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

Post by [deleted] » Sat, Nov 12, 2022, 5:44 PM UTC

tootie wrote: post #576

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.…

I have never understood what problems crypto/Blockchain/web3 is actually supposed to solve. I know it gained traction during the Libertarian/Austrian economics zeitgeist following the 2008 financial collapse. There was fear that the traditional fiat system was irreparably broken and couldn't be relied on. In reality regulators and central bankers did a pretty solid job (not perfect but they eventually got it right).…

Post by VagueMag » Sat, Nov 12, 2022, 5:45 PM UTC

hamiltonians wrote: post #683

VagueMag wrote: post #618

Earlier quoted context omitted.

Why would the attacker move the funds to any remotely censorable coin like DAI?

Dai cannot be censored by

Post by svnt » Sat, Nov 12, 2022, 5:49 PM UTC

pclmulqdq wrote: post #645

themihai wrote: post #447

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

Wall Street doesn't rug pull people. It sells them bad bets and takes the opposite side of those bets. There is a massive difference.

Post by FormerBandmate » Sat, Nov 12, 2022, 5:52 PM UTC

bogota wrote: post #625

bonestamp2 wrote: post #609

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What are the chances that this is an insider and not an outsider? I ask because the timing of this "hack" is obviously a little suspicious.

the fact that it has been executed so poorly to me seems like it is an insider who woke up and thought they could get away with it because they hd access to the keys

Post by landemva » Sat, Nov 12, 2022, 5:54 PM UTC

jasonwatkinspdx wrote: post #478

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.…

All reasonable points, and potentially insurmountable challenges. Also whatever it is, needs to have incremental utility, otherwise there's no road from the present to the future for it. Also to repeat a minor rant of mine, anyone designing a would be successor to Etherium should think very deeply about programming language theory and consult/engage with experts in that community. Much pain could be avoided by findin…