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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

#411

Post by LilBytes »

irusensei wrote: post #384
LilBytes wrote: post #236

Earlier quoted context omitted.

The exchange is a component of crypto, as an industry. Imagine defending social media but shitting on Facebook. To use your words to try and make your argument: 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…

> Imagine defending social media but shitting on Facebook. I see no contradiction on shitting on facebook while defending say Mastodon. In fact people were doing this with twitter just a few days ago before $current_thing happened.

Mastodon isn't an argument that social media isn't terrible.

The same argument can't be made for crypto exchanges and the industry they occupy also being terrible.

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

#412

Post by rafale »

tromp wrote: post #374
n0tth3dro1ds wrote: post #255

Earlier quoted context omitted.

> 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…

> Or are you more referring to Satoshi’s white paper when you refer to “altruistic motives”. There's little altruistic about an emission that allocates half of all supply (first four years) going to early miners including Satoshi himself, and leaves only crumbs for later generations.

Satoshi picked that model probably because it's easy to divide by 2 (x >> 2). He didn't want to prematurely optimize or overthink anything because it was a simple experiment and nobody could have predicted that Bitcoin will become the mammoth it is now.

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

#413

Post by redox99 »

2pEXgD0fZ5cF wrote: post #78

Cryptocurrencies are speedrunning the history of the financial system and why it is the way it is.

Cryptocurrencies are working just fine. FTX users didn't actually own any crypto. This is people giving away their money to a criminal business. The whole point of cryptocurrencies is that you don't need to trust a third party.

"Not your keys, not your coins"

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

#414

Post by quickthrower2 »

YossarianFrPrez wrote: post #116

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…

It is “just” another hack/collapse. That has been happening since mtgox and earlier and it hasn’t put people off using it l.

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

#415

Post by [deleted] »

tromp wrote: post #374
n0tth3dro1ds wrote: post #255

Earlier quoted context omitted.

> 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…

> Or are you more referring to Satoshi’s white paper when you refer to “altruistic motives”. There's little altruistic about an emission that allocates half of all supply (first four years) going to early miners including Satoshi himself, and leaves only crumbs for later generations.

[deleted]

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

#416

Post by rsj_hn »

dragonwriter wrote: post #378
rsj_hn wrote: post #369

Earlier quoted context omitted.

> Many people have lost life savings when banks collapse. Do you have some data for this statement? (in the US, post FDIC deposit era) Because even when a bank fails, there is usually more than enough to cover depositors, and what the FDIC does is arrange for the bank to be taken over by a healthy bank, with the deposits migrated (but equity and bondholders can take a bath). E.g. no depositor lost a penny in the fina…

> E.g. no depositor lost a penny in the financial crisis of 2008 No depositor has lost a penny in an FDIC insured account (even with total balances above the insurance limit) ever since the FDIC has existed.

Do you have an example of a depositor losing money they stored in excess of this?

Even a single example would do.

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

#417

Post by tigrezno »

YossarianFrPrez wrote: post #116

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…

I don't see banks losing mainstream support when they have caused massive crisis with derivative products and shit. We rescue them so new generations will be swimming in debt and nothing happens.

It's not about crypto, it's about human nature and avarice.

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

#418

Post by irusensei »

me551ah wrote: post #405
irusensei wrote: post #380

Earlier quoted context omitted.

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.

Not a miner. I do use a computer to calculate dumb stuff all the time for entertainment purposes.

I mean… Cyberpunk 2077 could run acceptably on an integrated 65W APU but instead I chose to crank everything on max with ray tracing through a 4090 just to see some dumb frames on a screen that are discarded at a hundred per second.

And I don’t ever remember having to ask permission to use the kW h I’m paying for.

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

#419

Post by Fargren »

groffee wrote: post #34
mudrockbestgirl wrote: post #9

Earlier quoted context omitted.

> Reports on crypto Twitter are that this is a hack It's really unfortunate to get "hacked" with such bad timing. You steal customer money and file for bankruptcy but now the bad hackers, probably from the Bahamas as well, take whatever is left and cash out. Oh no! /s But it's alright, SBF said he's sorry.

SBF takes "full responsibility".

Taking full responsibility would be liquidating his assets to make all customers as whole as possible, even if it leaves him destitute. Lack of responsibility/consequences for the capitalist class is the root cause for many of the social problems we have today.

It's not OK that we hugely reward taking risks to capital and then largely isolate the "risk"-taker from the consequences of failure when they materialize.

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