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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

#481

Post by rchaud »

kgwgk wrote: post #410
AustinDev wrote: post #159

Earlier quoted context omitted.

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?

can SBF apply for citizenship once he lands there?

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

#482

Post by fallingknife »

jasonwatkinspdx wrote: post #473
paul80808 wrote: post #467

Earlier quoted context omitted.

I hear a lot of critiques around effective altruism that boil down to attacks on people who practice it as being immature, naive, or cult like. At its core, EA asks what the most effective way to contribute to humanity is. Some of the thinkers are mature and have produced amazing projects, givewell being an obvious example. There are definitely some weirdos affiliated with the movement, but I don't think that that di…

It's performative in exactly the same way I grew up among with evangelical extremists. You can't reduce moral decisions and ethics to some sort of karmic account balance. Functionally EA allows its promotors to rebrand self interest as actually altruism. It becomes an all purpose end to justify any means. A thought ending cliche to avoid engaging with the actual complexity.

And yet no one ever seems to be able to actually define a better moral decision making process or describe what the argument defeating "complexity" actually is. Just a longer way of saying "I disagree."

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

#483

Post by iamacyborg »

WanderPanda wrote: post #476
iamacyborg wrote: post #464

Earlier quoted context omitted.

People dislike crypto because for many it has become incredibly obvious that it’s nothing more than a vehicle to scam and commit fraud. Yes, these things happen elsewhere but crypto is perfectly designed to facilitate these bad behaviours.

Bitcoin is neutral and almost uninfluentiable by any single party. It‘s neutral, all the rules are out there, nobody has an information advantage. With Ethereum it‘s a bit more difficult because it has a history of being very transparent but there is still Vitalik as the BDFL. Almost everything else in „crypto“ is a mostly centralized system with the same points of failure as traditional financial systems (IoUs => ba…

The reality is that the technology being “neutral” or not is irrelevant. It’s how the technology is used that matters.

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

#484

Post by TomSwirly »

przeor wrote: post #455
ForHackernews wrote: post #430

Earlier quoted context omitted.

Quoted post unavailable.

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1. Because everyone touts "avoiding government regulations" - what most of us call "crime" - as one of crypto's primary reasons.

2. Because there are so many scams in the field.

3. Because crypto people have this unattractive combination of acting superior to others while literally never having read about or even thought deeply about economics.

4. Because after 13 years, not one Web3 project has emerged that has any value outside cryptocurrencies.

5. Because blockchains are wildly consumptive of the world's resources, right when we see the devastation of our biosphere roaring down on us.

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

#485

Post by nprateem »

eastbound wrote: post #318
dzink wrote: post #287

Earlier quoted context omitted.

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.…

1) To recover, a crypto will probably need to include specs about how the exchange should run. Exchanges have failed 3-4 times, and it seems they’re part of a currency since people keep coming back to them. So there needs to be a system where I keep having control over my coins while they’re in an exchange: ability to withdraw from the exchange, ability to approve a transaction.

A DEX

https://particl.news/introducing-particls-basicswap-dex/

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

#486

Post by pjc50 »

przeor wrote: post #455
ForHackernews wrote: post #430

Earlier quoted context omitted.

Quoted post unavailable.

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I need a name for the cognitive distortion where someone says "X is bad" for valid reasons and then jumps immediately on a much worse solution. Applies not just to crypto but to bringing up the Iraq war; or complaints about "MSM" leading people to choose entirely fact-free nonsense channels or literal Russian state propaganda TV instead.

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

#487

Post by WeylandYutani »

themihai wrote: post #447
headsoup wrote: post #38

Earlier quoted context omitted.

Lol, a 'hack.' An unfortunately extremely convenient one that I'll almost guarantee specifically took customer funds, you know, after the bros already took their first cut.

It happens on Wall St as well but more "subtle". Retail investors and tax payers have always been the bag holders.

Do banks get hacked very often? They seem to have their security in order. Probably because they would have to reimburse their customers if something went wrong.

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

#488

Post by theturtletalks »

plasticchris wrote: post #456
Gasp0de wrote: post #442

Earlier quoted context omitted.

I mean it should be obvious that anyone who offers 8% interest has to do some high-risk stuff with your funds, right?

Not always, I bonds were offering more earlier this year

I Bonds are an exception since everyone is capped at $10K and the rate changes quarterly based on inflation. BlockFi and other DeFi platforms were offering 8%, but had a minimum balance needed ($100K in most cases).

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

#489

Post by fallingknife »

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 stuff seems pretty crazy, but it's no worse than what happened in early 1900's Wall St. If crypto is ever going to be used as a real payments system, and something you would put in a 401k, it will need regulation similar to stocks. Not sure if it really works, though, because it would remove the anonymity and decentralization that are pitched as the entire advantage of the system.

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

#490

Post by ehnto »

WeylandYutani wrote: post #487
themihai wrote: post #447

Earlier quoted context omitted.

It happens on Wall St as well but more "subtle". Retail investors and tax payers have always been the bag holders.

Do banks get hacked very often? They seem to have their security in order. Probably because they would have to reimburse their customers if something went wrong.

I imagine they do their best to run a tight ship yes, but I also imagine the fact that banks still run a lot of legacy pipelines and audits means it's also a little harder to find bugs in the apps and websites, that would actually let you achieve much.
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