founding product @ index industries $USHP... also developer of first "Volume Booster" chrome extension - 3mil+ weekly active users & $600k raised for charity!
Joined September 2021
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Woof $BYND CFO sold at worst possible time. missed out on $250k. makes me feel better about my bad trades
feels like lending protocols should have liquidation escape hatches so lenders can always pull out their deposits, regardless if totalBorrowed hits totalSupplied
Alex Cheng retweeted
negative thinking destroys your brain
being a silly goose and delusionally optimistic is the ultimate longevity hack
1.6mil arr in 7d just means they cashed a 30k check 1w ago. I cashed a 10k check for a volume booster partnership 1d ago, so my revenue is 3.65mil arr
We've proved that open decentralized systems with deep liquidity can perform better than opaque centralized ones
Based on my research to date since the incident, either:
- The centralized price oracles experienced either a glitch or a compromise.
Every exchange, every DEX, every Dapp gets the dollar price from the Oracle networks. Thats Chainlink and Pyth.
- A dominant centralized exchange dollar price was either manipulated or glitched, that could have been any dominant exchange, Binance, Coinbase, Bybit, etc. This glitch would instantly reflect in the oracle network and cause every perpetual contract to liquidate longs, and shorts to hit liquidity boundaries causing them to close under duress.
The centralized pricing system either failed or was compromised.
The blockchains had zero issues. In fact they handled the defi swapping and trading flawlessly. Crypto won, centralized systems failed.
REPEAT: I dont see evidence of any actual mass selling of crypto to trigger this cascade. Only post event on the glitch did people panic sell and cascades force automated selling.
Alex Cheng retweeted
Based on my research to date since the incident, either:
- The centralized price oracles experienced either a glitch or a compromise.
Every exchange, every DEX, every Dapp gets the dollar price from the Oracle networks. Thats Chainlink and Pyth.
- A dominant centralized exchange dollar price was either manipulated or glitched, that could have been any dominant exchange, Binance, Coinbase, Bybit, etc. This glitch would instantly reflect in the oracle network and cause every perpetual contract to liquidate longs, and shorts to hit liquidity boundaries causing them to close under duress.
The centralized pricing system either failed or was compromised.
The blockchains had zero issues. In fact they handled the defi swapping and trading flawlessly. Crypto won, centralized systems failed.
REPEAT: I dont see evidence of any actual mass selling of crypto to trigger this cascade. Only post event on the glitch did people panic sell and cascades force automated selling.
In July, Polymarket stole from its users. In the next generation of prediction markets, this will be impossible. Markets will be instantly resolved by LLMs w/ websearch capabilities, and the results will be tamper-proof, powered by ZK tech.
High quality research into @Polymarket from @npcgroup_xyz - crazy (but unsurprising) that at least 7% of the 2024 election market was wash trading. In actuality, it's likely quite a lot higher!
Polymarket is becoming the go-to marketplace for real-time sentiment; it’s a digital prediction market where bets reflect collective belief, and where significant sums change hands daily.
But as with any growing marketplace, bad actors smell opportunity. Wash trading is creeping in, and it’s distorting what should be a market of truth.
Our analysis of Polymarket examines the platform’s microstructure, with a particular focus on the detection of wash trading and other forms of market manipulation. Employing both qualitative and quantitative methodologies, we identify behavioral patterns that prompt critical reevaluation of how real-time sentiment is measured and interpreted in decentralized prediction markets.
Alex Cheng retweeted
The biggest security recommendation I can make:
DON'T DOWNLOAD ZOOM
You can join zoom meetings from a web browser like chrome or firefox
Even the real zoom is mostly malware, see HN threads
Never download zoom, always attend zoom meetings via web browser
Don't download desktop or mobile apps. Use browser webapps only
