Collapse of Luna cryptocurrency leads to $11 million exploit on Venus Protocol

submitted by Drewski from therecord.media

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[–]SoCo 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

The security vulnerabilities of Proof Of Stake are on display. It makes the coin's market value an integral component of its security. It seems many coins are tripping over themselves to break their security by switching from PoW to PoS, after being tricked by the banker "think of the environment" ruse. Like a mouse to a cheesy trap.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I was thinking the same thing when Luna collapsed. The security of proof of stake is based on large holders not sabotaging themselves, which is out the window when that didn't matter a damn for Luna because of these loans and synthetic assets that can act as shorts.