I agree they provide an important, necessary service. However, with

Question

I agree they provide an important, necessary service. However, with

providing the service of collateralizing BTC (and other coins), they also must provide some security and basic checks to make sure minted dBTC ~= BTC in collateral. That was laughably easy to detect (in hindsight for me, but should have been obvious foresight for them). A script that says "How much is minted vs how much is in the current BTC pool?" is enough.
Put another way, and this *IS* ficticious.. If there was a rogue employee at Cake that minted dBTC, what checks do they have? They are a blackbox, but the simple script above (is minted dBTC > collateral?) would catch that case and infinite others.

#blockchain #cryptocurrency #defichain #english

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03.01.2022

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D S · Accepted Answer

D S

I agree with you. Maybe a 50-50 responsibility would be nice. Like 50% community funds and 50% cake funds to solve the problem.

0

03.01.2022

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