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Leicester

๐Ÿ‘ค Speaker
1280 total appearances
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Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

My question is, how is it possible that whatever that code was that was malicious was never screened?

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

So even if you pass it through DAO, you can't just implement malicious code.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

That's unthinkable.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

So the questions are being asked of number one, that validator having so much power.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

Number two, how can malicious code be injected that way with no due diligence?

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

And what they're saying is we need to have,

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

documentation of decentralization of the validators in custody.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

We need to make sure that there's no capability for single person control.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

So essentially mitigate the risk that any one validator can bring the thing down or risk of 51% attacks or et cetera.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

And then documentation of chain upgrade authority and governance and who can do it, right?

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

Because who is the one that's actually pushing this stuff and why are they authorizing and document all that?

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

You would ask the question then, well, why wouldn't we always have that, right?

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

And that's what you should be asking.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

These are things fundamental that should always have been there.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

The flaw, as Binance stuff has called out, is you hear, well, we're audited.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

And they say that's good enough, that the auditors would have caught those things and auditors would know that data.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

That's not their job.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

You as an investor, it's your job really to oversee and ensure that they're doing the things that are going to be fundamentally, you know, appropriate for the chain.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

If they, if you don't, if you're not holding them accountable, it's on you because you're the one that gave them the money in the first place.

Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)

People on social media have been conditioned not to take accountability.