5 sats \ 2 replies \ @om 9 Dec 2022 \ on: Introducing 10101 - One app, all things Bitcoin (aka a LN-wallet with DLCs) bitcoin
I'm very much afraid of the following scenario: people love the stable USD thing but the contracts used to stabilize them are secretly sold by none other than the BTC/USD price oracle. Once there's a billion paper USD in people's wallets, the oracle proclaims that the price of a USD is 0 sats and runs away with everybody's money.
write
preview
10 sats \ 0 replies \ @bonomat OP 9 Dec 2022
This is an interesting attack vector.
To avoid this the idea is to have several oracles which behave exactly like multisig on the bitcoin blockchain. For example, 2 of 3 oracles which need to agree on the BTC/USD price on various bitcoin exchanges. This way the attack you were describing is harder to accomplish (but not impossible).
There is new exciting research on oracle signatures which would make signatures and verification more efficient and we could easily have NofM oracles with N>10 or more.
reply
0 sats \ 0 replies \ @selfish_gene 9 Dec 2022
по этой причине рождается 1001 место с покупкой и продажей монет. цена будит одинаковая везде.
reply