Earlier quoted context omitted.
That seems like a poor use of capital.
What would you do with it?
Invest.
Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
61–70 of 85 posts
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#62> 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…
You’re correct about most of the existing cross chain apps, but there’s a wide variety of operational cross chain communication protocols that are decentralized. Chainlink CCIP & Cosmos IBC are the first that come to mind.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#63Earlier 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 Western world is who froze their assets :/
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#64Every time I see these stories I'm glad I keep all my cash in a regulated bank with regulator backed compensation rather than some startup powered by gargling bong water and hoping the fuck they don't get hacked.
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
I alwasy find it amusing that people on HN hate governments, big corps and banks so much... but when it comes to real money they trust these institutions full-heartedly (and downvote any alternative).
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#65Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#66Earlier 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
I alwasy find it amusing that people on HN hate governments, big corps and banks so much... but when it comes to real money they trust these institutions full-heartedly (and downvote any alternative).
It turns out that way more than one person is on HN and they don’t always agree on every topic.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#67Earlier quoted context omitted.
I alwasy find it amusing that people on HN hate governments, big corps and banks so much... but when it comes to real money they trust these institutions full-heartedly (and downvote any alternative).
It turns out that way more than one person is on HN and they don’t always agree on every topic.
Yes, and I believe upvoting/downvoting reflects how HN people collectively think to some extent. I might be wrong and the upvoting/downvoting can be all artificial, of course.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#68Earlier quoted context omitted.
Why? Why do you speculate? The answer is easily accessible information. Smart contracts can be made immutable.
So are they? Not everybody here is an expert in smart contracts.
It depends on the blockchain and on the implementation whether a smart contract is immutable. Technically, all smart contracts running on EVM (the most popular smart contract virtual machine) are immutable. However, it is possible to call smart contract methods from a different smart contract while operating on the same state. Some smart contracts use this as a hack to get around immutability, by changing which smart contract is called by a proxy smart contract.
Generally immutability is better for security reasons, but proxy contracts are useful if someone is testing in production. There have been cases of immutable contracts with bugs that locked millions of dollars of cryptocurrency with no recovery possible.
Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#69Re: Mixin suspends deposits and withdrawals after $200M cryptocurrency heist
#70Earlier 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.
I agreed until the Canadian trucker protestors had their bank accounts frozen.
how would bitcoin have helped them?, presumably their wallets if made public to request donations would also have been flagged at all exchanges so no way to cash out.