Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

Post by AlexSolution » Fri, Jan 26, 2018, 8:45 PM UTC

Daishiman wrote: post #184

AlexSolution wrote: post #175

Earlier quoted context omitted.

MakerDAO uses collateralized smart contracts to provide stability to their Dai token. Right now, only ETH can be used as collateral, but in Q2 they are starting multi-collateral support. https://makerdao.com/ https://coinmarketcap.com/currencies/dai/

Their whitepaper's explanation of how this works is horrendously complicated. There's no way you can encode that sort of logic into a cryptocoin in a bug-free manner. Steer clear of this.

Post by MatekCopatek » Fri, Jan 26, 2018, 8:59 PM UTC

vkou wrote: post #182

cryptonitez wrote: post #170

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Yes, the I believe the sum of fiat deposited on bitfinex, bittrex, huobi,... is close to that amount. I even see people from high school "investing" in crypto now. It's really not hard to believe when you consider how many millions of people are on these exchanges. Binance touts 3 million users, and has 425,819,642 tethers. 141$ average a user is completely believable.

You're being taken in by a basic accounting trick. Let's suppose I buy 100 USDT on an exchange. What Tether claims happens: 0. Bob and I own $100. Tether and Bittrex own nothing. 1. Bob sends $100 to Tether Limited. 2. Tether limited sends Bob 100 USDT. They now have $100 in their bank account. 3. Bob transfers 100 USDT to bittrex. 4. I send $100 to bittrex. I buy 100 USDT using that $100 from Bob. 5. Bob withdraws h…

Post by KMag » Fri, Jan 26, 2018, 9:04 PM UTC

larkeith wrote: post #127

wrboyce wrote: post #104

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Care to elaborate on these hopes? And the underlying humour…

There's a lot of sentiment against Solidity as a language, for fairly good reason. See: https://news.ycombinator.com/item?id=14810008 https://news.ycombinator.com/item?id=14691212

Post by gph » Fri, Jan 26, 2018, 9:05 PM UTC

ajross wrote: post #147

gesman wrote: post #9

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Crypto wallets changing hands is a non-event for prices. This however might have potentially positive impact on prices of truly anonymous cryptos - typical direction of thiefs to "lose tails"

> Crypto wallets changing hands is a non-event for prices. Surely the point was more: "Why doesn't the obvious risk events like this represent affect the price of the commodity?" I mean, at this point I have to believe that the likelihood of a given dollar-equivalent of crypto currencies being stolen is much, much higher that it is for literal paper money. And paper is uniformly considered too risky to use as an asse…

Post by ceejayoz » Fri, Jan 26, 2018, 9:09 PM UTC

School-Cotton wrote: post #206

ceejayoz wrote: post #177

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For the Tether to exist, someone's supposed to give Tether USD in exchange to USDT. If these exchanges are trying to avoid USD, where's the USD to buy the Tether coming from?

You can wire real USD to Bitfinex.