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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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18461179 No.18461179 [Reply] [Original]

>> No.18461274

>>18461179
>implying it wasn't a fucking dead dog with fleas from the get go

>> No.18461535

>>18461179
What's this all about?
t. living in cave

>> No.18462092

>>18461535
On Black Thursday Maker's auctions malfunctioned. $8 million worth of ETH was liquidated from Maker for 0 dollars.

>> No.18462117
File: 23 KB, 600x800, 1579709900378.png [View same] [iqdb] [saucenao] [google]
18462117

>DECENTRALIZED FINANCE

>> No.18462148

>>18461179
>CODE IS LAW!!!!!!!!

THEY DIDN'T READ THE OPEN SOURCE CODE RIGHT IN THE CONTRACT

>> No.18462157

what does this mean for chainlink

>> No.18462185

>>18462157
It means an even higher demand for actually secured reliable tamper proof decentralized oracles. It means chainlink gets more recognition since it actually solves this problem.

>> No.18462238

explaining a bit further

During the crash, the ETH network experienced heavy congestion and increased gas prices. Price oracles, parts of the system responsible for fetching market prices, were delayed.

Once the price oracles came back with the news of the market crash, the updated system deemed a large number of vaults to be under-collateralized all at once.

Hopefully you can see from events like this one why Chainlink is fundamentally critical infrastructure for smart contracts.

>> No.18462317

>>18462238
>critical structure in a paddle boat

>> No.18462377

>>18462185
Was Maker using any sort of oracle? Or was it only bidding? And is AAVE immune from that specific behavioral malfunction?

>> No.18462409

>>18462185

it means that all these little faggots sticking their fingers in their ears about chainlink and building their centralized or shit oracles, because now they have a very real risk of a huge lawsuit when their shit fucks up.

>> No.18462428

>>18462409
They deserve it though, they could have partnered up but they CHOSE to be salty.

>> No.18462444

>be a crypto platform
>get sued for not using Chainlink

YOU
JUST
WIN

>> No.18462478

A risky asset that derives its price from another risky asset that derives its price from another risky asset, which derives its price from bitcoin...

What could go wrong.

>> No.18462486

>>18462377
Using their own, even when they were warned.

>> No.18462514
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18462514

Maker is not decentralized and is a scam. They are also getting to get buttfucked by the SEC and FinCEN when their time finally comes. Imagine the estrogen levels of someone who gets scammed by these faggots. Ethercucks deserve the rope

>> No.18462735
File: 70 KB, 758x337, asphy felix watkins liquidated.png [View same] [iqdb] [saucenao] [google]
18462735

>>18462238
here's an example of an idiot that got liquidated.

>> No.18463380

>>18462486
Seriously hopefully they go under for being cock sucking faggots. Muh hubris losers

>> No.18463708

>>18462409
its so sad that link wont even be killed by lawsuits. the single moment they show a single profitable customer, slightly bigger boys will scoop in and fuck their milkshake up.
then eventually the biggest of the biggest will enter the game and rule it. who is going to not use a JPM oracle?

>> No.18463721

>>18462185
>>18462238
You fucking lier, it had nothing to do with oracles and link would not have solved this problem. The problem was that the network was congested and only one auction bid bot from dozens was programmed to bid with over 200 gas price. All others failed because they were programmed that way. Now comes the kicker: The MakerDao devs themselves wrote the code for the bots, people just needed to copy, plug and play. The MakerDevs also changed the auction time from 3 hours to 10 minutes!!! You can dig all of this in their github. So it was likely an insider who programmed his bot to bid at over 200 gas. But it had nothing to do with oracles you fuckin link shill.

>> No.18463847

>>18462092
>malfunctioned
I thought one of Maker’s devs changed bidding times and took advantage of the chaos to scam the poor bastards that had their life savings in the project.

>> No.18463861

>>18463721
>t.salty no linker
It´s alright man, you still can buy in

>> No.18463864
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18463864

THAT'S WHAT HAPPENS TO ALL NONBELIEVERS

CONVERT AND BECOME A RADICAL CHAINLINK FUNDAMENTALIST

ALL PRAISE BE UPON SERGEY NAZAROV

>> No.18464180

What the fuck do I have to read to be able to understand all this crypto coin shit you guys are talking about?
I was on 4chan back in the day when bitcoin was new and people were giving out hundreds for free. I didn't grab any because I didn't understand any of it.
You fuckers seem to know something.

>> No.18464357

>>18464180
Just buy Chainlink
At least 1000
And never stop buying

>> No.18464438

>>18462444
This is just too easy guys

>> No.18464537

>>18463721
The only anon in this thread who knows.

>>18462514
>>18462444
>>18462428
>>18462409
>>18462238
Chainlink couldn’t have helped, unless all the node operators were paying 200 gas every call. If Chainlink WAS involved, they’d probably be getting their asses sued as well. If not by the vault owners then by MKR.
tl;dr buy Kleros

>> No.18464578

>>18464537
How would kleros have helped?

>> No.18464587

>>18464537
>>18463721
cucks

>> No.18464604

>>18464578
retard

>> No.18464617

>>18464537
That's exactly what did happen. Node operators were eating massive gas fees for hours.

>> No.18464619

>>18461274
this. plenty of others ready to take over after the recent fiasco

>> No.18464623

>>18464537
>n-NO chainlink wouldn't have helped OK? Ok buy Kleros.

>> No.18464661

>>18464537
Aave didn't crash because Chainlink nodes were actually paying the gas

>> No.18464693
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18464693

>>18464180
So does the kid who created Kikebook.

>> No.18464695

>>18461179

no

>> No.18464706

>>18464578
It wouldn’t have helped. But it’d be where they’re getting the case resolved now.

>>18464587
LINKie salty cuz his oracle wouldn’t have made a difference.

>> No.18464738

tl;dr

Buy Kleros

>> No.18464747

>>18464706
What would be the motivation on the part of the aggrieved parties to hash this out via kleros rather than in a traditional court? Thanks for the answer btw.

>> No.18464782

>>18464747
Desu, I was meming about Kleros. Nobody is gonna trust something this big to NEETcourt.

>> No.18464799

>>18464537
LINK nodes did eat the gas fee, you fucking moron.

>> No.18464804

>>18464782
Ah ok

>> No.18464848

>>18463861
>>18464357
>>18464587
Chainlink shills bring such diversity to /biz/. Without them our collective IQ level would be way too high! They are such a blessing to allow less intelligent , normies rhetoric on /biz/. Thank you chainlink

>> No.18464868

>>18461179

SNX is the currently the best Defi play. Why even mess around with Maker anymore.

>> No.18464936

>>18463708
>Who was not going to use IBM software for their interface needs
>Who was not going to use Yahoo! for their search engine needs
>Who was not going to use Walmart for their online grocery shopping needs

>> No.18464955

>>18463864
Inshallah.

>> No.18464975

>>18462092
who got the free ETH? lucky bidders? where did it go

>> No.18465182

>>18464180
https://atomicwallet.io/academy
https://blog.chain.link/tag/education/

Read everything in there at least twice.

>> No.18465251

>>18464180
Chainlink trustlessly connects internet to the blockchain, making blockchain actually useful for stuff besides speculation. That’s all you need to know.

>> No.18466070

>>18464799
Link nodes were down for six hours at the same time.

>> No.18466089

>>18466070
They were down for six hours AFTER the spike, dimwit.

>> No.18466206

>>18463864
feels a bit weird that you kept my filename

>> No.18466496

>>18463708

Link cant be sued for a MakerDao style fuck up becase Link is fully decentralized. If an oracle causes a fuck up, the node operator is the on in the shit.

You cant sue the internet itself. what are you talking bout?

>> No.18466541

>>18463721

No idiot. You don't get it. MakerDao is centralized piece of shit because exactly what you just said cant even happen.