6 ms·
I think Circle is the real winner here. If there are 200 million USDC locked up permanently in some contract, then Circle can safely spend $200m of it's collate
by tornato7 5y ago
I think Circle is the real winner here. If there are 200 million USDC locked up permanently in some contract, then Circle can safely spend $200m of it's collateral knowing it will never be withdrawn. Or, if they were generous, they could return it to the community that invested in IRON (seems unlikely)
- ac29 5y agoGiven that Circle is based in the US and subject to US court rulings, more likely they would need to freeze and hold those assets pending any potential lawsuits to recover funds.
- Scoundreller 5y agoIf there’s a statute of limitations, they’d eventually be free and clear, no?
- ac29 5y agoIn other situations where a company is unable to return a customer's money or property to them, they don't magically get to keep it, statute of limitations or no. Where I live, they would have to give the money to the state office of unclaimed property, eventually. However, I'm not a lawyer and I imagine this is likely more complicated than that.
- elliekelly 5y agoIt would eventually escheat to the state, not Circle.
- timdaub 5y agobrilliant comment :D
- ethbr0 5y agoSo, as a thought experiment, because of the nature of the bug that $272M is locked until such time as TITAN becomes worth > 0. And TITAN is printed by the system itself, whenever IRON is < $1? Outside of abusing the oracle, that seems like a pretty pickle.
- lalaland1125 5y agoYep. It's a self collapsing system.
- DonHopkins 5y agoA self licking ice cream cone, without the ice cream. https://en.wikipedia.org/wiki/Self-licking_ice_cream_cone https://en.wikipedia.org/wiki/Self-licking_ice_cream_cone