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

Post by bgroat » Thu, Aug 12, 2021, 12:56 PM UTC

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…

Post by baq » Thu, Aug 12, 2021, 1:01 PM UTC

bgroat wrote: post #181

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…

This is my big problem with anarcho-capitalists. God didn't come down and give us governments. We started without order and survival based on individual output. And every single living thing beyond a threshold of intelligence agreed that it sucked.

Post by ulrikrasmussen » Thu, Aug 12, 2021, 1:05 PM UTC

doomroot wrote: post #182

ulrikrasmussen wrote: post #156

A fun way to spend $600 million that you cannot launder anyway would be to put it in a smart contract and release it in portions to anyone who could solve a proof of work problem. Incidentally, the PoW problem would result in empty blocks being mined on Bitcoin, effectively executing a denial of service attack. The incentives should be adjusted so it becomes at least twice as profitable for a miner to mine empty bloc…

Bitcoin fees would simply double if that? Also one of the benefits to a mature proof of work system is that miners incentives align with the success of that currency. Imagine spending thousands of dollars on special purpose hardware only to attack the only system where they are useful. Bitcoin miners are bitcoiners, people seem to forget that.

Post by leppr » Thu, Aug 12, 2021, 1:06 PM UTC

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…

Post by CryptoPunk » Thu, Aug 12, 2021, 1:16 PM UTC

Closi wrote: post #111

CryptoPunk wrote: post #57

Earlier quoted context omitted.

That is not an accurate generalization. Many in the crypto community do not advocate breaking laws. Instead they look for ways to interact that do not legally require complying with onerous regulatory burdens, like peer-to-peer monetary transfers, that do not as of yet have the same amount of totalitarian restriction placed upon them as monetary transfers that are intermediated by a trusted third party middle-man. As…

I don't agree that placing regulations on the finance industry can be in any way equated to totalitarianism. In fact, we have already seen what happens when the financial industry is entirely deregulated multiple times worldwide.