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The Resolv hack: How one compromised key printed $23M

chainalysis.com

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Re: The Resolv hack: How one compromised key printed $23M

#31

Post by mnkyprskbd »

0x3f wrote: post #24
mnkyprskbd wrote: post #20

Earlier quoted context omitted.

Currency isn't a homebrew computer or backyard car project; it is either centralised or not; there is no in between. Blockchain with central authority is the worst of both worlds.

Not really. At a traditional bank I have to trust n people with varying degrees of access. Et ceteris paribus, any reduction in n is an improvement, even if n is not zero. Of course n can be smaller and the specific people less trustworthy, but that's quite a different thing.

At a traditional bank you have your national deposit insurance scheme; you get that in return for converting your "assets" to the said nations issued currency but accept the authorities control of the money supply and your funds.

With decentralised money, you get the safety of a globally distributed attestation backed by cryptography without a single authority controlling the supply of money or your funds.

There is no halfway option. You either have a single authority that can exercise control or you do not; number of delegates for exercise of control is almost irrelevant since you can change banks.

Re: The Resolv hack: How one compromised key printed $23M

#32

Post by snypher »

0x3f wrote: post #24
mnkyprskbd wrote: post #20

Earlier quoted context omitted.

Currency isn't a homebrew computer or backyard car project; it is either centralised or not; there is no in between. Blockchain with central authority is the worst of both worlds.

Not really. At a traditional bank I have to trust n people with varying degrees of access. Et ceteris paribus, any reduction in n is an improvement, even if n is not zero. Of course n can be smaller and the specific people less trustworthy, but that's quite a different thing.

Ok so we are expected to trust; the creator/s, some random hacker, whoever else has the key? So the value here is between 2 and 'many'.

Re: The Resolv hack: How one compromised key printed $23M

#33

Post by amarant »

anonym29 wrote: post #29
andai wrote: post #10

If the admins can "lock all transactions", what's the point of it being a crypto?

Stablecoins aren't cryptocurrencies in any sense of the word. It's just electronic FIAT.

I mean they use Blockchain, right? Isn't that like the only real requirement for the name crypto?

As long as you burn as much electricity as Andorra does in a week just to make a transaction, you're probably a cryptocurrency. And that's their sole benefit it seems.

Re: The Resolv hack: How one compromised key printed $23M

#34

Post by snypher »

koakuma-chan wrote: post #18
colordrops wrote: post #12

Earlier quoted context omitted.

Exactly. Stablecoins make zero sense.

you can send them around easily without having to deal with bullshit payment systems

No-one in the real world wants to be paid with a $USR. Most everyone wants a cashapp/zelle/PayPal/wire transfer. The bullshit payment systems gained ground on crypto while crypto became more difficult/less usable

Re: The Resolv hack: How one compromised key printed $23M

#35

Post by stan3223 »

mnkyprskbd wrote: post #20
0x3f wrote: post #16

Earlier quoted context omitted.

I don't know how this specific thing works, but I don't really see any fundamental problem with mixing and matching. If you believe in the benefits of crypto, then 50% crypto is still possibly better than 0%. It's not like I forgo a lock on my front door just because my windows are made of glass.

Currency isn't a homebrew computer or backyard car project; it is either centralised or not; there is no in between. Blockchain with central authority is the worst of both worlds.

And if it is centralised, what is the point of blockchain? Just run it out a Postgres database.

Re: The Resolv hack: How one compromised key printed $23M

#37

Post by mothballed »

snypher wrote: post #34
koakuma-chan wrote: post #18

Earlier quoted context omitted.

you can send them around easily without having to deal with bullshit payment systems

No-one in the real world wants to be paid with a $USR. Most everyone wants a cashapp/zelle/PayPal/wire transfer. The bullshit payment systems gained ground on crypto while crypto became more difficult/less usable

If you track the FATFs crushing of bearer bonds, bearer notes, non-KYC/non-AML offshore banking, and Hawala it almost perfectly tracks with the rise of crypto.

Re: The Resolv hack: How one compromised key printed $23M

#38

Post by koakuma-chan »

snypher wrote: post #34
koakuma-chan wrote: post #18

Earlier quoted context omitted.

you can send them around easily without having to deal with bullshit payment systems

No-one in the real world wants to be paid with a $USR. Most everyone wants a cashapp/zelle/PayPal/wire transfer. The bullshit payment systems gained ground on crypto while crypto became more difficult/less usable

I don't know what USR is, but I would prefer to be paid in USDT or USC if Wealthsimple supported it as deposit method. When I withdraw, I do Deel -> Wise -> Interac e-Transfer -> Bank -> Interac e-Transfer -> Wealthsimple. This is incredibly stupid and I am forced to buy Canadian dollars. For groceries or electronics, you can buy gift cards using crypto.

Re: The Resolv hack: How one compromised key printed $23M

#40

Post by sota_pop »

mnkyprskbd wrote: post #20
0x3f wrote: post #16

Earlier quoted context omitted.

I don't know how this specific thing works, but I don't really see any fundamental problem with mixing and matching. If you believe in the benefits of crypto, then 50% crypto is still possibly better than 0%. It's not like I forgo a lock on my front door just because my windows are made of glass.

Currency isn't a homebrew computer or backyard car project; it is either centralised or not; there is no in between. Blockchain with central authority is the worst of both worlds.

Very much this, it’s all the technical rigour, code debt, and none of controls/reversibility.

At least when I report fraud to credit card or my bank, they can stop or undo/chargeback a transaction.

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