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Why would the attacker move the funds to any remotely censorable coin like DAI?
by VagueMag 4y ago
Why would the attacker move the funds to any remotely censorable coin like DAI?
- deleted 4y ago[deleted]
- themihai 4y agoI think he tries any avenue available. Even if 50% is lost it's still a good trade.
- VagueMag 4y agoI guess I'm really ignorant of the whole DeFi ecosystem and how it works and so maybe this isn't feasible, but I would think keeping 100% of Bitcoin and Monero (even if their prices crash a further 80%) would be better than going into these very easily controlled stablecoin.
- hamiltonians 4y agoDai cannot be censored by
- VagueMag 4y ago> heavily exposed to USDC
- hamiltonians 4y agothis is not the same as protocol level censorship
- VagueMag 4y agoIf authorities wanted to freeze a subset of DAI, could they do so by directing USDC to refuse to back those tokens?
- X6S1x6Okd1st 4y agoNope they'd have to freeze the entire collateral that Dai has (~33% of all collateral they have rn), Dai could not freeze individual addresses and almost assuredly wouldn't even if asked.
- VagueMag 4y agoOk, so, "blacklist these particular addresses or we will seize your entire collateral"?
- pcthrowaway 4y agoThere aren't USDC backing the DAI for any given DAI. If I have 5 DAI, you can't point to 3-4 USDC backing it (I think ETH backs it too). Even if Circle did freeze some of DAI's USDC, the Dai contract does not contain the ability to freeze user funds, and I believe is also not upgradeable