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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

#711

Post by tablespoon »

ryukoposting wrote: post #604
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,…

The other poster is probably very confident because gay.com redirects to https://lalgbtcenter.org , which is an LGBT advocacy group in Los Angeles.

>>> Buying a subscription to gay.com from Syria.

>> Why were you so confident in your non-credible example?

> The other poster is probably very confident because gay.com redirects to https://lalgbtcenter.org, which is an LGBT advocacy group in Los Angeles.

I doubt they knew that. It's inconsistent with their thought of "buying a subscription to gay.com," and it raises the question of why someone in Syria would even be interested in a LA-focused advocacy group. Plus in their reply indicated they thought of it as a porn site. What kind of advocacy group has a paywall that someone would want to see behind?

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

#712

Post by simonh »

sumedh wrote: post #701
simonh wrote: post #698

Earlier quoted context omitted.

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

Should a govt be able to ban your payments or take your cash if they dont like you?

Yes. How else do you police criminals? It's an absurd question anyway, they can and do, while there are methods people use to try and evade them. There's nothing about Crypto that changes that. It's just another system.

https://xkcd.com/538/

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

#713

Post by motoboi »

xuki wrote: post #608
motoboi wrote: post #550

Earlier quoted context omitted.

Just as a side note, people give Starbuck literally billions every year. Not sure what would happend if starbucks get hacked and lost people money.

The difference is Starbucks have 6.5B in cash/cash equivalents, and there is no ways to convert SB gift card balances to cash. What is the hacker going to do with it, order 1B cups of coffee?

Well, he can delete all records about who has now many credits.

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

#714

Post by acdha »

tornato7 wrote: post #614
acdha wrote: post #468

Earlier quoted context omitted.

> Most hacks are discovered within minutes or hours Really? The figures I’ve seen have typically put it in days to weeks unless you’re talking only about the most obvious things like DoS attacks or defacing someone’s homepage.

Sorry, I mean crypto hacks specifically. Most crypto traders/companies/firms have apps and monitoring tools set up to report any suspicious activity on their wallets or contracts. Unfortunately it's sometimes too late at that point, but sometimes not[1]. 1. https://ihodl.com/topnews/2021-07-19/white-hacker-helps-meta...

Ah, that makes more sense. I'd be curious how what the timing is like between the compromises which give people access to keys or supporting systems and when the attacker does the noisy part of moving funds around.

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

#715

Post by acdha »

narrator wrote: post #581
acdha wrote: post #575

Earlier quoted context omitted.

People who wanted self-custody could also keep their money under the mattress. The reason why most cryptocurrency users do not do that is because there are many failure modes which result in your money being gone forever. You also left out the other part of the overseas bank accounts: you have to be rich enough not to need to touch the money — otherwise you'll run into the various restrictions on transfers. The same…

You vastly overestimate the effectiveness of the Argentinian government in enforcing currency controls and so forth. Keeping money under the mattress is done in Argentina, but is not that common for large amounts since getting your hands on physical dollar bills in quantity in Argentina is extremely difficult. It's also difficult to determine if the bills are counterfeit, but Bitcoin does not have this problem. I hav…

My point is simply that usually when Bitcoin is highly successful at avoiding controls it's because usage has been too small-scale for the authorities to put effort into it. If it becomes large enough scale to be significant, I'd expect that to look a lot more like what we've seen so far in other countries where monitoring or even outright bans very quickly become effective.

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

#716

Post by OOPMan »

Kostchei wrote: post #606
sterlind wrote: post #573

Earlier quoted context omitted.

I don't have much invested in crypto, and I find PoW hideous. I think crypto is most useful for illegal things and tradecraft, but illegal doesn't mean immoral, and useful to criminals is still useful. * Buying VPN relays anonymously, for connecting to through Tor, VPSes etc. * Buying drugs. * Donating to causes sanctioned by your country. * Paying informants. * Allowing you to prove you're the author of something, o…

I have worked in (used personally or done professionally) pre-crypto versions of these, excluding the dead hand scheme- and although some were a little complex and had some risk, I would argue that the new version has the same complexity and risk, only it seems to be hidden by crypto buzz-words. Also reminds me why I don't do those things any more.

Indeed. I've come across a dead letter application that has been around for ages and I'm pretty sure it doesn't use crypto.

Honestly, using crypto for something like seems a bit nuts, like using a jackhammer to destroy a cardboard box.

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

#717

Post by OOPMan »

tablespoon wrote: post #677
john_alan wrote: post #667

Earlier quoted context omitted.

You need to spend more time thinking about this. You’ll end up realising that the value lies in self sovereign, permissionless money. Tech like Monero. The debt ceiling grows every day.

> You need to spend more time thinking about this. You’ll end up realising that the value lies in self sovereign, permissionless money. Tech like Monero. I have. However you illustrate an important point about cryptocurrency: it's an exercise in political ideology without practicality. > The debt ceiling grows every day. If you're that worried about inflation, shiny gold seems like a better option.

Shiny gold also has the benefit of being something you can stuff in a sock and hit clobber cryptobros with ;-)

Try that trick with some digital currency :-)

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

#718

Post by jeromegv »

motoboi wrote: post #713
xuki wrote: post #608

Earlier quoted context omitted.

The difference is Starbucks have 6.5B in cash/cash equivalents, and there is no ways to convert SB gift card balances to cash. What is the hacker going to do with it, order 1B cups of coffee?

Well, he can delete all records about who has now many credits.

If that's all there is, it's easy to have a backup and bring back the balance into everyone's account.

This is a poor comparaison. This Starbuck money cannot be "stolen".

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

#719

Post by simne »

This remembers me old history of fail redundant space computers, which appearing first lead to less failures, but in some short time things got much worse, because people give up on software reliability.

Most expensive documented example - failed first launch of Ariane-5, where it's 3 fail redundant computers all stopped to work on same exception - costs 1 billion Euros.

Used inherited software from Ariane-4, which is just have too much different design, so in some flight modes Ariane-5 could achieve much higher speeds than Ariane-4. And over time these things where written in Ariane-4 software as constraints and trigger exception if reached. So it was not the question, how redundant where computers and how many computers working in parallel as hot replacement - even if where 100s, all will become non working.

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

#720

Post by typon »

CryptoPunk wrote: post #688
slaman wrote: post #675

Earlier quoted context omitted.

Could an alternate means of settlement be used? Runescape gold or hawala? Potentially the involvement of those banks is a feature and provides value? Things to ponder...

Those alternate means are not very durable.

Gold isn't durable? It will still be valuable long after crypto currencies are a footnote in history.
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