back to article DeFi venture OptiFi permanently locks up $661,000 of assets in code snafu

OptiFi, a decentralized options exchange using the Solana blockchain, inadvertently disabled its mainnet service with a misunderstood command and locked up some $661,000 worth of USDC 'digital dollar' tokens. The cryptocurrency assets cannot be recovered, OptiFi said, so the plan is to manually refund affected users. Isn't …

  1. Howard Sway Silver badge
    Facepalm

    PLEASE DON’T RUSH LIKE WHAT WE DID

    My Goodness, we IT professionals can learn something new every day from the lessons that this innovative new crypto world is teaching us.

  2. An_Old_Dog Silver badge

    Crypto-whatever infrastructure dudes

    You can't effectively evaluate the knowedge, skills, and wisdom of the crypto-whatever infrastructure dudes and dudettes when you don't know anything about them.

    Anonymity doesn't preclude having a good, or bad reputation, but you have to take steps to ensure that the CleverFoxCoder who is behind Crypto Project X is the same high-rep CleverFoxCoder whom you know about from other good projects, and not some impersonator.

  3. DS999 Silver badge

    You wanted deregulated finance

    You have to live with the consequences, including a programming error causing your money to be permanently erased from existence.

    1. TheWeetabix

      Re: You wanted deregulated finance

      This pretty much says it all. Literally. What the fuck were they expecting?

    2. The Man Who Fell To Earth Silver badge
      Flame

      Re: You wanted deregulated finance

      "All your money are belong to us."

  4. Neil Barnes Silver badge
    FAIL

    The day my bank offers crypto currency

    Is the day I change banks.

    1. chivo243 Silver badge
      Windows

      Re: The day my bank offers crypto currency

      I've recently seen job offers that will pay crypto... eeerrr, no thanks!

  5. Anonymous Coward
    Anonymous Coward

    Crypto-crap yet again ..... part (99.33333) !!!

    FFS !!!

    Nuff Said !!!

    [Hat tip to Stan Lee :) ]

  6. Flocke Kroes Silver badge

    DeFi

    I assume the word 'cryptocurrency' is so toxic that a new word had to be made up:

    {Debased,Debunked,Deceitful,Deceptive,Defective,Deficient,Defraud,Delusional}{Fiasco,Fibber,Fickle,Fiction,Fiddle,Fiend}

    Not sure that went in the right direction. Might I recommend PoSch?

    1. doublelayer Silver badge

      Re: DeFi

      In fairness, that's not really a new term. Cryptocurrency is the underlying system that permits relatively basic transactions to occur and be tracked and verified. DeFi is the attempt to layer some kind of financial product on that infrastructure, usually without fixing the problems that product had when it was centralized, but adding in some extra bonus problems from the attempt to reimplement it. Cryptocurrency is like HTTP, and defi* like a specific website that eventually uses it. Well except for the fact that HTTP and websites generally work.

      * A question for any grammarians out there, "defi" looks wrong, but it's not a proper noun, so I don't like writing it "DeFi" in the middle of a sentence. If we must write the term on occasion, how do others stand on capitalizing it?

      1. katrinab Silver badge
        Meh

        Re: DeFi

        I would treat it in the same way as "words" like laser, radar, or nylon. They are all made up of bits of other words, and now considered words in their own right.

        1. seven of five

          Re: DeFi

          Sure, but laser, radar and nylon are all cool - something wich defi certainly isn't.

  7. vtcodger Silver badge

    New and Creative Ways to Screw Up

    Would this be a problem with one of those curiously named "smart contracts"? Or is this yet another way to screw when trying to make some quick bucks without working very hard for them.

    Was anyone else reminded of The Incredibles -- "They keep on finding new ways to celebrate mediocrity"?

    1. katrinab Silver badge
      Alert

      Re: New and Creative Ways to Screw Up

      "Smart Contract" is another word for a computer program. Putting it on a blockchain means you can't upgrade it or do bug fixes.

      Therefore they can only work if you are capable of writing a program that works first time, and as anyone who has ever done programming knows, that *never* happens.

  8. Tron Bronze badge

    quote: seasoned Solana devs

    More seasoning required.

    Nothing wrong with decentralised digital currencies. You don't need to 'mine' them with the environmental hit. You can peg them to a stable real world currency (if you can find one - sterling went down 20% at the referendum and another 5% since, and even the Yen is declining - maybe the Rouble?). But your anonymous team of leet haxors does need to iron out those pesky bugs before going live to avoid flushing the ethereal lucre down the iBog.

    1. Ozan

      Re: quote: seasoned Solana devs

      I'll say fiat money can't be stable as it floats. Some stays more stable than others but they all floats around in the end. Now Gold or silver backed? Yeah but we don't actually have enough silver or gold around.

      1. jmch Silver badge

        Re: quote: seasoned Solana devs

        The challenge with monetary systems is that money has different roles, one being a medium of exchange, and one being a store of value. Not all systems work well for both.

        A store of value requires stability of value. Gold is excellent in this respect because it cannot be created easily (cost of gold created with a nuclear or particle accelerator would be more costly than the nominal value), nor can it be mined in huge volumes (AFAIK annual newly mined gold is <1% of total world stock of gold), and even if gold price doubles or triples, the miners can't suddenly increase their production hundredfold or tenfold.

        Fiat currency is awful as a value store because the issuing government can inflate people's savings away by creating currency out of thin air at zero cost. The only thing stopping them is their own restraint. But when they want to create tons of money (2017 subprime crash or for covid) they just do. Current increase in cost of living is only partly due to Ukraine war and to supply chain issues, a large part of it is due to inflation* (governments printing money due to covid). Bitcoin is seen as an excellent store of value in this respect because it is limited in supply and difficult to create.

        Fiat currency and the current banking system work pretty well as a medium of exchange (including allowing for the reversal of and insurance against incorrect or fraudulent transactions). Bitcoin is awful as a medium for exchange.

        The trick is to devise a currency that can both work well as a medium of exchange, and stable (ie cannot be printed at will, but supply fluctuates to match increase / decrease in economic activity). Whether it is a traditional currency or a blockchain 'cryptocurrency', centralised or distributed etc is immaterial, what is important is the end characteristics.

        * note that what is normally referred to as 'inflation' in newspapers and on TV is actually rise in the cost of living. This is only partly due to inflation, but is not inflation. The real meaning of inflation is an increase in the amount of money (value tokens) in the economic system without a corresponding increase in the total value in the economy.

  9. Ropewash

    there-in lies the problem

    "The code is law"

    The law is being written by a bunch of kids who shouldn't be left unsupervised writing a wifi driver, let alone a defi platform.

    1. Crypto Monad Silver badge

      Re: there-in lies the problem

      A bunch of anonymous kids, who if they screw up, can vanish without a trace and not be held to account.

  10. Anonymous Coward
    Anonymous Coward

    DeFi

    Debunked Finance

  11. Anonymous Coward
    Anonymous Coward

    Once more the reason why

    as an expert in blockchain, I strongly advise against dabbling in cryptocurrencies.

    That's free advice too.

    There's a certain schadenfruede when I read of people who have paid (not me) for advice losing money. Who'd have thunk ?

  12. Doctor Syntax Silver badge

    Not news nowadays

    Cryptocurrency news would ba about some outfit where everything works and nobody gets robbed.

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