Why PaperTrade Says a Transferable PAPER Token Would Invite a Lucrative Attack

Quick favor: We’re deciding what Unchained does next; new shows, stream times, what’s worth paying for. Our listener survey (https://unchainedcrypto.com/survey) takes five minutes, it’s anonymous, and I read the write-in answers myself. Everyone who finishes it gets a free month of Premium, Unchained or Bits + Bips, your pick. Open through Sunday, November 8. — Laura ======================================================================== PaperTrade's roadmap said its PAPER token would become transferable. Then the team said that would open the door to a $50 million price-manipulation attack, and shelved the plan. Jason Pagoulatos, Head of Markets at Delphi Research, tells Laura Shin why the team's reasoning is right, why a protocol still run by a multisig is not fully decentralized, and why he still sees the change as a bait and switch for traders who deposited, and in some cases deliberately lost money, under the original rules. ======================================================================== Host: 👉 Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin Guest: 👉 Jason Pagoulatos - Head of Markets at Delphi Research - https://x.com/3xliquidated ======================================================================== This clip is from a longer conversation on PaperTrade's 1,000x leverage model and its reversal on the PAPER token. Full episode here: https://youtu.be/Zs7VwdO270I We go live twice every week - subscribe to catch it live. Sponsor Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at Nexo. Geo-restrictions, eligibility and terms apply. ======================================================================== Chapters: 🔒 00:00 What happened to the trader who gamed PaperTrade's price feed 🗝️ 01:05 Why 'fully onchain' doesn't mean fully decentralized 🔄 01:41 PaperTrade shelves transferability and lays out its attack math 🧮 02:53 Why Jason says the team is right, and what it may have known 🪤 05:49 Not a rug, but a 'bait and switch' on the rules 💸 07:07 The traders who tried to lose money fast to earn PAPER ======================================================================== #bitcoin #ethereum #crypto #cryptocurrencies ======================================================================== Subscribe to our channel! Website → https://unchainedcrypto.com Unchained Daily Newsletter (FREE!)→ https://unchainedcrypto.beehiiv.com/subscribe/ Unchained X → https://x.com/unchained_pod Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 Unchained: Your no-hype resource for all things crypto!