$625M worth of ETH drained on Axie Infinity's Ronin Network

Post by paxys » Tue, Mar 29, 2022, 4:55 PM UTC

malfist wrote: post #91

mabbo wrote: post #47

In a system run by people, the transaction could be reversed, traced, and the culprits eventually brought to justice. In a system run by algorithms, designed to avoid oversight by people (governments), there is no such powers. There's no reversal. There's no checking the name on the account the transfer was to. It's just gone. I do not understand why people who have legal intentions would want to be part of the crypt…

Arguably it's the same risk as holding paper notes right? If I steal your life savings from under your mattress, there isn't necessarily anything to trace it back to me. However, there is a physical limit, pretty damn hard to run off with half a billion worth of paper notes.

Post by tomatowurst » Tue, Mar 29, 2022, 4:56 PM UTC

malfist wrote: post #91

mabbo wrote: post #47

In a system run by people, the transaction could be reversed, traced, and the culprits eventually brought to justice. In a system run by algorithms, designed to avoid oversight by people (governments), there is no such powers. There's no reversal. There's no checking the name on the account the transfer was to. It's just gone. I do not understand why people who have legal intentions would want to be part of the crypt…

Arguably it's the same risk as holding paper notes right? If I steal your life savings from under your mattress, there isn't necessarily anything to trace it back to me. However, there is a physical limit, pretty damn hard to run off with half a billion worth of paper notes.

Post by mnumber » Tue, Mar 29, 2022, 4:56 PM UTC

malfist wrote: post #91

mabbo wrote: post #47

In a system run by people, the transaction could be reversed, traced, and the culprits eventually brought to justice. In a system run by algorithms, designed to avoid oversight by people (governments), there is no such powers. There's no reversal. There's no checking the name on the account the transfer was to. It's just gone. I do not understand why people who have legal intentions would want to be part of the crypt…

Arguably it's the same risk as holding paper notes right? If I steal your life savings from under your mattress, there isn't necessarily anything to trace it back to me. However, there is a physical limit, pretty damn hard to run off with half a billion worth of paper notes.

Post by moralestapia » Tue, Mar 29, 2022, 4:57 PM UTC

rinze wrote: post #74

dpiers wrote: post #31

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…

> Imagine how preposterous the idea of storing $650mm in USD in a random game studio's checking account would be. But it's decentralized. (Do the same hand movement as if saying "It's got electrolytes")

Post by mhitza » Tue, Mar 29, 2022, 4:57 PM UTC

red_admiral wrote: post #62

Echoes of Mt Gox: when something meant to be a much smaller operation (such as a place to trade Magic:The Gathering cards) suddenly finds itself playing a much bigger game. It's like you agreed to temporarily store the Fort Knox gold reserves in your spare room, but still have the same ordinary lock on the front door.