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

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

#421

Post by listenallyall »

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…

> nails in the coffin for mainstream support

People have short memories, further, people get caught up the hype. If Bitcoin's price starts to bounce, and especially if it manages to approach a new all time high, plenty of people will be on board, in fact even moreso, because the tagline will be that Bitcoin is resilient, it always comes back, it can overcome any crisis.

Furthermore, although it seems like a lot of people are talking about FTX, probably 90% of the people who know of Bitcoin are entirely unaware of this story. I own some crypto assets, and I had never heard of "SBF" and the only thing I ever knew about FTX was that it made an awful television commercial. Never thought about them ever since.

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

#422

Post by easytiger »

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…

Agreed. IN particular, William MacAskill[1] is worth particular interest. Closer to abstract low tier cult than serious philosophy. The fact he changed his name (his real name is William Crouch) to sound more like a marketable philosopher should be indicative enough to anyone with an ounce of sense that one should be guarded engaging with this supposed philosophy.

That so many people at FTX called themselves "EAers" or "subscribe to the philosophy of EA" screams charlatanism to me. That it became entwined with the Crypto community is no surprise to me.

It reminds me of the many many "churches" in Africa that tell people great fortune will come their way if they are loyal to this particular preacher or whatnot. [2] It is obvious to me those are a scam. Perhaps more akin to Scientology - creation of a VIP club - the less sense it makes the better?

I've tried to read about Effective Altruism and my conclusions are that it is immature gibberish and these proponents are not fully formed emotionally intelligent adults. [3]

> SBF ended up hanging out a lot with his younger brother Gabe, who was living in an EA commune on nearby Stuart Street.

Communes - but it isn't a cult right?

[1] https://en.wikipedia.org/wiki/William_MacAskill

[2] https://www.nytimes.com/2002/03/13/world/africans-fill-churc...

[3] https://web.archive.org/web/20221027180943/https://www.sequo...

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

#424

Post by Mistletoe »

dzink wrote: post #287
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…

1. Crypto and web3 is so tarnished in consumer minds, it cannot recover. The next big thing in this space needs stay away from those terms like the plague. 2. Energy has become so valuable these days and Crypto tech has become so WASTEFULLY, UNNECESSARILY energy intensive, that the next iteration needs to be as cost efficient and effective as software. Transaction costs need to begin and remain extremely low to none.…

About #1 I think you are wrong. History has shown us that all they need to forget it is a few days of green numbers again. The siren song of a few days of up only.

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

#425

Post by mackman »

rafale wrote: post #412
tromp wrote: post #374

Earlier quoted context omitted.

> 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.

Shifting by two is dividing by four. Not so easy, after all!

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

#426

Post by nathias »

readthenotes1 wrote: post #127
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.

Most of the rules of civilization are centered around preventing the 20% predators from devouring the 80% normal people.

most are about 10% of predators trying to devour the other 10% of predators while preventing being devoured by the 80% of normal people

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

#427

Post by Gasp0de »

readthenotes1 wrote: post #127
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.

Most of the rules of civilization are centered around preventing the 20% predators from devouring the 80% normal people.

And here I sit, thinking those rules were so that the 1% could take all the value the 99% produced.

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

#428

Post by listenallyall »

douglaswlance wrote: post #133
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…

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.

This seems like a simplification. Crypto, like any currency, needs to be able to be easily converted to and from other currencies. I can walk up to thousands of money changers and exchange USD for Euros, Pounds, and plenty of small countries' currencies. Meanwhile it may be technically possible to do the same with crypto, virtually nobody is, and the places that do offer a conversion, like BTC ATMs, charge enormous fees.

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

#430

Post by ForHackernews »

zeven7 wrote: post #4

> Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it. From FTX's general counsel[1], retweeted by FTX_Official. So that indicates it's not being sold off legitimately under some sort of liquidation proceedings. It could be insiders or it could be hackers. [1] https://twitte…

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