.mit.edu/51-attacks
 
I also want to know what the supposed benefit, other than this kind of corporate raiding, of borrowing a billion dollars for under a minute.
 
ponderingturtle said:
I also want to know what the supposed benefit, other than this kind of corporate raiding, of borrowing a billion dollars for under a minute.
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Assuming 13% annual interest prorated to one minute, that is only about $250 in interest. I bet they get you on the fees, though.
 
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