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Crypto CEO threatens customers after mistakenly sending them millions

mashable.com

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Re: Crypto CEO threatens customers after mistakenly sending them millions

#81

Post by barnabee »

toomuchtodo wrote: post #29
systemsignal wrote: post #28

Earlier quoted context omitted.

How is it fraud if the smart contract allowed it? Actually curious what makes it fraud. Just because one group wants the money back?

Lawful intention. What the smart contract dictates isn’t necessarily the final authority, but what the intent was (per legal interpretation of state contract law).

This assumes a contract in addition to the smart contract. I am not sure in this case whether one could be said to exist, but certainly a truly decentralised system probably ought not to create such contracts.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#82

Post by jollybean »

leokennis wrote: post #71
sumedh wrote: post #51

Earlier quoted context omitted.

> it says a lot about crypto currency practicality Isnt that a feature not a bug? You dont want a central authority like a govt or a corporation messing with your money(tokens)

I think most crypto-supporters overestimate how much of a police state modern banking is, and underestimate how much of a wild west the current crypto ecosystem is. They’re willing to trade a system with reasonable and democratic oversight for a “free for all” shark infested pool that will rip from their hands their retirement fund just before they mean to retire.

This is a thoughtful comment.

I wonder how much central banks and treasuries could do to engage people on what they actually do. It's still ripe for disruption on some level, but still, people have no idea I think.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#83

Post by jollybean »

What we might find out here is if 'smart contracts' are actually so smart.

If people can take each other to court on the basis of these auto transactions given the intent or nature of the contract, then, well, they're just regular contracts, aren't they.

And then they're regular assets, subject to the lawful rulings of courts aka 'The contract was executed unlawfully, you have to return XYZ funds'.

I suggest a lot of people are going to be cashing out, thinking they are above/outside the Judiciary, but eventually this will come home to roost, it not now, but later.

I'm wary that a few young lads will be made scapegoats.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#84

Post by lowkey »

diatone wrote: post #64
lowkey wrote: post #62

Earlier quoted context omitted.

You are confusing cause and effect. Prices go up over time as measured in fiat because of monetary inflation (i.e. money printing) by the Fed which dilutes the purchasing power of the dollar. M2 monetary supply inflation coupled with the velocity of money causes CPI to increase, not the other way around. 70% of all the dollars ever created were created since the invention of Bitcoin. Please substantiate your claim th…

GP wasn’t stating that a larger stock of cash is definitively not a parameter of inflation, but that it is not the only parameter. As to your question about the other factors, here’s a thought experiment: if I printed cash daily but locked it up in a chest and sunk it to the bottom of the sea, will there be inflation? Going one step further: does inflation depend on the distribution of liquidity in the economy?

> As to your question about the other factors, here’s a thought experiment: if I printed cash daily but locked it up in a chest and sunk it to the bottom of the sea, will there be inflation? Going one step further: does inflation depend on the distribution of liquidity in the economy?

In your thought experiment No it would not impact inflation, but in the real world over the past year we have begun to see rates of inflation not seen in 40 years. Inflation is running at 3x the Fed’s target at a time when the Fed’s money printer is creating trillions of US dollars out of thin air.

In September 2021, anyone diminishing or dismissing the impact of money printing on inflation is being willfully ignorant or intentionally disingenuous.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#85

Post by omegalulw »

sneak wrote: post #6
stevehind wrote: post #3

Hmm turns out trustless and decentralised might not be the best model for all financial infrastructure.

Good thing precisely zero people are proposing this for "all financial infrastructure". It's an opt-in alternative, nothing more. If you don't want to use it, nothing forces you to (unlike existing retail banking).

This is an irrelevant point and borderline strawman. Considering the environmental impact of proof of stake blockchains, everyone is impacted whether they use crypto or not.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#86

Post by bradwood »

forty wrote: post #74
sumedh wrote: post #68

Earlier quoted context omitted.

yes that is a valid point but there are others who dont want that because then the central authority can take away your money or stop payments send to you just because they dont like you like what happened to Wikileaks.

Yes, it's true that in case you are in the legendary fascist state that steals your money but allows you the hide your money in crypto currency it can be useful ;) it reminds me of https://xkcd.com/538/ (note that I do not count government taxes in democratic countries as stealing, while I do think tax avoidance is stealing in that case).

And what would you call the US dollar's monetary expansion of over 40% [1] since the start of the pandemic, if not stealing?

The Cantillon Effect has never been stronger, but those that continue to measure their financial worth in a unit of account that is shrinking in its purchasing power every day are missing the point. The system _is_ stealing your savings!

[1]: https://fred.stlouisfed.org/series/M1SL

Re: Crypto CEO threatens customers after mistakenly sending them millions

#87

Post by bradwood »

arcticbull wrote: post #48
sneak wrote: post #6

Earlier quoted context omitted.

Good thing precisely zero people are proposing this for "all financial infrastructure". It's an opt-in alternative, nothing more. If you don't want to use it, nothing forces you to (unlike existing retail banking).

It's mandatory in El Salvador. That alone is a QED. However, I'd highly recommend listening to any of the thought leader talking heads.

its mandatory _for businesses to accept BTC_ not for the populace to use it.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#88

Post by bradwood »

lowkey wrote: post #62
arcticbull wrote: post #49

Earlier quoted context omitted.

Wow that would be amazing if it were true or sensical or really even grounded. Inflation in the real world isn't defined by supply but rather purchasing power as measured by CPI. Your definition is closer to the Austrian definition, long debunked because what people do with that supply is as important as its existence. The M2 supply increased 15X since the 70s but purchasing power only dropped by a factor of 7, meani…

You are confusing cause and effect. Prices go up over time as measured in fiat because of monetary inflation (i.e. money printing) by the Fed which dilutes the purchasing power of the dollar. M2 monetary supply inflation coupled with the velocity of money causes CPI to increase, not the other way around. 70% of all the dollars ever created were created since the invention of Bitcoin. Please substantiate your claim th…

This. Plus also, lets for a moment remind ourselves how reliable of a measure of inflation CPI is. Its basis is a basket of products the composition of which is opaquely tweaked to suit an particular agenda.

This makes it _less_ reliable than M1-M4 as a measure of inflation.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#90

Post by vmception »

vmception wrote: post #40
danielvf wrote: post #27

This bug happened to the crypto project Compound. I work for a crypto company that has a DeFi product that uses Compound. So I've been deep into following this since it started. The funds sent to users were "rewards" for using the platform. Compound didn't actually lose any user funds, it was Compound's "governance token" that was given out. Although user funds were not affected, billions of dollars have been pulled…

Hey can you elaborate on how to claim? I deposited some assets on Compound a year ago and I think I got the initial COMP airdrop Does this make me eligible for this glitch? There wasnt anything in the UI suggesting so, but I can skip the frontend and use the smart contract directly, with hex or bytecode if necessary Just not sure what to look for

it looks like the

claimComp(address) method

and the claimComp(address, tokenAddresses[]) method

can be used, but its only if you supplied to some pools in the past and I'm not sure which pools. Someone told me TrueUSD but I haven't been able to confirm and I can't tell which claim transactions onchain are results of the glitch versus normal Compound UI behavior from normal users

so you would just make a transaction to the Compound Comptroller contract address with the hex data for that contract and method variables

unfortunately it seems like there are multiple Comptrollers and its a little expensive to play around with on mainnet, I might branch off and try a few transactions in a local environment so I don't waste gas trying to figure it out on mainnet. But I really just want to be able to tell and its weird how hard it is to find these details with all of this reporting. Hope this space matures to the point where this is the baseline level of reporting.

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