71–80 of 243 posts
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Guns. Guns are how. Guns are how governments achieve their objectives. There is no crypto scheme, no algorithm, no possible arrangement of private keys and Merkle trees that can escape the reality of men with guns.
XKCD 538 remains ever relevant.
I mean: unless the attacker knows exactly how much coins you have, he has zero way to way if you're unlocking a decoy wallet or the real one.
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You think a state’s monopoly on violence is relevant when they’re beating you to steal cryptocurrency from you? Anyone off the street can do the same.
If someone from the street does this there is a force called police which will help you. When the government does this, there is no one who will help you.
interesting, since FTX was headquartered in the bahamas this seems lawful and not unreasonable. though some will argue the government doesn't have the right to do that, I think you sacrifice your protection when you commit fraud. how quickly should the bahamas have announced about the asset seizure? is it common in other countries to not comment about (seizures in) ongoing investigations?
Another interesting angle to this is that the funds were collected in various different currencies, but all of them were converted into ETH. And they weren't converted carefully to make sure they got the full value, no attempt at OTC deals or anything; they were converted in a rush and dumped on the open market. This resulted in pretty clear loss of funds. It seems like a strange way for a government to operate. That…
Maybe this is a stupid question, but how ? Was the Bahamas' SEC holding its own copies of FTX's keys? I thought the entire point of these schemes was that this kind of seizure-by-force wasn't possible (absent exploits or insiders).
Why did FTX publicly announce it as a hack then?
The whole thing has been surrounded by misinformation, misdirection and outright lies. I still don't think there has been enough credible information released to form a complete picture at this point.
There's also no reason to believe articles written about SBF aren't politically motivated anymore.
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Guns. Guns are how. Guns are how governments achieve their objectives. There is no crypto scheme, no algorithm, no possible arrangement of private keys and Merkle trees that can escape the reality of men with guns.
> There is no crypto scheme, no algorithm, no possible arrangement of private keys and Merkle trees that can escape the reality of men with guns. On the contrary. It's the only case where maths can defend vs men with guns. Multi sig schemes spread over different people over several continents make the "men with guns" thing very difficult. Or multisig but m-out-of-n, with a dead beat: if after x weeks you don't hear o…
Didn't work in this case.
Earlier quoted context omitted.
Another interesting angle to this is that the funds were collected in various different currencies, but all of them were converted into ETH. And they weren't converted carefully to make sure they got the full value, no attempt at OTC deals or anything; they were converted in a rush and dumped on the open market. This resulted in pretty clear loss of funds. It seems like a strange way for a government to operate. That…
I agree with your last paragraph, but the prior makes total sense. The government aren't crypto experts nor were they trying to min-max their incoming half a billion. They wanted it quick and easy.
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Using people. Governments have been powerful far longer than guns have existed.
And what do said people threaten to use to maintain that control?
https://www.vox.com/future-perfect/23462333/sam-bankman-frie...
Maybe he just didn't want to have to explain some breaking news to her.