Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Hackers nab $500k as Enigma is compromised weeks before its ICO

techcrunch.com

Post reply on HN
Print view View original

71–80 of 249 posts

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#71

Post by SirensOfTitan »

jstanley wrote: post #46
SirensOfTitan wrote: post #34

Earlier quoted context omitted.

And how wouldn't it solve the problem? (1) would act as a more safe instrument for sending money to addresses you don't regularly interact with, (2) would attempt to make the address type much more apparent to the user so they don't send to addresses they aren't familiar with.

Just because you invent a special type of escrow contract that makes it harder to steal money doesn't mean an attacker would use it... he would just instruct users to send money to his own contract and bypass all of the protections you've invented.

When did I mention an attacker should use this? How does that argument make sense at all?

Legitimate ICOs should take on use of these widgets and contracts, educating users in the process to only send to particular contracts. This requires a great deal of improved hygiene for ICO providers and education for consumers, but there’s no easy foot forward here.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#72

Post by option »

CyberDildonics wrote: post #68
option wrote: post #63

Earlier quoted context omitted.

bitcoin is probably doomed in US because it is taxed as asset and isn't considered a "money" by the IRS. Hence to actually legally use it as a money is a huge pain tax-wise (imagine having to calculate holding periods and capital gains each time you buy a coffee) But US isn't entire world.

People keep saying this, but it just isn't true. All you have to do is match transactions with price. It can be done automatically.

A lot of things "can be done". And what is not true? Bitcoin IS considered an asset by the IRS

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#73

Post by koolba »

tstyle wrote: post #60
mhluongo wrote: post #33

Earlier quoted context omitted.

Why would he do that when he'd make more on the actual token sale?

The profit from the token sale goes into a foundation setup to oversee the project, not the founding team's pocket.

> The profit from the token sale goes into a foundation setup to oversee the project ... [truncated]

... that is controlled by the founders and could presumably be used for whatever they'd like. The usual approach is to create two companies. One a shell to own the ICO itself, and the second a tech services company that does development for the shell corp.

So it ends up something like:

"We definitely need the expertise of ICO founder Mr. X. Let's hire his consulting company to update the CSS on our web page at $1,000/hour..."

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#74

Post by bhaak »

richardknop wrote: post #17

Another ICO, another scam. I am not sure I feel bad for people who are gullible enough to send their hard earned money to these "companies". They have one PDF whitepaper and a generic Wordpress template website with some buzzwords, based in Cayman islands or some other tax haven for money laundering. And expecting to get rich from that.

The money might not have been that hard earned in the first place.

Last year, the price of one Ether was ca. $10. Now it's 30x as much. That's quite a multiplier.

If you bought some ETH last year, just by the price increase, you have lots of spare cash to throw at stuff that promises to make you even richer.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#75

Post by richardknop »

anovikov wrote: post #58
richardknop wrote: post #17

Another ICO, another scam. I am not sure I feel bad for people who are gullible enough to send their hard earned money to these "companies". They have one PDF whitepaper and a generic Wordpress template website with some buzzwords, based in Cayman islands or some other tax haven for money laundering. And expecting to get rich from that.

And mostly, they indeed get rich.

I know several people from crypto community and people who got rich are in a minority. Most people lost their money and are acting as gamblers now, throwing more money into new tokens to double down (which is one factor feeding the current ICO frenzy).

But I agree that there is a small group of people making big bucks from this (people behind ICOs plus a tight group of early bitcoin adopters).

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#76

Post by ringaroundthetx »

tlrobinson wrote: post #69

I'm not sure I buy the premise that every service needs its own coin. Surely in most cases it would be better to just use the most widely used, most stable coin? If the concept of cryptocurrency is going to survive I think there needs to be one or two clear winners to eventually bring some stability to their value. Of course, not issuing your own coin doesn't leave as much opportunity to get rich quick off a bit of h…

> I'm not sure I buy the premise that every service needs its own coin. Surely in most cases it would be better to just use the most widely used, most stable coin?

The team cannot finance itself without selling a new token

These projects don't use equity and there is nothing that will make the equity more valuable as there.

There are lots of things that will make their token be more valuable as it is a new commodity.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#77

Post by EGreg »

keymone wrote: post #45
kirualex wrote: post #26

How to make quick money in 2017: - Create a startup in the blockchain world - Make an ICO to raise money - Get "hacked" - ... - Profit!

i think with crypto you could even safely drop the "Get hacked" and "..." steps.

In 2020 you'll be able to drop the first part too.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#78

Post by EGreg »

Question: in light of the SEC decision regarding the DAO, is there any way to do an ICO that doesn't run the risk of later the whole company being shut down for not registering securities? Like maybe opening the company in Crypto Valley, Zug?

Is there a way to do a public offering of tokens? Or does it necessitate all the same reporting that a publicly listed company has?

Could still be worth it! Because the investors control even less of your board than in Snapchat IPO.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#80

Post by arkitaip »

che_shirecat wrote: post #56

How to make money in ethereum, from high to low risk: 1. Dump the leftovers of your bi-weekly software engineering paycheck into buying ETH, BTC, or whichever altcoin is popular this week. It went up 5000% in the past, it's got to keep growing right? 2. Participate in an ICO and stock up on whatever platform token they're hawking. It's more profitable if you get in early due to some presale mechanism (hopefully here…

turning your comment into a 10-week pdf course as we speak, just gonna pick a theme over ath theme forest brb
Post reply on HN