I tend to write my posts a week in advance and just schedule them as they come to mind, but with so much going on, It's becoming harder to stay up to date.
My blog has turned into a bit of a shitcoin obituary of late, and if anyone is taking note of the speed of how many scams or unraveling, you may start to reconsider your thought process when it comes to shitcoins. Fresh off the Luna blow up and Chainlink pause we get another DEFI dumbass cocking up and reking their investors.
QuickSwap is the latest in a long line of epic fails.
To all you web 3 shills, this is a great lesson in how websites work, you see the data you get when you load a website from a URL that comes from a hosting provider, this is a centralised point of attack.
I can get access to your hosting password, I can mirror your site and render it on that URL but from a server of my own. So your meta mask or so-called web 3 tech won't know it's dick from its asshole.
You'll just sign in, approve the transaction because hey the URL seems correct, you won't check the wallet address, because man web 3 is so fucking convenient, yes convenient at fucking you out fo your money.
Once you sign the transaction, the new wallet takes the funds and funds off with it.
Yield farming is a rat trap for retards
Yield farming is a game of musical chairs, it's all about attracting more and more people into the pool, and once they've handed over a certain amount of liquidity through buying your governance token, you fuck right off with their hands, cash out into a stablecoin or bitcoin, coinswap those funds and move on.
Once the users figure it out there's no one willing to provide exit liquidity so you're stuck with a token that is an NFT - Now fucking tanking.
Once the token's value hits a point where an on-chain transaction makes no economic sense it's over, that is now just metadata on a blockchain and you're out of luck.
Yield farming explained in 30 seconds: pic.twitter.com/R8HnQXiZaN
— Jameson Lopp (@lopp) May 14, 2022
Shitcoin apologists will find an excuse
Every warning I bring is always met with some white knight shitcoin apologist trying to reconcile their position. It's either one of the following brainless responses
- Well I've made money on X & Y
- Well my coin isn't a shitcoin
- Well I've never been scammed
- Well I only invest in top 10 shitcoins
- I only invest in shitcoins where I know the founder
Frankly, the hopium is palpable, you do know that NONE of the reasons will help you avoid getting scammed and losing your money. It could be the quick or the long rug pull, eventually, you're going to get your taste of it.
In fact the longer you don't get scammed the better, it lulls you into a false sense of confidence, it encourages you to increase your exposure and when you're fat and ripe for the pickings when you are at your most confident you made the right choice, is when you are most vulnerable.
That's when you get taken out behind the barn and you get strung up and shot.
So your shitcoin will leave you stranded, but I won't I'll be here to tell you what a dumbass you are, because you are one. Then once we've all had a laugh, we can get back to stacking sats baby.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
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Posted Using LeoFinance Beta
It was not only quickswap. This was a large attack which affected several protocols. It looks like they all copy each other, including their low security standards. These DeFi farms are quite a joke... and people can't understand that they all work as short duration ponzi schemes. 2 weeks, 3 weeks, 1 month later these protocols are dead and the founders restart them with a different name/skin. 😆
LOL id DEFI's logic, the only thing these services decentralise is you from your money
I thought QuickSwap was a serious platform, your posts are always very interesting.
Lol nothing in DEFI is serious, they're all pretending
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What happened with Chainlink?
Is Polycub also a rattrap?
Chain link paused their oracle for luna so chains and protocols that had Luna and UST assets were using the wrong pricing and their pools got rekt, yes most likely, as you add more complexity and third party calls to run your system you create more vulnerabltiies.
They have quite some power then chainlink. very surprising.
That's another blow. I wonder what happened to ChainLink that it got paused.
Posted Using LeoFinance Beta
Nothing happened, the chain link key signers CHOSE to pause the chain because its a centralised oracle service
I see. That's another concern with a centralised chain.
Posted Using LeoFinance Beta
Wasn't the pause a result of the so-called circuit breakers? From my understanding that was a feature and it was triggered automatically.
Posted Using LeoFinance Beta
So how would the code determine if the price feed is broken? The price is the price, the idea of it being broken is perception from a human stand point, lol this isn't skynet AI bro
"Trust" is a difficult currency to obtain. Once it is lost there is no going back. So..dont' trust..verify. :)
Posted using Proof of Brain