[rinze]

This is good for Bitcoin.

[sleepybrett]

Came here to say this, but now just here to watch the people who don't understand the meme.

[r00fus]

Is it a derivative of the "this is good for John McCain" meme from 2008?

[paxys]

"Here's how Bernie can still win"

[pid-1]

Few understand

[VHRanger]

r/buttcoin is leaking into HN!

[tripplyons]

They also are referring to ETH and LTC as commodities in the complaint, which is good for them.

[rjzzleep]

Maybe for the longterm, but short term?

[dgellow]

It’s a common catchphrase in the Bitcoin community

https://knowyourmeme.com/memes/this-is-good-for-bitcoin

[incrudible]

It might be good for DeFi, which has derivatives trading too, at this point.

[joyfylbanana]

The so-called DeFi is full of centralized choke points, such as stablecoins and other centrally issued securities

[therein]

Not to mention the use of `ProxyContracts` that obfuscate changes to the actual contract implementation.

When you interact with a certain contract, you are likely interacting with the ProxyContract which relays your calls to the actual contract. The proxycontract is often under lock or has multiple signatories to amending but the "origin" contract doesn't.

So many DeFi projects get "audited by Certik" actually just get their proxy contracts audited and there is nothing in there but a single line per function, calling the origin contract.

[arbol]

Proxy contracts are necessary to perform upgrades to functionality over time. However auditing the proxy only is shady

[cryptoboy2283]

Care to share an example?

[therein]

MMF was one of many. I reckon the recent SafeMoon incident was also under a similar cover of "audited but not audited".

https://twitter.com/CertiKAlert/status/1640974656696991745?c...

`This upgrade was not within the scope of our audit.`

[sdfghswe]

Wait, I thought bitcoin was decentralized?

[SSLy]

BTC is just wallets, DeFi here refers to more complicated instruments.

[sdfghswe]

Sorry, I thought DeFi stood for decentralized finance? Why can't we put "more complicated instruments" into wallets? Why is a bitcoin future different than a bitcoin, for these purposes?

[aftbit]

You certainly can. DeFi typically refers to smart contract protocols for lending, borrowing, swapping, pooling, etc. DAOs also fit under the label. These are usually on the Ethereum chain because its smart contracts are considerably more powerful than Bitcoin's.

[henry2023]

You can. https://www.ribbon.finance/

[m00dy]

Trading futures on Defi is absolute future.

P.S.: I'm an investor/liqudity provider for most of protocols doing this.