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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

Is that what, you know, I think it will be a major decision as to whether they actually

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

remove the Security Council, remove their ability to update the thing and make it fully decentralized stage two.

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

Like, I think that there's a pretty good chance that they never actually get there because that's just not what the ecosystem actually wants or needs.

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

So you think the lawsuits will push...

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

That's what I mean about hollowing out the middle ground here, right?

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

Because it either pushes you to do like fintech reimbursements, you know, fraud detection, all of these things, and you become more fintechy.

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

Exactly.

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

Or it pushes you to go full stage two and hands off.

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

There's no way you can reverse anything.

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

interim phase right in the evolution of the industry and in the development of technology that we're seeing right now yeah let's do that now because to your point right so i think for the average defy user the average person that's in the bankless audience you know trying to actually go bankless

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

they're a little scared right now, right?

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

And that's why you've seen some of the DeFi withdrawals.

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

You've got AI with mythos and with all of this cutting edge thing that seems to give black hats and hackers some sort of advantage and maybe they're adapting faster than white hat and crypto can kind of adapt to it.

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

So you've got this uncertainty with AI and then you've just got this slew of hacks and

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

I'm not sure if it's been larger than previous years.

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

I've looked at some data and it's just like last year was kind of larger, you know, by this time, but some pretty large hacks at Blue Chip, Aave, you know, the EF just came out with a post recently or Vitalik just called Aave safe DeFi.

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

Hey, we can finally get kind of close to risk-free yields, right?

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

And that turns out not to be the case.

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

So users in DeFi are scared.

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

So yeah, Dan, what do we do?