Security concern & improvement.
We recently witnessed a community member who have been around for years scammed. Seeing this, what might happen to the large number of newcomers soon is scary, not regarding scams like those but the overall security. New users are highly exposed due to the security gap the ecosystem has by design (Plain text seed stored in local storage with apps requesting even unlimited permission) and mainly the lack of user awareness about it.
I don't think there will be any quick fix regarding seed storage in browser, but user awareness can easily be improved. & The only good way to do it is to make some modification to the identity login flow since every user will go through it.
In the identity login flow, there should be a dedicated page to inform security measures such as the risk of malicious browser extensions, the risk of giving permissions to untrusted apps and a link to where they can control all their authorized derived keys to revoke access etc. Requested permissions list should also appear in detailed view with High level permission requests clearly marked.
The current login flow of Identity doesn't sufficiently inform new users of the risks they are facing, and that needs to be fixed. soon we will see numerous malicious extensions & apps. Without proper user awareness, we will see a disaster.
Hi, thanks for the detailed explanation. I though I did understand the token sales auction but I miss totally a step. I hope that you can tell me what I do wrong so that I can learn this for the next time
Example of a launch:
The amm was
0.001 - 1k
0.0011 - 1k
0.00121 - 1k
0.001331 - 1k
0.001464 - 1k
0.001611 - 1 k
0.001772 - 1k
0.001949 - 1k
0.002144 - 1k
initial bids were
person a , 0.001 for 3K coins
person b, 0.011 for 1K
person c, 0.001256 for 6K
person d, 0.001946 for 3K
According to your description, my thoughts
I will bid with 0.002144 for 8k
There were no other bids so, With my highest bit , 0.002144, I can fill every previous level / sell from the AMM
But this was not happening
Results:
I got only 2k for a price of 0.002144.
What am I doing wrong because I do not get the picture at all. If you look at the recent sell trades of the AMM for user btcabi, most of them are for the price 0.0022
I do not get it at all
Thank you so much already !!
Thank you for such a clear explanation. This is such valuable and important information for new users and users who haven't been exposed to this type of system.
Thanks @imoliver, very helpfull. Does it work like that on openfund as well when you place a marketorder for focus or deso?
Good explanation
Thanks @imoliver , great explanation.
Please tell me if I am wrong. Unless your bid is right on spot and the pool is large enough, you always pay more than the real price of the coin at that moment or you can't buy all the coins you ordered. AMM always wins!