security, devops, hugops
| Github | https://github.com/rswanson |
| Github | https://github.com/rswanson |
I think this is a pretty good take on the state of the market right now in terms of folks having this irrational faith in the fed to save them from the markets going down.
That said I'm still a bit dumbfounded at how many people still believe that there is some quick "pivot" coming with these rate hikes. The fed has made it clear what their mission is: lowering inflation back to acceptable levels; and that means they need to hold rates high until inflation falls. As of the last CPI print we sit at 7.1%. This means that we have a ways to go and rates are not coming down in any appreciable way for a while.
This is the reality of holding rates near 0 for so long and unfortunately, this reality means we still have a lot of pain to come.
Mango Markets exploiter arrested despite claiming all his actions were legal
December 27, 2022
https://web3isgoinggreat.com/?id=mango-markets-exploiter-arrested-despite-claiming-all-his-actions-were-legal
In October, an exploiter was able to manipulate collateral prices to extract tokens from the Mango Markets defi project, ultimately resulting in a $116 million loss for the project. The exploiter then tried to create a governance proposal in which he would agree to return some of the stolen funds in exchange for an agreement that the protocol would not try to freeze the tokens or pursue criminal charges.It quickly became apparent that a man named Avraham Eisenberg was behind the exploit. In screenshots leaked from a conversation in a private Discord channel shortly before the attack, Eisenberg talked about the exploit he had planned. "I'm investigating a platform that could maybe lead to a 9 figure payday. Should I do it?" he wrote. When someone replied, "unles[s] it is highly illegal", Eisenberg responded: "Are there rules these days?" When someone suggested responsibly disclosing the vulnerability to the protocol, Eisenberg refused, saying the bug bounty was likely to be too small.Eisenberg later owned up to the attack, tweeting a thread in which he wrote that he "was involved with a team that operated a highly profitable trading strategy last week. I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are."The feds apparently disagreed with his evaluation, and arrested Eisenberg in Puerto Rico on December 26. He is charged with commodities fraud and commodities manipulation.
George Hotz is an experienced coder / "lone wolf" type of hacker who joined Twitter to "fix search" in 12 weeks. 4 weeks later, he's thrown in the towel, with nothing of real impact shipped.
To me, this shows the difference between software engineering - aka working with complexity - and how "just" being good at coding is not what is needed at a place like Twitter, to succeed.
And yet, New Twitter has incentives set to only reward coding, not software engineering.