741–750 of 761 posts
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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
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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…
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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 most important technology since the internet.
Changes the foundation of trust, governance, economy, incentives.
New operating system for humanity.
(and there is no way to stop it, countries who will ban it will go into dark ages while other will prosper)
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>> 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 UN saved more than 40,000 USD per month in bank transfer costs by using blockchain.
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>Does this have implications for blockchain as a whole or was this company just dumb? They were just dumb. The Ronin bridge where this money was stolen from wasn't decentralized at all and wouldn't even be recognized as a blockchain by even moderately experienced user. It was just a 5 of 9 multi-sig where the security was very poor and susceptible to social engineering. This was akin to a company keeping 100 gold bar…
> It was just a 5 of 9 multi-sig where the security was very poor and susceptible to social engineering. Taking this a step further, the article mentioned that 4 of the 5 were under one companies control and compromised together. It wouldn't shock me to learn that all 4 had the same access rules, and as such all were accessible if one was, essentially reducing the 5 of 9 to 2 of 9.
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tornado.cash
what kind of volume does tornado.cash process? If it normally processes e.g. $1M/day, it'd take a while to use it as a mixer right?
Between 40 and 200 million per week.
Something tells me that if indeed cryptocurrency sticks around it’s going to sprout rules and regulations that are a mix of banking and securities regulations, and that will suck most of the “fun” out of it. We pause the stock market on a 5% drop and stoop it on 10%. Moving that much crypto in a day is probably never on purpose. Though in a distributed consensus system I don’t know how you’d enforce such a thing.
Anyone who knows anything about human systems knows that that's the end point: We'll be right back to banking as it is today, except with less efficiency and a ton of wasted time and technology that could have been spent making the current systems better.
Pausing or revising history requires a central authority that can be listened to. So either that won't happen, or it will happen when someone defects and creates something that uses the tools of cryptocurrency but with a more authoritarian philosophy.
As usual on HN there are a lot of useless comments in this thread that are ill-informed dunks on cryptocurrency, but the real story of what happened is actually about the hazards of not using a blockchain. The system that was compromised was a "proof of authority" chain. These are different from proof of work or proof of stake chains that have hundreds or thousands of distinct validators. In a "proof of authority" ch…
This is true. However, it should be mentioned that the difference between hacking a "proof of authority" chain and a "proof of stake" chain lies only in quantity: the number of private keys you have to compromise. Once a set of private keys owning a stake majority in a proof-of-chain have been compromised, that chain is no longer usable because the “evil” majority can create an infinite number of longest chains (starting from that point in time) using its stake majority, thus making it impossible to reach consensus on a chain in a decentralized manner.
With proof-of-work, gaining a majority of hashing power only allows you to temporarily create one longest chain, which will be ignored once an honest majority regains sufficient hashing power.
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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 wa…
404 BTW