Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Crypto.com accounts had unauthorized withdrawals

crypto.com

Post reply on HN
Print view View original

291–300 of 321 posts

Re: Crypto.com accounts had unauthorized withdrawals

#291

Post by wpietri »

thebean11 wrote: post #215
wpietri wrote: post #214

Earlier quoted context omitted.

The original vision of Bitcoin was "a peer-to-peer electronic cash system" "allowing any two willing parties to transact directly with each other without the need for a trusted third party". So yes, something like crypto.com represents significant centralization.

Crypto.com and its customers are willing parties who can transact with each other using this system, I'm not sure what your point is. The problem here is that one party trusted another party to hold on to their funds, and the holding party lost the funds. How is that an indictment of the protocol itself? Or put another way, how does Crypto.com and other centralized systems prevent me from using Bitcoin the "right" wa…

Did you read the Marlinspike post? I think he's pretty clear on the issues.

But in brief my point is that as with internet itself, a protocol that allows for decentralization is not sufficient for something to be truly decentralized. Despite the vast amounts of hype about the decentralization of cryptocurrency and "web3", in practice we are seeing that it's tending toward centralization. Which personally I don't care about except the extent to which I still have to listen to the hype that has less and less connection to the practical reality.

Re: Crypto.com accounts had unauthorized withdrawals

#292

Post by wpietri »

SilasX wrote: post #217
wpietri wrote: post #161

Earlier quoted context omitted.

That's a pretty funny definition of "legitimate". By that standard, all of this malware is legitimate too! https://github.com/ytisf/theZoo

How is it different from “TOR/some VPN is a legitimate service that happens to be used by some hackers to cover their tracks”?

How many legitimate uses can you name for TOR? And how many can you name for a money laundering service?

Re: Crypto.com accounts had unauthorized withdrawals

#295

Post by tootie »

duxup wrote: post #44
agloeregrets wrote: post #33

Earlier quoted context omitted.

The ad campaign is notable because, much like most Perfume ads, it's downright bizarre. The ad sells a concept extremely well and then makes the leap of a lifetime for the subject that is a crazy let down. Edit: the funny thing for me is that if the ad ended with the SpaceX (or Boeing, or Northrop, or USAF) logo and gave the SpaceX employment site at the end, I'm sure it would be seen as one of the best ads of the la…

I think you just described crypto currency;) The community ethos and ideas seem pretty disconnected from what actually happens.

Sick and tired of the big banks? Why not put your money with people who are just as unethical, but also less competent?

Re: Crypto.com accounts had unauthorized withdrawals

#296

Post by wpietri »

thebean11 wrote: post #246
thehappypm wrote: post #241

Earlier quoted context omitted.

It’s not an indictment of the protocol, so much as it is saying that the protocol is too low-level for average users and therefore centralized players (like Coinbase) tend to step in and provide the desired service.

I'm not sure, is the x86 instruction set too low level? Yes if you expect users to interact with it directly, but not for user facing products to be built on top of. You can point to centralized products built on top of blockchain, but also decentralized ones.

An important difference being that nobody ever expected users to use the x86 instruction set directly. Whereas the very clear initial expectation for Bitcoin was that it was an actual currency used for transactions by end users.

Re: Crypto.com accounts had unauthorized withdrawals

#297

Post by codehalo »

HaZeust wrote: post #286
Karrot_Kream wrote: post #278

Earlier quoted context omitted.

This is a common play in several industries. Art of Shaving markets itself well to casual people interested in traditional shaving products but they take regular products, mark them up by a lot, rebrand and then upsell. Nobody claims Art of Shaving is the apex of shaving. Best Buy does similar marketing in regard to electronics, but Best Buy certainly isn't the apex of electronics retailers. What makes you think cryp…

I would say Best Buy is an apex electronics retailer. Why wouldn't you?

Yes, but not the apex of the "electronics industry".

Re: Crypto.com accounts had unauthorized withdrawals

#298

Post by i67vw3 »

lottin wrote: post #248
sneak wrote: post #183

Earlier quoted context omitted.

People who are not criminals deserve transaction privacy, as well.

What would be the point of "transaction privacy"?

Odd statement. It is on par that all your bank statement should be public and easily viewable. It is on par saying that people do need digital privacy at all, as they have nothing to hide. And those are trying to hide are really 'bad people'. Monero/Zcash/Dash/Firo/etc are used by legitimate users to hide their transactions from public blockchain.

Re: Crypto.com accounts had unauthorized withdrawals

#299

Post by antifa »

mdoms wrote: post #104
lolinder wrote: post #69

Earlier quoted context omitted.

Somehow I doubt a fraudulent company on the verge of an exit scam would spend $700 million to rename an arena right before pulling the plug. Incompetent? Probably. Fraudulent? Unlikely. https://www.latimes.com/business/story/2021-11-16/crypto-sta...

Crypto.com is built on a huge marketing facade. Keeping that facade up until the moment the rug is pulled is the main part of the scam.

Maybe one employee decided to schedule an earlier exit without informing their co-conspirators.

Re: Crypto.com accounts had unauthorized withdrawals

#300

Post by [deleted] »

tornato7 wrote: post #281
Shank wrote: post #113

Earlier quoted context omitted.

> crypto.com is a little mysterious when it comes to authentication honestly. I still have not understood it. If you're speaking from experience as a user of their service, I strongly suggest that you use a different exchange. Gemini + Coinbase both have very easy-to-understand authentication systems. If you don't understand the authentication system, that's a good red-flag that you should take as a reason to move to…

Agreed. As someone who has integrated with dozens of crypto bank APIs, I can tell you Gemini's authentication and security is top notch (second only to Fireblocks)

[deleted]
Post reply on HN