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CoinDash’s ICO Website Has Been Hacked

financemagnates.com

41–50 of 255 posts

Re: CoinDash’s ICO Website Has Been Hacked

#41
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?

Just to pick up on this one small point: as I understand it, the cashback you get with a credit card is more or less taken straight from the card processing fee charged to the vendor, which of course, raises prices overall and is therefore not really cashback at all. Without the fee, you would likely have just paid a lower price in the first place.

The only party benefitting from the cashback scheme is, of course, the middleman. By offering it, they give you an incentive to use the card more, which in turn gives the vendors more incentive to accept it. More card use equates directly to more money for them.

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.

Re: CoinDash’s ICO Website Has Been Hacked

#42

So it was their website that got hacked, not their cryptocurrency widget (or whatever the appropriate term is)? I mean, not unexpected: hit the softest part of the chain, which in this case seems to be a webserver rather than the crypto/contract. Just trying to make sure my understanding is correct.

The webserver, or you know, their wordpress website (at least according to reddit).

Re: CoinDash’s ICO Website Has Been Hacked

#43
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?

This sentiment is how normal people feel about all cryptocurrency.

Re: CoinDash’s ICO Website Has Been Hacked

#45
Does Ethereum not have an escrow like Bitcoin where a 3rd party can confirm a transaction first?

But also, if it's really as easy as replacing some arbitrary address with another I'm surprised Coindash wasn't more careful.

Re: CoinDash’s ICO Website Has Been Hacked

#46
post #28
post #14

Earlier quoted context omitted.

That only works when the money is tied to one of the core developers. Don't worry though, blockchains are immutable and safe from centralization.

Wait what? I'm not up to date on all the cryptocurrency going-ons. What's this referring to?

I think he is being sarcastic. He just means that they call it decentralized except when there's a problem that affects the core developers; it's then that they allow themselves to make exceptions, like I believe it happened a year ago or so.

Re: CoinDash’s ICO Website Has Been Hacked

#47
post #2

lol

People lost like half a million dollars and a talented immoral person got a huge reward signal for basically being a predatory jerk. Although I can see the humor, it seems unreasonable to derive joy from such a thing.

While I won't resort to posting acronyms, I'd be lying if I say I didn't do the same upon seeing the headline.

There's an old adage that you can't fool an honest man. People who lose out from incidents like this knew exactly what they were getting into. It's not that I don't have sympathy or even empathy for them, it's that I know deep down they're just gambling and the risk of losing it all due to hacking is just one of many risks they're willing to accept.

Re: CoinDash’s ICO Website Has Been Hacked

#48
post #28
post #14

Earlier quoted context omitted.

That only works when the money is tied to one of the core developers. Don't worry though, blockchains are immutable and safe from centralization.

Wait what? I'm not up to date on all the cryptocurrency going-ons. What's this referring to?

There was an Ethereum contract called The DAO which had a bug in it that got taken advantage of. They decided to hard fork all of Ethereum to retrieve the appropriated money.

It's seen as some as an admission that the Ethereum ethos of "the code is the contract" is unrealistic.

https://en.wikipedia.org/wiki/The_DAO_(organization)

Re: CoinDash’s ICO Website Has Been Hacked

#49
post #25
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.

ETH Balance: 43,432.963 ... is the important figure. At the bottom you can see the transactions coming in. First incoming transaction seems to be from Jul-17-2017 01:01:21 PM. View all > last page.

Over €6,000,000 at current prices.

Re: CoinDash’s ICO Website Has Been Hacked

#50

Earlier quoted context omitted.

What are you talking about? The dollar loses to inflation every year. A 1990 dollar is $1.87 in 2017 dollars.

Meanwhile, a June 2017 ethereum is 2 etherium in July 2017 ethereum…

It's not. If you're trying to say it can be used as a unit of account, well.. okay, but same for the dollar. But it's inflationary on top of the obvious speculative swings, versus eg Bitcoin that's got a capped supplY.

EDIT: misread! Obviously ETH lost a lot of value.

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