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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

#631

Post by tphyahoo2 »

yokem55 wrote: post #593
whiskyant wrote: post #543

Earlier quoted context omitted.

Yes. Bitcoin can be validated with with regular hardware, thus full nodes are cheap and ubiquitous and results in a system that's highly decentralized. Even if a 51% were to hypothetically happen with miners, the full nodes will stop it. Ethereum and many others with massive blocks cannot be validated with regular hardware as there's too much computational power/storage involved. The majority of Ethereum nodes are by…

You can sync a full ethereum node (all blocks with all transactions and fully verified current state) on a rasberry pi with a 1TB ssd. With 3TB of ssd space, you can even have an archival node (the above, but with all the state history changes cleanly indexed by account, which is only really needed if you want to run a block explorer). The issue for ethereum flat out isn't the hardware requirements, its laziness. Inf…

the beatings will continue until the geniuses running ethereum say uncle.

https://biblehub.com/proverbs/26-3.htm

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

#632

Post by nl »

ipaddr wrote: post #602
tablespoon wrote: post #592

Earlier quoted context omitted.

>> It doesn't. Everyone who claims otherwise can't come up with a single credible example. > Buying a subscription to gay.com from Syria. That is not a credible example. Here are some reasons: 1) Paying for porn? Paying for porn when the implication is that it's illegal and could get you in trouble? Who would do that? 2) Cryptocurrency isn't anonymous, and is usually highly traceable. 3) And even if it was anonymous,…

Who would pay for porn? Someone who wants to see what's behind that paywall. Crytocurrency is difficult and costly to trace and exchange identifying not available to Syria. VPNs would be used Same process for other currencies on Binance and other exchanges.

If the person has VPN access them there are better options available. The crypto transaction makes information available to attackers that wouldn't be available by any other method.

That's objectively worse.

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

#633

Post by cik2e »

mrjin wrote: post #576
spicymaki wrote: post #409

Earlier 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…

Because the creator of crypto concept never understood why there are centralized institutions in the first place. It was so naive to think the problem was the correctness of the records and thus everyone should keep a copy of the global ledger!! I hardly if not never heard of any fraud that actually altered records held by the authority institutions and in fact, in all the fraud cases I know the records held by the a…

>> Because the creator of crypto concept never understood why there are centralized institutions in the first place.

You are totally missing the point. Having to rely upon central banks was the fundamental problem being solved.

> The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.

-Satoshi Nakamoto [0]

Getting central banks out of the picture is original philosophical motivation for developing a digital currency. All of the "cashless society" convenience aspects are secondary features. Everything that follows, regarding ledgers/records/blockchain/double-spending/trust-less is what's needed to make a digital currency work without a centralized authorities that mint money and validate transactions.

> A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990's. I hope it's obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we're trying a decentralized, non-trust-based system.

-Satoshi Nakamoto [1]

Next up, the irreversibility of transactions is a feature, not a bug.

> For many purposes, reversal and arbitration is highly desirable, but there is no way anyone can compete with the arbitration provided by Visa and Mastercard, for they have network effects on their side, and they do a really good job of arbitration, at which they have vast experience, accumulated skills, wisdom, and good repute. So any new networked transaction system has to target the demand for final and irreversible transactions. [2]

[0] http://p2pfoundation.ning.com/forum/topics/bitcoin-open-sour...

[1] http://p2pfoundation.ning.com/forum/topics/bitcoin-open-sour...

[2] https://satoshi.nakamotoinstitute.org/emails/cryptography/th...

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

#634

Post by bena »

bhewes wrote: post #600
mrjin wrote: post #576

Earlier quoted context omitted.

Because the creator of crypto concept never understood why there are centralized institutions in the first place. It was so naive to think the problem was the correctness of the records and thus everyone should keep a copy of the global ledger!! I hardly if not never heard of any fraud that actually altered records held by the authority institutions and in fact, in all the fraud cases I know the records held by the a…

People have been cooking the books forever. WorldCom or Tyco being examples.

But that isn't solved by the blockchain.

These scandals were found out by using the very books they had. There's no such thing as an uncookable book. As long as I can lie about information going in, I can manipulate it. Even in the crypto space, you have wash trading and the like.

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

#635

Post by matheusmoreira »

virtualritz wrote: post #553
Sargos wrote: post #511

Earlier 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…

>> 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 o…

> I'd wager that this is a lie. Please name one.

They are currencies. I've gotten paid for services in XMR.

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

#636

Post by KarlKemp »

sumedh wrote: post #597
KarlKemp wrote: post #536

Earlier quoted context omitted.

Cash doesn't scale, doesn't work remotely and, in any case, cash is actually useful for legitimate purposes, like snorting cocaine.

How was Escobar able to build a multi million dollar empire if cash does not scale?

Escobar sold drugs. The margins on that stuff are rather large, allowing for a few inefficiencies.

But I should have really said: cash doesn’t scale down. Escobar can put people with briefcase on planes to pay his suppliers on all continents. But any smaller outfit would struggle with those logistics.

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

#637

Post by sumedh »

simonh wrote: post #626
sumedh wrote: post #610

Earlier quoted context omitted.

> no one has still provided an explanation of why crypto is better than the established working system because the govt cannot ban you from receiving payments if they dont like you.

They can’t with fiat currency either, if they could crime would be almost impossible.

Wikileaks were banned from receiving payments by the US govt.

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

#638

Post by matheusmoreira »

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…

> It's just gone.

Funny, that's exactly what happened to nearly everyone in my country some decades ago. Government screws up the economy like always. Runaway inflation destroys the value of currency and our purchasing power. Then president gets desperate or something and just freezes everybody's accounts. Everyone's money at the bank, just gone. Because people trusted the banks and the government, just like you're advising.

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

#639

Post by SilasX »

zaroth wrote: post #23
outsb wrote: post #15

Over half a billion in assets and.. > We discovered the attack this morning after a report from a user Fuck me.

Seriously. That was really really hard to read. So basically $600mm in a hot wallet and no one even watching it. Just wow. They didn’t even hack the smart contract, they just compromised 4 systems holding the private keys, and there was an RPC signing function giving free access to the 5th. Good god.

Yes, it is truly mystifying how they operate in some of these big projects.

Recently, we had Optimistic Ethereum (by my count, ~$250 million locked up in that network) adamantly insisting that they did everything they could to warn users that transaction history would get deleted off of Etherscan.io -- trivially avoidably, no less! -- even though none of their communication channels mention it.[1]

And that they had to make a "tradeoff" in how much effort to spend on warning users, even though their volunteers are choked every day, on Discord, with users wondering where their transaction history is.

Which, of course, pales in comparison to how a hacker found a flaw that let him print infinite ETH within their network (see the main story for that thread), and the project only lives on because he was a white hat who accepted a bounty instead.

[1] https://news.ycombinator.com/item?id=30293526

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

#640

Post by miracle2k »

netheril96 wrote: post #623
saboot wrote: post #458

Earlier 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…

You must be against end-to-end encryption for chat messages too. Think about how the terrorists and pedophiles can take advantage of that!

More importantly, private citizens have essentially no need to use end to end encryption. Nor has society a reason to allow its citizens to hide data on encrypted devices from the state.

It is all entirely benefiting criminals. /s

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