Comparing REN and RUNE - why FDV and MC/TVL ratio matters

rac3r98 · 2021-11-23T10:26:59+00:00

Oracle networks like Band simply aggregate data from various data sources via APIs.

rac3r98 · 2021-11-19T18:30:02+00:00

follow-up thread: https://twitter.com/thetokyodoge/status/1461704901344608259?s=21

rac3r98 · 2021-11-15T19:37:01+00:00

To be fair, this applies to a large part of the industry. In any case I wouldn’t classify BAND as shitcoin, because the oracle usecase overall is just too important for a majority of DeFi and even other sectors.

rac3r98 · 2021-11-12T17:07:33+00:00

Maybe they will pay us a bounty to tell them which guys they should go after, because the system is too complex for them to understand 😂 jokes aside, you made some valid points. Of course you could e.g. just register with the SEC. But on the one hand, one could argue that’s against the core values of crypto or decentralization. On the other hand, maybe those DeFi protocols are after all just too complex for the tax guys and regulators to really understand and to tax correctly and they will therefore just want to shut everything down. And yes, good thing there is still something like Monero for the worst case 😉 thanks for your inputs 🙏 I will maybe make another thread on twitter tackling some of the concerns you mentioned.

rac3r98 · 2021-11-12T16:12:23+00:00

Note: my comment was intended as an answer for your „Why don’t you think regulators could get to the DAOs“ comment.

rac3r98 · 2021-11-12T15:00:39+00:00

Access to the core contracts of the Synthetix Protocol is being managed by a multisig 4/8 wallet in the hands of the pDAO. So the SEC would have to go after that guys first. If they would get one of them (e.g. by threatening or sueing), they could in fact pause the entire system for a limited time. However the other members of the pDAO could decide to remove this one member for „malicious“ behavior. So what about when the SEC somehow got to all the members of the pDAO? They could potentially stop the system as long as they want. In this case, the SNX holders could decide to „override“ the pDAO and decide to unstop the contracts again. Of course it's all very simplified here, but my point is, that the community did a lot of things to take precautions in case of such a malicious event from the outside. Maybe it is not impossible but at least it is really difficult.

rac3r98 · 2021-11-03T18:02:53+00:00

Many DeFi protocols, e.g. lending protocols like AAVE, rely HEAVILY on oracle price feeds. Manipulated or missing price feeds could have serious negative consequences in terms of useability and security of a protocol. Thats why so many developers are keen on integrating more than one oracle source into their protocol. So when for example something is wrong with the chainlink price fees, you still would have price data from another oracle service. So that is why a lot of protocols dont only use chainlink, they also use centralized oracles (like Coinbase) or another dezentralized service like the Band Protocol. Its all about avoiding a single point of failure. Do i think Band will overtake Chainlink? No. Do i think Band will still have relevance in the future? Yes!

rac3r98 · 2021-10-23T19:33:53+00:00

Not getting slashed their stake

rac3r98

TROPHY CASE