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Researchers cracked an 11-year-old password to a $3M crypto wallet

wired.com

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Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#191

Post by ryan_lane »

ozgrakkurt wrote: post #186
ryan_lane wrote: post #122

Earlier quoted context omitted.

Which requires KYC in most places, and then you're going to start getting asked about the source of those funds. You'll also need to claim it on taxes, which if lied about will cause additional issues. So, yeah, the "no questions asked" part is wrong. You can send money to anyone on earth, after a middleman takes a cut on your fiat exchange, the transfer, and the next fiat exchange, with questions asked, public for t…

Why is this a problem if you are not doing anything illegal? It is much easier to send and receive money using blockchains

It's not. It's way easier and cheaper to send a bank transfer or wire. Bank transfers and wires also offer more privacy.

Unless you're actually going to directly use the cryptocurrency (which is generally impossible), it needs to be converted to/from fiat, which requires a bank transfer.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#192

Post by baobabKoodaa »

jpadkins wrote: post #188
baobabKoodaa wrote: post #173

Earlier quoted context omitted.

Nobody advocates holding USD as an "investment", so none of what you said relates in any way to the discussion.

The OG stated > What the ? You presumably go from not a millionaire to having $3,000,000, and you decide to risk it to triple it? That's some next level greed right there. This implied selling btc to get dollars is less risky than holding BTC. I replied to that statement. You will likely lose more value holding dollars than holding BTC. Neither is an investment, they are both an asset.

> having $3,000,000

At no point in the story did the person "have" 3 million dollars worth of USD. They had Bitcoin worth 3 million dollars. The letters "$3,000,000" refer to the USD-denominated value of the Bitcoin. When they talk about "risking it", they refer to the idea of keeping the Bitcoin, as opposed to selling the Bitcoin and then doing something else with the money. It's not specified how exactly one might invest 3 million dollars, but no reasonable person would keep the whole amount in a bank account.

Nobody implied that holding 3 million USD in a bank would be a good idea.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#193

Post by behringer »

Delmololo wrote: post #182
behringer wrote: post #179

Earlier quoted context omitted.

How do you get cash back in those cases?

You exchange cash only local and either take it back or call the police. That's part of proof of stake of our society. The same with lawyers and normal contracts. All of it is part of our proof of stake. Visa provides insurance and fraud detection.

You can do all the above with crypto. Except for the visa thing, which has nothing to do with cash.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#194

Post by seventyone »

kube-system wrote: post #38
INTPenis wrote: post #24

Earlier quoted context omitted.

Yes but stocks are usually tied to a business producing some sort of service that people want, and therefore have value. Crypto is tied to, checks notes nothing.

I hate on crypto any chance I get, but crypto has damn near a monopoly in facilitating black and/or grey market electronic transactions. It is very in demand, for instance, in helping dictators evade sanctions, or helping criminals extort or trade illegally.

You're making this up. Doing illegal transactions on a public ledger where the off ramps are all KYC makes it easier for them to trace criminal activity than the traditional international banking systems.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#195

Post by ozgrakkurt »

ryan_lane wrote: post #191
ozgrakkurt wrote: post #186

Earlier quoted context omitted.

Why is this a problem if you are not doing anything illegal? It is much easier to send and receive money using blockchains

It's not. It's way easier and cheaper to send a bank transfer or wire. Bank transfers and wires also offer more privacy. Unless you're actually going to directly use the cryptocurrency (which is generally impossible), it needs to be converted to/from fiat, which requires a bank transfer.

For you maybe, but not for me. Wire is 15 usd on receiving end fixed + some percentage of the amount sent. An ethereum transfer is 2 usd or so into my exchange and exchange charges nothing for withdrawal. Wire transfer takes 3-4 days in best case and bank calls me for some bs after 10 days in the worst case and I have to talk to them to approve it.

So after 20 mins of clicking some buttons I get my fiat currency in my bank account. And it costs 2 usd + some negligible amount.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#196

Post by Delmololo »

behringer wrote: post #193
Delmololo wrote: post #182

Earlier quoted context omitted.

You exchange cash only local and either take it back or call the police. That's part of proof of stake of our society. The same with lawyers and normal contracts. All of it is part of our proof of stake. Visa provides insurance and fraud detection.

You can do all the above with crypto. Except for the visa thing, which has nothing to do with cash.

That's not the point.

Crypto promised solving the issues of the fiat.

It just doesn't do that at all and need all of the mechanics of our proof of stake system while consuming a lot of energy for it's own proof of work.

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