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> In that way, "DeFi" feels the same about the finance industry. How? DeFi protocols are behaving predictably and not pausing user withdrawals or hiding billio
by zeroclip 4y ago
> In that way, "DeFi" feels the same about the finance industry.
How? DeFi protocols are behaving predictably and not pausing user withdrawals or hiding billion dollar black holes in their balances.
- this_user 4y agoYeah, the predictably get exploited, and lose everyone's money.
- astrange 4y agoSometimes they do. https://twitter.com/web3isgreat/status/1538546864542429184 https://twitter.com/web3isgreat/status/1538546864542429184 https://twitter.com/web3isgreat/status/1539113641336872961 https://twitter.com/web3isgreat/status/1539113641336872961 https://twitter.com/web3isgreat/status/1587956557274353667 https://twitter.com/web3isgreat/status/1587956557274353667 Remember, programs are proofs of themselves, but that doesn't mean they provably do what you thought they did.
- zeroclip 4y agoDepends where you look. Solend and Uniswap have different risks, to use comparison AAPL and some new hot unknown tech stock have different risks. Uniswap does not have code to pause withdrawals, does not have a DAO or governance structure to change the contract. Risk profile in Uniswap and established DeFi protocol is more transparent than FTX. You cannot verify and audit a CEX, you have to trust they are doing things right, or trust the third parties who audit them. If you are skeptical of Binance or Tether audits then you understand the want for open source DeFi.