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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

#731

Post by ipaddr »

tablespoon wrote: post #662
ipaddr wrote: post #602

Earlier quoted context omitted.

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.

The addition of cryptocurrency to the process adds no value (and in this case adds unnecessary risk). You might as well suggest using cryptocurrency to buy a Big Mac at McDonalds. Here's how you do it: 1. Deposit your money in a bank. Wire it to Binance. Buy Bitcoin. 2. Go to a McDonald's. 3. Hire a gig worker through an app, pay them in cryptocurrency to buy a Big Mac with fiat and give it to you. 4. Eat your $55 Bi…

Or order a pizza with cryto to a vacant property.

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

#732

Post by ipaddr »

jhugo wrote: post #622
ipaddr wrote: post #602

Earlier quoted context omitted.

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.

When did Binance start to accept the Syrian Pound? This is just the usual hand-waving that ignores all the inconvenient details.

You might be surprised:

https://www.fxempire.com/crypto/exchange/binance/review

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

#733

Post by ipaddr »

nl wrote: post #630
ipaddr wrote: post #559

Earlier quoted context omitted.

Buying a subscription to gay.com from Syria. Your on the clock..

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.

Worse than a credit card? How?

Public record that Syria cannot easily track with bitcoin or no trail with Monero.

I'll give you a bitcoin wallet address can you tell me who owns it?

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

#734

Post by sumedh »

simonh wrote: post #712
sumedh wrote: post #701

Earlier quoted context omitted.

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/

> How else do you police criminals?

Who is talking about criminals? Just because you expose the misdeeds of US govt does not make you a criminal.

> There's nothing about Crypto that changes that. It's just another system.

You can still receive payments in Crypto even though the govt forces the bank and credit card providers to close your account.

Its not just the US govt who wants to control your life, other govts want to do it to.

Payments might be a joke to you but there are many people whose life depends on it.

https://cointelegraph.com/news/how-are-afghans-using-crypto-...

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

#735

Post by jquery »

dmitriid wrote: post #709
ls15 wrote: post #705

Earlier quoted context omitted.

I don't disagree with any of that and you are right with that it is not "unrelated" as I worded it, but my initial point was that moving is not necessarily motivated by political preferences. Many people move, because they are following opportunities (and of course these are also affected by politics). Some people move from A to B and back to A. Sometimes from democracies to dictatorships. It does not automatically m…

> moving is not necessarily motivated by political preferences. "I'm moving to A because my kids can go to school there without incurring heavy debt" is influenced by politics even if it's not explicitly acknowledged. Or even if the person doesn't think it's influenced by politics. > Some people accept a political downgrade when they move. Yes, they do. Because the reasons may be [1] "I don't want my kids to be subje…

> I know of some people who moved back to Russia for this stated reason

Horrible

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

#736

Post by jquery »

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...

You’ll understand when you’re older.

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

#737

Post by nl »

ipaddr wrote: post #733
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.

Worse than a credit card? How? Public record that Syria cannot easily track with bitcoin or no trail with Monero. I'll give you a bitcoin wallet address can you tell me who owns it?

> I'll give you a bitcoin wallet address can you tell me who owns it?

It depends on the address. But assuming the person is using the same address for multiple transactions then the attacker only has to be able to correlate one address with a person (or a person's device if they have access to it).

This could be a completely innocuous transaction, including something as seemingly innocent as signing into a Dapp.

Compare that to a non-blockchain transaction, where if the attacker hacked an random ecommerce site (say a supermarket) that doesn't automatically allow them to tie all records to transactions on the site that is a problem.

> Worse than a credit card? How?

If I buy something at my supermarket with my credit card, even with home delivery AND even if the supermarket kept the credit card number there is nothing tying that transaction to gay.com.

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

#738

Post by [deleted] »

slaman wrote: post #675
CryptoPunk wrote: post #657

Earlier quoted context omitted.

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

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...

[deleted]

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

#739

Post by em_te »

biaachmonkie wrote: post #613
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.

So, they replicated Western Union only less efficiently?

As a consumer, I don't mind if they are less efficient. Just as long as they are the cheapest option.
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