Earlier quoted context omitted.
Enough to eat for a couple of years. I keep my fiat currency in property.
Only property? Don't keep all eggs in the same basket. I keep my net worth in both property and bitcoin.
I can't live inside bitcoins.
Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
41–50 of 85 posts
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#42Earlier quoted context omitted.
That's far less likely in most Western countries. Whether or not bitcoin is safer than a bank depends on where you live. But in the West it definitely isn't. If you live in the third world, sure.
Tell that to all those Russian oligarchs that got their assets frozen
To be fair to the parent commenter, they specifically said "the West", which is exactly the opposite of Russia.
That said, I do think freedom to transact is an essential human right yet to be enshrined.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#43> on the social media platform formerly known as Twitter Do they not like the new name? I don't either, though. I've seen a lot of "on X (formerly Twitter)" around and that's why I don't like the new name. If it were a good and memorable name we wouldn't need to qualify it like that.
"X" is overloaded, so you can't really use it without an additional specifier such as "formerly Twitter" and be certain people know which X you're talking about. It's one of the reasons why X is a really stupid name. Personally, I just skip the whole issue and call it Twitter. Everyone knows what that is.
It's still hosted at twitter.com; x.com even redirects to twitter.com -- so even twitter is gently reminding us that the rebrand is halfassed at best.
But I agree, the name itself is a huge part of the problem. If they called it EdgeLordsManor (or whatever) we'd all go along, with a brief "formerly known as" period to notify non-users of the change.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#44> Mixin Network confirmd on Monday that it has "temporarily suspended" all deposit and withdrawal services after hackers broke into a database and stole about $200 million in funds from the Hong-Kong based cryptocurrency firm. > Mixin, which is a decentralized exchange, These 2 statements seem to contradict each other. If they are a decentralized exchange, how were funds stolen by hacking into a database?
Because most decentralised exchanges are "fake". Realistically, a decentralised exchange can only operate within a single blockchain, only trading tokens on that blockchain. Works fine for trading between (for example) eth and its various tokens, but you can't do proper eth to bitcoin trades. [1] The single-blockchain decentralised exchanges are typically real [2], but every multi-blockchain "decentralised" exchange…
There are non-custodial bridge schemes that have been proposed (but afaik not yet proven). The idea being that the holding company you mention is replaced by an L1 escrow contract. This trust minimized approach is not trivial to implement but at least I think I see how it could work.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#45Earlier quoted context omitted.
Every time I see these stories I'm glad I keep all my bitcoin in my own self-custodial wallet. Not your keys not your bitcoin. You keep fiat currency in a bank? HFSP
The dude who's been hunting for his hard drive with his wallet keys on a dumpster yard would like to speak a word with you. Or those who had their disks seized by the government and the coins auctioned off. Or those where someone placed malware on their PCs or phones and exfiltrated keys.
probably never had an offsite backup
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#46lol, lmafo.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#47Earlier quoted context omitted.
Your bank account can sure ve seized by the government and even not auctioned off.
You can also be put in jail for contempt until you cough up your bitcoins If those in power want something, they tend to get it
Knowledge is power. If they do not know about it they can't ask for it
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#48Earlier quoted context omitted.
Tell that to all those Russian oligarchs that got their assets frozen
To be fair to the parent commenter, they specifically said "the West", which is exactly the opposite of Russia. That said, I do think freedom to transact is an essential human right yet to be enshrined.
The freezing happened in the west
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#49> on the social media platform formerly known as Twitter Do they not like the new name? I don't either, though. I've seen a lot of "on X (formerly Twitter)" around and that's why I don't like the new name. If it were a good and memorable name we wouldn't need to qualify it like that.
Not many global brands with multibillion dollar IP willfully rebrand. Funny enough though, not only did Twitter do it with X recently, but Facebook rebranded recently to Meta and it’s still common Meta is referred to as “Meta formerly Facebook”, even in the wiki article that is included in opening sentence. I don’t think it’s so much a reflection on the new brands it mor a reflection on the value of the old brands wh…
Facebook's parent company rebranded to meta. The site Facebook is still Facebook. The Meta rebrand was mostly for the benefit of investors. Google did a similar thing.
It is easier to rebrand for the benefit of investors. There are only hundreds of thousands of investors who matter to a company the size of facebook, or Google, and all the investors who matter spend a lot of time reading financial news, so the rebrand will not cost you too much in terms of name recognition.
But rebranding a large commercial website is a different story. There you have hundreds of millions of end users that do not have time to think too much about you neither do they care much. The fact that twitter got itself lodged in the brains of hundreds of millions of humans is a great achievement. Throwing it away is kind of dumb.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#50> Mixin Network confirmd on Monday that it has "temporarily suspended" all deposit and withdrawal services after hackers broke into a database and stole about $200 million in funds from the Hong-Kong based cryptocurrency firm. > Mixin, which is a decentralized exchange, These 2 statements seem to contradict each other. If they are a decentralized exchange, how were funds stolen by hacking into a database?
> how were funds stolen by hacking into a database? Sometimes "decentralized" really means "running on a theoretically distributed network, but practically we host all the nodes/have emergency root keys/exclusively provide the software running on them and the clients used to access them – only for now, we promise!" This particular project also seems to heavily lean on Intel SGX, according to its most recent public wh…
That white paper reads like the blockchain equivalent of a The Onion article.