That’s not a bug, that’s an arbitrage opportunity!
You’d think these developers would be paying for code reviews with multiple third parties, since they effectively have bug bounties that are honored immediately for millions of dollars
Lantz
3165
I think you’re underestimating the amount of these ‘hacks’ that are essentially intentional.
There’s no reason to care if it isn’t your money that’s being lost.
They just forgot to make I_Win = True const.
Lantz
3168
Most of these things work on some simple pump-and-dump scheme like this:
Project starts up and mints millions of tokens. Insiders and influencers get large initial positions for essentially free.
They start hyping up the project to get a ton of eyes on it and throw a little money into the project to get the price of the tokens to climb. This brings in a bunch of outside money from gullible people or people hoping to time getting out before the crash themselves. On paper the token has some stupidly hypothetical huge market cap and people act like that’s a real thing. Then the insiders and influencers sell off all their free initial stake of tokens and pull all the money out of the project. It’s basically all profit for them. The token crashes down to nothing because it was always worth nothing. There’s no use for it.
The only real variations are how they pump the token up. Do they offer a ponzi component like hypothetical 20% interest payouts like Luna just did? Pay Matt Damon to do ads? Give it a political spin?
I get the scam, but these teams are being sloppy in ways that don’t benefit anybody. Like the story from a few days ago where the developers accidentally transferred $36 million to nobody by copying and pasting the wrong field. If I was running a multi-million dollar con I’d at least want good coding practices until a deliberate fuckup.
It is worth noting that many people who buy into coins that are clearly either outright ponzis or so ponzi-adjacent that there’s no real difference are doing so on the human fallacy that they know that it is a grift – and they believe themselves smart enough to know when to grab a parachute. Maybe some are. But the ones who post on twitter or make youtube videos are not those persons.
I’m still not convinced y’all aren’t just doing a lot of sex talk in here, with all this pegging and depegging of poor DiFi. And ew, what a choice to focus your appetites on. Degenerate Californians all of youse.
/s
You’re just jealous because you don’t have any slurp juice.
not everyone is worthy of Smooth Love Potion
God I love ATHF. That tweet feels like something a “master shake” would say.
Pump and dump, baby, pump and dump!
I know I’m coming in way late on this, but that’s a bunch of bullshit. I’ve had friends who invested in penny stocks regularly, and sure they wanted to get rich quick, but it was always based on the underlying value of the stock: whether the company was going to sign some huge contract and take off, whether the FDA was going to approve the product, and so on. When people are “constantly looking for news that something might happen”, it’s real-world news based on the real underlying value of the company. Even penny stocks are based on the company’s value, but cryptocurrency isn’t.
LeeAbe
3178
Ok. When you invest yourself, come talk to me instead of going off of what your “friends” did.
I was invested in a solar company. It would fluctuate constantly, even on no news days. There was constant talk of China’s manipulation in the market and possible new techs that might make the difference for US companies, speculation at owners buying and selling, etc.
Plenty of stocks are not based on the companies value. It’s comical to make a general statement that they are.
So wise in the way of investment. Let’s all buy stocks with no underlying value and get rich quick. Sounds easy.
I mean everyone is talking past each other, but while this is transparently true, the Zen Koan like ability of crypto to supersede tangibility into etherial value really is a kind of Emperor’s New Clothes.
Saying something cheap has enormous future value because everyone thinks it’s going up because it might do something is actually an enormous gulf to saying something has enormous future value because everyone thinks it does without any actual tangible qualifier. I’m trying to come up with a good analogy, but it’s like inventing massless protons or something. Sure the mass of an atom is infinitesimally small but it’s still there. Saying your atom is massless isn’t just the same game +1, it’s an entirely different particle! When the value of crypto is nakedly about everyone thinking it has value only because it’s perceived to be valued by people thinking it has value, it’s entered into an entirely different kind of physics regime.
LeeAbe
3182
The general idea is to put most of your money into safe, diversified stocks, then a small portion into something highly speculative. It was fun. I didn’t do well, but again, it was fun money.
