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Problem with Liquid is they market it as an L2
They could have marketed as a risk-minimized exchange but even that would be dubious since the controls they fucked up still exist as a SPOF
I always expected it'd be an API/Sig coordination failure, ZK stuff is always hyped by crypto-theater kids so for things around that to be the root cause wasnt first on my list but not entirely out of left field either.
Agree re: shitcoins. Most scams came with the ICOs and then with the tokens and supply/AMM manipulation. Before that there was mostly retardation. However, when a non-scam Somethingcoiner comes to you and is narrating how their coin > Bitcoin then they're either stupid or malicious predators. So they should still die silently and hup hup that process. I don't mind if they exist. I do mind predatory marketing.
As for liquid: its always been a custodial side chain. Its like holding your sats on an exchange as they're as much IOU as coinbase custodied coin or bitgo wrapped shit. BUT, APPARENTLY THEY FUCKED THE CONTROLS. I'm still more shocked about that than about the inflation bug. That's the real fuckup here, to me.