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Earlier quoted context omitted.
Except that, for the moment, paper note forgery is illegal but creating "extra" crypto coins doesn't seem to be.
You're never beyond the reach of a civil suit. If you identify yourself with the scheme and you're in the same country where there's adoption, you could be easily targeted. Plus, the language in 18 U.S.C. § 1030(e)(2) (courtesy of CFAA) refers specifically to "any computer, when [it affects] use by or for [a] financial institution." And later it mentions "...affecting interstate or foreign commerce or communication..…
or in the case of Zcoin just come back into the clear chain.
Note that this is unrelated to Zcash, the zk-SNARKS based cryptocurrency perhaps more known to HN.
> If the attacker managed to liquidate their Zcoins at an average price of $1.25, they may have netted themselves upto USD 750,000. If you are a skilled programmer / security expert / mathematician, crypto currency exploit creation seems to be an extremely lucrative hobby.
I am genuinely curious as to what the arguments would be one way or another. People are taking a risk with these things and they know they're risky. So it's not really stealing.
Im curious. Is this actually illegal? Is there any requirement on how valid crypto currency is created? I understand the network could implement a fix and prevent future transactions or even roll back old ones if there's enough desire, that's what democracies are about right? But was there anything illegal about creating and then trading them? A rollback would hurt the exchanges, but if they didn't already have somet…
I think if you explained this in layman's terms to "a bloke down the pub", he'd consider it theft. The law generally feels the same way. (IANAL.) Not the same, but it reminded me of years ago, I had £50 deposited in to my account, by mistake, a couple of months running. I asked my girlfriend's dad - who actually was AL (WAL?) - if I could keep it. He said it would be like someone parking their car on my driveway and…
If a private person sends you money, you have to give it back.
> If the attacker managed to liquidate their Zcoins at an average price of $1.25, they may have netted themselves upto USD 750,000. If you are a skilled programmer / security expert / mathematician, crypto currency exploit creation seems to be an extremely lucrative hobby.
Do you think this is immoral? I am genuinely curious as to what the arguments would be one way or another. People are taking a risk with these things and they know they're risky. So it's not really stealing.
> If the attacker managed to liquidate their Zcoins at an average price of $1.25, they may have netted themselves upto USD 750,000. If you are a skilled programmer / security expert / mathematician, crypto currency exploit creation seems to be an extremely lucrative hobby.
There's even room for marginally technically skilled to rake it in. I think Karpeles is still out on bail. And there's a few that did well with just marketing skill and vaporware mining gear.
Im curious. Is this actually illegal? Is there any requirement on how valid crypto currency is created? I understand the network could implement a fix and prevent future transactions or even roll back old ones if there's enough desire, that's what democracies are about right? But was there anything illegal about creating and then trading them? A rollback would hurt the exchanges, but if they didn't already have somet…
I recently spoke at an event where we talked about the crossover of cryptocurrency and the law with a bunch of attorneys present. Many attorneys spoke up during the Q and A to remind everyone that at the end of the day the legality of anything will be decided by either a jury or a judge. It's going to come down to the arguments both sides make, and I think any defense would have a hard time explaining how what they d…