AUSD was compromised. Someone was able to get in and mint 1 billion tokens.
In this video I discuss how we see this happening and how it makes HBD look even better. The vulnerabilities just arent there with HBD.
▶️ 3Speak
AUSD was compromised. Someone was able to get in and mint 1 billion tokens.
In this video I discuss how we see this happening and how it makes HBD look even better. The vulnerabilities just arent there with HBD.
▶️ 3Speak
You have 5 million HBD headed toward the Binance wallet at 50 mph. At the same time, you have 50 million hacked HBD headed toward Hive-Engine at 10 mph. How long does it take witness node F to realize we just wanted to fuck Justin Sun?
Answer: 45 seconds on Steem, 1.5 seconds on Hive with One Block Irreversibly. #keepbuilding
LOL yes.
Posted Using LeoFinance Beta
It's just seems to me the goal is to hunt stable coins,or what is all this manipulation,why not prepare proper security,but I still believe security on hbd will make it save
I think the liquidity would still be bad but I don't think most of the HBD will really get hacked because most of it should be in the DHF. At the same time, I think dumping the HBD of a single person shouldn't affect the price for too long.
Posted Using LeoFinance Beta
Hive is a solid project and if we manage to bring all that solidity to #HBD, we will surely lead the market very soon.
Hive is just too good to be hidden, the security is top notch and HBD is different from most stable coin
Posted Using LeoFinance Beta
The hidden gem will not be hidden forever.
Posted Using LeoFinance Beta
To speak on the smart contracts being part of layer 2, I am using EVM chains as layer 2 for Hive by using the new wrapped versions of HBD. using Hive Engine as the bridge between them, you can even consider them a layer 3 for Hive, lol. Blockception, lol.
We keep layering. The key to protect HBD is to have more layers on top of it protecting it.
Posted Using LeoFinance Beta
We need to get you some decorations or a different color wall behind you so you don't blend in, lol.
HBD scares some people from the outside due to the algorithmic part of it after the UST fiasco. I am assuming this was something similar.
The security involved makes holding hbd safe. I appreciate this nice piece of information.
That's a good opportunity for HBD and its holders.
Best of luck
Congratulations @taskmaster4450! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Right now and base on my view so far, you can't just take away the stability of the stable coin away right now and for now give it to the HBD, it is really doing well
Summary:
In this episode, Task discusses the recent incident with the stablecoin AUSD on the Polkadot chain being compromised by hackers, leading to a significant devaluation. He highlights the importance of security in cryptocurrencies, particularly focusing on HBD, a stablecoin not relying on smart contracts for its value. Task emphasizes the need to separate smart contracts from the base layer in blockchains like Hive to enhance security. He explores scenarios of potential attacks on derivatives built on top of HBD and explains how spreading out HBD and its derivatives could mitigate risks. Task also mentions the potential growth of HBD within the Dow exchange and the importance of using proceeds to enhance the ecosystem.
Detailed Article:
The episode delves into the recent breach of AUSD, a stablecoin on the Polkadot chain, where hackers minted over a billion tokens, causing a drastic devaluation. Task stresses the significance of this event as a reminder of the importance of security in cryptocurrencies. He brings attention to HBD, highlighting its unique feature of being driven by base layer coding instead of smart contracts, making it less vulnerable to hacks.
Task elaborates on the need to consider the separation of smart contracts from the base layer in blockchain systems like Hive to bolster security against potential breaches. Drawing parallels to Ethereum's historical split with Ethereum Classic due to smart contract vulnerabilities, Task reinforces the argument for keeping smart contracts at a secondary layer.
The discussion transitions to the resilience of HBD and the importance of diversifying derivatives built on top of it. Task outlines potential attack scenarios on these derivatives and explains how spreading out HBD across multiple forms and platforms can mitigate risks. He explores the concept of liquidity and the impact of potential attacks on the overall stability of the ecosystem.
Furthermore, Task touches on the growing amount of HBD within the Dow exchange, envisioning a positive trajectory for its expansion. He emphasizes the significance of using proceeds from applications funded by the Dow to repay debts, enhancing the ecosystem's sustainability. In conclusion, Task hints at upcoming articles addressing these topics to further educate the audience on the intricacies of cryptocurrency security and ecosystem development.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.