11–20 of 205 posts
I would estimate 95% of those are inside jobs. Very very very few people have the ability and wherewithal to hack a smart contract or bridge, they are extremely convoluted, ugly and difficult to understand.
"Convoluted, ugly, and difficult to understand" is for crackers like throwing Brer Rabbit into the Brer patch.
I would estimate 95% of those are inside jobs. Very very very few people have the ability and wherewithal to hack a smart contract or bridge, they are extremely convoluted, ugly and difficult to understand.
It feels like telling someone about to jump into the shallow end of a swimming pool from a balcony that they are going to really hurt themselves and that the 2 feet of shallow water is not deep enough to buffer the fall, and them telling me I just don't understand and they use a new measuring system and the pool depth is in feet which is a made up measurement too so their measurement is just as valid and they can make it any depth they want to because they believe it and everyone else around does too.
Then they jump feet first and break their legs. A friend behind them says it is their own fault for going in feet first and dives head first and breaks his neck. Another friend says 'bad luck, but you know how many people break their neck walking to swimming pools measured in feet?' and jumps sideways and breaks his collarbone.
At that point 'welp, I tried'.
So much of the cryptocurrency world is based on terribly inflated prices and it has always been unclear to me how much money was actually put in by real people who aren't just self-dealing and wash trading.
I am sure the answer is in the billions but I'll bet that it is much lower than some people would have you believe. Luckily crypto is still fairly well firewalled from the economy at large.
Nothing but a microscopic amount, when compared to the tens of trillions of illicit funds being processed by banks in dollars and left unchecked. [1] [2]
Looks like this newsletter is another plain old side grift by Molly with the rest of the high profile extreme skeptics who are just as bad as the maximalists selling 'quality' rushed books riddled with typos and spelling errors pointed out by readers and crypto bros on Twitter [3] [4] [5].
Oh dear.
[0] https://blog.chainalysis.com/reports/2022-crypto-crime-repor...
[1] https://www.buzzfeednews.com/article/jasonleopold/fincen-fil...
[2] https://www.nytimes.com/2020/09/20/business/fincen-banks-sus...
[3] https://twitter.com/AlgoArcade/status/1554662257790943232
[4] https://twitter.com/NeddyPott/status/1547413083034947585
Are we going to pretend there's any industry that isn't filled with scams? L
I urge lawmakers to completely regulate this so called 'crypto industry' before this number goes to $14B or higher in 2023. Crypto, NFTs, Blockchain and the rest of this nonsense should never have existed in the first place. And yet we enter another year where there is still no legitimate usecase for all of this whatsoever.
Earlier quoted context omitted.
"Convoluted, ugly, and difficult to understand" is for crackers like throwing Brer Rabbit into the Brer patch.
*briar patch https://en.m.wiktionary.org/wiki/briar-patch
I urge lawmakers to completely regulate this so called 'crypto industry' before this number goes to $14B or higher in 2023. Crypto, NFTs, Blockchain and the rest of this nonsense should never have existed in the first place. And yet we enter another year where there is still no legitimate usecase for all of this whatsoever.
Or we could spend less money on an ad campaign to explain what crypto actually is, and what it's good use cases are, and what it's not good for. Rather than, you know, binding it up in vague and obnoxious legalese.