Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

coindesk.com

Post reply on HN
Print view View original

401–410 of 890 posts

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

#401

Post by Emma_Goldman »

bmitc wrote: post #253
zone411 wrote: post #243

Earlier quoted context omitted.

Obviously nobody knows what the private repos are. I was talking about public projects. "Gary Wang" is not an uncommon name. For example, here is another one with a Wikipedia page https://en.wikipedia.org/wiki/Gary_Wang

That's a good point. For whatever reason, I missed the first part of your comment. I did indeed operate under the assumption, incorrectly, that it was his profile. What's interesting is that a lot of the FTX people on the about page ( https://about.ftx.com/ ), including Gary Wang and Dan Friedberg have deleted their LinkedIn accounts, whereas they were available earlier. If they're deleting something so harmless, the…

I don't think this means anything. They might just not want any publicity, or to be harassed by malcontented FTX depositors. In the context of the FTX implosion, their LinkedIn profiles are far from harmless.

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

#402

Post by rabite »

me551ah wrote: post #262
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.

Crypto works for what use case exactly? Crypto payments take much longer time than traditional credit card ones , are barely supported by most websites and in many cases cost more in transaction fees than credit cards. And with a lot of people storing their money in these major crypto banks , what we now have is a fairly centralised structure which kind of defeats the purpose of crypto. Worse, these banks also hold e…

Perhaps for the use case of the underbanked, which is the majority of the world. That I need to wait for confirmation on the blockchain for a crypto payment is orders of magnitude faster than my other option, which is wait for someone to manually bring in foreign currencies by train. My country is not on SWIFT. My passport will not allow me to get a bank account in any country that would let me process credit cards. I am not allowed to use Paypal.

This kind of comment is the epitome of the Western privilege -- your governments cut off entire countries from the banking system, deny their own citizens access to banks because of their political beliefs, and then tout the alleged superiority of your credit cards, which are now denied to truckers and Kanye West by the same companies that were happy to do business with Pornhub when they were knowingly facilitating the monetization of child sex slaves.

Credit cards and United States dollars are the tools of thieves, thugs, rapists, and warmongers. Bitcoin works for the use case of not staining your hands with the blood and tears of their victims, at the very least.

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

#403

Post by kgwgk »

e1ghtSpace wrote: post #310
Ekaros wrote: post #290

Earlier quoted context omitted.

And in general religions are in business of extracting money from people and using it for their own means. Scientology is not any different from any other. Including the mainstream Christian cults...

Wait is the government a religion?

You may want to check the validity of the syllogism.

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

#404

Post by pksebben »

JumpCrisscross wrote: post #193
nightski wrote: post #186

Earlier quoted context omitted.

What's amusing about your comment is that exchanges are the one centralized part of crypto due to the interfce with fiat and they also tend to be where all of the fraud occurs.

> exchanges are the one centralized part of crypto Crypto is immensely more centralised than the American banking system. That’s what makes it resilient. Every wallet’s state is always globally known. Compare that with the series of subpoenas one must serve to learn what’s in whose bank account.

I believe 'centralization' here refers to centralized control. The ledger is distributed anyhow, so not very central.

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

#405

Post by me551ah »

irusensei wrote: post #380
grumpyprole wrote: post #288

Earlier quoted context omitted.

> BTC (on chain) is still working as intended, after all these years. It's certainly working on destroying the planet with its obscene energy requirements.

Energy which was paid for. If there is a problem with that then price it accordingly.

Energy which is used to mindlessly calculate dumb hashes, trillions of which are discarded every second for the winning 'hash'. Proof of Work is basically lottery, but which consumes energy instead of tickets.

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

#406

Post by kgwgk »

55555 wrote: post #336
xisthesqrtof9 wrote: post #140

Earlier quoted context omitted.

Why Israel? I’d assume they’d hand him over given their close background no?

Sometimes yes, but historically in general they haven't extradited their citizens for financial crimes against foreigners. I believe it changed a few years ago, at least on paper?

> historically in general they haven't extradited their citizens

How is that relevant?

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

#408

Post by andsoitis »

55555 wrote: post #336
xisthesqrtof9 wrote: post #140

Earlier quoted context omitted.

Why Israel? I’d assume they’d hand him over given their close background no?

Sometimes yes, but historically in general they haven't extradited their citizens for financial crimes against foreigners. I believe it changed a few years ago, at least on paper?

> they haven't extradited their citizens

SBF isn’t an Israeli citizen, is he?

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

#409

Post by notch656a »

astrange wrote: post #339
notch656a wrote: post #175

Earlier quoted context omitted.

FDIC. Everyone else pays for your shitty banking choices via inflation instead. To me the crypto version is better TBH, which would force either private insurance or none at all. Believe it or not you can buy private insurance for crypto, which would achieve something like FDIC.

FDIC rescuing a bank doesn’t involve money printing. Since the bank still closes and can’t offer new loans, it’s slightly deflationary.

The events of the bank closing may be deflationary.

The giving of now-gone money to the depositors is inflationary.

The fallacy of your above statement is you're considering the system of 'fail, then FDIC pays out depositors' when in fact the alternative is 'fail, depositors eat losses'. The former is inflationary relative to the latter, and in fact punitive to those who chose banks that didn't fail. The net difference between the two is the discussed inflationary event 'FDIC pays out depositors.'

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

#410

Post by kgwgk »

AustinDev wrote: post #159
xisthesqrtof9 wrote: post #140

Earlier quoted context omitted.

Why Israel? I’d assume they’d hand him over given their close background no?

There is a history of people committing crimes or being suspected of doing so in US and running away to Israel and avoiding extradition due to their laws.[1] I can gather more examples to illustrate a pattern or at least proclivity but it's late and I'm off to bed. [1] https://digitalcommons.wcl.american.edu/cgi/viewcontent.cgi?...

> There is a history of people committing crimes or being suspected of doing so in US and running away to Israel and avoiding extradition due to their laws.

Did you maybe forgot to mention that those people were Israeli citizens?

Post reply on HN