Earlier quoted context omitted.
In Argentina, in 2002, they took everyone's dollars denominated accounts at the Argentinian banks, converted them to Pesos and devalued the peso by 75%. Everyone in the country now had 1/3 of the money they previously had. The country is arguably still recovering from that theft. Currently, people who left Ukraine are finding out that their Ukrainian credit cards no longer work. Some people who have bitcoin are still…
What are Ukranians using Bitcoin for, specifically, right now?
$625M worth of ETH drained on Axie Infinity's Ronin Network
531–540 of 761 posts
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#532So, if someone could explain this to me, I don't understand all the particulars. From the article - The attacker used hacked private keys in order to forge fake withdrawals. The validator key scheme is set up to be decentralized so that it limits an attack vector, similar to this one, but the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator. Ca…
They were just dumb. The Ronin bridge where this money was stolen from wasn't decentralized at all and wouldn't even be recognized as a blockchain by even moderately experienced user. It was just a 5 of 9 multi-sig where the security was very poor and susceptible to social engineering. This was akin to a company keeping 100 gold bars in the closet by the bathroom and doesn't say anything about technology or things like DeFi or smart contracts.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#533https://etherscan.io/address/0x098b716b8aaf21512996dc57eb061...
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#534Earlier quoted context omitted.
This is exactly why crypto is such a disaster. Every week there is yet another scam where people losing their money. The feedback from crypto enthusiasts is well look at those idiots for putting their money into some scheme or you are not smart enough use this thing. Look "nobody" understands what you are talking about. These financial systems are inscrutable and the problem is getting worse. You are building systems…
You are neglecting to mention the great upsides in crypto currency. * Giving criminals and scammers the ability to exchange goods and services anonymously. * Providing a source of funding North Korea's nuclear weapons program * Allowing nation states to engage in global commerce despite sanctions because they won't stop killing innocent people * Convincing older and gullible people to give their money to someone they…
Plenty of scams happen right there in the open. With all the traceability that fiat currencies provide, gift card, advance-fee and other scams are still plentiful and the victims are very unlikely to ever see their money back. In the UK, even when reported by the financial institution to the National Crime Agency, they often do nothing and the institution is forced to return the money even in cases where it's very obvious it is part of a scam. A lot of people I know are still getting constant scam calls trying to get them to send fiat money to them under various excuses so clearly these people are able to launder that money and evade the law just fine, and I doubt they're using crypto for that.
> criminals
The other problem with considering every "criminal" as bad is that the definition of "crime" depends on who's currently in power. Beyond the obvious violent crimes that the majority of people will agree are bad and should be prevented/punished, there's also a huge "grey area" - Russians who disagree with the war (or even call it a war instead of a "special military operation" as is the official party line) are now considered "criminals" by their government. Do you agree with their assessment that those people are bad and should be punished?
> Providing a source of funding North Korea's nuclear weapons program
The fact that there are people working (or rather, being exploited) on the ground in Poland and Russia: https://www.youtube.com/watch?v=SPjKs8NuY4s and https://www.youtube.com/watch?v=awQDLoOnkdI suggests that moving money is not the issue when they seem to be able to transport people just fine.
> Allowing nation states to engage in global commerce despite sanctions because they won't stop killing innocent people
I disagree with punishing average people and making their life hell because their government, over which they have no power over is doing something stupid. The vast majority of these people don't intend to hurt anyone and were just unlucky to be born at the wrong time and in the wrong place. If your solution to stupid governments is to make the life of their citizens impossible, may as well just nuke said country and be done with it?
I'm no crypto fanatic. I don't believe in Web3 and call BS on whatever new crypto project comes out (and so far I have been right the vast majority of the time - every time as far as I know, but leaving the benefit of the doubt). I don't want crypto to take over the world because it's inefficient compared to competing solutions. But cryptocurrencies are a useful tool in certain situations just like end-to-end-encrypted messaging or anonymity tools such as Tor, and their benefits outweigh the cons even if they can be used to facilitate "bad" things.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#535Earlier quoted context omitted.
No monitoring whatsoever over $600M of funds stored in your system is crazy negligent.
Or malicious...similar to the DAO hack from 2017 suspected of being an inside job (with evidence pointing to the insider who lawyered up to refute it with code-is-law argument), somebody was accountable for security and they deemed it not worth it to secure it. Axie Infinity was already struggling, and this happens a day or two away from scheduled distribution of rewards & update release. Cui bono ? Who could've know…
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#536Earlier quoted context omitted.
You are neglecting to mention the great upsides in crypto currency. * Giving criminals and scammers the ability to exchange goods and services anonymously. * Providing a source of funding North Korea's nuclear weapons program * Allowing nation states to engage in global commerce despite sanctions because they won't stop killing innocent people * Convincing older and gullible people to give their money to someone they…
> * Giving criminals and scammers the ability to exchange goods and services anonymously. Doesn't cash do the same thing?
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#537oof-size:large.gif To pick up one thread: how would increasing the consensus threshold from 5/9 to 8/9 help? It seems like the nodes were compromised with the same hack, so at most it's adding a little extra busywork for the attackers. But maybe there's a detail I don't understand.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#538Earlier quoted context omitted.
This is a comparison dumb enough to basically be in bad faith. Ignoring that and focusing on the substance: > "The "improved self-custody" crypto offers is one side of the ledger. The other side is: you lose regulatory protection, and can be swindled with virtually zero repercussions." Yeah I don't disagree with this - the risks are real. Some of this can improve with better tools, but some is just higher risk that e…
> Not all governments are good and even good governments can implement bad policy. Indeed! Many governments are truly awful. And it's a deeply complex problem to solve. The strategy of "screw it, let's just bypass the laws when I feel like it" is deeply troubling. And I think you needn't look further than the fact that so many despots have wholly embraced Bitcoin: Bukele, Putin, Kim Jong-un, Erdogan, Maduro, Assad, e…
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#539In 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…
Because there are people in the world who can wake up and have lost all money they had deposited in a bank. There are people who have to pay 20% transfer fees to move money overseas. There are people who don't have the ability to open a bank account. There are people who can lose all their banked money if their government doesn't like them. The first world doesn't have these problems. Crypto is a bigger play than 'ge…
Yes it does:
https://en.wikipedia.org/wiki/WikiLeaks#Financial_blockade_o...
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#540Earlier quoted context omitted.
You are neglecting to mention the great upsides in crypto currency. * Giving criminals and scammers the ability to exchange goods and services anonymously. * Providing a source of funding North Korea's nuclear weapons program * Allowing nation states to engage in global commerce despite sanctions because they won't stop killing innocent people * Convincing older and gullible people to give their money to someone they…
> * Giving criminals and scammers the ability to exchange goods and services anonymously. Doesn't cash do the same thing?