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

cryptoadventure.com

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

#181

Post by kristofferR »

colesantiago wrote: post #130
pg5 wrote: post #101

Earlier quoted context omitted.

Helium has practical uses - a cheaper alternative to cellular data for stuff like Lime scooters.

This can be done without the need for a blockchain. Adding a new technology + blockchain + a coin still makes it ponzi scheme scam, even worse when the price of this coin comes crashing down.

Why would individuals buy relatively expensive equipment, set it up and manage it, without the potential for return on their investments?

The only reason Helium's LoRaWAN coverage is expanding rapidly is due to the crypto aspects of it.

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

#182

Post by deanmoriarty »

mymllnthaccount wrote: post #109
fortran77 wrote: post #66

Earlier quoted context omitted.

Not even close. There's no reliable way to get a fixed income, and inflation is very high.

>no reliable way to get a fixed income You could buy an annuity from an insurance company. A quick Google search shows that $2mil should buy a 40 year old about $70k/year for the rest of their life.

That would be an incredibly awful deal for a 40yo, since it’s not inflation adjusted, so in 10 years you’ll be kicking yourself for having converted real assets into fixed nominal returns.

Annuities really just work well if you are 80+ and want to insure against longevity risk.

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

#183

Post by nathanvanfleet »

kingcharles wrote: post #112
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.

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…

A Jack Chick track right here in the middle of a comment thread.

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

#185

Post by evv »

dboreham wrote: post #145

Headline is misleading. Creation of wrapped ETH tokens on Optimism, thereby allowing _theft_ of ETH from contract escrowed funds.

Thanks. As somebody with a very basic understanding of ETH, it seemed super unlikely that a L2 would be able to able to mint arbitrary ETH. (That would obviously be vulnerability in the L1)

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

#186

Post by colesantiago »

tenuousemphasis wrote: post #114
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?

Bitcoin has a system built on top of it called Lightning, which allows for millions of cheap transactions per second inside of payment channels. Only the opening and closing of channels requires a transaction on the blockchain.

Lightning isn't really using Bitcoin is it?

The strike app (which uses Lightning) is not available worldwide which really doesn't give the image that Bitcoin lightning is decentralised at all.

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

#187

Post by toolz »

teawrecks wrote: post #156
toolz wrote: post #134

Earlier quoted context omitted.

Gambling is not a human right, no one deserves to be able to waste resources they have no matter how much they may or may not enjoy it.

What? So startups should not be allowed? 90% of them fail after all. The odds of a startup being successful is literally gambling.

Are you being sarcastic? I said it is not a human right - no one should guarantee anyone the ability to start a business as it isn't societies responsibility to pay the cost of some individuals risk tolerance.

I'm saying the opposite of what you seem to be implying. I'm saying anyone can gamble or start a business, but it's no ones responsibility to make sure they have the option to do so.

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

#188

Post by mrep »

toolz wrote: post #137
odonnellryan wrote: post #126

Earlier quoted context omitted.

No. People buy lottery tickets for a lot of reasons. It is a fun bit of escapism and entertainment that costs just a few dollars. You're making the assumption that everyone plays the lottery because they think it is a smart financial decision.

I don't assume nor do I have to assume anything about someones intent to know that gambling is stupid. Entertainment can be had in so many forms today that even the poorest of the poor in developed countries can have choice paralysis from having so many options. Gambling is a stupid waste of resources, if you enjoy doing stupid things I have no moral/ethical qualms with your choices, but it's still stupid.

I don't really like gambling outside of playing poker with my friends but your comment is reeking with a bias for what you define as "Entertainment".

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

#189

Post by emiliobumachar »

phphphphp wrote: post #116
toolz wrote: post #102

Earlier quoted context omitted.

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.

For most people, gambling isn't a financial decision, it's an entertainment decision. The value of thinking about winning (regardless of how unlikely it is) is worth the $1 cost of a lottery ticket, so labelling gambling a "stupid financial decision" is like labelling owning a TV while poor a "stupid financial decision"... but poor people deserve entertainment as much as rich people.

The people who buy a lot of tickets are overrepresented among the winners, to the exact proportion of the size of the ticket pile.

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

#190

Post by londons_explore »

SilasX wrote: post #100
saurik wrote: post #16

Earlier quoted context omitted.

Optimism is a blockchain quite a bit like Ethereum, so the "database" mental model might be a bit confusing for a frame here (as it isn't like they are some centralized service), but no: this doesn't let you directly create ETH (which would be much much more devastating); it only lets you create something we might call "OETH", which is Optimism-specific. The native currency on Optimism (used to pay gas, like ETH is u…

But you could drain out all the ETH in the Optimism reserve by asking to withdraw, since you've fooled the network into thinking you own an arbitrary amount of OETH? Which would keep working until the main L1 Eth network rejects transactions for transferring ETH it doesn't have?

Or until someone notices...

All the balances and stuff are public on the blockchain. It only takes one person to write a script to verify that the locked up amount matches the number of tokens out there. and when it doesn't, alert.

That then means any attacker will have to be very quick with their theft, and if so, there is still a good chance whatever coins they get will end up blacklisted or the transactions reversed by a sufficiently large army of upset users who fork the eth network or the L2 network.

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