RE: DE-FI Hacks Are On The Rise

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Thanks for the article. This makes me rethink my analysis when looking at Defi. There are many projects where the team is anonymous and your point on "collusion" is quite scary, because truth is, you never know.
I only have a little bit in CUB because I know the team, and despite FOMO in Pancake, I think I'll hold out for now.

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We just saw another defi hack last night for 11 million this isn’t going to stop! People are spinning up these contracts for next to nothing and then holding millions ofcourse it’s going to look tasty as a money grab

Personally I prefer multi-sig solutions o over smart contracts and the contract can just be run off chain and leave the settlement to the chain like they do with HODLHODL

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Interesting, I'll look up Hodlhodl cuz I understood 2% of what you just said XD
The other thing I've been thinking about is whether game theory dictates that these players will actually play to play and not play to win. It makes more sense to keep it legitimate instead of being a money grab

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Most of these exit scams and rug pulls are copy cat code, so they pull the smart contract from github, reskin the site and tweak the tokenomics, give themselves a nice premine and waiting to dump on noobs.

the idea of competing with other protocals means you have to deliver something of value and compete with the other platforms for liquitidy long term, who wants to do that if I can spin up and scam in a the space of a week or 2 and walk away with a few million

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That's what I thought as well, a lot of them are:

  • Anon devs
  • Fork of some other platform
  • Have some food related name
    XD

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Give it time your bullshit detector will be calibrated over time, I wouldn't take away peoples need to want to shitcoin, if that's what you want to do! We all learn with time

!LUV !ENGAGE 20 !BEER

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!ENGAGE 20

Don't worry soon you'll be speaking crypto fluently and schooling the next generation of curious crypto kitties

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