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FTX faces potential hack, sees mysterious outflows totaling more than $600M

coindesk.com

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Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#271

Post by nfw2 »

YossarianFrPrez wrote: post #189
colechristensen wrote: post #143

Earlier quoted context omitted.

Crypto that doesn’t suffer from these kinds of failures is boring. It looks like traditional banking with a different API. Exciting maybe for banking nerds, but not so much for anyone else. Ultimately though blockchain ledgers will probably only be long term useful for record keeping between small closed groups of independent entities like banks settling overnight balances between themselves. It’s never going to be e…

I think most people would say that they want banking to be boring.

And that’s why most people don’t own any crypto

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#272

Post by dmichulke »

croes wrote: post #192
douglaswlance wrote: post #133

Earlier quoted context omitted.

This isn't a crypto failure. Crypto works. This is a human failure. FTX didn't collapse because of the technology. It collapsed because of human error. The fix is rather simple. If an organization looks like a bank and quacks like a bank; it should be regulated like a bank.

So bank regulation worked in 2008, is was just a human failure? Communism works, it's just human failures? The measure of whether something works is whether it prevents human failure.

You forgot:

Regulation works but it was just human failure:

https://en.wikipedia.org/wiki/MF_Global

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#273

Post by [deleted] »

albertopv wrote: post #219
douglaswlance wrote: post #133

Earlier quoted context omitted.

This isn't a crypto failure. Crypto works. This is a human failure. FTX didn't collapse because of the technology. It collapsed because of human error. The fix is rather simple. If an organization looks like a bank and quacks like a bank; it should be regulated like a bank.

All crypto currencies are a ponzi scheme. Change my mind.

[deleted]

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#274

Post by zeven7 »

n0tth3dro1ds wrote: post #255
iblaine wrote: post #33

Earlier quoted context omitted.

It’s unfortunate that what started out with altruistic motives, a method for decentralized anonymous asset exchange, is being derailed by opportunists. There was a time where a 51% attack was the biggest concern. All that said, I’m not surprised at where we are today.

> It’s unfortunate that what started out with altruistic motives Are you actually buying into SBF’s pathetic ideologies? Or are you more referring to Satoshi’s white paper when you refer to “altruistic motives”. I can’t understand how anyone would take SBF seriously. He’s a smug charlatan who converted funny money to real money so that he could dump it into politics for his own aims, all while calling his actions “al…

Parent mentions decentralized anonymous asset exchange being the goal and 51% attacks being the biggest concern. That tells me he's talking about Satoshi. Those topics don't apply to SBF.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#275

Post by paganel »

from wrote: post #128
0x5345414e wrote: post #64

Earlier quoted context omitted.

Well he was dumb enough to post a bunch of lies and nonsense to Twitter the last couple days…

Maybe I'm more cynical than most but those tweets to me feel like they will be used as evidence in the future to argue that he didn't really have the full picture what was going at FTX and that it was really the Alameda people or the devs etc behind everything.

> Alameda people or the devs etc behind everything.

SBF used to have intercourse with the Alameda CEO, and if I'm not mistaken they were all in this together (FTX + Alameda, that is). Article on the intercourse thing [1]. The admins of this forum can complain about "the level of discussion getting low" as much as they want, but this is the reality, this is how billions of dollars have been stolen.

[1] https://www.coindesk.com/business/2022/11/10/bankman-frieds-...

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#276

Post by bmitc »

netheril96 wrote: post #264
bmitc wrote: post #226

Earlier quoted context omitted.

People keep saying this, but I don't follow. FTT was a token manufactured out of thin air. Crypto works as a concept, I suppose, but people saying crypto works is like the people that say Agile works. How long do we have to wait to see crypto working? Where are the success stories of crypto? There's a long laundry list of hacks, scams, company failures, "tokenomics", NFTs, on blockchain, etc. Saying crypto works as a…

Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading. > How long do we have to wait to see crypto working? BTC (on chain) is still working as intended, after all these years.

> Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading.

Crypto generally means digital currency, does it not? I think leaving them out would be actually misleading.

> BTC (on chain) is still working as intended, after all these years.

Working in what sense?

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#277

Post by anomaly_ »

albertopv wrote: post #219
douglaswlance wrote: post #133

Earlier quoted context omitted.

This isn't a crypto failure. Crypto works. This is a human failure. FTX didn't collapse because of the technology. It collapsed because of human error. The fix is rather simple. If an organization looks like a bank and quacks like a bank; it should be regulated like a bank.

All crypto currencies are a ponzi scheme. Change my mind.

Do you know what a Ponzi scheme is?

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#278

Post by dmichulke »

For comparison - a regulated traditional finance entity:

On October 31, 2011, MF Global executives admitted that transfer of $700 million from customer accounts to the broker-dealer and a loan of $175 million in customer funds to MF Global's U.K. subsidiary to cover (or mask) liquidity shortfalls at the company occurred on October 28, 2011.

https://en.wikipedia.org/wiki/MF_Global

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#279

Post by YossarianFrPrez »

netheril96 wrote: post #264
bmitc wrote: post #226

Earlier quoted context omitted.

People keep saying this, but I don't follow. FTT was a token manufactured out of thin air. Crypto works as a concept, I suppose, but people saying crypto works is like the people that say Agile works. How long do we have to wait to see crypto working? Where are the success stories of crypto? There's a long laundry list of hacks, scams, company failures, "tokenomics", NFTs, on blockchain, etc. Saying crypto works as a…

Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading. > How long do we have to wait to see crypto working? BTC (on chain) is still working as intended, after all these years.

It's an interesting level of abstraction question. On a fine-grained level, yes, BTC works algorithmically as you have pointed out, and FFT is not the exact same thing as BTC. The question the is whether either of these things work socially / for society.

Whether it's accurate or not, I imagine non-experts would regard the difference between BTC and FFT as pretty negligible, perhaps akin to the difference between "social media" and IG vs. Reddit.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#280

Post by EdwardDiego »

dmichulke wrote: post #278

For comparison - a regulated traditional finance entity: On October 31, 2011, MF Global executives admitted that transfer of $700 million from customer accounts to the broker-dealer and a loan of $175 million in customer funds to MF Global's U.K. subsidiary to cover (or mask) liquidity shortfalls at the company occurred on October 28, 2011. https://en.wikipedia.org/wiki/MF_Global

Is this "whataboutism"? And if so, what's your point precisely?

I don't think anyone has ever claimed that financial malfeasance is impossible in traditional banking entities.

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