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Crypto CEO threatens customers after mistakenly sending them millions

mashable.com

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Re: Crypto CEO threatens customers after mistakenly sending them millions

#121

Post by PKop »

ikt wrote: post #107
forty wrote: post #47

Earlier quoted context omitted.

The fact that you can give away millions by mistake and do nothing about it then break the systems then do not much about it says a lot about crypto currency practicality ;) I wonder when this madness is going to stop.

Your comment reminds me of that xkcd: wow you suck at math vs wow girls suck at math, where girls equals crypto. 1 crypto project out of thousands does not represent them all. the reason this tweet is even being discussed is because it is so unusual.

The rate at which bugs like this happen isn't the dominant metric of risk here, it is that when they happen they are often catastrophic and ruinous. And so it could be that, though rare, playing in this game eventually equals ruin the longer you are in it. Good discussion of these types of risk[0], "The Logic of Risk Taking" by Taleb

[0] https://medium.com/incerto/the-logic-of-risk-taking-107bf410...

Re: Crypto CEO threatens customers after mistakenly sending them millions

#122

Post by PKop »

mplewis wrote: post #9
DantesKite wrote: post #8

I might start getting into crypto after this. No, but on a serious note, I don’t think cryptocurrency will ever be a sufficient replacement for the US dollar, but I can imagine the infrastructure going into it will produce new, helpful financial tools.

The financial industry doesn't need the kind of infrastructure you get from a new kind of decentralized blockchain.

They might not need it if it didn't already exist, but since it does they might need to embrace it / adapt to it... also, taken at face value, some players such as Visa [0] claim it would aid with cross border transactions. "Helpful" could also apply to the users, not necessarily to the current providers they have been forced to deal with. For example, deposit instiutions that allow for USDC deposits while paying out much better interest rates, and even allow USDC to be used to pay for debit care payments are "useful" as hell to me, if not the bank I pulled my money out of (to deposit in various crypto custodians like Celsius and Crypto.com for yield).

[0] https://cryptopotato.com/visa-announces-layer-2-payments-cha...

Re: Crypto CEO threatens customers after mistakenly sending them millions

#123

Post by askmike »

forty wrote: post #66
sumedh wrote: post #51

Earlier quoted context omitted.

> it says a lot about crypto currency practicality Isnt that a feature not a bug? You dont want a central authority like a govt or a corporation messing with your money(tokens)

I'm pretty sure I do want people and banks to be able to get back millions they have given away because of a bug :)

Citibank wants that too: https://edition.cnn.com/2021/02/16/business/citibank-revlon-...

Re: Crypto CEO threatens customers after mistakenly sending them millions

#124

Post by ryan_lane »

paulpauper wrote: post #18
toomuchtodo wrote: post #12

Earlier quoted context omitted.

This is fraud. Crypto doesn’t magically make it not fraud. Edit: @hprotagonist, you too! Shouldn’t have to go comment by comment pointing out the fraud suggestions.

how was his suggestion any less fraudulent if the intent is to cash out and not return the money

Because "code is law" and if there was a bug, that was part of the law of the code. It's not fraud. If it was, the threat would have been different, right?

Re: Crypto CEO threatens customers after mistakenly sending them millions

#125

Post by Apofis »

danielvf wrote: post #27

This bug happened to the crypto project Compound. I work for a crypto company that has a DeFi product that uses Compound. So I've been deep into following this since it started. The funds sent to users were "rewards" for using the platform. Compound didn't actually lose any user funds, it was Compound's "governance token" that was given out. Although user funds were not affected, billions of dollars have been pulled…

Trustless Distributed Finance sounds like money to me, if I was a hacker. Considering the forum we're on and what we know to be the actual state computer security (hint: it's theater), it's pretty laughable.

Re: Crypto CEO threatens customers after mistakenly sending them millions

#126

Post by bradwood »

ethanbond wrote: post #120
bradwood wrote: post #117

Earlier quoted context omitted.

and which people were those? rich people, that's who... I agree that desperate times call for desperate measures, but there are fairer ways to fund this. Just inflating the money supply just hits asset-poor people hardest... this is the very definition of the Cantillon Effect...

Which of these fairer mechanisms were actually practically available to us on the time frame and scale that we needed them?

taxing big tech properly?

Re: Crypto CEO threatens customers after mistakenly sending them millions

#127

Post by jjeaff »

lowkey wrote: post #77
jjeaff wrote: post #67

Earlier quoted context omitted.

Not that it is definitive proof, but these same alarm bells were going off when we drastically increased the money supply to combat the financial crisis in 2008. And inflation never happened. The reason we aren't, at least for now, likely to see serious inflation due to the recent increase in money supply is because most of it entered the economy through the Fed's bond buying program. So the bonds went on the Fed's b…

> The reason we aren't, at least for now, likely to see serious inflation due to the recent increase in money supply is because most of it entered the economy through the Fed's bond buying program. In what fairy-tale world do you live in where we are not experiencing inflation? Seriously, do I actually need to justify the fact that we are experiencing inflation as a result of money printing in a world where Biden jus…

It's not that complicated. If money supply is causing the price inflation, then we should be seeing higher than usual demand. For most things, that doesn't appear to be the case. Demand may be slightly up, but supply constraints are the real issues. No one said 0% was attributable to money supply. But it is likely a small factor since, as I explained, most of that money is not even circulating.
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