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Not really. It's been done time and time again. Never underestimate the number of stupid people out there, desperate to break even with inflation somehow whil

Not really. It's been done time and time again. Never underestimate the number of stupid people out there, desperate to break even with inflation somehow while their banks pay them negative interest rates. https://youtu.be/C6nAxiym9oc?t=260 https://youtu.be/C6nAxiym9oc?t=260

whatshisface 4y ago
It's easy for "crypto companies" to inflate their apparent values by selling one token for $1 while they have a trillion. Consequently I am a little skeptical about how many of them have actually made a lot of money.
rmbyrro 4y ago
Has it been done by you? If it's so easy with such high rewards, why don't you try an MVP the next weekend and see how it goes?
- notch656a 4y ago
  Obviously if I haven't personally done it, it isn't possible. I could also get rich knocking people in the head with bats and taking their wallets. For a little while. It's telling some people who let their true colors show, espousing ideas like "hey if I can make good money hurting others I'll do it, and why haven't you!" Crime is not hard, most houses are easily broken into, many people can be tricked, the human body is fragile, and society runs on a shockingly large amount of trust. Do not conflate the fact that most don't engage in the worst of crimes with the actual difficulty in doing it.
  - rmbyrro 4y ago
    Not contesting the possibility. Just the easiness to do it. I don't think it's easy and it probably requires some good level of intelligence to pull this off.
  - boeingUH60 4y ago
    I think you're missing the point, which is that even in the world of crime, most intending criminals don't succeed. For every successful rug pull, there were probably 100 others that didn't gain any friction.
    - aww_dang 4y ago
- dvt 4y ago
  DeFi rug pulls were extremely common in the bull market, here's a list[1]. Obviously doing it "next weekend" is going to be much harder given that FTX just collapsed and all of crypto is going to hell in a hand basket. [1] https://coinscreed.com/defi-top-10-list-of-crypto-rug-pulls.html https://coinscreed.com/defi-top-10-list-of-crypto-rug-pulls....
  - pa7x1 4y ago
    This list is absolute rubbish. 1. OneCoin: Not even a cryptocurrency, a centralized currency. https://en.wikipedia.org/wiki/OneCoin https://en.wikipedia.org/wiki/OneCoin 2. Thodex: A centralized cryptocurrency exchange. https://en.wikipedia.org/wiki/Thodex https://en.wikipedia.org/wiki/Thodex Actual DeFi cannot be rug-pulled, by design. Not even the US can taken down something like Tornado Cash. What a smart contract can or cannot do is written in open source code. How are you going to rug-pull it, if it's not coded there?
    - notch656a 4y ago
      Excuse my extremely informal and probably dumb thought process behind this, but can't de-fi be rug-pulled as follows 1) Create code with subtle but privately known "bug" that allows profitable behavior far outside the bounds of what you advertise to the public as your code doing. 2) Wait for liquidity pools within the contract to build up. 3) Exploit the "bug" Yes according to "Code-is-law" you're not doing anything "unlaw(code)ful." But it's a rug pull in everything but name. De-fi is basically never introduced as "there's contract 0x343cdc.... on the blockchain, go read the EVM code as nothing will be explained" so intent in the way something is introduced is instrumental here.
      - pa7x1 4y ago
        Nothing dumb about what you said, that's a valid argument. A bug, either unintended or intended as a hidden "feature" for the scammer. Is one possible way to execute a rug-pull on DeFi or, in general, result in losses for its users. But IMHO this is still a better approach. Serious contracts go through multiple audits, deploye hefty bug bounties and if you are very risk averse you can avoid a new deployed contract for certain amount of time until it's not only audited but battle-tested. As a user perhaps you don't know and shouldn't care about the specificities of the contract or its security but you can rely on the thousands of other eyeballs that do. For instance, a few audits of Uniswap: - https://github.com/ConsenSys/Uniswap-audit-report-2018-12/blob/master/Uniswap-final.md https://github.com/ConsenSys/Uniswap-audit-report-2018-12/bl... - https://rskswap.com/audit.html https://rskswap.com/audit.html Bug bounty program of Uniswap (up to 0.5M USD per critical bug): https://uniswap.org/bug-bounty https://uniswap.org/bug-bounty

whatshisface 4y ago

It's easy for "crypto companies" to inflate their apparent values by selling one token for $1 while they have a trillion. Consequently I am a little skeptical about how many of them have actually made a lot of money.

rmbyrro 4y ago

Has it been done by you? If it's so easy with such high rewards, why don't you try an MVP the next weekend and see how it goes?

notch656a 4y ago
Obviously if I haven't personally done it, it isn't possible. I could also get rich knocking people in the head with bats and taking their wallets. For a little while. It's telling some people who let their true colors show, espousing ideas like "hey if I can make good money hurting others I'll do it, and why haven't you!" Crime is not hard, most houses are easily broken into, many people can be tricked, the human body is fragile, and society runs on a shockingly large amount of trust. Do not conflate the fact that most don't engage in the worst of crimes with the actual difficulty in doing it.
- rmbyrro 4y ago
  Not contesting the possibility. Just the easiness to do it. I don't think it's easy and it probably requires some good level of intelligence to pull this off.
- boeingUH60 4y ago
  I think you're missing the point, which is that even in the world of crime, most intending criminals don't succeed. For every successful rug pull, there were probably 100 others that didn't gain any friction.
  - aww_dang 4y ago
dvt 4y ago
DeFi rug pulls were extremely common in the bull market, here's a list[1]. Obviously doing it "next weekend" is going to be much harder given that FTX just collapsed and all of crypto is going to hell in a hand basket. [1] https://coinscreed.com/defi-top-10-list-of-crypto-rug-pulls.html https://coinscreed.com/defi-top-10-list-of-crypto-rug-pulls....
- pa7x1 4y ago
  This list is absolute rubbish. 1. OneCoin: Not even a cryptocurrency, a centralized currency. https://en.wikipedia.org/wiki/OneCoin https://en.wikipedia.org/wiki/OneCoin 2. Thodex: A centralized cryptocurrency exchange. https://en.wikipedia.org/wiki/Thodex https://en.wikipedia.org/wiki/Thodex Actual DeFi cannot be rug-pulled, by design. Not even the US can taken down something like Tornado Cash. What a smart contract can or cannot do is written in open source code. How are you going to rug-pull it, if it's not coded there?
  - notch656a 4y ago
    Excuse my extremely informal and probably dumb thought process behind this, but can't de-fi be rug-pulled as follows 1) Create code with subtle but privately known "bug" that allows profitable behavior far outside the bounds of what you advertise to the public as your code doing. 2) Wait for liquidity pools within the contract to build up. 3) Exploit the "bug" Yes according to "Code-is-law" you're not doing anything "unlaw(code)ful." But it's a rug pull in everything but name. De-fi is basically never introduced as "there's contract 0x343cdc.... on the blockchain, go read the EVM code as nothing will be explained" so intent in the way something is introduced is instrumental here.
    - pa7x1 4y ago
      Nothing dumb about what you said, that's a valid argument. A bug, either unintended or intended as a hidden "feature" for the scammer. Is one possible way to execute a rug-pull on DeFi or, in general, result in losses for its users. But IMHO this is still a better approach. Serious contracts go through multiple audits, deploye hefty bug bounties and if you are very risk averse you can avoid a new deployed contract for certain amount of time until it's not only audited but battle-tested. As a user perhaps you don't know and shouldn't care about the specificities of the contract or its security but you can rely on the thousands of other eyeballs that do. For instance, a few audits of Uniswap: - https://github.com/ConsenSys/Uniswap-audit-report-2018-12/blob/master/Uniswap-final.md https://github.com/ConsenSys/Uniswap-audit-report-2018-12/bl... - https://rskswap.com/audit.html https://rskswap.com/audit.html Bug bounty program of Uniswap (up to 0.5M USD per critical bug): https://uniswap.org/bug-bounty https://uniswap.org/bug-bounty