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

roninblockchain.substack.com

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

#381

Post by scottiebarnes »

lottin wrote: post #353
scottiebarnes wrote: post #203

Earlier quoted context omitted.

More likely they think government monopoly over money is a form of tyranny, or that unchecked government power is tyranny. See: Civil forfeiture: https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United... Executive order 6102: https://en.wikipedia.org/wiki/Executive_Order_6102 Greek austerity measures (which include the reduction of social welfare and benefits due to incompetence of government spending): https:/…

What I was saying... the government doesn't have a monopoly over money. The whole crypto narrative seems thought out by people who don't have a clue about how things work and have zero real-life experience.

> the government doesn't have a monopoly over money

Who is determining our monetary policy then? Who is setting interest rates? Where does the money for a trillion dollar stimulus package come from?

> The whole crypto narrative seems thought out by people who don't have a clue about how things work and have zero real-life experience.

Right now I'm questioning how much you understand about what money is and how it works.

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

#382

Post by parkingrift »

zkldi wrote: post #248
parkingrift wrote: post #144

Earlier quoted context omitted.

True, but you would think they’d notice $650,000,000 missing before a user reported an issue withdrawing $5,000 (edit - 5k ETH). It’s honestly so impossible to believe that I’d wager the real story is they knew and were actively trying to recover the funds.

just a poke: it was 5K Eth ($16,924,050), not 5K USD, but i agree with your wager.

Ah right you are. Misread the article.

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

#383

Post by AlexandrB »

bufferoverflow wrote: post #331
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…

Not zero benefits. In your system run by people your money can be frozen or taken away without your consent. Recent example: peaceful protesters in Canada. There are also tons of examples, when scammers would reverse a good transaction after receiving the goods. Another benefit of some blockchains: incredibly low transaction fees. Another benefit: smart contracts. I don't understand why you need to straight up lie.

> Another benefit of some blockchains: incredibly low transaction fees.

Indeed. This was the benefit of Ronin.

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

#384

Post by aeturnum »

Reubachi wrote: post #185
afpx wrote: post #164

Earlier quoted context omitted.

Where in the world is it common to lose all money deposited in a bank? And, why not just create better banks?

Entire world in late 1920s, Iceland in 2008,Russia currently. Of course my examples are a bit tongue in cheek, much more nuanced and not as "Bank bad" as I paint them to be. But It's entirely possible for a bank run/economic downturn to wipe out a currency overnight. Does that mean crypto is the solution? It sure doesn't seem to be given cases like this (NFT/ETH being rugpulled from/by videogame devs). But I think th…

> I think that creating "better banks" can only mean "more government oversight"

I mean, a bank is just a financial business. Why wouldn't it be possible to improve "banks" but it would be possible to improve cryptocurrency companies (also financial businesses). What is the quality that gives you optimism that these new entities will be able to avoid the problems that you are worried about?

Like, I get that the technology is decentralized and it's impractical to track down every node, but if the plan is to run an illegal business that's hard to shut down...you do not need blockchain to do that? And if the business can be legal that seems like it's about laws - not the tech.

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

#385

Post by tenuousemphasis »

EVa5I7bHFq9mnYK wrote: post #362
Barrera wrote: post #225

This is the kind of pain that comes from trusting scammers and nincompoops about unworkable blockchain "scalability" fixes. Here's the sequence. Those dumb enough to ignore it are doomed to repeat the pattern. I'm probably getting some details wrong in this Rube Goldberg scheme, so feel free to correct. 1. Citing "Ethereum network congestion," Axie Infinity announces an ethereum side chain, Ronin.[1] 2. Ronin was a c…

That's exactly the situation in Bitcoin second layer now. There are a few centralized servers (lnbig etc) handling almost all transactions. Get out and stay out.

It's not at all. The worst thing a centralized server can do in Lightning is refuse to route your transactions. Their peers have the keys and the pre-signed transactions necessary to unilaterally withdraw their funds from the channel.

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

#386

Post by tenuousemphasis »

AlexandrB wrote: post #376
EVa5I7bHFq9mnYK wrote: post #362

Earlier quoted context omitted.

That's exactly the situation in Bitcoin second layer now. There are a few centralized servers (lnbig etc) handling almost all transactions. Get out and stay out.

Bitcoin second layer as-in the "Lightning" network? That's worrying. I thought Lightning was supposed to solve Bitcoin's scaling issues.

No, that person doesn't know what they're talking about, see my response to them.

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

#387

Post by tenuousemphasis »

gruez wrote: post #327
Barrera wrote: post #225

This is the kind of pain that comes from trusting scammers and nincompoops about unworkable blockchain "scalability" fixes. Here's the sequence. Those dumb enough to ignore it are doomed to repeat the pattern. I'm probably getting some details wrong in this Rube Goldberg scheme, so feel free to correct. 1. Citing "Ethereum network congestion," Axie Infinity announces an ethereum side chain, Ronin.[1] 2. Ronin was a c…

>None of this is new. The Bitcoin "block size war" was fought over this very point. Unworkable scaling schemes are going to end in disaster with no fallback, and no recourse for those who lose money. You end up with nothing, and will be sad. I don't see the parallel to 'the Bitcoin "block size war"', though? The solution on either side (bigger blocks, lightning network) doesn't require trusting some party to handle t…

I think their point is that at some block size, it's no longer feasible for most people to run their own node to verify the blockchain, and you start relying on a client-server model instead of a peer to peer model.

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

#388

Post by vmception »

erdeszt wrote: post #379
vmception wrote: post #375

Earlier quoted context omitted.

Okay what word would you prefer to call “two competing and conflicting beliefs” and what are your actual thoughts on the rest of what I wrote?

What do you mean by "two competing and conflicting beliefs"?

A company that uses blockchain technology for their game contacting authorities

A group of people that aspire for blockchain technology to fulfill an ideological goal

You conflated both of those people as the same

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

#389

Post by [deleted] »

mypalmike wrote: post #223
rinze wrote: post #74

Earlier quoted context omitted.

> 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")

It's got Decentralytes!

[deleted]

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

#390

Post by lottin »

scottiebarnes wrote: post #381
lottin wrote: post #353

Earlier quoted context omitted.

What I was saying... the government doesn't have a monopoly over money. The whole crypto narrative seems thought out by people who don't have a clue about how things work and have zero real-life experience.

> the government doesn't have a monopoly over money Who is determining our monetary policy then? Who is setting interest rates? Where does the money for a trillion dollar stimulus package come from? > The whole crypto narrative seems thought out by people who don't have a clue about how things work and have zero real-life experience. Right now I'm questioning how much you understand about what money is and how it wor…

> Who is determining our monetary policy then? Who is setting interest rates? Where does the money for a trillion dollar stimulus package come from?

I don't know... does the answer to any of these questions suggest to you that the issuance of currency is a government monopoly? If that's the case, you should probably start here: https://en.wikipedia.org/wiki/Monopoly

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