Shoutout to A16Z for investment into Axie Infinity.
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$625M worth of ETH drained on Axie Infinity's Ronin Network
551–560 of 761 posts
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#552Earlier quoted context omitted.
> 4. An attacker obtained 5 of 9 keys, which is the signing threshold. How?
> The attacker used hacked private keys in order to forge fake withdrawals. > The attacker managed to get control over Sky Mavis’s four Ronin Validators and a third-party validator run by Axie DAO. Easiest explanation: at least one Sky Mavis employee and one Axie Infinity employee who have access to those private keys got together and took all the funds. Perhaps it was only one employee; it's not clear to me what the…
I was thinking that Sky Mavis owns Axie Infinity. Is that wrong?
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#553Earlier quoted context omitted.
> I don't see how this is any different than the bog standard "encryption lets criminals and scammers the ability to exchange goods and services anonymously." The obvious difference is that encryption has many, many actually useful and productive applications.
>encryption has many, many actually useful and productive applications So does crypto but likewise opponents of encryption disregard the positives and focus on the negatives to align with their preformed ideas. The only way out of this trap is to have an open mind and internalize the fact that all technologies can be used for good and evil and thus are relatively neutral overall. Humanity must take the good and bad a…
>> encryption has many, many actually useful and productive applications
> So does crypto [...]
I'd wager that this is a lie. Please name one.
These systems are self referential. Great if all to do is speculate with value changes inside the system.
Other use cases? In short: no one has come up with any solution to the oracle problem.
As soon as you want to exchange anything crypto with anything but crypto (e.g. USD or a physical asset like a loaf of bread) you need trust.[1]
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#554Earlier quoted context omitted.
>* Giving criminals and scammers the ability to exchange goods and services anonymously. I don't see how this is any different than the bog standard "encryption lets criminals and scammers the ability to exchange goods and services anonymously.". Should money/txns be fundamentally track-able/examinable/un-encrypted but your private data/messages not? Surely this contention is something you also consider -- care to ex…
> I don't see how this is any different than the bog standard "encryption lets criminals and scammers the ability to exchange goods and services anonymously." The obvious difference is that encryption has many, many actually useful and productive applications.
Crypto has tons of awesome use cases. Here's a list of 77 use cases.
https://blog.chain.link/44-ways-to-enhance-your-smart-contra...
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#555Earlier 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!
Decentralytes is perfect, thank you.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#556As usual on HN there are a lot of useless comments in this thread that are ill-informed dunks on cryptocurrency, but the real story of what happened is actually about the hazards of not using a blockchain. The system that was compromised was a "proof of authority" chain. These are different from proof of work or proof of stake chains that have hundreds or thousands of distinct validators. In a "proof of authority" ch…
100% this.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#557Earlier quoted context omitted.
> The savings associated with transactions fees (reasonable for very large spends - utterly ridiculous for small amounts, even today after the major drops, at more than 1.7 USD/tx)? On mainnet ETH, sure, but that arguably shouldn't be used for small payments like you are discussing. There are second layer networks that can do this for pennies on the dollar and make a lot more sense. And arguably $1.7 USD / tx would c…
> I do get that you don't "get" it, but I'll just say - I happily send and receive both BTC and ETH, and it is a night and day difference from sending using traditional bank accounts. I actually feel like I own the money, I can send it to anyone I want at any time, and the transaction settles in seconds. Last time I sent money via ACH, it took a solid 4 days (since I initiated on a Friday). This is just a criticism o…
> This is just a criticism of US banking, not 'TradFi' as a whole. Most countries have let you do the exact same thing for free or at a low cost out of your existing bank account, no overhaul required, for years. The EU has SEPA, the UK has FPS, Canada has Interac e-Transfers, Australia has NPP. I suspect you'd have a hard time finding a country other than America which doesn't support this.
But what these services offer is still fundamentally different from what crypto offers. The money shows up in your account instantly, but it doesn't actually settle for weeks afterwards [0]:
> Unlike cards, SEPA does not have an additional authentication layer, such as a CVC check or 3D Secure. Consequently it is important to have good risk management tools in place to offset the threat of fraud.
> A shopper can perform a chargeback online eight weeks after the purchase, with no questions asked.
[0] https://docs.adyen.com/risk-management/chargeback-guidelines...
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#558Earlier quoted context omitted.
Part of it IS the individual block size though. Individual blocks might seem small, but there's a lot more of them. Ethereum dApps store a LOT of state directly on the base chain. The other scalability disaster is making every node validate every instruction of a Turing-complete scripting language, which results in insane "gas fees" (or loss of fees when you didn't supply quite enough for the script to fully execute)…
> (or loss of fees when you didn't supply quite enough for the script to fully execute). Are they planning to address this in any of the updates on their timeline? This turned me off from ETH completely, just feels like a house-always-wins situation skimming money from users.
Since it's deterministic, you can get a good estimate (in fact exact as long as you are not front-run) by simulating the execution locally before submitting it. All major wallets do this.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#559Earlier quoted context omitted.
>encryption has many, many actually useful and productive applications So does crypto but likewise opponents of encryption disregard the positives and focus on the negatives to align with their preformed ideas. The only way out of this trap is to have an open mind and internalize the fact that all technologies can be used for good and evil and thus are relatively neutral overall. Humanity must take the good and bad a…
> So does crypto It doesn't. Everyone who claims otherwise can't come up with a single credible example.
Buying a subscription to gay.com from Syria. Your on the clock..
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#560Earlier quoted context omitted.
There is no such thing as specialized hardware for Chia farming. If you manage to pull that off then congratulations, you have created a bigger hard drive.
the history of cryptocurrency is a history of projects making that exact claim and being proven wrong over and over again, but surely this time is different.
I have in fact not heard that specific claim much. There was the whole "ASIC-resitance" trend and the projects that did care about it (like Monero) tend to be right in their claims. Ethereum is still to a large extent mined on consumer-grade GPUs.
There is not even any consensus on if this is desirable for PoW chains.