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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
And to publish the rules.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Like we're even seeing this with USDC and Circle right now, which is like, when does Jeremy Lair and Circle decide to like freeze USDC or not?
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Like the reaction time is not quick enough or appropriate enough to meet kind of the actual market needed demand.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
You guys want to say stuff, so go ahead, Dan.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
But the first two are different, though.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
It's like in the Bitcoin case and the Ethereum case, I would argue that that's kind of like hard fork governance, right?
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
That's partially why the bar has to be so high.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
It has to be something, to your point, Dan, that's existential.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Now, whether USDC and Tether withdrawing their support from Ethereum meets that standard, I think you'd say it does because that would wreak havoc on all Ethereum DeFi.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
And so you'd say that's existential, that would cause a fork.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Others would say maybe not, and that's why there's a fork, right?
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Potentially.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
But there's no, like, 9 of 12 multisig, do you know?
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
It gets...
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
The same thing with Bitcoin.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
It gets resolved in this messy, fork-driven governance, structureless type of way.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
And that makes it such that the bar is quite high, has to be something existential before you actually trigger that.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
But Odysseus, you wanted to chime in.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Yeah, that's interesting.
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The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Probably, you know, safe and tired.