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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

#531

Post by someguydave »

gizmo385 wrote: post #249
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.

> due to the interfce with fiat and they also tend to be where all of the fraud occurs. Yes, because that's where the actual value is at the end of the day. Regardless of how much people want to pump crypto, when push comes to shove, the recognized value of crypto for the vast majority of people is it's conversation rate to fiat currencies.

I use my airline miles before dollars when buying plane tickets. This does not mean I value airline miles over dollars.

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

#532

Post by dan-robertson »

easytiger wrote: post #422
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…

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"…

Didn’t he change his name when he was first married (to some more distant family name) instead of only one spouse changing name?

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

#533

Post by someguydave »

jl2718 wrote: post #203
threeseed wrote: post #196

Earlier quoted context omitted.

> where all of the fraud occurs Might want to look into the rug-pulling with shitcoins, NFTs etc. That is far more insidious since it is targeted at young adults/children by influencers such as Jake Paul, Lil Uzi, David Dobrik etc.

Yes, smart contracts can be programmed to allow terrible human behavior. Banks also have this feature. But... they can also be programmed NOT to allow terrible human behavior. Banks do not have this feature.

Banks actually do have terrible behavior if you think fractional reserve banking is a scam. If banks were not backed by the government printing press they would all collapse.

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

#534

Post by gitfan86 »

ryanSrich wrote: post #498
Gasp0de wrote: post #429

FTX is just an exchange right? Any sensible person only puts funds into an exchange that they want to trade. Not your keys, not your crypto.

“Any sensible person”. I think this is an unfair characterization of people that keep large sums on exchanges. It’s not unreasonable to trust a company worth billions to hold your funds. Some might even argue an exchange is safer than a hardware wallet in the sense that if you physically lose the wallet, or completely forget the password, you’re SOL. No one expects a multi-billion dollar exchange to vaporize over nig…

"No one expects a multi-billion dollar exchange to vaporize over night."

Actually that is exactly what us 'crypto sceptics' have been saying the whole time. All of crypto is an accidental or intentional Ponzi scheme sitting on top of a vague promise of "democratizing finance"

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

#535

Post by staindk »

0xbadc0de5 wrote: post #388

Patrick Boyle breaks down the situation with his usual eloquence and dry humor. Video is worth watching just for the chart of the corporate structure. https://youtu.be/zTFhnpf-IE0

Thanks for the link! Very good video indeed and I'll have to look into some more of his videos. Very funny and well presented.

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

#536

Post by someguydave »

dools wrote: post #457

dang wants everyone to be thoughtful and curious with our comments. It’s absurd that anyone is still giving crypto anything but derision. It’s like someone posted a flat earth website and dang is like “hey let’s hear them out”. Forget about it.

“crypto” includes all possible electronic money? Your sentiment is vapid and tiresome.

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

#537

Post by dan-robertson »

ryanSrich wrote: post #493
bluelightning2k wrote: post #439

Earlier quoted context omitted.

I'm as sceptical as the next person but I don't think "coder writes code" is anything.

The CTO writing and committing code for a (formerly) $16 billion dollar company does seem slightly off imo.

I think it’s quite normal (at least at some companies) for a CTO to spend some time writing code as part of setting technical direction. In that case there might be other executives who do the other parts of the CTO role you imagine (eg having lots of reports).

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

#538

Post by mcherm »

dan-robertson wrote: post #529
ackbar03 wrote: post #22

Earlier quoted context omitted.

I saw an update on coindesk that they confirmed it was a hack on their official telegram channel? What a dumpster fire. But let's be honest, I think retail investors weren't getting anything back anyways. Probably only impacts creditors

Retail investors are creditors right? Though I guess you mean only the larger creditors. I think the bigger difference is that bankruptcy proceedings take a long time and to a retail investor ‘you might get some money back in N years’ isn’t so different from ‘you get nothing’.

> bankruptcy proceedings take a long time and to a retail investor ‘you might get some money back in N years’ isn’t so different from ‘you get nothing’.

Does anyone actually remember MtGox? It wasn't actually that long ago!

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

#539

Post by drewmol »

Ekaros wrote: post #290
lelanthran wrote: post #139

Earlier quoted context omitted.

I Dunn if it is fair to include Scientology in that. Other than the amounts of money involved, it clearly is a religion.

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...

And their means both as determined by their doctrine and expressed by their history vary greatly. In the US religions have been legally defined (a subject of much debate historically) as they are given tax and regulatory exemptions and often public funding. Here’s a good read on the topic from 1969:

https://scholarship.law.nd.edu/cgi/viewcontent.cgi?article=3...

I’m curious, are there specific ones your referring to, or do you consider all mainstream denominations of Christianity cults?

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

#540

Post by jnwatson »

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 have direct knowledge of several bank hacks. Most of the time they don’t publish it.
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