THORChad

$RUNE maxi

[THORChad @ThorChad]

You cannot get a more obvious case of gmi than this.

[THORChad @ThorChad]

The simple bullish case for @THORChain

The biggest crypto2crypto pairs are BTC <> USDT and BTC <> ETH. Yet there is only one place where you can trade in a decentralized way.

Wallets/Dexes NEED to support these pairs, and there is only one integration that gets them there.

[THORChad @ThorChad]

For this reason, nothing can compete with it. While other Dexes may focus on the kiddie pools, trading illiquid shitcoins, TC will focus on where the blue chips, the volume, the liquidity is.

[THORChad @ThorChad]

@timoharings Since you asked... It's a trustful centralized multisig that converts defi projects into cefi, since they are reliant on a centralized entity. Btw, what's the price of LUNA? 10 cents?

[THORChad @ThorChad]

@Jonbros01 @THORmaximalist @Michael_Kaplan1 @Damon44209044 @CBarraford @THORChain Sorry my bro. If 6 nodes got comprised or operators collude, they literally have God mode of the entire system. They can do and change literally anything, including the SGX code and extract the keys

TC has the same hypothetical, but only compromised nodes, not operator collusion

[THORChad @ThorChad]

@Jonbros01 @THORmaximalist @Michael_Kaplan1 @Damon44209044 @CBarraford @THORChain Here is a misleading tweet.

It's security is literally based solely on trust of these 8 permissioned custodians. It's trustful, not trustless.

[Emin Gün Sirer🔺⚔️ @el33th4xor]

$45m of BTC bridged to Avalanche. No centralized custodian. Just trustless networking that enables users to use their BTC as collateral in DeFi.

[THORChad @ThorChad]

@Michael_Kaplan1 @THORmaximalist @Damon44209044 @Jonbros01 @CBarraford 300k is the minimum, half the nodes have close to 1m rune. But that's cold hard, provably capital. Anyone in defi would trust that more than "feelings".

[THORChad @ThorChad]

@Michael_Kaplan1 @Damon44209044 @Jonbros01 @CBarraford Right, so their "stake" is not economic, it's reputation. Reputation is worthless. It's cefi, not defi. Just ask Voyager and their loans to 3ac based on reputation.

And thanks for confirming that 6 wardens can steal. They can make any software change desired and steal whatever.

[THORChad @ThorChad]

@VZennl @iceman00008 @Junieteru @Jonbros01 @CBarraford Wardens are permissioned, hand selected by a central entity. Its then a PoA / "federation" which is still trust based. Nothing staked which means the incentives are to steal.

Exactly all the same problems of a multisig.

TC is the only project that is truly decentralized

[THORChad @ThorChad]

@Jonbros01 @CBarraford The wardens have the ability to sign BTC transactions without access to the private key. Obviously they still have control of the wallet without control of the key. In the end, they can make whatever inputs into the SGX in which the enclave has no choice but to believe everything

[THORChad @ThorChad]

@evanfeenstra @el33th4xor @lysergin33 I'll give you one guess...

[THORChad @ThorChad]

@el33th4xor @lysergin33 SGX doesn't save you here. In the end 6of8 could collude if desired and steal the BTC. The wardens all know each other and prob privately DM all the time. There are no incentives NOT to steal.

[farteau @ChadThoreau]

“Sell the news” doesn’t work when the news creates direct value capture

$LUNA integration —> new TVL —> $RUNE deterministic value