4 ms·

This is good for Bitcoin.

• incrudible 4y ago
  It might be good for DeFi, which has derivatives trading too, at this point.
  • sdfghswe 4y ago
    Wait, I thought bitcoin was decentralized?
    • SSLy 4y ago
      BTC is just wallets, DeFi here refers to more complicated instruments.
      • sdfghswe 4y ago
        Sorry, I thought DeFi stood for decentralized finance? Why can't we put "more complicated instruments" into wallets? Why is a bitcoin future different than a bitcoin, for these purposes?
        • henry2023 4y ago
          You can. https://www.ribbon.finance/ https://www.ribbon.finance/
        • aftbit 4y ago
          You certainly can. DeFi typically refers to smart contract protocols for lending, borrowing, swapping, pooling, etc. DAOs also fit under the label. These are usually on the Ethereum chain because its smart contracts are considerably more powerful than Bitcoin's.
  • joyfylbanana 4y ago
    The so-called DeFi is full of centralized choke points, such as stablecoins and other centrally issued securities
    • therein 4y ago
      Not to mention the use of `ProxyContracts` that obfuscate changes to the actual contract implementation. When you interact with a certain contract, you are likely interacting with the ProxyContract which relays your calls to the actual contract. The proxycontract is often under lock or has multiple signatories to amending but the "origin" contract doesn't. So many DeFi projects get "audited by Certik" actually just get their proxy contracts audited and there is nothing in there but a single line per function, calling the origin contract.
      • cryptoboy2283 4y ago
        Care to share an example?
        • therein 3y ago
          MMF was one of many. I reckon the recent SafeMoon incident was also under a similar cover of "audited but not audited". https://twitter.com/CertiKAlert/status/1640974656696991745?cxt=HHwWgoC-nbHw9MUtAAAA https://twitter.com/CertiKAlert/status/1640974656696991745?c... `This upgrade was not within the scope of our audit.`
      • arbol 4y ago
        Proxy contracts are necessary to perform upgrades to functionality over time. However auditing the proxy only is shady
  • m00dy 4y ago
    Trading futures on Defi is absolute future. P.S.: I'm an investor/liqudity provider for most of protocols doing this.
• rjzzleep 4y ago
  Maybe for the longterm, but short term?
  • dgellow 4y ago
    It’s a common catchphrase in the Bitcoin community https://knowyourmeme.com/memes/this-is-good-for-bitcoin https://knowyourmeme.com/memes/this-is-good-for-bitcoin
  • timcavel 4y ago
    [dead]
• sleepybrett 4y ago
  Came here to say this, but now just here to watch the people who don't understand the meme.
  • r00fus 4y ago
    Is it a derivative of the "this is good for John McCain" meme from 2008?
    • paxys 4y ago
      "Here's how Bernie can still win"
• pid-1 4y ago
  Few understand
  • VHRanger 4y ago
    r/buttcoin is leaking into HN!
    • deleted 4y ago
      [deleted]
• tripplyons 4y ago
  They also are referring to ETH and LTC as commodities in the complaint, which is good for them.