And this is going to replace money?
More replacing traditional money laundering and fraud.
Social engineering scam that nearly cost me all of my ETH
211–220 of 423 posts
Re: Social engineering scam that nearly cost me all of my ETH
#212Earlier quoted context omitted.
Houses? How about pension funds, top-flight companies, countries… a lot of smart and powerful folks are face-planting into this griftspace
We should make it blatantly clear and public that we will not he bailing out banks, pension funds etc that will inevitably get burned on some crypto scam.
No way to credibly signal that while decisionmakers can be voted out.
Re: Social engineering scam that nearly cost me all of my ETH
#213Earlier quoted context omitted.
How would you be able to get rid of the organisation? So many people talk about various crypto use cases but they can almost never explain how it would work. From land deeds to insurance to domain registration to in game assets etc etc, people have all these wonderful ideas. It would be interesting to one day have at least one of these ideas explained.
It's literally whoever owns the keys listed as the registrant owns the domain. If you lose your keys you lose your domain. You have no recourse if someone squats on your domain, uses a lookalike domain for phishing, steals your domain, etc.. And for the privilege of having a judgement proof blockchain with no oversight you get to buy your domain from an early adopter that's squatting (investing) and you get to pay fe…
> It's literally whoever owns the keys listed as the registrant owns the domain.
Sure, but even so, how is this implemented? Presumably some organisation needs to uphold this connection. Simply "owning" a domain, in the sense that you "own" an NFT, is not very helpful, you need some kind of actual control over it. Presumably a server is needed to forward the domain to your IP, and someone needs to run that server, right?
Re: Social engineering scam that nearly cost me all of my ETH
#214Earlier quoted context omitted.
There are reasons, firstly tax advantage in that there is no capital gain from selling the cryptocurrency; the other is that you don’t lose your position on the cryptocurrency, ideally over time you can increase your borrow as the underlying collateral increases in fiat value. One can also use the borrowed funds to speculate on other cryptocurrency, as a collateralized margin loan. Many lending systems offer incentiv…
> use the borrowed funds to speculate on other cryptocurrency If you want to maximize your potential losses, that’s a great idea.
True that!
Re: Social engineering scam that nearly cost me all of my ETH
#215Earlier quoted context omitted.
I guess you haven't seen "The Tinder Swindler" on Netflix? Also here in Belgium, plenty of people are getting scammed by wire transfer, and no way to get their money back. I think you have overly optimistic view on banks or the court system giving your money back.
How would one "accidentally" wire transfer millions of dollars? At $10k in America, KYC and AML laws force banks to step through extra layers of verification to wire such amount. It's virtually impossible for someone to accidentally wire millions, which would likely involve a mandatory in-person meeting with the bank customer to verify their credentials and purpose. If somehow you get through an in-person meeting wit…
Re: Social engineering scam that nearly cost me all of my ETH
#216These scammers went to impressive lengths. They say that often the secret of a magic trick is to put in far more prep work than anyone thinks is reasonable. Con games work the same way. In this case, the effort is worth since the target has something like $175 million in a wallet. The payoff is massive. Worth noting, though, that for all the fancy footwork the point of failure for the scam is him being willing to wor…
The lengths they went through were mind-boggling to me until he mentioned he has 9 figures sitting in a public wallet. Then it made a lot of sense. At first I thought he had maybe a few hundred thousand, partly because he was happy to accept the free help from a stranger. It's still pretty impressive how competently these scammers were able to discuss and deliver the VTOL work, the Space Falcon game, and entrepreneur…
With 9 figures at stake I wouldn't be surprised if state sponsored hackers of desperate countries like North Korea are involved.
Re: Social engineering scam that nearly cost me all of my ETH
#217Earlier quoted context omitted.
How would one "accidentally" wire transfer millions of dollars? At $10k in America, KYC and AML laws force banks to step through extra layers of verification to wire such amount. It's virtually impossible for someone to accidentally wire millions, which would likely involve a mandatory in-person meeting with the bank customer to verify their credentials and purpose. If somehow you get through an in-person meeting wit…
https://www.google.com/amp/s/amp.cnn.com/cnn/2021/02/16/busi...
Notice that this was Citi making a mistake in a payment on behalf of Revlon, and it's Citi that's on the hook for the excess payment, not Revlon.
Re: Social engineering scam that nearly cost me all of my ETH
#218This was a multi-week long social engineering scam targeted at Thomas. Thomas has a Discord for a drone transportation startup, and the scammers proceeded to embed themselves in the community and provide valuable labor such as web design and graphics design in order to earn his trust. Thomas's wallet is public and advertised on Twitter via his ENS domain. He had $100M+ in aETH, a derivative token provided by Aave whe…
For somebody with $100M+ I find it strange how excited Thomas got about the prospect of some strangers setting up a meeting with some random founders. With that much money would it be that difficult for Thomas to set up a meeting with them on his own?
Yes, isn't it interesting how people who own crypto valued at hundreds of thousands or millions of dollars rarely act like people with that much money, get involved in the kind of business deals or social engagements that people with that much money do, etc.? It's also interesting how many of the assets they tend to purchase are themselves part of the crypto ecosystem. How many people, given $300k, would go and buy exclusive access to an online monkey avatar?
Re: Social engineering scam that nearly cost me all of my ETH
#219Earlier quoted context omitted.
If I had $100M, I find it hard that I’d care that much about things. I barely give a fuck now and my net worth is only 1/58th of that. I’d probably just build a passive income stream and chill the rest of my life.
Couldn't you already do that right now? If you put your wealth into S&P 500 you should be able to live from roughly 170K USD per year.
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Re: Social engineering scam that nearly cost me all of my ETH
#220Earlier quoted context omitted.
If I had $100M, I find it hard that I’d care that much about things. I barely give a fuck now and my net worth is only 1/58th of that. I’d probably just build a passive income stream and chill the rest of my life.
Couldn't you already do that right now? If you put your wealth into S&P 500 you should be able to live from roughly 170K USD per year.
Ah yes, a world where taxes don’t exist and the S&P always returns 10%-20% a year and everything you really want in life is dirt cheap.
Nah, I want cars, some homes, a yacht and a hot ass babe to pleasure me and raise nice children as we travel the world and dress fancy.