121–130 of 354 posts
In other words: ETH was an insecure blockchain and once compromised, there is no legal or operational recourse, with the implication that issues could indeed exist today. House of Cards.
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Tell me you don't know what DeFi is without telling me you don't know what DeFi is.
What is the process of getting your money back from a hacked DeFi project? Why do I have to pay more fees to swap tokens on decentralised exchanges making them unusable, and how exactly is DeFi decentralised?
Wait for ETH 2.0. It's a really difficult problem to solve. In the meantime though, use Polygon (or other side chains). Swap tokens for a cent or two.
> how exactly is DeFi decentralised
Take a protocol like app.uniswap.org or pooltogether.com. If you have an internet connection, no one can stop you from using these protocols (and many other protocols). No arbitrary rules imposed by governments or companies. Your funds are your funds, there are no arbiters (just tens of thousands of Ethereum nodes which are responsible for settling transactions).
> What is the process of getting your money back from a hacked DeFi project?
Use protocols that have been around for a long time and have hundreds of millions, billions, or even tens of billions of dollars locked in. That decreases chances of you losing funds. But it is a problem, I agree, hopefully somehow we will make it better.
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Please read this thread to see the pitfalls that might potentially lie ahead: https://www.reddit.com/r/AskReddit/comments/24vo34/comment/c... It's about winning the lottery but still applicable to some extent, and shows how people's lives go horribly wrong.
Wow, that's depressing. I was in jail with a guy who was a total mess. Nice, but seemed pretty mentally-disabled. One day a new guy came on the block. "Wow, what is George doing in here?" "You know him?" "Yeah, I know him. He is one of the greatest musicians I ever met. He can play any instrument like a savant. I knew him a few years ago, just after he inherited $4m when his father passed. He ended up getting in drug…
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Not sure it's actually applicable. That Reddit comment is about poor people winning lots of money by chance, not smart people earning lots of money by working. The risks are very different, not to say that the scale between 2 million and 170 million is way bigger than you seem to think.
Poor people aren’t stupid
I'm not sure this is a sound analogy, but imagine someone picking up cigarettes for the first time and building up tolerance over time as they go from one cig a day to two, three, four and so on. Now, compare that to someone suddenly smoking 10 cigs per day. The latter person is more likely to get wrecked from the side effects.
Edit: I checked your profile and saw that you're the co-founder of Industry Dive, damn. I love your newsletters and websites!...especially Payments and Banking Dive.
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Poor people aren’t stupid
If you're poor and gambling, then you're making a stupid financial decision. So the odds of you being financially stupid seem likely to be high.
You're making the assumption that everyone plays the lottery because they think it is a smart financial decision.
Prior discussion of this incident (and the $2M bounty) here on Hacker News: https://news.ycombinator.com/item?id=30289240 My (I'm the hacker) article / post-mortem this blog post is referring to: https://www.saurik.com/optimism.html At the time of this last getting traction a few days ago, some people were sad that the title of my article and the discussion that resulted focused more on the bug instead of the bounty…
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I strongly disagree with that. You really can't claim to speak for everybody.
If you don’t play ball in certain parts of the world, you end up in a river. The price tag is just different. Yours would likely be family or close relatives. I think you’d take money to do something untoward if that was the alternative. Almost everybody would. And there’s nothing wrong with admitting that.
Compare “kill this person to save your son’s life” with “kill this person to earn $1 million.” They’re not equivalent, even if both might be metaphorically referred to as a price.
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My 'goalposts moved' detector just twitched.
If you say so. It’s the same thing, even if it’s more comfortable to believe it’s not. It helps to frame it this way, because once you accept that you’d do that, you’re more likely to accept you would do something unethical for a billion dollars if it had no consequences to you. And from there, it’s a binary search to determine exactly what your price is. Would you be able to say you wouldn’t lie to your wife if it m…
(Like, work to avoid creating the situation where you have to compromise, if possible)
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Can you name any examples of cryptocurrencies being used that are not scams, ponzi schemes or for speculative purposes? All I see are people holding coins and not using them at all for anything else other than 'I want coin to go up'.
Helium has practical uses - a cheaper alternative to cellular data for stuff like Lime scooters.
Adding a new technology + blockchain + a coin still makes it ponzi scheme scam, even worse when the price of this coin comes crashing down.