231–240 of 890 posts
Earlier quoted context omitted.
By force, if necessary.
No technically. There are seemingly endless ways to move funds anonymously.
If/when the movement of cash/crypto is peer-to-peer or interacting with a machine only (a machine that gives quarters for dollar bills or a DEX, for example) KYC is entirely unnecessary.
Earlier quoted context omitted.
> This is a human failure Is there any crypto out there without humans ? Is there an undo button to reverse the transaction? All financial systems involve humans
> Is there any crypto out there without humans ? What OP is referring to is that you don't need to trust people if the dex is on-chain and verifiable. FTX was a non-transparent and insolvent centralized exchange which wouldn't be possible if it was on-chain because anyone can see the funds that are available and the protocol would not allow leverage backed by non-existing collateral. > Is there an undo button to reve…
The blockchain is perfect when everyone acts in good faith and makes no mistakes.
In the real world, that's not the case. Unfortunately, you need centralized institutions to regulate financial transactions, control the supply of money and enforce laws when they're broken, reverse mistakes when they happen.
> The future of finance is people being in charge of their own money and where no unexpected entity can arbitrarily inflate the supply, which is only possible with crypto.
This is not the future, and it'll almost certainly never happen with crypto.
They’re making Madoff look good. He semi-voluntarily* turned himself in when the jig was up, and the govt eventually recovered about 2/3rd of the money FTX seems like it’s still trying to steal funds *Madoff confessed to his family, said he would turn himself in, and asked for 24 hours to get affairs in order. Family refused, called FBI immediately
Madoff recovery is 88.35%. See: https://www.justice.gov/opa/pr/justice-department-announces-... . Many of Madoff's victims exaggerated their loses. If they invested $1MM at a claimed return of 15% for 6 years, they would claim they lost $2MM, not the $1MM principal. (I just hope our Government doesn't try to bail out crypto speculators!)
Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
This isn't crypto. This is a centralized exchange with a centralized website, with centralized databases, that is run and controlled by humans. In fact, if you use a centralized exchange there is no use of blockchain for the most part. There's a literal saying, "Not your keys, not your coins". Only if people would listen.
Doesn't that also legitimatize a hack then? If someone hacks or steals your keys, you can't then turn around and say "but wait, those aren't your keys".
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He's going to prison anyway, his reputation is tarnished, maybe he figured: Why not make a run for it?
This could be pretty interesting leverage. "I hold the private key to refund 80% of my victims losses, reduce my sentence or it dies with me."
Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
This isn't crypto. This is a centralized exchange with a centralized website, with centralized databases, that is run and controlled by humans. In fact, if you use a centralized exchange there is no use of blockchain for the most part. There's a literal saying, "Not your keys, not your coins". Only if people would listen.
This isn't social media. This is Facebook with a centralized website, with centralized databases, that is run and controlled by humans. In fact, if you use a Facebook there is no use of social media for the most part.
There's a literal saying, "not paying for it, you're the proruct". Only if people would listen.
Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
The real reason there'll be regulation isn't because the community wants to be reassured; it's because governments are afraid, and want control over the entire financial system since they believe they can tame "systemic risks" (while using bullshit value-at-risk models; I guess everyone in this story's an idiot). And in the new bull market, when the abysmal idiots want to get rich quick again, you and I might bail them out.
Earlier quoted context omitted.
He's going to prison anyway, his reputation is tarnished, maybe he figured: Why not make a run for it?
This could be pretty interesting leverage. "I hold the private key to refund 80% of my victims losses, reduce my sentence or it dies with me."
He would go to jail. This isn’t even a tough one.
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Hmm, tbh, that's a point I hadn't fully considered. To flip your point around, what hypothetical scenario would be bad for the crypto ecosystem long term?
- Bugs or some fundamental/unfixable exploits in bitcoin algorithms - Successful or semi-successful 51% attack (maybe state sponsored) - Global energy crisis/crackdown on mining - Global economic crisis of the scale where people desperately need cash/commodities and can't waste their money in speculation
Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
This isn't crypto. This is a centralized exchange with a centralized website, with centralized databases, that is run and controlled by humans. In fact, if you use a centralized exchange there is no use of blockchain for the most part. There's a literal saying, "Not your keys, not your coins". Only if people would listen.