You know which stablecoin didn’t go to zero?
Direct from the desk of Dane Williams.
Solana’s Cashio stablecoin has gone to zero, but Hive Backed Dollars (HBD) keeps trucking on.
The Cashio stablecoin went to zero overnight, seeing the Solana based project join a long list of failures.
But do you know which stablecoin didn’t go to zero?
An actual layer-1 algorithmic stablecoin solution, housed on a truly decentralised blockchain.
Something that I continue to encourage those with stake in our blockchain to support taking to the next level.
What happened to Cashio?
The Solana based algorithmic stablecoin project called Cashio was essentially attacked by what's being called an infinite glitch exploit.
This hack saw the protocol’s total value locked (TVL) plummet from over $28 million, all the way down to just the final $579,701 left from people that hadn’t noticed yet.
And the Cashio stablecoin?
Well as you can see on the CoinGecko screenshot above, it went to zero.
Backed by a liquidity pool on Solana based market making platform called Saber, the Cashio stablecoin is able to be pegged to the USD thanks to this USDC and USDT backing.
Investors provide liquidity with USDT and USDC, then can mint their Cashio stablecoin.
But this particular infinite glitch exploit or hack, whatever you want to call it, allowed the manipulation of the platform’s smart contracts to mint an infinite supply of the Cashio stablecoin, without providing any liquidity in return.
So the hacker simply exchanged these freely printed so called stablecoins for actual USDT and USDC in the platform’s liquidity pools.
Easy.
And what was the team’s response?
“Please do not mint any CASH,” the team wrote on Twitter.
“There is an infinite mint glitch. We are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a post mortem ASAP.”
Oh awesome, did you hear that guys?
The team is onto it.
Phew.
Well I guess that means we can put our trust back into unknown algorithmic stablecoin projects built on centralised blockchains again.
Business as normal, guys.
Hive Backed Dollars - The best algorithmic stablecoin?
While I keep talking about Hive Backed Dollars being the safer, more superior algorithmic stablecoin due to its layer-1 status on the Hive blockchain, there is still a problem
HBD is somewhat hamstrung by a lack of liquidity.
In its current form, it just isn’t possible for investors to take a meaningful HBD position without experiencing extreme price slippage.
The liquidity just isn’t there to do so.
As a result, I continue to encourage those with a HIVE stake to support measures that will allow HBD to go to the next level and fulfil its potential.
If Hive Backed Dollars wins, then not only does HIVE win.
But humanity wins too.
It’s as simple as that.
Best of probabilities to you.
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Notice many "new users" on Hive? Not many, like this place is a disease. No outside communities bringing in new comers. No other sites having many links or no links to any articles from Hive on sites that show professional interests they view as noteworthy to a profession or hobby. Hive articeles are rare on reddit.com. Wouldnt people post on reddit.com with links to their articles attracting their own new following and groups? No crypto forums acknowledge Hive exists as a place to be either. Ever seen a person asking for support show a way to give support with HIVE listed as a supporting wallet address? Is there a world address on Hive for countries made more unfortunate because of Hive? Would a large Hive holder or large earner of Hive donate a LARGE amount of Hive to help support Ukraine? What? Support something thing that could attract unwanted media attention? Nothing to see here......I dont get out much though.
People are hiding exposure to Hive. People either play dumb, could be scared or intimidated, mislead or dont beilieve it. Maybe just not electronically cultured enough to know. Who knows. Its mostly fake with fake attention paid for by people with ill intentions as many do gloating in their own groups special mindset. Such a small town here to support this kind of high pay. Who is buying Hive tokens with no notable new user base coming in? People trying to buy this place as a grooming ground on the sly. Articles that arent in the interests of their own goals and views dont get much attention. I dont see many high paid articles I would put on a real news sites or link to as noteworthy. Be part of one of their groups and they groom you. They buy comment and article writers in ways that keep their lies hidden. Here to take our FREEDOMS completely in treason as the sacks of shit they are.
Most interest groups and businesses have discord rooms on the side because they wont talk here or more able to teach views there to shill out of public view. They can do odd stuff to you in discord rooms they cant do here. I’ve seen people get mugged and shaken down in discords, be careful while visiting new discords, even if they are a business. They shut down the discord room along with all of the evidence of their crimes the group around @fyrstikken and his discord server @steemspeak. They also hide behind skirts there while on the creep like they do in the new ones they are in.
The operators doing V2K with remote neural monitoring want me to believe this lady @battleaxe is an operator. She is involved in the same discord groups around @fyrstikken and friends. Her discord is Battleaxe#1003. Shes in some groups with seemingly detached characters that dont even acknowledge the others in the group, looking oddly staged. She starts projects and does nothing with it or the delegations after its used to sway people. Like @steempowertwins does<------fake along with her @teamgood <------fake. No substance in her comments and has a following that adores her for what? Life coach she is not nor is she insightful with any meaningful skills to follow. Ruler of pixie dust maybe? I would like for someone to show me but probably wont out fear maybe? @fyrstikken groups around him down voted me into censored and not viewable on my accounts as soon I told what they were doing.
I cant prove @battleaxe is the one directly doing the V2K and RNM. Doing it requires more than one person at the least. It cant be done alone. She cant prove she is not one of the ones doing V2K because she cant and could care less. I guarantee she knows this is going around and still wont prove it because she cant. Many of us here can prove what they have been doing to survive the past 5 years. What does she live off of? It definitely isnt in public view here.
I was drugged in my home covertly, it ended badly. They have been trying to kill me using RNM with applied V2K mental games while revealing as many accessories to the crime as they can. I bet nobody does anything at all. Ask @battleaxe to prove it. I bet she wont. Pretty serious accusations to just blow off and leave the crypto community hanging in fear of this danger.
They want me to believe the V2K and RNM in me is being broadcast from her location. And what the fuck is "HOMELAND SECURITY" doing about this shit? I think stumbling over their own dicks maybe? Just like they did and are doing with the Havana Syndrome. They should start by looking at the communications between the top witnesses of Hive and the connection to @fyrstikken groups. Google his fucking name and see where his other interests lie around at least once maybe? The connections between @fyrstikken groups and all the exchanges built for Hive? Bet that would reveal some crazy ball less nutty shit. Homeland security should start preparing for their own incarcerations seeing how sloppy this was done. Patriot act my ass. Think we are really fools? Bad position your not getting out of. Dont be last to blow the whistle. Who will protect you?
People in and around @fyrstikkens groups are reckless and should have shown the proper media what they had before taking me hostage for 5 long torturing years and counting. That is a long time to wait for someone to die.
What would you say while having a gun pointed at your head from an undisclosed location? Have people find it? My hands are tied while they play like children with a gun to my head. Its a terrorist act on American soil while some yawn and say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic threat. Ask informed soldiers in the American military what their oath is and why nothing is being done. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control that have ill intent. How do we protect locked up soldiers prevented from telling the truth from being treated as criminals? Not to mention civilians we let our leaders treat the same way. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism-terrorism
https://twitter.com/forexbrokr/status/1507222197878034437
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Interesting. I really need to look into the tech behind Hive/HBD some more now that I'm "community member" status.
That Cashio thing reminds me a lot of a coin called mStable that I liked a lot when I looked at it last year. Not too sure how they're doing these days. Stablecoin backed by a basket of other stables, just like this one.
So were the minted coins used to drain the liquidity from reserves? Or were they used to purchase USDC somewhere else?
In other words, did the TVL go down to 579k because people got scared and took their money out, or did those people actually lose all that money?
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As you mentioned in one of your comments a few days ago, when we start seeing the kinds of growths we all hope for on projects like Cub, Polycub, and hopefully parabolic increases too, perhaps more hive users will be able to give back to the community by investing in liquidity pools that will help the HBD become more resilient to handle larger transactions.
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That is a fairly horrible glitch. Does the team plan to do anything else besides fixing the error? I don't think people will ever trust that coin again very easily.
I agree that HBD needs more liquidity and the price itself is correcting to $1 fast enough. Otherwise, people won't really consider it a good option.
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I can’t wait for Hbd-hive amm on this chain.
I recognize hbd’s problem and I hope it’s looked into ASAP.
Stable coins are getting more into the spot light by the day, HBD could make waves, but not in this present way.
I wonder if the contract was audited pe CertiK or any other authority in the domain. I remember the glitch also on LEO LP from which the team learned and took future security measures when going live. PolyCUB did the audit flawless before going to market, simply building trust for investors!
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Ouch that is bad.
But I agree with you. HBD is a great project with a lot of potential but the lack of liquidity hurts it badly. Hopefully we see some improvement in that direction.
Anything us "little" guys can do to help?
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I feel like every day I am starting to love HBD more and more. I have seen some people concerned about the ability to easily exit it when they are ready, but I have a feeling by the time that happens there will be some solutions in place.
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stability comes from growth need to work on more users then the chances of having a stable coin not flop is good. Seems like all roads lead back to growth
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We should have invested time into blockchain coding courses instead of writing blogs. Seems a lot easier to make a living over there.
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Short site-edness or laziness on the HBD front? I am not too sure. Why rock the boat if you are whale? It might get your current 'good-thing' harpooned!
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