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White hat hacker awarded $2M for fixing ETH-creation bug

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Re: White hat hacker awarded $2M for fixing ETH-creation bug

#161

Post by Aeolun »

__MatrixMan__ wrote: post #92
colesantiago wrote: post #73

Earlier quoted context omitted.

I have no problem with white hat hackers, I'm saying more power to them in the broken web3 space, which that is a complete scam. However, I can use USD, GBP or any fiat currency in my local grocery store. Can I use Bitcoin, Shib, Doge, or even Orchid at my grocery store without waiting hours in the queue for the transaction to complete and no huge fees?

Not yet, but I don't think that we're too far away from using USD, GBP or any fiat currency as a unit of account at the POS and letting software handle ensuring that the buyer loses whatever assets they want to pay in and the seller receives whatever assets they want to be paid in. But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats.

> But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats.

Never mind that the entire threat class doesn’t exist in traditional finance?

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#162

Post by colesantiago »

whitepaint wrote: post #122
colesantiago wrote: post #110

Earlier quoted context omitted.

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?

> Why do I have to pay more fees to swap tokens on decentralised exchanges making them unusable 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 protoc…

> Why do I have to pay more fees to swap tokens on decentralised exchanges making them unusable

So I still have to wait at least 2023 (2025 or 2026 for a realistic possibility of merchant adoption) for ETH 2.0 to be used?

I don't think merchants would want to wait for something that is not complete and unregulated.

You do realise that ETH 2.0 has nothing to do with lowering fees? So all the DeFi apps using it will still be unusable anyway.

> If you have an internet connection, no one can stop you from using these protocols (and many other protocols)...(just tens of thousands of Ethereum nodes which are responsible for settling transactions).

Aren't most of these Ethereum nodes and DeFi exchanges on AWS like dydx? It went down a few months ago no? [0]

That doesn't sound decentralised to me.

> Use protocols that have been around for a long time...That decreases chances of you losing funds. But it is a problem

So I can't get my money back then? I see DeFi hacks everyday and not getting my money back doesn't help either.

Makes robbing a bank less attractive for criminals and instead target DeFi projects.

[0] https://twitter.com/dydxprotocol/status/1468293558360805381

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#163

Post by jokethrowaway »

__MatrixMan__ wrote: post #64
colesantiago wrote: post #49

This just proves how insecure the blockchain / web3 / cryptocurrency space is. It's good to see white hat hackers in this space trying to fix what is already broken. But sorry to be that person, just a timely reminder of the truth: All cryptocurrencies and 'DeFi projects' are ponzi scams including Orchid.

Do you think that a bank or a government would've handled fixing such a flaw as well has optimism did? All tokenization schemes are ponzi scams including USD, it's just that some use violence to stay relevant, and other use bug bounties.

I agree the government would be way worse at dealing with this flaw - but they probably would have just reversed whatever exploited transactions they needed. Or even just printed some more money to make everyone pay at the latest.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#165

Post by kristofferR »

saurik wrote: post #158
kristofferR wrote: post #155

Earlier quoted context omitted.

You misspelled Immunefi btw, I went looking for it, but googling "Immenufi" only lead back to your comment. Immunefi turns out to be the correct spelling (weird that Google didn't figure that one out).

https://immunefi.com/

Thanks, I found it, but wanted you to correct it for others. I forgot about the 2h edit limit though.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#166

Post by ycombobreaker »

capableweb wrote: post #90
rosndo wrote: post #32

Earlier quoted context omitted.

IRS doesn’t care as long as you pay taxes on the money. KYC and AML? Just lie that you mined the monero on a now defunct pool. I have a plenty of coins that I genuinely acquired in such manner and haven’t had issues selling them. The bank only cares about hearing a vaguely consistent story, they aren’t cops. The KYC stuff will only become a problem if you get caught via some other means, because lying to the bank is…

> IRS doesn’t care as long as you pay taxes on the money. Lol, you never actually handled the sums the submission is about right? The IRS will definitely ask questions about where the money you spend come from, if you end up on their radar. And if the answer is not satisfactory, they will grill you on it.

Yeah these subthreads always remind me of the Money Laundering subplot in Office Space.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#167

Post by __MatrixMan__ »

jollybean wrote: post #70
__MatrixMan__ wrote: post #64

Earlier quoted context omitted.

Do you think that a bank or a government would've handled fixing such a flaw as well has optimism did? All tokenization schemes are ponzi scams including USD, it's just that some use violence to stay relevant, and other use bug bounties.

"Do you think that a bank or a government would've handled fixing such a flaw as well has optimism did?" It's irrelevant. We don't use 'algorithms as ownership' in the real world. We use social agreements like contract law to undo problems. "All tokenization schemes are ponzi scams including USD, it's just that some use violence to stay relevant, and other use bug bounties." We use the law to maintain civil infrastru…

It can take years for contract law to get in front of a judge and be enforced, often the damage that can be done in that interval is significant. So I think they timeliness is indeed relevant.

As for your murder comment, I'm not saying that violence is strictly unnecessary, just that the coincidence of "we have the guns" with "we issue the ponzi tokens" is probably not the only way to enforce the law.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#168

Post by NavinF »

toyg wrote: post #44
sillysaurusx wrote: post #31

Earlier quoted context omitted.

So how many lambos are you buying? More seriously, will you keep it in the bank and extract $100k a year the rest of your life? What are you going to do?

5% yoy risk-free is optimistic, realistically he can count on 50-60k. Close to fuck-you money but, for a lot of people, not there yet.

Ok, but who really cares about “risk-free”? He’s not retired. He can get double that return on average with a more reasonable allocation.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#169

Post by slavik81 »

capableweb wrote: post #84
heliodor wrote: post #54

Earlier quoted context omitted.

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.

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.

> Whittaker wasn't a typical lottery winner either. His net worth at the time of his winnings was in excess of $15 million, owing to his ownership of a successful contracting firm in West Virginia.

That Reddit comment is not about 'poor people', though it's true the scale is a bit different.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#170

Post by kristofferR »

saurik wrote: post #42
sillysaurusx wrote: post #31

Earlier quoted context omitted.

So how many lambos are you buying? More seriously, will you keep it in the bank and extract $100k a year the rest of your life? What are you going to do?

I do not expect to make any major expensive lifestyle changes as a result of having more money (and to the extent to which I have already been being paid better recently due to working on Orchid, I have only barely done so and usually only quite temporarily), which I realize disappoints some people who had wanted me to post a concrete picture of something expensive I purchase to help motivate others to reach for bug…

This wiki contains tons of good information about how to best handle the windfall: https://www.bogleheads.org/wiki/Managing_a_windfall

Make sure to read it.

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