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Poly Network hacker returns $258M after stealing $600M

forbes.com

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Re: Poly Network hacker returns $258M after stealing $600M

#41

Post by neatze »

pmorici wrote: post #38
mlazos wrote: post #35

Earlier quoted context omitted.

It’s so funny to me when everyone touts crypto + smart contracts as revolutionary™ then when you follow a system implemented with them to its logical conclusions you have analogs to everything that already exists. Lawyers to audit the contracts for bugs (and yes there can be bugs in a formally verified spec as well), courts to arbitrate disagreements, and an authority to enforce rules when someone finds a security ho…

Just because there are similar mechanisms doesn’t mean they haven’t been improved on in some way. Lawyers and courts are notoriously inefficient if this implementation achieves efficiencies, even if the mechanisms are analogous, seems like progress.

> doesn’t mean they haven’t been improved on in some way.

In what way specifically ?

Re: Poly Network hacker returns $258M after stealing $600M

#42

Post by zadler »

hamburgerwah wrote: post #16

I haven't seen any evidence there was in fact a hack at all. A digital contract was used in a way that complied with the contract that the bonehead writers of that contract did not intend. That's it. If bad contract writers get to cry "hack" and beg for their money back there is no point to digital contracts at all. If someone had physically or electronically broken into systems and illicitly copied private keys that…

Of course they are going to cry foul but they don’t have a legal right to get their money back so there very much is a point.

Re: Poly Network hacker returns $258M after stealing $600M

#43

Post by lifeisstillgood »

Someone recently pointed out that we have a "free market" in cryptocurrency, and are now spending years discovering why we have regulations, laws, contracts, courts etc.

I love the idea of a digital native currency. But I also love financial protections that have grown up over thousands of years.

The mints of each country could solve that tomorrow (is there a FOSS blockchain already that does a "we know there are 1 trillion Euros in existence, here are the tokens, no need for mining"?)

Re: Poly Network hacker returns $258M after stealing $600M

#44

Post by neatze »

nroets wrote: post #37
notathrowaway2 wrote: post #13

Earlier quoted context omitted.

>it was mostly shitcoins. As if there's any other kind.

I don't see long term value in Bitcoin. I even made a website to explain why ( https://Bitcoin.IsNot.Money ). But it's liquidity gives it sort term utility like cheaply transferring money internationally.

Only couple days ago or so, after so many years (following it since 2011 or so) I realized only one value in bitcoin;

Supporting sci-hub, that's about it, of course for some buying drugs online is an value too.

Re: Poly Network hacker returns $258M after stealing $600M

#45

Post by dagenix »

nroets wrote: post #37
notathrowaway2 wrote: post #13

Earlier quoted context omitted.

>it was mostly shitcoins. As if there's any other kind.

I don't see long term value in Bitcoin. I even made a website to explain why ( https://Bitcoin.IsNot.Money ). But it's liquidity gives it sort term utility like cheaply transferring money internationally.

> It's possible for a business to advertise a product in two different currencies at the same time, but it's very, very rate.

FYI: It seems like you have a typo at the end of that sentence.

Re: Poly Network hacker returns $258M after stealing $600M

#46

Post by MauranKilom »

TekMol wrote: post #34
shiado wrote: post #18

Let S = smart contract writer's code intent - smart contract compiled code meaning. If S is legally meaningful it's all over for smart contracts. There's no way to prove the contract writer's intent, the compiler itself can have problems causing divergence, and it's not even possible to prove if the idea in the writer's mind can be captured by code. You could even come up with a sort of halting problem smart contract…

halting problem smart contract that's both fraudulent and not at the same time How would the halting problem help with that? With the halting problem, can't you just write code so that nobody knows if it will halt or not? I wouldn't say it halts and not halts at the same time. We just don't know if it will halt.

It will halt. By running out of gas.

Re: Poly Network hacker returns $258M after stealing $600M

#47

Post by trhway »

pmorici wrote: post #38
mlazos wrote: post #35

Earlier quoted context omitted.

It’s so funny to me when everyone touts crypto + smart contracts as revolutionary™ then when you follow a system implemented with them to its logical conclusions you have analogs to everything that already exists. Lawyers to audit the contracts for bugs (and yes there can be bugs in a formally verified spec as well), courts to arbitrate disagreements, and an authority to enforce rules when someone finds a security ho…

Just because there are similar mechanisms doesn’t mean they haven’t been improved on in some way. Lawyers and courts are notoriously inefficient if this implementation achieves efficiencies, even if the mechanisms are analogous, seems like progress.

>Lawyers and courts are notoriously inefficient if this implementation achieves efficiencies every if the mechanisms are analogous seems like progress.

Lynching/mob justice is much more efficient than lawyers and courts, and that is what comes to mind seeing how the crypto reacts.

Re: Poly Network hacker returns $258M after stealing $600M

#48

Post by ALittleLight »

rebuilder wrote: post #29
hamburgerwah wrote: post #16

I haven't seen any evidence there was in fact a hack at all. A digital contract was used in a way that complied with the contract that the bonehead writers of that contract did not intend. That's it. If bad contract writers get to cry "hack" and beg for their money back there is no point to digital contracts at all. If someone had physically or electronically broken into systems and illicitly copied private keys that…

I have to agree. I was going to counterargue that technically all hacking is executing permissible actions in the sense that the system you're hacking into ends up allowing you to do what you want. That leads to why we have laws around unauthorized access etc., and that leads to digital contracts that need to be interpreted by a human with some ability to enforce their interpretation. So yes. As the main point of dig…

I've wondered about things like this with video games. I played RuneScape a while back and one of the things my brother and I would do is lure unsuspecting players into the wilderness to kill them and take their stuff. That stuff, RuneScape gold, weapons, and armor, has some real world value. We took it from other people, often by lying to them (e.g. "follow me into the wilderness, I'll show you something cool"). Could this somehow be construed as a crime? And if not, because everything we did was permissable actions in the game, how could any computer hacking be a crime?

Re: Poly Network hacker returns $258M after stealing $600M

#49

Post by [deleted] »

mlazos wrote: post #35
hamburgerwah wrote: post #16

I haven't seen any evidence there was in fact a hack at all. A digital contract was used in a way that complied with the contract that the bonehead writers of that contract did not intend. That's it. If bad contract writers get to cry "hack" and beg for their money back there is no point to digital contracts at all. If someone had physically or electronically broken into systems and illicitly copied private keys that…

It’s so funny to me when everyone touts crypto + smart contracts as revolutionary™ then when you follow a system implemented with them to its logical conclusions you have analogs to everything that already exists. Lawyers to audit the contracts for bugs (and yes there can be bugs in a formally verified spec as well), courts to arbitrate disagreements, and an authority to enforce rules when someone finds a security ho…

[deleted]

Re: Poly Network hacker returns $258M after stealing $600M

#50

Post by TroisM »

neatze wrote: post #44
nroets wrote: post #37

Earlier quoted context omitted.

I don't see long term value in Bitcoin. I even made a website to explain why ( https://Bitcoin.IsNot.Money ). But it's liquidity gives it sort term utility like cheaply transferring money internationally.

Only couple days ago or so, after so many years (following it since 2011 or so) I realized only one value in bitcoin; Supporting sci-hub, that's about it, of course for some buying drugs online is an value too.

Isnt Monero used for drugs nowadays? At least at the White House Market...
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