CoinDash’s ICO Website Has Been Hacked • Hacker News Board

Re: CoinDash’s ICO Website Has Been Hacked

#191

Post by urethrafranklin » Mon, Jul 17, 2017, 5:16 PM UTC

mhluongo wrote: post #40

sleepychu wrote: post #26

Earlier quoted context omitted.

I think GP means that if you have $100 in your bank it'll still be there tomorrow, not randomly erradicated by volatile swings in the market or stolen with no way to get it back. That said this is only true if you have faith in your government.

Right, but it can also be frozen due to the whims of the bank, garnished by the IRS, taken by wire fraud... Obviously cryptocurrencies are sharp tools, but they're stronger financial primitives than what we have. We just need to use them to rebuild the consumer-facing components.

Banks are not allowed to freeze your account arbitrarily. And don't pretend that the IRS won't figure out how to seize bitcoin. And, if you do get wire frauded (which crypto dorks all seem to be irrationally concerned about for some reason) you have insurance and recourse to quickly get it corrected (unlike buttcoin). So don't spread FUD.

Re: CoinDash’s ICO Website Has Been Hacked

#192

Post by urethrafranklin » Mon, Jul 17, 2017, 5:18 PM UTC

ericfrederich wrote: post #22

mcherm wrote: post #8

Where does the amount in the title ("45k ether") come from? I didn't see that in the article. EDIT: Apparently from https://etherscan.io/address/0x6a164122d5cf7c840D26e829b46dC... , which is something I don't have the depth of knowledge to assess for myself.

wow... 6 minutes ago, 1 minute ago... people are still sending this address money?

A sucker is born every minute.

Re: CoinDash’s ICO Website Has Been Hacked

#193

Post by vkou » Mon, Jul 17, 2017, 5:23 PM UTC

resf wrote: post #155

davnicwil wrote: post #90

Earlier quoted context omitted.

Yes. There is no such thing as a free transaction, because payment methods and networks take work to administrate. I mean, take cash. It's expensive to make, to process, to transport, to safely store. These costs are, obviously, passed on to the users of cash in the aggregate. Cryptocurrency transaction fees are just very direct, but it's the same deal. The difference is that clearly inefficient transaction costs, li…

Centralized payment networks will always be cheaper to administer than blockchains. The only reason that Visa and Mastercard have such high fees is because it's a duopoly.

The only other reason they have such high fees is because those fees pay for dealing with fraud.

Bitcoin makes the user deal with fraud, with predictable results.

Re: CoinDash’s ICO Website Has Been Hacked

#194

Post by criddell » Mon, Jul 17, 2017, 5:24 PM UTC

dboreham wrote: post #175

criddell wrote: post #117

Earlier quoted context omitted.

I thought minimum purchase requirements were against the terms of service for most credit cards. I've bought plenty of < $1 items with my credit card. I try to use it for everything to "earn" the rewards.

I seem to remember such TOS being ruled illegal many years ago.

I went to look at Visa rules and I think you are right. Here's one relevant paragraph:

> 5.4.2.3

> Minimum Transaction Amount – US Region and US Territories

> In the US Region or a US Territory, a Merchant must not establish a minimum Transaction amount as a condition for honoring a Visa Card, except for a Transaction conducted with a Visa credit Card issued in the US Region or a US Territory. The minimum Transaction amount must not be greater than USD 10 and must not be discriminatory between Issuers or between Visa and another payment network.

So, in the US, it doesn't look like there are any rules. Outside of the US, it looks like a minimum is fine as long as it's not more than $10

Re: CoinDash’s ICO Website Has Been Hacked

#195

Post by TeMPOraL » Mon, Jul 17, 2017, 5:27 PM UTC

trophycase wrote: post #179

fokinsean wrote: post #15

That's a bummer since Coindash appears to have an MVP and a reasonable funding cap of $12MM. I wouldn't wish this on anyone, but it's unfortunate it didn't happen to one of the scammy ICO's instead. On a side note showcasing the ridiculousness of some of these ICOs, [1]"Useless Ether Token" (UET) raised around $45k and literally doesn't do anything. [1]: https://coinmarketcap.com/assets/useless-ethereum-token/ https:…

You do realize that everyone knows UET is a joke right?

DogeCoin was a joke too, right? I think it earned some people some money.

I actually like this about the Internet. A good joke deserves some profits.

Re: CoinDash’s ICO Website Has Been Hacked

#196

Post by [deleted] » Mon, Jul 17, 2017, 5:39 PM UTC

QML wrote: post #163

Marazan wrote: post #109

Earlier quoted context omitted.

I paid £0 to transfer £10000 the other day. I had to split it into two transfers of £5000 but otherwise it was free to transfer between two completely separate financial institutions.

How long did the transfer take? I have Bank of America, and a transfer to another. And would take 3 business days.

[deleted]

Re: CoinDash’s ICO Website Has Been Hacked

#197

Post by kbhn » Mon, Jul 17, 2017, 5:47 PM UTC

urethrafranklin wrote: post #188

QML wrote: post #161

Earlier quoted context omitted.

Well how did you get a credit card? Wasn't it by going to a financial institution and submitting some type of identification? You understand not everyone has that privilege right? Not everybody has access, the capital, or the identification to a first-world bank.

Show me one instance of an underbanked person who achieved a line of credit thanks to cryptocurrency. Just one, please. That's right, they don't exist, and this argument is bullshit.

> Just one, I fucking dare you.

This comment doesn't seem to jive the spirit of Hacker News.

If the poster you're replying to has a valid counter-argument you can expect him to provide it; there's no need to...threaten them to reply? Machismo is one of the least beneficial things you could contribute to this site.

Re: CoinDash’s ICO Website Has Been Hacked

#198

Post by basch » Mon, Jul 17, 2017, 5:51 PM UTC

vertex-four wrote: post #100

seanalltogether wrote: post #68

Earlier quoted context omitted.

> One of the hugely compelling benefits of cryptocurrencies is they entirely eliminate the necessity for such middlemen taking a cut and driving up costs for the parties actually partaking in the transaction. Don't all bitcoin transactions require a transaction fee in order to get processed these days?

One of the big things in the next couple of years is the development of Lightning Network, which requires the upcoming SegWit patches. The basic protocol allows you to move bitcoins between two entities without putting every single transaction on the chain - only 2 blockchain transactions are needed for unlimited Lightning Network transactions. Then, on top of this, there's a framework for moving money through the ne…

is that the exact opposite of a ledger of every transaction? off ledger transactions? it seems like its giving up some of the idealistic poetic beauty, even if it is practical.

Re: CoinDash’s ICO Website Has Been Hacked

#199

Post by Cshelton » Mon, Jul 17, 2017, 5:54 PM UTC

AsyncAwait wrote: post #6

This seems to be the same problem that many open-source projects have, where the md5 hash to verify your download is at a single, (often the same) location. One possible solution would be to use Twitter pinned tweet to also announce the address, however it's questionable how many people would actually cross check.

I know given the thread this is in makes it ironic, but a public blockchain would actually serve as a pretty good place to keep a check sum ;p You would check the official blockchain address for a repository and know that the checksum there has not been modified. As long as the process of creating the transaction is done correctly.

Re: CoinDash’s ICO Website Has Been Hacked

#200

Post by problems » Mon, Jul 17, 2017, 5:55 PM UTC

nikolay wrote: post #16

Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?

It almost certainly never will replace your credit card. But there are other things it can replace or create. Like paying in cash for less-than-legal products or confirming, beyond a shadow of a doubt that you're not using a stolen card as a transaction can't be revoked or even as something comparable to gold as a store of value (which seems like a terrible idea as of now, but is a possible future use case). It may also provide a distributed, trustless or near-trustless way to control equity in some things, but that's yet to be proven in my opinion.

For just about everything else, cryptocurrencies are crap, just a worse version of something that already exists. They're not a panacea, you can't throw a blockchain at everything and make it better.