I saw that Beni said that swaps would be disabled

Question

I saw that Beni said that swaps would be disabled

on DEX until Price balances with CEXs. Im just curious about SC stuff like Arbitration, i assume that will be open for folks that have these setup to basically get the EGLD for pennys on the Dollar and go dump them on EGLD supported CEXs?

#blockchain #cryptocurrency #elrond #english

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07.06.2022

12 ответов

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𝑱𝒖𝒂𝒏 𝑽𝑰

It would make sense that people who bought cheap eGLD could send it to the CEX to sell it. Could Elrond's team prevent this? Interesting

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07.06.2022

ElrondWorld Автор вопроса

while we could feel jealous or unlucky in this case, if a buyer managed to buy EGLD for cheap, then the buyer should be able to sell it for a loss or for a profit or break even. This is the right of a buyer. The Buyer cannot be blamed for a glitch on the exchange where the price was made cheap, the exchange must carry that responsibility. If the buyer takes the cheap EGLD to a CEX and sells for a profit, that is their Free Trade right owed to buyers. The exception of course is when the buyer is also the person that caused the manipulation, this is where the buyer technically relinquishes those rights, since it would technically be gains that become proceeds of crime, again, if that person that manipulated the price lower used flaws of the exchange, then it technically is not manipulation, rather the exchange functioned as it was designed to, which is technically not a crime, and the exchange must carry that loss.

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07.06.2022

flightofthefox

ElrondWorld
while we could feel jealous or unlucky in this cas...

This very much depends on the legal definitions of the specific juristrictions where the traders reside. Impossible to make a blanket statement

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07.06.2022

ElrondWorld Автор вопроса

just curious, can you give me an example of a jurisdiction where that understanding of mine, would be invalidated pls?

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07.06.2022

flightofthefox

ElrondWorld
just curious, can you give me an example of a juri...

You'd want to look for whatever the local analogue of "possession of stolen goods" is. Typically, being unaware of the provenance of any given asset is not a legal protection. E.g. if I buy a stolen watch - generally most western courts would not then find that I am the legal owner. There's not a whole heap of precedence when it comes to digital assets (espcially specific to defi), but it's clear that the assets in question here weren't sold by their rightful owners

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07.06.2022

Barry Schuurman

flightofthefox
You'd want to look for whatever the local analogue...

If I let the door open of my house and somebody takes my watch my insurance will not pay the losses because I was not careful…..

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07.06.2022

flightofthefox

No, the rightful owners meaning, those users who actually own the EGLD which was taken

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07.06.2022

ElrondWorld Автор вопроса

flightofthefox
No, the rightful owners meaning, those users who a...

Ah right, Taken EGLD = Stolen EGLD, that is a crime. There was motive/intention and willful execution to benefit from the proceeds of taking something belonging to someone else without paying for it. If they did pay for it, albeit at a cheaper price, that becomes a grey area, and if the exchange was designed to allow for the price to be made cheaper (even if unintentionally) then that is the responsibility of the exchange.

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07.06.2022

G.

I totally agree with you, the people that managed to buy cheap should be able to sell. Let the market do its thing and even things out (price wise). Yes there will be a small dump but that's unfortunately the price to pay when you commit such a mistake in your code

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07.06.2022

Mister

G.
I totally agree with you, the people that managed ...

Exactly this. There will be a dump but probably recover soon.

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07.06.2022

G.

Mister
Exactly this. There will be a dump but probably re...

Yes

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07.06.2022