Menu
Sign In Search Podcasts Libraries Charts People & Topics Add Podcast API Blog Pricing

Ryan Sean Adams

πŸ‘€ Speaker
4484 total appearances

Appearances Over Time

Podcast Appearances

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And to publish the rules.

Bankless
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?

Bankless
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.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

You guys want to say stuff, so go ahead, Dan.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

But the first two are different, though.

Bankless
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?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

That's partially why the bar has to be so high.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

It has to be something, to your point, Dan, that's existential.

Bankless
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.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And so you'd say that's existential, that would cause a fork.

Bankless
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?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Potentially.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

But there's no, like, 9 of 12 multisig, do you know?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

It gets...

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

The same thing with Bitcoin.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

It gets resolved in this messy, fork-driven governance, structureless type of way.

Bankless
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.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

But Odysseus, you wanted to chime in.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Yeah, that's interesting.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Probably, you know, safe and tired.