1) Oracles in the real world
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Sorry SBF, but I'm going to have to disagree with you here on a core point
You NEVER want your SC to rely on a single exchange as its price oracle, it doesn't offer enough market coverage and is vulnerable to manipulation
Even a simple median across exchanges isn't enough
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Er I agree with you on that -- it's much better to do something like what FTX does (take an index and bound all data points at 30bps away from the median).
The "it all comes down to an API feed" really meant "some function of some set of API feeds"
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Taking a simple median across exchanges doesn't really provide an adequate market coverage either though because it doesn't take into account volume consolidation or new exchanges popping up
It's more nuanced than just you need to trust the APIs, it's about data quality
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It just scares me when you say things like this (linked tweet) because if projects are really going to be using serum as their only source of price data...
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To be clear:
1) I think they should use a sanitized version of it
2) Serum is on-chain. That makes it *way* different from the cases you cite; a lot of the problems you might worry about go away (at least for other projects on Solana).
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