841–850 of 890 posts
Earlier quoted context omitted.
I reworded things to separate the first hand information (FTX_Official indicating they don't know what's going on) from speculation (app hacker rumors).
Some call this a "hack", others who are brighter noticed that the recent FTX limited account unfreeze before they declared bankruptcy was to mask their own personal outflows as they siphoned money from a sinking ship
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
Earlier quoted context omitted.
I suspect this will be the catalyst for “regulation clarity”.
It sure is interesting how they extended their tentacles into as many other companies and projects as possible (SBF even approached Elon about financing the Twitter acquisition) while knowing they were financing these deals with customer deposits, before blowing it up in the most spectacular way possible… I can’t imagine a series of actions that would be more destructive to the industry. The actions don’t make sense…
I think the idea that this is some kind of 4D chess move by regulators is a convenient way for the gullible idiots who believed in this stuff to put the blame on something other than their own credulousness. The guy basically admitted to running a Ponzi scheme. Why did you continue to trust him???
[1] https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
Earlier quoted context omitted.
I actually see this as an opportunity for the established financial companies to insert themselves into the ecosystem, using their established reputation, processes, and adherence to traditional bank regulation as a 'trust' base that's been both lacking permanently and (whatever was there) eroded over the last 12 months. Both exchanges and coins / tokens are going at what looks like very cheap right now.
>Their established reputation The reason trustless decentralized crypto currencies were invented: So we don't have to rely on banking corporation's glowing reputations.
Rightly or wrongly.
The logic you're describing isn't incorrect, but I don't believe (and may well be wrong) it makes any difference to the point I made above.
It's still early. Still in the "first they laugh at you" stage, just read HN comments.
Earlier quoted context omitted.
> I’ve also heard rumors that inside bad actors pushed out a forced FTX app update to gain access to accounts. If it's an inside job with this capability you'd likely already have such access? Only way is that somebody has access to push this, doesn't have access to the keys, and rewrites the app to send them assets or something. But the mass withdrawals imply the keys are compromised, and pushing the app would very…
Do you think it’s at all likely they were able to exfiltrate the keys or escalate privileges by pushing the malicious update? It’s not an iOS or android update from my understanding, just an update to the backend/content server.
My best guess is simple key exfiltration?
Earlier quoted context omitted.
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.
They buy/make a lot of rules, but there's still (currently) a ton more to constrain predation.
(The more money you have, of course, the easier it is to game a more complex system...)
Earlier quoted context omitted.
> just to see some dumb frames on a screen that are discarded at a hundred per second. If these frames were really discarded (that is, not shown on your screen), then yes, it would be a waste. But my understanding of your example is that these frames were displayed, and their light reached your eyeballs.
They are if the thing about the eye being limited to 60FPS is true.
Earlier quoted context omitted.
what are the best practices for dumping a significant amount of illiquid shitcoins under time pressure?
Bulk bridge swap service IMO. Avalanche or Fantom would be your best bet right now.
Earlier quoted context omitted.
All of crypto is speculation. Nobody pays for anything with crypto and most of the time the price movement of Bitcoin seems pretty close to the movement of NASDAQ. ETH provides value but it’s moved to an unproven model. The who crypto ecosystem is filled with charlatans and crooks who want to rob you and your only other alternative is to be your own bank and store in a cold wallet. Not something normal people are int…
I’ve routinely bought my morning bacon and avocado sandwich with coffee using various crypto at a local cafe in Oxford, when I lived there.
Earlier quoted context omitted.
And if you can't find the person to sue because the person is an anoymous hacker? With fiat the court will tell the banks to reverse the transactions.
If someone sends physical cash to a person across the world, is there an undo button?
* I think it's the same for banks. I think banks also mainly operate on abstractions built upon cash.
* An attacker who wants to steal physical cash needs to be physically present. That means there's a more limited set of people who could attempt the attack. With hacking, people across the entire world can attempt the attack. With physical attacks, you're at risk of being physically apprehended and caught through physical investigations. With hacking you can be behind proxies and avoid getting caught. Additional, with hacking you can do the hack from a jurisdiction that won't care, so even if the victim and the victim's government know you did it, you won't face any consequences. You might even be on your own government's payroll.