131–140 of 381 posts
I'm a huge crypto believer but I can admit that we don't have a serious system if a person can just transfer over $1.5B from a well known crypto cold wallet to different accounts with nothing flagging it and no way to reverse it.
Solutions have existed for years (eg Gnosis Safe), they just aren’t being used by that exchange.
Earlier quoted context omitted.
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It's definitely embarrassing that people losing their shirts in crypto didn't see it coming. It's bad that people think a zero sum game is worth playing against incumbents. The marks aren't the worst part, though. Everyone promoting memecoins and utility-free cryptocurrency in general is either ignorant or just a bad person with a warped idea of success. Personal money accumulation is a sad goal compared to actual we…
As opposed to what?
I'm a huge crypto believer but I can admit that we don't have a serious system if a person can just transfer over $1.5B from a well known crypto cold wallet to different accounts with nothing flagging it and no way to reverse it.
Earlier quoted context omitted.
What is the purpose of this comment?
It is important everyone is thinking real hard about how this is different from traditional theft: there is no way to actually prove the operators didn't just steal everything themselves vs actual real hack theft.
"Please rest assured that all other cold wallets are secure." Unreal.
He just left off the implied part.
Earlier quoted context omitted.
Yeah on memecoins isn’t that just a loophole for running naked pyramid schemes? I.e. a pyramid where everyone knows it’s a pyramid. Like the weird part about a pyramid is that depending on your risk tolerance it may actually make sense to participate in a pyramid even if everyone involved knows it’s a pyramid. So are that many people being scammed as in tricked (seems hard to believe), or is it just a risky form of g…
I've never purchased crypto or had any involvement but acquaintances I know have used that exact argument. They know it's a pyramid but believe they can get ahead because they were in early enough. They are usually a lot more vague when I ask about their realized gains.
I'm a huge crypto believer but I can admit that we don't have a serious system if a person can just transfer over $1.5B from a well known crypto cold wallet to different accounts with nothing flagging it and no way to reverse it.
Earlier quoted context omitted.
It's definitely embarrassing that people losing their shirts in crypto didn't see it coming. It's bad that people think a zero sum game is worth playing against incumbents. The marks aren't the worst part, though. Everyone promoting memecoins and utility-free cryptocurrency in general is either ignorant or just a bad person with a warped idea of success. Personal money accumulation is a sad goal compared to actual we…
> memecoins and utility-free cryptocurrency As opposed to what?
Now we don't even pretend that $DOGE/$TRUMP/whatever has any utility aside from speculation.
There should be something like a "finalizing transaction", which both the sender and receiver need to sign after the first transaction has been mined, i.e. like an in-built escrow. If it's not signed by both, then funds are returned. This wouldn't protect against key leakage, but in this case, the tx was signed by accident. This would also protect against sending to wrong address.
> Both the sender and receiver need to sign after the first transaction has been mined
That makes no sense; miners don't mine transactions unless they're guaranteed to be valid. All signing must be done before transactions are even published. Otherwise one could DoD-attack the network by having it forward tons of invalid transactions.