151–160 of 381 posts
Earlier quoted context omitted.
> What would finally be enough to shake your faith? Crypto scams run by top government officials? Oh, wait...
and the existence of financial scams isn't the same for fiat because...?
It doesn’t even remotely compare and if you can’t acknowledge that, you’re willfully ignorant or a future mark yourself.
How on earth is it possible they can cover a 1.5B loss? Are they really sitting on that much profit, or is the goal to ponzi it out from here, MtGox style?
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.
In the face of the never-ending list of these kinds of events, the laughably impossible task of average nontechnical individuals protecting their own assets (and the consequence of total financial ruin when they fail to do so), the overwhelming number of and size of scams, rug pulls, fraud, outright Ponzi schemes, and on and on and on… what exactly is left to keep anyone a “huge believer”? Put differently, it’s been…
Who says ByBit can cover the loss? The article title says that but the article quotes do not. The CEO only said that their other cold wallets are intact and that withdrawals remain normal. Bybit claims to be regulated by the Virtual Assets Regulatory Authority of Dubai.[1] But the lookup page at VARA says they only have "In-principle approval", not a full license. "Applicants holding an IPA are strictly prohibited fr…
CEO on X
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.
For what it’s worth, I’m a “crypto believer” and I have never considered ease of use to be one of its selling points. What you are describing are the systems of power which create a stable financial system. That is, one where you can put a nickel into a bank account and expect it to be there in a year or a hundred years. That indeed requires a complex web of power structures, because its top line goal is to be stable…
Power structures can absolutely control crypto. They can make it illegal - it won't eradicate it altogether (see: war on drugs), but it will severely decrease its influence. No one is bragging about investing their retirement savings into cocaine, and Paypal does not offer it to me either. Or if government is smarter, they can slowly gain control over it. Allow trading traceable currencies via official channels, but…
From the article: > The wallet in question appears to have sent 401,346 ETH ($1.1 billion) as well as several other iterations of staked ether (stETH) to a fresh wallet, which is now liquidating mETH and stETH on decentralized exchanges, etherscan shows. The wallet has sold around $200 million worth of stETH so far. If you showed me a paragraph like this a decade ago and told me it was from 2025, I would have a diffi…
Just crazy. Bank heists fully online...
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.
In the face of the never-ending list of these kinds of events, the laughably impossible task of average nontechnical individuals protecting their own assets (and the consequence of total financial ruin when they fail to do so), the overwhelming number of and size of scams, rug pulls, fraud, outright Ponzi schemes, and on and on and on… what exactly is left to keep anyone a “huge believer”? Put differently, it’s been…
Permanent and major market crashes is the only thing I can think of .
After the last crash a lot of fraud and incompetence got out because they couldn’t stay solvent, stuff like Celsius or FTX etc got exposed only because of the crash we had in 21/22.
It will take a few crashes, like that, until then scams or incompetence like this incident will not make people loose their money.
Few crashes, then most believers will loose their savings then the faith will shatter not until then.
Most people are after all investing in crypto because it goes up and not because they believe in decentralized currencies. As long as they hear how someone is making money on crypto they will keep believing no matter how many meme coins pull the rug, or exchanges fail or pig butchering or myriad of other scams come to light
Earlier quoted context omitted.
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 have many friends who started from really humble beginnings ~5 years ago (or instance, a typical small business like "an e-shop selling bullshit Chinese gizmos online making 20k per month"), and are now uber rich in crypto. Like, hundreds of millions in net worth and spending 200-400k per month. And yes, they don't invest their money anywhere except new and new crypto projects themselves, just because they don't kn…
But ultimately if you have friends making hundreds of millions of dollars and there is enough of them then that essentially proves there will be many more losers than winners.
I personally don't partake for the same reason I didn't partake in Amway in college. It's functionally a pyramid scam and on a personal level a boring way to make a living.
It's obviously not a cold wallet if it's connected to the exchange.
Cold usually means it needs multiple physical people to sign from offline devices to move it. Hot wallet usually is automated. Here it looks like the «hackers» found a way to trick enough people to sign this transaction