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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

#691

Post by FabHK »

bigtex88 wrote: post #644
cinntaile wrote: post #437

Earlier quoted context omitted.

> You are building systems that are ruining peoples lives and making things worse for everyone. Don't invest more than you can afford to lose, it's the basis of any investment strategy. If someone puts enough money into highly risky, speculative assets such as these that it would ruin their life, then they only have themselves to blame if you ask me... People have to take responsibility for their own choices. Edit: -…

Sorry you're getting so downvoted. Not surprising on HN. Somehow super-anti crypto, even though people here seemingly understand technology.

Has it occurred to you that this might be not "even though people here seemingly understand technology", but because people here understand the technology?

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

#692

Post by ls15 »

malermeister wrote: post #685
bartread wrote: post #684

Earlier quoted context omitted.

> We all agreed on the rules as a society Actually we didn't. None of us chose to be here. None of us has a choice over when or where we're born. We all arrive and grow up in societies structured and governed in ways that we've had no say over, and over which very few of us will have meaningful influence during our lifetimes. Some of this is OK, some of it isn't. Some places are more or less OK than others. But don't…

I've moved countries four times in my life. You might not have chosen to be here, but others have. Speak for yourself.

But did you do so in order to enjoy different political systems, or more because of unrelated things like work, family, studies, ..., while the political system was something that just was in place and acceptable enough for you? I think that is what GP is aiming at.

What if you cannot find an existing system that is open for you and acceptable enough?

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

#693

Post by dmitriid »

ls15 wrote: post #692
malermeister wrote: post #685

Earlier quoted context omitted.

I've moved countries four times in my life. You might not have chosen to be here, but others have. Speak for yourself.

But did you do so in order to enjoy different political systems, or more because of unrelated things like work, family, studies, ..., while the political system was something that just was in place and acceptable enough for you? I think that is what GP is aiming at. What if you cannot find an existing system that is open for you and acceptable enough?

> to enjoy different political systems, or more because of unrelated things like work, family, studies

Ah, pretending that "work, family, studies" don't depend on political systems is peak HN.

> What if you cannot find an existing system that is open for you and acceptable enough?

Life is a series of compromises

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

#694

Post by ls15 »

dmitriid wrote: post #693
ls15 wrote: post #692

Earlier quoted context omitted.

But did you do so in order to enjoy different political systems, or more because of unrelated things like work, family, studies, ..., while the political system was something that just was in place and acceptable enough for you? I think that is what GP is aiming at. What if you cannot find an existing system that is open for you and acceptable enough?

> to enjoy different political systems, or more because of unrelated things like work, family, studies Ah, pretending that "work, family, studies" don't depend on political systems is peak HN. > What if you cannot find an existing system that is open for you and acceptable enough? Life is a series of compromises

> "work, family, studies" don't depend on political systems

Not strictly. Especially not if you switch four times.

> Life is a series of compromises

Of course it is. That's why living in a democracy and fiat system while also using crypto is totally fine.

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

#695

Post by dmitriid »

CryptoPunk wrote: post #654
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…

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…

> Ukraine raised $100 million in crypto donations.

Ah yes. Because those "$100 million in crypto" can be definitely used to buy gas, food, water, transportation etc. in the country...

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

#696

Post by dmitriid »

bhewes wrote: post #650
bena wrote: post #634

Earlier quoted context omitted.

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.

Makes it easier to track with more then one copy of the ledger and immutability of entries (lies or not). Probably would not take three years to find the fraud as in the case of WorldCom. Though this is all spec as not been tested in real life.

> Makes it easier to track with more then one copy of the ledger and immutability of entries

Yup. As all the scams have proven, it's easy to track and get the money back.

And that's before we get into nuggets like this [1]:

--- start quote ---

A clever operator found a vault containing five Bored Ape NFTs, which had unclaimed $APE associated with them since they were locked up in the vault. They used a flash loan to purchase a large amount of the vault's token, redeem the five BAYC NFTs, claim the airdropped tokens, return the BAYC NFTs, sell back the tokens, and repay the loan, all in one transaction that cost them nothing but netted them 60,564 $APE, which they then swapped for 399 ETH ($1.1 million).

People were somewhat split on whether this could be classed as a vulnerability in the $APE airdrop, since (as with many crypto hacks and scams) the person was operating completely within the rules set out in code.

--- end quote ---

[1] https://web3isgoinggreat.com/?id=2022-03-18-1

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

#697

Post by nl »

throwawaygh wrote: post #671
nl wrote: post #630

Earlier quoted context omitted.

I'm not particularly anti-crypto but this is probably the worst example ever. By using crypto the person now has written a public record of that payment. An attacker now can use correlation attacks to try to identify the user. It's worse in almost every way for that user.

I'm still stuck at the part where we're paying for porn...

I assumed it was a dating site?

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

#698

Post by simonh »

sumedh wrote: post #637
simonh wrote: post #626

Earlier quoted context omitted.

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.

And they found no workarounds to that whatsoever? (that didn't involve crypto)

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

#699

Post by astrange »

Hackbraten wrote: post #285
Loughla wrote: post #222

Earlier quoted context omitted.

Ever, never, never use your debit card where credit card can be used in its place. The mechanisms for restoring the charge on your credit card are much stronger than on your debit card. And a credit card is a FUTURE charge, so you have time to fix the problem. Whereas a debit card is your CURRENT money, so it's just gone unless you get it back. I do not understand why people use debit cards linked to their actual ban…

I have stopped using credit cards for two reasons: 1. My debit cards allow me to directly import transactions into my personal accounting software while my credit cards don’t; and 2. when I shop online, my debit cards allow me to use them as a 2nd factor (using a USB card reader) while my credit cards require either an iOS or Android device for 2FA. You’re right in that a credit card is a future charge and debit isn’…

There’s no reason to want your credit card to have 2FA. It’s not your money, so the only point is to annoy you when you’re spending someone else’s money.

Well, or to use it with sites that require 3D Secure, but that’s still something to help the merchant not you.

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

#700

Post by sofixa »

CryptoPunk wrote: post #673
bryananderson wrote: post #666

Earlier quoted context omitted.

As always with crypto, this “use case” falls apart on even the tiniest inspection. Ukraine was not cut off from the global financial system and had no issue receiving donations in fiat currency—I myself sent them some fiat. It was quick and it was easy and the Ukrainians lost a hell of a lot less of my donation to transaction fees than they did of the ETH. Donating to Ukraine in ETH is a higher-fee way to do somethin…

>>Ukraine was not cut off from the global financial system and had no issue receiving donations in fiat currency—I myself sent them some fiat. It is far easier to donate from your browser, using your MetaMask wallet, than by visiting your bank branch to effect an international wire transfer. It can potentially also be safer, in letting you not have your identity recorded anywhere in association with a donation to a p…

Visiting a bank branch? What is this, 1998? Use an app or a website like a normal human.
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