3rd October 2021 > > Compound protocol.

tl;dr

A problem with the DeFi protocol Compound.

Market Snap

Market Wrap

Only $48k?

Come on, we are all getting a little impatient now.

Occasional Series – Those petrol queues

Were covered by a BBC reporter called Phil McCann.

Lovely.

Occasional Series – Watford FC

Let me quote the CCC from 17th August 2021:

“Watford are the original Family Club.

We did diversity before it was a “thing”, and most certainly before any wokeists parents even thought about getting it on.

Being gay or coloured has never been an impediment to being part of the Watford family, core beliefs of ours of which we are supremely proud."

It is nice that the Times had the grace to comment on this just yesterday:

“Continental drift

Watford’s starting XI featured six players who were born in Africa or play for an African nation — and another with African parents. Emmanuel Dennis, Peter Etebo and William Troost-Ekong play for Nigeria, Ismaïla Sarr is a Senegal international and Adam Masina plays for Morocco. Christian Kabasele has appeared for Belgium but was born in what is now the Democratic Republic of Congo, while Ken Sema was born in Sweden to Congolese parents.”

For anyone who desires a real football club community, not one superficially created by some billionaire’s wealth, then you cannot go wrong by joining me next to the drummer in the loudest, raucous, most vociferous of terraces anywhere in the UK – the Rookery at Vicarage Road.

Trust me, you will love it.”

…

It looks like three of these five are going down - Watford, Southampton (a soft spot for me), Burnley (I wish), Newcastle (I really wish) and Norwich (ambivalent).

…

Up next we play Liverpool at home.

The last time we played them, just before Lockdown 1.0, Ismaila Sarr was amazing - apart from only scoring two goals - in our 3-0 spanking of the scousers on their processional path to being champions two seasons ago (yes, we went down).

…

History is on our side.

Our very first game in the old First Division – long before the Premiership – we won 1-0 at Anfield on the opening day. Liverpool were crowned champions that season, but - rather than relegation - we finished second in the table that year.

It seems unlikely we will ever get close to being second again.

…

Despite, or possibly because of the fact we can never aspire to being second again, one has to love Watford FC.

…

Betting odds right now are 4s for a Watford win in two weeks’ time for our game against Liverpool at home.

That is a good price.

You might want a cheeky score on the ‘orns (NOT financial advice).

Curious Cryptos’ Commentary – Compound bug

Compound, a Decentralised Finance (DeFi) platform fuelled by its native token COMP, has erroneously paid out $80mm of said token to some liquidity providers.

This time though, this wasn’t a hack – which are frequent enough in the DeFi space – but a bug in the software which was recently rolled out. Frantic efforts are being made to replace the faulty code, but a delay is inevitable whilst proposals for the replacement are put forward for COMP owners to vote on.

Robert Leshner, founder of Compound Labs who created the Compound protocol, is naturally upset at this turn of events. However, he responded with a very ill-advised tweet:

“If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it to the Compound Timelock (0x6d903f6003cca6255D85CcA4D3B5E5146dC33925). Keep 10% as a white-hat. Otherwise, it's being reported as income to the IRS, and most of you are doxxed.”

It’s never a good look threatening your own customers.

...

I think there are two key take-aways from this event.

Firstly, the scope for protocols to get it wrong (even though in this case it was to certain individuals’ advantage) is large. Any and all investments in DeFi have to be seen as high risk. I would hate to wake up one morning to find my entire portfolio had disappeared overnight due to a hack, a rug-pull, or a coding error. That would be heart-breaking.

Secondly, the comment “you are doxxed” demonstrates that the concept of decentralisation even in DeFi is far from being realised in practise.