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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

#651

Post by hypertele-Xii »

cik2e wrote: post #633
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…

>> 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…

> 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.

Replace "bank" with "cryptocurrency exchange" and the quote still applies verbatim.

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

#652

Post by gfodor »

saboot wrote: post #458
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…

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…

The last six months proved that governments are willing to debank their own citizens and entire countries without due process. Thank god for crypto.

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

#653

Post by mwattsun »

nradov wrote: post #377
mwattsun wrote: post #346

Earlier quoted context omitted.

My favorite is the supposed "special properties" of copper. I once knew someone who swore by the healing properties of copper.

Copper is legitimately effective as an antimicrobial. (Obviously it doesn't have any magic healing properties.) https://www.smithsonianmag.com/science-nature/copper-virus-k...

If you haven't watched American TV you've missed the commercials touting gloves and elbow wraps made with copper threads woven in to help ease and heal tired muscles from a distance

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

#654

Post by CryptoPunk »

saboot wrote: post #458
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…

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…

Ukraine raised $100 million in crypto donations. It's going to be offering an NFT series on Ethereum to raise yet more funds:

https://qz.com/2147694/ukraine-is-selling-nfts-like-war-bond...

Beyond the state's fundraising efforts, many in Ukraine were only able to take their wealth with them when they fled the country because they had it in the form of crypto.

>>* Giving criminals and scammers the ability to exchange goods and services anonymously.

And encrypted chat applications give criminals and scammers the ability to coordinate their scams anonymously.

Centralization via mass-surveillance (Total Information Awareness) is not a solution to social problems. It's putting all of society's eggs in one basket, and hoping the basket doesn't fall into corruption.

>>* Allowing nation states to engage in global commerce despite sanctions because they won't stop killing innocent people

And according to this pro-centralization philosophy, a million people dying in Iraq due to sanctions is "worth it".

So are all the people who "starve" due to this philosophy's AML mass-surveillance laws:

https://finance.yahoo.com/news/money-reimagined-starve-ugly-...

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

#655

Post by mwattsun »

rchaud wrote: post #366
tomatowurst wrote: post #94

Earlier quoted context omitted.

Here's another preposterous offering: 20% APY "risk free" from owning crypto.

Everybody thinks they can time their exit before the Ponzi reveals itself.

If I recall correctly, so did most people in 1929 but when it came time to exit, the to rush to the exits overwhelmed the order sale system so people couldn't sell until it was too late.

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

#656

Post by SilasX »

rinze wrote: post #218
SilasX wrote: post #161

Earlier quoted context omitted.

Someone actually made a gif of that scene with those words at that point, during the bitcoin scaling debate (where some wanted the block size to increase and decentralization was being ridiculed as a spurious defense of the small size). I’ll see if I can find it.

Made one myself, because I think it'll be handy in the future: https://imgur.com/gallery/32t4yRc

Aha! I found the parody I had in mind!

https://www.reddit.com/r/btc/comments/7opi7w/the_idiocracy_o...

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

#657

Post by CryptoPunk »

jhugo wrote: post #621
em_te wrote: post #603

Earlier quoted context omitted.

>> So does crypto [...] > I'd wager that this is a lie. Please name one. Alibaba ran a Foreign Exchange service on top of crypto. I don't know if it is still running or not. It functioned like Western Union. Customers sent local currency to Alibaba, Alibaba bought crypto with that local currency and in another country sold that crypto for foreign currency and then deposited it into the foreign currency account.

The crypto part adds nothing to this process. There are already very efficient systems for exchanging one fiat currency for another without going through crypto.

The crypto part obviates the need for using international wire transfers and the powerful correspondent banks that make it possible.

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

#658

Post by CryptoPunk »

tenuousemphasis wrote: post #387
gruez wrote: post #327

Earlier quoted context omitted.

>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.

With larger blocks, you can still hold your own private keys. As long as ONE of the blockchain explorers you rely on is honest, you also cannot be scammed. Given the blockchain data is public domain, and freely exchanged, the idea that you won't be able to find a single honest information purveyor seems farfetched.

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

#660

Post by CryptoPunk »

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…

Algorithms can be improved until they approach something close to perfectly secure..

People cannot be made to become perfectly incorruptible. Look at what happened in Canada, with the federal government envoking emergency powers to shut down bank accounts without due process. Look at the "haircuts" during financial crises, where states have seized citizens' funds held in bank accounts, to bail out troubled banks.

Look at Hong Kong after the protests, where some of those involved in the protests were prevented from opening bank accounts.

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