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

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

#201

Post by kbenson »

JoblessWonder wrote: post #189
Steeeve wrote: post #177

Earlier quoted context omitted.

Coursecoin is going to change the academic world altogether. The combination of a distributed ledger algorithm with online academia opens up a world of education to people who otherwise could not afford it. Student loans are out of control, but with course coin, the students earn their tuition by mining coins. All the overhead of an academic institution is distributed over a wide array of systems that are responsible…

Coursecoin regrets to inform its prospective student-investor-miners that there was a compromise to the secure ICO system before launch. There will be no courses or refunds. Thank you for your interest and investment in Coursecoin.

> there was a compromise to the secure ICO system before launch.

I assume that's a typo, and you mean before lunch on the day it was announced. :)

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

#202

Post by kbenson »

roywiggins wrote: post #139
ransom1538 wrote: post #121

Earlier quoted context omitted.

I think it can all be automated: 1) Have the bot build the currency here: http://build-a-co.in 2) Generate HTML5 pages 3) Submit to twitter (focus on new york area) / make tshirts

Now you just need to do an ICO for a "CoinCoin" that automates ICOs.

Recursico. It's ICOs all the way down.

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

#203

Post by [deleted] »

mhluongo wrote: post #33
crypt1d wrote: post #6

This might as well be a scam created by the CEO himself. I mean, who in this 'crypto world' would be stupid enough to use the same, previously compromised, password on all his accounts? P.S. there was a story on reddit (can't find it now unfortunately) about how the attackers tried to deposit the money to Bittrex but luckily someone alerted them and the exchange froze the account. So there is still some hope that fun…

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

[deleted]

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

#204

Post by vkou »

omarchowdhury wrote: post #159
sillysaurus3 wrote: post #81

Earlier quoted context omitted.

This is the main reason the traditional VC model works so well. You can't get rich unless the VC's make money.

You're kidding right? Founders/employees take "money off the table", even if the companies haven't generated a cent in profit.

Employees and founders typically can't sell shares (Except to the VCs, at a price the VCs set) until the company goes public, or is wildly successful.

They do get paid salaries, but undergo audits... To make sure that the 10 million dollar round didn't go straight to the CTO's Bahaman yaht fund. These audits are typically not done by the founders.

With an ICO, all bets are off. There's no reporting requirements, the founders hire their own bookkeepers, and the equity holders have no rights with respect to the governance of the firm.

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

#205

Post by omarchowdhury »

vkou wrote: post #204
omarchowdhury wrote: post #159

Earlier quoted context omitted.

You're kidding right? Founders/employees take "money off the table", even if the companies haven't generated a cent in profit.

Employees and founders typically can't sell shares (Except to the VCs, at a price the VCs set) until the company goes public, or is wildly successful. They do get paid salaries, but undergo audits... To make sure that the 10 million dollar round didn't go straight to the CTO's Bahaman yaht fund. These audits are typically not done by the founders. With an ICO, all bets are off. There's no reporting requirements, the…

You seem to be positing an absolute: that an ICO can't behave transparently by nature. Which isn't true. ICO and transparency aren't mutually exclusive.

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

#206

Post by [deleted] »

Steeeve wrote: post #177
pavel_lishin wrote: post #86

Earlier quoted context omitted.

Could I invest in your course academy via some sort of ICO?

Coursecoin is going to change the academic world altogether. The combination of a distributed ledger algorithm with online academia opens up a world of education to people who otherwise could not afford it. Student loans are out of control, but with course coin, the students earn their tuition by mining coins. All the overhead of an academic institution is distributed over a wide array of systems that are responsible…

[deleted]

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

#207

Post by CyberDildonics »

nickbauman wrote: post #188
CyberDildonics wrote: post #143

Earlier quoted context omitted.

> Gold (and cryptocurrencies) cannot support a market economy because of the problem of hoarding a limited resource and the lack of representation of debt. That's a bold claim to throw out there with nothing to back it up. Gold has been used as a currency for thousands of years. Crypto-currencies are out there working whether you like it or not. To say that they can't work is pretty silly when they are literally work…

The hoarding problem source: https://www.forbes.com/sites/francescoppola/2017/07/26/the-f...

That's one person's opinion and prediction of the future, the same as yours. It is not proof or even evidence of anything. Cryptocurrencies literally work right now.

People that keep saying a currency that doesn't have a central authority leeching off of it by printing more and using it however they want perplex me. If all else was equal, would you choose to put your money in a currency that continues to be worth less and less or a currency where that is designed to not be devalued?

You can say it won't work all you want, but when people have a choice of what currency to use, they aren't going to choose one that is meant to inflate. The only reason people use inflationary currencies is because they don't have a choice.

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

#208

Post by CyberDildonics »

nickbauman wrote: post #183
CyberDildonics wrote: post #143

Earlier quoted context omitted.

> Gold (and cryptocurrencies) cannot support a market economy because of the problem of hoarding a limited resource and the lack of representation of debt. That's a bold claim to throw out there with nothing to back it up. Gold has been used as a currency for thousands of years. Crypto-currencies are out there working whether you like it or not. To say that they can't work is pretty silly when they are literally work…

The "Coin of the Realm" source: Page 49 of Debt, The First 5000 Years by David Graeber. https://libcom.org/files/__Debt__The_First_5_000_Years.pdf

I'm not really in a position to read a 540 page pdf right now, maybe you should pick a line you like.

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

#209

Post by SippinLean »

bandrami wrote: post #51
pc86 wrote: post #37

Earlier quoted context omitted.

Only if you use ponzi scheme (incorrectly) interchangeably with "scam."

Or correctly, in the sense of "a system that requires constant new investment to achieve payouts"

If you think that's all it takes to satisfy the definition of a Ponzi scheme, you're incorrect. That would even be an oversimplification for a Pyramid scheme.

I'm not sure why this has to be corrected for every crypto thread on HN. We get it, someone has to comment on every crypto post "Ponzi scheme," "tulips," or the like (regardless on whether or not such a generic comment is especially relevant to the thread) but simply calling it a "scam" gets the unoriginal point across without making you seem so misinformed.

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

#210

Post by literallycancer »

bandrami wrote: post #51
pc86 wrote: post #37

Earlier quoted context omitted.

Only if you use ponzi scheme (incorrectly) interchangeably with "scam."

Or correctly, in the sense of "a system that requires constant new investment to achieve payouts"

Kind of like pension systems in most countries?
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