Solid breakdown on counterparty risk. The Stripe error conflicting with PSA's 'technical issue' narrative is a red flag I noticed too. If the CardLadder manipulation theory holds any water, it exposes how algorithmic pricing without fraud detection can get exploited fast. I've seen similiar patterns in NFT marketplace arb where price oracles got gamed. Two weeks without payouts while still charging fees is kinda wild though.
Yeah. The CL thing is interesting because I think it was pretty obvious it was manipulable if you understood how it worked. Thanks for the comment! It's cool to see someone from a different space giving this a read
this has to be some kind of security issue hence the extra verification step. I bet they had to shut everything down because they didn’t know where the issue was but they had to contain the blast radius. Once they contained it, they worked around the clock to fix whatever was broken and do testing/verification. They should be issuing a RCA (root cause analysis) internally soon and a statement to the public soon.
I personally don’t vault because it’s not regulated and no processes in place to fix issues like the you are facing now. Imagine the banks freezing up, that’s basically what’s happening if we view cards as an asset.
Yes 100% agree with this. Unfortunately, the volume that we buy and sell isn’t sustainable without having a consignor, and any consignor will come with it’s own risks.
Solid breakdown on counterparty risk. The Stripe error conflicting with PSA's 'technical issue' narrative is a red flag I noticed too. If the CardLadder manipulation theory holds any water, it exposes how algorithmic pricing without fraud detection can get exploited fast. I've seen similiar patterns in NFT marketplace arb where price oracles got gamed. Two weeks without payouts while still charging fees is kinda wild though.
Yeah. The CL thing is interesting because I think it was pretty obvious it was manipulable if you understood how it worked. Thanks for the comment! It's cool to see someone from a different space giving this a read
this has to be some kind of security issue hence the extra verification step. I bet they had to shut everything down because they didn’t know where the issue was but they had to contain the blast radius. Once they contained it, they worked around the clock to fix whatever was broken and do testing/verification. They should be issuing a RCA (root cause analysis) internally soon and a statement to the public soon.
I personally don’t vault because it’s not regulated and no processes in place to fix issues like the you are facing now. Imagine the banks freezing up, that’s basically what’s happening if we view cards as an asset.
Yes 100% agree with this. Unfortunately, the volume that we buy and sell isn’t sustainable without having a consignor, and any consignor will come with it’s own risks.