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Whenevrt i see a crypto disxussion with dollar signs, im forced to ask if thw payment is in actual dollars or dollar equivelents. Aftetall, bitcoin isnt a curre

Whenevrt i see a crypto disxussion with dollar signs, im forced to ask if thw payment is in actual dollars or dollar equivelents. Aftetall, bitcoin isnt a currency and is more like a stockmarket as when you try to extract large value from it you typically cause its real price to decline.

nl 2y ago
Unless they are paying multi-billion dollar bounties in BTC, USDC, USDT or ETH it's not big enough to really move the market.
modernerd 2y ago
Payments seem to be in Ethereum, based on the description of the "Immunefi vault platform": > This project utilizes a decentralized vault for their bounty rewards to ensure trust by showing that they have the collateral to cover their bounties. Payments are processed directly on-chain inside the Immunefi webapp. https://immunefi.com/bug-bounty/beanstalk/ https://immunefi.com/bug-bounty/beanstalk/ An interesting side-effect is that you can view payments from the public vault for each project, for example: https://etherscan.io/address/0x66Efac6e6d58D4058CF017E66a0039315a3eb29C?utm_source=immunefi#tokentxns https://etherscan.io/address/0x66Efac6e6d58D4058CF017E66a003... Top payment so far is 3 payments of about 8,500 USD to the same recipient. The maximum claimed achievable payment is 1.1m USD. It does at least imply that they've set aside magic beans to pay researchers, and that someone is being paid from the bean fund, for whatever that's worth.
bawolff 2y ago
The real sketch ones is when the payout is in their custom altcoin since if you find a truly show stopper bug, their altcoin might end up going to 0 once you report it.
yieldcrv 2y ago
More and more process in USDC the hackernews post a few months ago had someone earn $2,000,000 which was paid instantly in USDC. this is freely redeemable for USD on Circle and Coinbase some other firms pay out in a vesting schedule of their own tokens, so you rely on the exchange rate and liquidity just as with RSUs.

nl 2y ago

Unless they are paying multi-billion dollar bounties in BTC, USDC, USDT or ETH it's not big enough to really move the market.

modernerd 2y ago

Payments seem to be in Ethereum, based on the description of the "Immunefi vault platform": > This project utilizes a decentralized vault for their bounty rewards to ensure trust by showing that they have the collateral to cover their bounties. Payments are processed directly on-chain inside the Immunefi webapp. https://immunefi.com/bug-bounty/beanstalk/ https://immunefi.com/bug-bounty/beanstalk/ An interesting side-effect is that you can view payments from the public vault for each project, for example: https://etherscan.io/address/0x66Efac6e6d58D4058CF017E66a0039315a3eb29C?utm_source=immunefi#tokentxns https://etherscan.io/address/0x66Efac6e6d58D4058CF017E66a003... Top payment so far is 3 payments of about 8,500 USD to the same recipient. The maximum claimed achievable payment is 1.1m USD. It does at least imply that they've set aside magic beans to pay researchers, and that someone is being paid from the bean fund, for whatever that's worth.

bawolff 2y ago

The real sketch ones is when the payout is in their custom altcoin since if you find a truly show stopper bug, their altcoin might end up going to 0 once you report it.

yieldcrv 2y ago

More and more process in USDC the hackernews post a few months ago had someone earn $2,000,000 which was paid instantly in USDC. this is freely redeemable for USD on Circle and Coinbase some other firms pay out in a vesting schedule of their own tokens, so you rely on the exchange rate and liquidity just as with RSUs.