Smart Contract Exploits

This is a thread dedicated more to tear downs and post-mortems of smart contract exploits vs the run-of-the-mill scams and rugs.

 

I wouldn't trade options through smart-contracts even if it was free. Everyone who does this gets burned eventually due to bugs alone.

For a simple dollar you can control a round-lot on a regulated broker like IBKR. Why the fuck would anyone risk a darwinian award going through smart-contracts? I am not against Ethereum, and have a few cars invested in it, but there are negatives...

 

Why even put money into anything that is outside a regulated exchange? First rule - never lose money because you have to make exponentially more to break even.

 

Oh, you mean like the LME where they not only halted nickel trading but reversed an entire day's worth of trades in order to save the rich Chinese owners and banks?

It sucks to lose money on a coding error, but it sucks even more when someone is outright screwing you and has the power to do so and there is nothing you can legally do about it because your government lets its happen and gives them the power to do so.

 

As much as I agree - I prefer that manipulation over a 2008 like disaster.

 

I would have preferred the system to crash back then. We never would have had the excessive money printing that we got from QE and now covid which has made it all much worse. I read how the seeds of the destruction that awaits us were planted from the decisions of the FED at the time with how they decided to fix things.

 

I don't think it would be different if crash now or then. Result is the same - when it happens = there is no more economy the next day.

 

Luckily now we have Bitcoin to move to when the monetary system collapses.

 

I wouldn't bank 100% on Bitcoin. Though it may very well turn out to be the safe heaven for Americans. It is also a matter of time now before more Americans may also be using the Renminbi. A decade ago people had assumed it would be the Euro, but Europe's got its own negative interest rate issues and other problems now.

 

That doesen't change the circumstance that the money system would no longer work. I mean first would financial institutions fail. With them the accounts of billions of people and entities fail too. It would be literally dooms day. From 21st century to stone age in a heartbeat in histories meassurement. That's a very dark picture but the civil and military unrest that would follow are even more dark... You see now why BTC is not a fix to it? Even gold isn't.