[dead]
Exodus Bitcoin Wallet: $490k swindle
251–260 of 297 posts
Re: Exodus Bitcoin Wallet: $490k swindle
#252Earlier quoted context omitted.
DNS isn't quite as adversary resistant as the crypto space likes to have things. I'm not sure what Bitcoiner's preference would be exactly, but I'm sure they've got something involving signed wallet hashes published on the chain. The hard part, as with anywhere else, is getting users to check it.
It would never work because of adoption and whatnot, but using a crypto system like ENS and requiring users to go through a special browser might make that a bit more in-universe. Or maybe a toggle in the browser to turn on ENS and disable DNS. The point being - you should know when you want to access certain services so you switch on this mode, not allowing normal DNS name jacking or the like. Sorta like privacy mod…
I imagine a launcher which hashes the binary before you run it and compares the hash to some kind of registry. Then it can tell you that 5 people you explicitly trust have encountered this hash, and 768 people that they trust have, and 5789 people that they trust...
If you're the first person to encounter the hash, or if the number of hops is very high before you encounter something besides 0 (eventually heading into sybil-territory) then you have cause for extra scrutiny.
Bonus points if the people who developed the app are participating, but still useful if they're not.
Re: Exodus Bitcoin Wallet: $490k swindle
#253Earlier quoted context omitted.
So currently there are a quarter or half a million transactions per day for 100 $ each. If Bitcoin was primarily used for long term storage, that would probably no longer be true. The current market capitalization of 1T $ is a million people holding a million dollar, everyone would have to do one transaction every two, three days to maintain that transaction rate, something I would not call long term storage. In the…
Bitcoin fees are cheapest when used with large values (because the fee doesn't increase with transaction size) and for long periods (because there is no fee related to time held), but that doesn't mean it's only useful for that, and it's a wide spectrum on both scales. It's extremely important to remember that when the fees make up the vast majority of the miner's income, there will be far more people using bitcoin.…
That increasing demand drives the price up does not look like a feature to me, if something becomes popular, then I want the supply to increase, ideally even the price to go down due to economy of scale and investments in innovation. For people that got their share of the limited coin supply early, this might look like a feature as they can make money for nothing, for people considering to join later, that is a barrier to entry. Why would people willingly spend more instead of looking for alternatives?
The hash rate itself is irrelevant, what matters is the cost of achieving it. If that cost becomes too low so that someone can afford to control a substantial fraction of the hash rate, they could decide to mess with the system, for example perform a denial of service attack. As said before, it seems that running Bitcoin currently costs about a billion dollar per month. That makes the network probably quite safe but it certainly is still in reach of some actors. Lowering the costs substantially - say ten times or more - would increase the circle of entities capable of messing with the systems quite a bit.
The question is of course why someone would want to do this, but I can imagine some scenarios, not at last that it seems quite possible to make some money if Bitcoin experiences issues.
Re: Exodus Bitcoin Wallet: $490k swindle
#254Earlier quoted context omitted.
Let me call you clueless my friend and maybe even other names as you seem to like to. Things are the way they are because of interests, some people are making money on it. "Crypto bros" aren't rediscovering anything and you seem clueless as to what they want and are repeating old ass tropes you probably learned from others. I remember only a year or 2 ago when HN was very much against K8S, you probably don't, being o…
> "Crypto bros" aren't rediscovering anything Yes, most don't discover anything, they just run scams. The tiny percentage who doesn't are busy re-discovering and te-inventing all the institutions and processes the world has. > I remember only a year or 2 ago when HN was very much against K8S Ah yes. Yet another comparison pulled out of thin air.
Yoi are still clueless and didn't bring anything worthwhile to this conversation. Have fun supporting system built to enslave you. K, TX BYE
Re: Exodus Bitcoin Wallet: $490k swindle
#255Earlier quoted context omitted.
Bitcoin fees are cheapest when used with large values (because the fee doesn't increase with transaction size) and for long periods (because there is no fee related to time held), but that doesn't mean it's only useful for that, and it's a wide spectrum on both scales. It's extremely important to remember that when the fees make up the vast majority of the miner's income, there will be far more people using bitcoin.…
That increasing demand drives the price up does not look like a feature to me, if something becomes popular, then I want the supply to increase, ideally even the price to go down due to economy of scale and investments in innovation. For people that got their share of the limited coin supply early, this might look like a feature as they can make money for nothing, for people considering to join later, that is a barri…
It doesn't matter that a store of value is engineered to go up in price forever if it's infinitely divisible.
For a store of value it doesn't matter how much you own in absolute terms, it matters how well the amount you bought holds it's value relative to things you might want to buy.
Think of Amazon shares. When looking to invest today, I don't care that some people bought shares at $0.25 (I'd argue they deserved to), I care about what the price is now relative to what it's likely to be when I sell - the actual number of shares I buy is irrelevant.
Bitcoin's price goes up for two reasons - because more and more value is being stored in it, and because it's engineered such that each unit retains it's value better than a unit of anything else. So assuming I'm right about the engineering, even when no new value is being stored in it, the price will still increase relative to any alternative. The units of everything else leak value, be it through supply increase, or instead through maintenance costs, poor liquidity, increased risk etc.
Regarding people buying "cheaper" alternatives instead - even ignoring network effect, any cheap bitcoin clone won't have the same potential because bitcoin already exists. There are thousands of cheap copies already - clone the bitcoin repo and have at it. To beat bitcoin, network effect means your copy will need to be substantially better and in a way that bitcoin can't adapt to (including via adding additional network layers such as Lightning, Paypal etc) - otherwise like the rest, including fiat, it's going to 0.
Re: Exodus Bitcoin Wallet: $490k swindle
#256Earlier quoted context omitted.
The truth is that it’s all good enough and all of this is valuable to people. The currency stuff has a net negative impact on our society. In the end, societies are build on trust, as you trust your bank not to steal your money. Seems that so many people get so into the technicalities yet don’t understand the larger system.
Our current systems for verifying identity are incredibly vulnerable as demonstrated by the huge number of identity theft scams. Pretending that it works well is laughable. Cryptographic signatures have their own issues but they present a way forward. Cryptocurrency is the domain where they are used on a wide scale. Ignoring this because you have an ingroup attachment to bashing cryptocurrency is silly. Sort of like…
It’s funny that the ransomware attacks are 100% enabled by crypto.
And aside from some bros gambling with crypto, cryptocurrency means nothing to 99.999% of the world population. Speaking of laughable.
Cryptocurrency only makes sense if you don’t understand society.
Re: Exodus Bitcoin Wallet: $490k swindle
#257Re: Exodus Bitcoin Wallet: $490k swindle
#258[dead]
Re: Exodus Bitcoin Wallet: $490k swindle
#259Re: Exodus Bitcoin Wallet: $490k swindle
#260Earlier quoted context omitted.
> the whole idea of an “AI winter” is that people did not feel that AI was capable and worth pursuing, the Wikipedia link makes that sentiment clear. Try counting the number of times people mention phrases like “combinatorial explosion” or other limitations like the single/multi-layer perceptron argument, which are the kinds of problems we’re talking about where the issue was feasibility on the hardware available, or…
If “nobody doubted” AI, there would not have been an AI winter in the first place. > Now, you can try to change the topic again to hypothesize that some non-blockchain technology will become popular but that’s no more relevant to this thread than the 80s expert systems people were to modern machine learning systems. Practical ZKP and accessible circuit programming is definitely relevant to blockchains; it is one exam…
> If “nobody doubted” AI, there would not have been an AI winter in the first place.
Hint: neural network and AI are not synonyms. You were corrected after conflating the two.
> If the only technology you look at is Bitcoin, which is stagnant and hasn’t progressed in many years, of course it will look like nothing in blockchain technology has progressed.
This post is about Bitcoin so it’s unsurprisingly discussing that, especially since that’s where most of the usage is. Neither of the things you mentioned solve the underlying architectural problems inherent to blockchains, although the ZK stuff does help with privacy somewhat, but again I would remind you that the comparison to the early internet still runs afoul of lack of demand for blockchains. People didn’t need a FOMO sales pitch to see that going online was useful; for a payment system to become popular it needs to offer an advantage on price, performance, or security – the ceiling for how much most people will pay for a cryptocurrency is whatever it costs to use Venmo or Square so the focus needs to be on outcompeting the status quo and setting realistic expectations for how much shaving a point or two off of a transaction price will really change the world.