Skelly🐂🀄️

Another day another DeFi hack on a margin system. Here's the simple solution to minimize the damage of hacks by 10x. All margin systems are constructed the same way. - You deposit your funds into the margin system. - You no longer have custody of the assets. - The margin system does. - To get your assets out, you have to withdraw from the margin system. Now, use that to your advantage. Put all custody of funds into a smart contract omnibus. That program moves funds as instructed by another arbitrary program (or key) of your choosing. This program is the isolated kernel of custody risk. Make the contract formally verified and immutable (it's a simple program to write so immutability is definitely the way to go). Impose a 1 day timelock on all withdrawals flowing through that smart contract. Allow the smart contract to halt withdrawals with a security council. (Optional: allow the program to cancel withdrawals though this will be contentious; hence it being optional.) - Main issue with this is that it doesn't work for native BTC, but the solution to that is to use cbBTC (or an alternative of your choice). If the exchange gets hacked, then just pause withdrawals and give yourself time to react. All classes of hacks would be covered here to minimize damage. Oracle attacks. Wallet compromise. Margin system manipulation. Etc. (Good to see the Flash Trade team respond quickly. They are in good company here.)

Rasmr responds to insider trading claims after buying $KIMCHI two minutes after launch with $20K “Wait, I bought it two minutes after. No way… I didn't even realize I bought it that early” “Brother, I didn't check s**t. I f**king slammed it with no info. That's my risk” “I slammed 20 Gs in it and I could have easily went to zero”

Introducing the fastest crosschain swaps on the market. Crosschain transactions on @fomo now land in <1s. A week ago, we rolled out our own internal bridge to a small % of users. Public rollout of fomo bridge begins now.

Look at the timeline No one outside of paid off pump shills wants these celeb coins or for kols to become 'celebs' and extract even more from the plebs Every coin has pumpdex fees, pumpswap, terminal or bot fees, creator rewards, cashback, call out rewards, etc It is endless extraction, taking money out of coins and giving it to deployers, bundlers and kols, making the slice of the pie plebs have access to ever smaller But it's the plebs that make this space - without them - there's nothing to extract But you are bleeding us dry Meanwhile yourself and others have taken huge paid deals from pump, when instead you have the platform to lead us to a better way if you wanted to Robinhood took marketshare from pump and sol and the market was great, now the market share has gone back to pump and we are all getting farmed to zero again This is because pump only cares about spending money to generate fees through their ecosystem. They don't care about coins that people hold because they don't make anything from it. They need pnds for their revenue. With each pnd deploy a huge amount is extracted from the trenches, never to be seen again. This is not sustainable. And it's why it's rare to see coins on pump go to a high mc. It's a race to the bottom Where is the airdrop? Will you start advocating for it again? Or do the plebs have to give it up so 'celeb' kols can get paid?

fumble of the century @coinbase really bought the pre fomo platform just to shut it down ps. fomo makes $20M/month

So today you opened X and everyone is getting a Rolex (Mitch got 2) 20 Rolexes were distributed, 11 went to KOLs It's time to address those questions: > Who really got a Rolex and who is larping? > Were KOLs statistically advantaged? Check the table and the experiment 🧵

Honestly, I sold most of my spot crypto and offboarded today. It's just not worth the headache. I don't want to check every single headline about AI math and cryptography research wondering if I'm about to get rugged. I don't want to wonder if every ancient BTC address making a transfer is ECDSA being cracked. I had already refocused most of my time and energy on equities at this point, and Justin Drake's post just killed the rest of my desire to hold crypto. This isn't impulsive, I read hours of counterarguments. 1. People say this is incredibly unlikely. I just don't trust any human to predict the capability ceiling of superhuman mathematical AI. Have seen people be wrong about AI capability ceiling over and over. 2. What if I miss the next great bull cycle? Honestly, that's fine, there's plenty of other assets to trade with less stress of existential left tail risk. 3. People say that we would have bigger problems. Yes, I know that banks etc would also be at risk and society would be a clusterfuck, but the government should step in to save my money (and society) at that point. I don't know that they will for crypto. Plus, why would a malicious practitioner rather burn the whole world down over just stealing infinite crypto? 4. People say this is just like Quantum FUD. Nah, this is much more concrete and near term. This doesn't require a new scientific breakthrough, only the continued march of AI progress that we've been scaling on for years. I got into crypto as a techno optimist but there's other investment expressions of that now. The development of AI (and recently the intersection of bio x AI) is more intellectually interesting to me. Being in crypto feels like being short AI progress, and I do not want to be short AI progress. This is not investment advice, everyone should decide for themselves how they feel about the topic. I am just one random human being on the internet, expressing my thoughts.