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17774411 No.17774411 [Reply] [Original] [archived.moe]

Go read the MakerDAO subreddit

>> No.17774466

>>17774411
Screenshots please

>> No.17774566

>>17774411
It’s pretty brutal dude, I don’t know anything about maker but it sounds like the users just got totally blindsided? feels bad man

>> No.17774624

>>17774466
>If you check the chat rooms the general team sentiment is "fuck em, they should have ran bid bots just like all the other keepers that couldn't bid".
>Basically pushing blame everywhere else they can.
>It's likely they'll only act if they feel the need to CYA
OH NO NO NO
>>17774566
They're saying the devs must have known about the exploit and whoever pulled it off

>> No.17774681

>>17774411
>Just got 100% liquidated with my 1713 ETH CDP. F*ck me. This was 6 years of my life’s work. Vault #849 Will there be retribution’s for this vulnerability exploit?
yikes

>> No.17774732
File: 77 KB, 785x785, 1564344788063.jpg [View same] [iqdb] [saucenao] [google] [report]
17774732

>>17774411
hard fork when

>> No.17774764
File: 297 KB, 807x544, 1579761528080.png [View same] [iqdb] [saucenao] [google] [report]
17774764

>>17774732
>70% premine
>DAO bailout
>"Upgrading" to unproven PoS
>main use case was ICO scamming
>synonymous with vaporware, no delivery on promises
>devs are a collection of commies, pedos and autistic commies
>reached absolutely INSANE levels of overvaluation in 2017 (far worse than BTC)
almost poetic

>> No.17774766

>>17774411
Is this bullish for LINK?

>> No.17774774

>>17774411
I keep telling people, no one other than the retarded actually trust locking billions in a smart contract. Smart contracts are fucking memes.

>> No.17774780
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17774780

>>17774411
>>17774466
>>17774566
>>17774766

>> No.17774824

>>17774411
JUST

>> No.17774827

>>17774774
well nobody except the retarded trust tripfags either and here we all are

>> No.17774843

>>17774780
Ya but check these

>> No.17774892

that sucks man

>> No.17774903
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17774903

>>17774827

>> No.17774927

>>17774774
>>17774764

This is not thes problem mongoloids lol

Also lvrg retards got rekt during crash whats the problem op :)?

>> No.17774963
File: 178 KB, 798x770, 1582214924088.jpg [View same] [iqdb] [saucenao] [google] [report]
17774963

>>17774411
Holy fucking kek

>> No.17775084
File: 26 KB, 325x243, 1541586454593.jpg [View same] [iqdb] [saucenao] [google] [report]
17775084

Why every retarded gambler want his money back now kek?

Dai was an absolute rock solid SoV yesterday-1:1 with $ holding Dai is what people are promoting not staying safe during lvrg longs

>> No.17775112

So, if I understand correctly:
>ETH price dropped and they got liquidated
>automated auction system kicked in to sell off their stakes
>people bid a price of 0 and since nobody else bid, they got them for free

>> No.17775125

>>17775112
network was congested so they couldn't do anything

>> No.17775183

>>17775125
I assume the 0 price bidders just did really high gas fees so it went through?

>> No.17775223

>>17775183
idk some sre saying miners colluded or smth

>> No.17775232

>>17775084
from what they’re saying you can define how much you’re willing to lose, so people who thought their losses would be limited instead lost everything

>> No.17775279

>>17775232
I'm curious about this as well, I don't know much about MakerDAO.

>> No.17775327

>>17775279
"I was 100% liquidated.
Will there be any repayment? I only signed up to lose 13%"
looks that way

>> No.17776510

>>17775125
It was most likely lack of liquidity. There was no dai anywhere to even buy except for coinbase.

>> No.17776561
File: 35 KB, 1212x432, Gabai_definition_jewish.png [View same] [iqdb] [saucenao] [google] [report]
17776561

>>17774764
>its decentralized finance!
>its totally permissionless so everyone can use it!
>but not people I don't like
also Gab is a mossad honeypot

>> No.17776609

>>17776561
based

>> No.17776645

https://www.etymonline.com/word/gab

>> No.17776653

>>17776645
gab (v.)

"talk much," 1786, probably via Scottish and northern England dialect from earlier sense "speak foolishly; talk indiscreetly" (late 14c.), from gabben "to scoff, jeer; mock (someone), ridicule; reproach (oneself)," also "to lie to" (late 13c.), from a Scandinavian source, such as Old Norse gabba "to mock, make fun of," and probably in part from Old French gaber "to mock, jest; brag, boast," which, too, is from Scandinavian. Ultimately perhaps imitative (compare gabble, which might have shaded the sense of this word). Gabber was Middle English for "liar, deceiver; mocker." Related: Gabbed; gabbing.

gab (n.)

"action of talking," earlier "chatter, loquacity, idle talk" (mid-13c.), also "falsehood, deceit," originally "a gibe, a taunt" (c. 1200), mid-13c., probably from a Scandinavian source akin to Old Norse gabb "mocking, mockery," and in part from Old French gap, gab "joke, jest; bragging talk," which also is probably from Scandinavian (compare gab (v.)). Probably also there is influence from Scottish and northern English gab "the mouth" (see gob (n.2)); OED reports the word "Not in dignified use." Gift of (the) gab "talent for speaking" is from 1680s.

>> No.17776708

>>17776653
*gabs*

>> No.17776716

>>17774774
There was no bug, retard, the contract did exactly what it was supposed to do

>> No.17776754

>>17776716
kek people played the game and lost. shitmex and chinknance need to fucking go.

>> No.17776826

>>17774411
What happpened?

>> No.17776841

>>17776716
Yep, take 4-8 million from average joes that invested their savings and deliver it directly to the devs of their own shitcoin topkek

>> No.17776856
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17776856

Makerfags were acting so smug over Reserve.

Now that MKR has dumped three times as much as RSR, I wonder why.

>> No.17776912

eth is a scam platform built for scams and ran by scammers what did you expect

>> No.17776915
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17776915

>tfw maker is collapsing

>> No.17776961

>>17776645
>>17776653
Jewish tricks, as always. The name of the site isn't Gab, it's gab.ai, and it's just a coincidence that the owners are kikes
>>17776561

>> No.17777159
File: 251 KB, 1478x616, makersoy.jpg [View same] [iqdb] [saucenao] [google] [report]
17777159

>>17774411
>>17774466
>>17774566
>>17774780
>>17774963

>> No.17777251

I love this kinda shit. DeFi is new enough that smart fags are still able to find creative exploits by working with the code as it was written. people were literally bidding $0 on CDP collateral, and since no one else was paying attention / the network was too clogged...they were getting ETH for the price of gas.

>> No.17777311

>>17777159
>put life savings on the line
>get mad when the entire world market is in the shitter
Play stupid games, win stupid prizes.

People need to fucking understand that they should ONLY invest money that they are totally willing to lose, especially when it's crypto and at any whim the government could shut it down over being "fraudulent" money.

>> No.17777358

>>17777159
>>17777311
he got defi'd

>> No.17777361

the think about DeFi too, is it's fucking decentralized finance! meaning, there's no one to rescue you when your liquidated by these kinds of events. reddit wants the maker team to compensate losses? kek
>DeFi on a good day: I'm my own bank and in control of my finances!
>Defi on a bad day: OMG whose fault is this! someone must pay!

>> No.17777424

>>17777358
>defi'd
what's that

>> No.17777441
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17777441

lol mkr btfo

>> No.17777552
File: 398 KB, 584x267, asddd.png [View same] [iqdb] [saucenao] [google] [report]
17777552

HOLY FUCKING SHIT

https://www.reddit.com/r/MakerDAO/comments/fhn1qn/complete_vault_liquidation_no_eth_left/

our loss was caused by a short-term monopoly to liquidate collateral of MakerDAO vaults. This monopoly existed for ~3.5 hours this morning, allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees.

allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees
>allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees
allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees
>allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees
allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees
>allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees
allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees
>allowing a single Keeper to buy ~$4.5M worth of ETH in exchange for ~0 DAI + gas fees

>> No.17777989

>>17777552
imagine how pissed they must be jesus christ

>> No.17778216

>>17777552
LMAO

>> No.17779116

>>17777552
how does someone know to do this type of shit? i imagine they are like in the matrix with glasses on hacking away on a computer with green digits running down the screen

>> No.17779390
File: 450 KB, 820x713, 1559925118487.png [View same] [iqdb] [saucenao] [google] [report]
17779390

>>17779116
Probably one of their own developers. Read through the subplebbit it's full of people that lost all of their stack
>Losing your life savings due to a known exploit to some programming neckbeard
Can't get more justed than that

>> No.17779633
File: 54 KB, 635x559, makerdao oracles exploit marc weller aave.png [View same] [iqdb] [saucenao] [google] [report]
17779633

>>17774766
Yes.
A big part of the whole ordeal was the private oracles dishing out wildly incorrect ETH prices.

>> No.17779905

>>17777251
This lol

>> No.17779948

Imagine being bullish in eth rn.

>> No.17780073

>>17779633
So what you’re saying centralized private oracles are shiet?

>> No.17780103

>>17779633
You just win.

>> No.17780283

>>17779633
what kind of oracle are they using at makerDAO?

>> No.17780363

>>17779633
in this case the oracle was reporting a higher ETH price? dang, would have probably been a lot more liquidations if it was accurate

>> No.17780425

>>17779390
I have no idea what makerdao is or how it works but surely it is open source with plenty of people checking the code for vulnerabilities??

>> No.17780526

>>17780425
it wasn't an issue with the code. the platform was used as it was designed....the issue was that there weren't any 'keepers' bidding on the the CDP collateral that was being auctioned off. it's a new enough system, with not enough active users, that only one person was paying attention for a few hours last night when the liquidations were going through. the platform expects there to be competition amongst bidders so that the debt gets sold off at a reasonable level, and the owner of the CDP isn't at a 100% loss. that just didn't happen.

>> No.17780540

>>17780283
14 private oracles, only like two people at Maker know who they are.

>> No.17780578

>>17780540
maker gonna bend the knee

>> No.17780609

>>17780578
To be fair there have been signals about them talking to and working with Link, but this could speed things up lol.

>> No.17780665

>>17780526
That’s like saying, literally 0 people cared what happens to literally hundreds if thousands there for the taking. Except one anon, and now that anon is rich.

>> No.17780876

>>17780425
I don't know either, just scrolled through and read hundreds of posts of people saying they had their life savings liquidated from exploit etc

>> No.17780965
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17780965

>>17777552
>the internet of finance

>> No.17781197

>>17780526
People were asking how to bid during the liquidations lol

>> No.17781266

>>17779633
>>17780073
>>17780103
reminder that Chainlink's KYC oracles are just as centralized and insecure
>3 years
>$4billion marketcap
>0 users
>0 decentralized oracles
>Linkers: This is bullish!

>> No.17781398

>>17780965
>The future of finance

>> No.17781765

>>17774411
#REKT

>> No.17781861
File: 195 KB, 544x544, 1566178270157.jpg [View same] [iqdb] [saucenao] [google] [report]
17781861

>>17780609
Like Phoenix out the ashes Link rises to the top

>> No.17781980

>>17777358
>nothing personal kid

>> No.17782142

>>17779116

I work as a software developer at a company which has an extremely good culture regarding code reviews. Anyone coming from that kind of background will have the skillset to review a smart contract and spot either 1. Logic failures, 2. Use case/intention failures.

I should probably start reviewing some of the most popular defi ones actually. There have been quite a few stories recently of people spotting exploits like this.

>> No.17782381

>>17782142
Google?
I used to work there and now work at Facebook, our review process here is fucking garbage. I kinda miss goog

>> No.17782545

>>17780665
kinda true, I mean, people cared, just not enough to learn the system and actively participate.

>> No.17782718

>>17782142
yeah, this is my new hobby since the flash loan exploits desu. the issue with these exploits isn't with the code, it's that people are finding creative ways to use these platforms that's the designers didn't foresee. that's how it goes with software in general. your users will always find ways to break your shit that you never would have thought.

>> No.17783350

>>17782381

Not Google, but we have a lot of ex Google employees here. It's my second job out of Uni, but I can't imagine a review process getting much better than the one we have.

Typically we are having 3-4 passes over everything. 1st pass is usually an "is it meeting the requirement", second is: "are we considering all the cases and have tests at the appropriate level", 3rd is usually a polish to make sure it's as clean as it can be, and the final pass is an "I've had a day of not looking at this, so now we go back and view with fresh eyes" before pushing the green button.

Different people will be involved for each pass of the review as well, so you get at least the input of someone with 1. Deep requirements knowledge, 2. Someone with extensive of the other systems which the change is talking to, 3. Someone with expert knowledge of the system you are changing.

There's this opinion that all the smartest people are working in blockchain tech, but actually I think it's moreso the most adventurous which are working in blockchain. This is really bad for code quality and security, as the most adventurous devs are the ones who will satisfy a really cool usecase, but not see the 100 hidden traps in what they have just done.

The best devs (who are critical, understand limitations are good, and challenge every lofty idea), still overwhelming work for large corps on critical line of business software.

>> No.17783361

Damn I wish I knew more about these systems so I too could become rich

>> No.17783443

>>17782718

Indeed. The entire blockchain is like one big bug bounty, but the best thing is that nobody can stop you from taking the spoils, no matter how you get it or if the company you 'exploit' even wanted a bug bounty :D

>> No.17783715

0 dollar bids that is bad design.
I want to buy your ether with 0 dollars called rekt.

>> No.17784535

>>17774411
>70% premine
>DAO bailout
>"Upgrading" to unproven PoS
>main use case was ICO scamming
>synonymous with vaporware, no delivery on promises
>devs are a collection of commies, pedos and autistic commies
>reached absolutely INSANE levels of overvaluation in 2017 (far worse than BTC)

>>
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