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So they now have this giant sum of money sitting in their wallet https://etherscan.io/address/0x098b716b8aaf21512996dc57eb061... what do they do next? How do criminals even use this money to do anything?
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I mean we have an answer to that, it's called the law, and its worked since 1750BC. [edit] This guy, Hammurabi - king of the First Babylonian Dynasty - faced a similar quandary, so there's some prior art. Disputes under the law are resolved in court.
Isn't that anathema to the new world order the crypto people are espousing?
As someone who has actually purchased real goods with bitcoin (silkroad) and has dealt with the blowback of the MtGox scandal (still receiving court details to this day...)
Those crypto people are snake oil salesmen. Full fucking stop. They aren't interested in making anything usable, they're interested in wild speculation, gambling, and outright scams.
Structurally, smart contracts are very complex vehicles - and the financial reward to hack them is always higher than being a good player.
This probably sounds like an insanely dumb idea to crypto people, but is it absolutely infeasible to reverse transactions when there's consensus that it's a hack? The TX fees need not be reversed (consider it to be a small price to pay for being hacked). A little bit of centralisation could make the whole network safer. Who is that centralised authority to decide what's a hack, I hear you ask. I don't know, but the a…
I'm out of the loop and trying to understand - people lent over half a billion dollars of their 'real' fake money (ETH) to a game studio so they could transact on the studio's sidechain because gas fees are prohibitively expensive on ETH, and then the game studio got hacked and lost it all? How was this ever going to end any other way? Imagine how preposterous the idea of storing $650mm in USD in a random game studio…
They tried to use some of that digital money (in another electronic format) in a digital game, but the game got hacked and now those dollars are someone’s else dollars.
The hacker may have some difficulty transforming digital money into paper bills, because KYC, but he can launder it like old school people used to and have some.
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What is your threshold? Who decided what is "not legitimate" activity? Clearly in this case the money was spent using the keys that were allocated to be able to control the money, what process overrides that?
I mean we have an answer to that, it's called the law, and its worked since 1750BC. [edit] This guy, Hammurabi - king of the First Babylonian Dynasty - faced a similar quandary, so there's some prior art. Disputes under the law are resolved in court.
Earlier quoted context omitted.
I mean we have an answer to that, it's called the law, and its worked since 1750BC. [edit] This guy, Hammurabi - king of the First Babylonian Dynasty - faced a similar quandary, so there's some prior art. Disputes under the law are resolved in court.
Isn't that anathema to the new world order the crypto people are espousing?
Like most things it's not all or nothing and there are pros and cons.
I'm out of the loop and trying to understand - people lent over half a billion dollars of their 'real' fake money (ETH) to a game studio so they could transact on the studio's sidechain because gas fees are prohibitively expensive on ETH, and then the game studio got hacked and lost it all? How was this ever going to end any other way? Imagine how preposterous the idea of storing $650mm in USD in a random game studio…
also there are all sorts of checks when you try to wire or withdraw more than $10,000, not to mention wire hundreds of millions. Such transaction will manually cross a desk of at least 2 different bank managers.