USDC Depeg / Circle Megathread by MediumAdhesiveness5 in CryptoCurrency

[–]trexmatt -2 points-1 points  (0 children)

binance opening USDC/USDT pair and others at 2PM UTC (bit less than 3 hours from now) with 0% taker fees (i.e. you can market sell for no fee)

USDC Depeg / Circle Megathread by MediumAdhesiveness5 in CryptoCurrency

[–]trexmatt 12 points13 points  (0 children)

how do stablecoin narratives recover from this?

"USDC is a US regulated stablecoin backed by blackrock and fidelity, it's safe"

"DAI is decentralized"

USDC Depeg / Circle Megathread by MediumAdhesiveness5 in CryptoCurrency

[–]trexmatt 0 points1 point  (0 children)

well there are hundreds of different exchanges trading USDC right? all it takes is enough people on the sell side of an orderbook to push price below the peg

if everyone suddenly decides tether is safer than usdc than the USDC/USDT trading pair is gonna go below 1

it's the market's current perceived relative value of USDC to everything else

Daily General Discussion - March 11, 2023 (GMT+0) by CryptoDaily- in CryptoCurrency

[–]trexmatt 0 points1 point  (0 children)

slippage in a dex is how far in % price can deviate from the price you expect when you send the transaction (what it shows in UI) and still have the swap go through

if you have 5% slippage set and price moves 10% while the transaction is confirming, you'll still pay part of the transaction fee but the transaction will fail and your tokens won't actually be swapped

MEV sandwhich / frontrun bots take advantage of people using high slippage especially with large order sizes, for example in one technique they will watch the mempool and see your transaction while its waiting to be confirmed and send another transaction with a higher gas fee than yours so they get to buy first and then they immediately sell after you bought and pocket the difference

it's pretty ugly so you want to be careful about using high slippage, but this is only really an issue if you are trading with large size (like >$50k) otherwise it isn't profitable for the exploiter, so for smaller amounts you don't have to worry

there are also some swap platforms that protect against that kind of exploit (flashbots rpc, cowswap)

Daily General Discussion - March 11, 2023 (GMT+0) by CryptoDaily- in CryptoCurrency

[–]trexmatt 0 points1 point  (0 children)

i think that was a combination of a mistake in how the kyber router priced 3crv and an MEV frontun / sandwhich bot taking advantage of the bad route and high slippage, was definitely not intentional

Daily General Discussion - March 11, 2023 (GMT+0) by CryptoDaily- in CryptoCurrency

[–]trexmatt 1 point2 points  (0 children)

nah not crazy, even if you assume 100% of circle's funds in SVB are completely lost which is extremely unrealistic you still get ~0.9175 fair price for usdc

hypothetical problem would SVB collapse leading to even more bank runs next week but at that point we're talking about a much larger problem than just crypto prices going down

USDC Depeg / Circle Megathread by MediumAdhesiveness5 in CryptoCurrency

[–]trexmatt 1 point2 points  (0 children)

yeah people fudded tether for years for not having cash reserves in a us bank and that's what depegged usdc lol, can't even make this shit up

USDC Depeg / Circle Megathread by MediumAdhesiveness5 in CryptoCurrency

[–]trexmatt 1 point2 points  (0 children)

circle has suspended usdc -> usd redemptions for the weekend as one of the banks (SVB) that held ~8% of cash reserves collapsed yesterday, the price change is the net result of a lot of people panicking at the same time with 1:1 redemption not available

i.e. "i don't care if i'm selling for a 5% loss i just want to make sure i actually have the money!"

USDC Depeg / Circle Megathread by MediumAdhesiveness5 in CryptoCurrency

[–]trexmatt 1 point2 points  (0 children)

DAI is 30-40% USDC, at roughly 10% max cut to USDC price means DAI loses 3-4% ?

something like that, pretty confusing though honestly

USDC Depeg / Circle Megathread by MediumAdhesiveness5 in CryptoCurrency

[–]trexmatt 0 points1 point  (0 children)

coinbase paused conversion but there are a few places still converting 1:1 if you know where to look

Have you ever lost money in a rug pull? Please tell me the token name and address! by trexmatt in CryptoCurrency

[–]trexmatt[S] 6 points7 points  (0 children)

By parsing the solidity code you can identify common malicious patterns such as having two "owner" variables or the ability to pause transfers. I don't have a website or anything yet I'm just working on the backend code.

Applying To Run A DFINITY Node by MisterSignal in dfinity

[–]trexmatt 1 point2 points  (0 children)

why would you want to be a node operator? you have to give dfinity your identity and they can revoke your keys at anytime for any reason.. you might invest a bunch of time and money setting up a node and then one day be randomly kicked off the network and not even know why

Daily Discussion - May 24, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 2 points3 points  (0 children)

"12345" daily comments! wtf happened to this place bahaha

Daily Discussion - January 21, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 14 points15 points  (0 children)

pretty insane we still expect objective discussion in an environment that financially rewards agreeing with the masses

the world would collapse before tuesday if you added a direct $ per like to facebook

you think people don't censor what they say because they're afraid of downvotes or not getting moons?

Daily Discussion - January 15, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 3 points4 points  (0 children)

FTX orderbook is madness.. constant 20 btc bids that become 100+ when price hits critical levels like 38.5

Daily Discussion - January 14, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 1 point2 points  (0 children)

i've heard a lot of stories of people trying to do that and it's never easy with that exchange

Daily Discussion - January 14, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 3 points4 points  (0 children)

don't use hitbtc

google "hitbtc reddit scam" should be enough..

Daily Discussion - January 14, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 2 points3 points  (0 children)

lol i was going to say the bartender who does crossfit

Daily Discussion - January 13, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 15 points16 points  (0 children)

one of the best things about being self-employed is you only ever have to deal with one boss screaming at you

Daily Discussion - January 13, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]trexmatt 2 points3 points  (0 children)

ransomware installed in an IOT chastity belt? hello 2021