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I love how the crypto community encourages circumventing laws, UNTIL someone steals from them using their own “smart” contract then calls on authorities for help.
Can someone explain to me why HN is so anti-crypto?
He bit off way more than he could chew it seems.
Unless he gives it all back, he is probably fucked if he is caught by American authorities, and even then it would not matter probably. Unlike France, no 5 years sentences in the good ol us of a for major fraud.
"Your honor, I returned half of it, so half the sentence"
"Yes, I will cut it from 150 +50 years to 75 +25"
Greed kills.
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Most people will not hold their own wallet. They just buy cryptocurrency through an exchange and let it sit as an "investment". They don't manage the wallet themselves and don't use the cryptocurrency for transactions. They simply think this is a quick way to make money and see it more as a more volatile alternative to the stock market.
And then someone hacks the exchange and they lose their money and they ask "how could this happen?" But they mean that literally because they didn't know it was even a possibility.
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 looks like you are debating whenever the hack was moral or not. From a moral standpoint, it's like, if you accidentally leave behind your wallet with cash on a park bench with a lot of passer-by, then it's your fault for leaving it there and whoever finds it deserves to keep it. I'm sure you're familiar with the "finders keepers, losers weepers" saying... After all, it's in public, similar to how public blockchain…
Given that the overall crypto market fell 7-10% since then, now a $550 million hack. He bit off way more than he could chew it seems. Unless he gives it all back, he is probably fucked if he is caught by American authorities, and even then it would not matter probably. Unlike France, no 5 years sentences in the good ol us of a for major fraud. "Your honor, I returned half of it, so half the sentence" "Yes, I will cut…
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> a large number of HN community members are - somewhat ironically - very closed minded The other side of that coin – excessive open-mindedness – however, leads to being susceptible to cults, snake oil salesmen, and hyped up technologies. Crypto currencies, in particular, frequently tick all three boxes. Skepticism is generally a good thing, and so far crypto currency proponents have failed to refute the arguments of…
The Internet also failed to refute the arguments of skeptics until one day it didn't fail and now several of the largest companies in the world are entirely Internet based and providing indisputable value. Cryptocurrency offers new primitives that are unavailable in any other system known to man. It takes time to build up a backbone of technology that can take these new primitives and get them to the point where they…
Earlier quoted context omitted.
I love how the crypto community encourages circumventing laws, UNTIL someone steals from them using their own “smart” contract then calls on authorities for help.
Can someone explain to me why HN is so anti-crypto?
Earlier quoted context omitted.
I love how the crypto community encourages circumventing laws, UNTIL someone steals from them using their own “smart” contract then calls on authorities for help.
Can someone explain to me why HN is so anti-crypto?
Earlier quoted context omitted.
It's also possible that some people understand all of this and still don't think that crypto is a good idea, or that it has worked out well in practice, or that it does anything meaningful.
Ok. In my opinion an algorithmic censor-resistant, deflationary value network is a useful potential technology that can give us potentially the best store-of-value known to mankind so far. Why isn't it meaningful to further research this technology in your opinion? (While mathematicians are researching all kinds of esoteric topics?) In my opinion proof-of-stake research is one of the most-important research topics to…
Neither of those things are true about Bitcoin (it will not become deflationary until 2140, and "censor-resistant" requires a lot of extra elaboration). But then what's the economic basis for that being a good store of value?
I'm mostly upset with crypto because it hasn't delivered on any promise, while still causing untold ecological damage, and has tilted the price of computing equipment so already rich industrialists can earn even more. Up until recently that was just GPUs, but the latest invention in the space is they made a cryptocurrency based around using up hard drives. The joy.