Recently I've made an article about upcoming Coinbase IPO. And right after that, I run across a post on how to "get in on any Coinbase pre-sale" or how to "participate in Coinbase IPO" via crypto-tokens, as far as I could understand.
I'm not going to discuss if the mentioned post is correct or not, I mean that guy pointed me to a thing called Deus.Finance.
DEUS lets you trade real-world assets and derivatives, like stocks and commodities, directly on the Ethereum blockchain. ... The mirrored assets are continuously, unbreakably pegged 1:1 to their real-world equivalents and can be handled and traded like any normal ERC20 token. Trading stocks on Uniswap and other decentralized exchanges will soon become a reality.
Well, pretty impressive, good to know.
Just let me have a look at the devils in details.
The most interesting one is that with Deus you actually have almost nothing to do with "real-world assets". You deal with "mirrored assets", that's how the Deus guys themselves call their shit.
Let's pretend you buy a TSLA "asset" on Deus. As a result, you don't own any TSLA stock, you can't expect dividends, you have no shareholder's rights, there's even no TSLA stock deposited somewhere to back the "asset" you bought. You didn't buy a "tokenized TSLA", you actually bought some shit that translates you NASDAQ's price feed...
Unfortunately, today I'm too dumb and lazy to research how the Deus guys deal with the situation when TSLA price at NASDAQ is e.g. $100, you want to sell your "asset" at this price -- but there's no buyer at this price on the other side. It must be some automatic market-making system to handle such situations. Anyway, the interested might well consult the whitepaper.
Those who ever read something on stock market history might know what bucketshop is. In my area we had a thing called Forex cookery, nearly the same thing as bucketshop. Well, today we have "trading stocks on Uniswap". Pretty impressive.
Anyway, I don't blame Deus. After all, the guys state what they do quite openly. Besides, it's indeed possible to make money with their service, even with Coinbase IPO. Only the emptors should caveat of what they really buy.
