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$625M worth of ETH drained on Axie Infinity's Ronin Network

roninblockchain.substack.com

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Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#391

Post by joering2 »

rootusrootus wrote: post #141
joering2 wrote: post #60

Earlier quoted context omitted.

when it comes to banking, random checking accounts are hacked into very rarely. to the point that in USA the FDIC is protecting your account up to $250,000. I don't recall last time seeing news on someone's bank account being hacked and drained, if anything its mostly family fraud. also there are all sorts of checks when you try to wire or withdraw more than $10,000, not to mention wire hundreds of millions. Such tra…

> I don't recall last time seeing news on someone's bank account being hacked and drained, if anything its mostly family fraud. Anecdote time. My wife and I have a shared checking account that got hacked and drained. First her debit card got skimmed. Then the perp called USAA a half dozen times claiming to be her and asking for account credentials. Finally they got a helpful account rep to reset the password, disable…

> but now they punish my wife with a 10-minute interrogation to prove her identity if she ever has to get them on the phone for a legitimate reason.

How is that punishment? If USAA knows you or your wife were a target of somewhat sophisticated attack that ultimately broke their security barriers, wouldn't you yourself actually want some extra protection? If anything, this is a positive sign for USAA, I doubt with my Bank of America anyone would care with any sort of extra layers of security if my account would ever get hacked in a sophisticated way.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#392

Post by scottiebarnes »

lottin wrote: post #390
scottiebarnes wrote: post #381

Earlier quoted context omitted.

> the government doesn't have a monopoly over money Who is determining our monetary policy then? Who is setting interest rates? Where does the money for a trillion dollar stimulus package come from? > The whole crypto narrative seems thought out by people who don't have a clue about how things work and have zero real-life experience. Right now I'm questioning how much you understand about what money is and how it wor…

> Who is determining our monetary policy then? Who is setting interest rates? Where does the money for a trillion dollar stimulus package come from? I don't know... does the answer to any of these questions suggest to you that the issuance of currency is a government monopoly? If that's the case, you should probably start here: https://en.wikipedia.org/wiki/Monopoly

Yes, controlling the world's reserve currency and forcing others to adopt it fits the definition of monopolizing money.

You should probably start here:

https://en.wikipedia.org/wiki/Bretton_Woods_system

https://www.thebalance.com/what-is-a-petrodollar-3306358

https://www.investopedia.com/terms/r/reservecurrency.asp

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#393

Post by erdeszt »

vmception wrote: post #388
erdeszt wrote: post #379

Earlier quoted context omitted.

What do you mean by "two competing and conflicting beliefs"?

A company that uses blockchain technology for their game contacting authorities A group of people that aspire for blockchain technology to fulfill an ideological goal You conflated both of those people as the same

Isn't that company also trying to fulfill the same ideological goal? Their twitter even says "Freedom for gamers". Looks exactly the same type of bs to me.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#394

Post by somebodythere »

Miner49er wrote: post #294
babyshake wrote: post #275

Earlier quoted context omitted.

Even exploiting a flaw in a smart contract is theft as long as it is clearly an exploit.

As far as I know, this hasn't been tested in court. Even if true, this goes completely against the idea of "the code is law."

It probably depends on the jurisdiction, and if they interpret the smart contract as a computer program, and have hacking laws they can apply, or as an actual autonomous contract that is legally valid. Both seem like plausible interpretations, but I think the former is more natural/likely for the typical judge.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#395

Post by AlexandrB »

kache_ wrote: post #336
mistrial9 wrote: post #173

Earlier quoted context omitted.

yes, a deal between the parties, with all the risk and reward that goes with it.. really eye-opening to see all the comments wishing for an all-powerful referee to check every outcome and action in private affairs

I'm actually not wishing for a powerful referee - I'm _happy_ this hack happened. It means that cryptocurrency as an experiment succeeded in completely removing centralized control, and we're now closer to my libertarian utopia enabled through technology

Well, at least this is ideologically consistent. However my guess is crypto will eventually end up with the worst of both worlds: the technological inefficiency of a decentralized blockchain and the bureaucratic inefficiency of regulation. People don't like having half a billion stolen on the regular and will want someone to "do something".

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#396

Post by KptMarchewa »

Loughla wrote: post #222
jnwatson wrote: post #177

Earlier quoted context omitted.

This incident reinforces the rule never to use your debit card for credit card transactions.

Ever, never, never use your debit card where credit card can be used in its place. The mechanisms for restoring the charge on your credit card are much stronger than on your debit card. And a credit card is a FUTURE charge, so you have time to fix the problem. Whereas a debit card is your CURRENT money, so it's just gone unless you get it back. I do not understand why people use debit cards linked to their actual ban…

>I do not understand why people use debit cards linked to their actual bank account out in the world.

Because this advice is USA only. All of my credit cards (well... two) are linked to the bank account and I don't even think there's a way to get a credit card without bank connection.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#397

Post by rossjudson »

ChrisLomont wrote: post #243
icelancer wrote: post #184

Earlier quoted context omitted.

This is true about cryptocurrency as well.

What percent of BTC has been stolen? What percent of USD has been stolen? And that shows the difference in how each is protected.

Interesting thought. Bitcoin circulates, and you have to wonder how much of it has passed through a fraudulent transaction -- at any time in the past. Someday when it becomes straightforward to walk the entire life of bitcoin backwards, there may be people who want their bitcoin back...because it's stolen property.

If A has a TV, B steals the TV and sells it to C, who sells it to D...then the TV is still returned to A, and D is out of luck.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#399

Post by leifg »

HWR_14 wrote: post #350
leifg wrote: post #314

Earlier quoted context omitted.

Sure maybe. But that only really works if few (if not all) entities have control over the consensus mechanism. On a regular PoW blockchain you will have to recalculate all the hashes according to the difficulty which will up to the miners. But even if you could, it's an absolute technical nightmare. To build an analogy that somehow fits. If you have git repo and you find out that a particular commit that you want to…

When you first responded to chippiewillie you talked about how forking would produce a reversal of all the transactions. That's not true, but it is what you identified as a "much deeper problem"

My apologies, I used “reverse” and “invalidate” synonymously.

Nevertheless on a public blockchain all transactions would be invalidated and that indeed is a problem.

Because everyone who received coins would have to wait again for n confirmations in order to be sure they got their money. In theory nobody should be able to add a double spend transaction to the pool but I wouldn’t bet on it.

That’s what I mean with technical nightmare.

You would have to make sure to properly identify all transactions. Possibly take down the system, exclude a single transaction. Make sure that the miner who will find the next block will include the right transactions. Make sure of that for the following block. I don’t see that happening with a large coordination effort, meaning: centralization.

And when you come to that conclusion you should probably take a step back and rethink “why are we doing all of thatch blockchain stuff when we need to rely on a central authority?”

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#400

Post by gorwell »

AlexandrB wrote: post #380
gorwell wrote: post #368

Earlier quoted context omitted.

Consider yourself lucky. You don't live in places like Russia, China or Canada, where your credit cards and bank account can be frozen or even confiscated without due process. For some living under these regimes, crypto is the only wealth they've been able to retain.

> or Canada Come on now. You may not like the due process that was followed, but it was still due process (as-in following the letter of existing law). By this logic the US should also be included on your list because of civil asset forfeiture.

They invoked the Emergencies Act to bypass due process.

`When Prime Minister Justin Trudeau decided a week ago to invoke his country’s Emergencies Act for the first time in Canadian history to quell the unrest, it gave the police sweeping new powers to go after the finances of the protesters.`

https://www.nytimes.com/2022/02/22/world/americas/canada-pro...

As for the US, I agree they belong on the list because of civil asset forfeiture.

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