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FTX faces potential hack, sees mysterious outflows totaling more than $600M

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Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#491

Post by RandomLensman »

fallingknife wrote: post #482
jasonwatkinspdx wrote: post #473

Earlier quoted context omitted.

It's performative in exactly the same way I grew up among with evangelical extremists. You can't reduce moral decisions and ethics to some sort of karmic account balance. Functionally EA allows its promotors to rebrand self interest as actually altruism. It becomes an all purpose end to justify any means. A thought ending cliche to avoid engaging with the actual complexity.

And yet no one ever seems to be able to actually define a better moral decision making process or describe what the argument defeating "complexity" actually is. Just a longer way of saying "I disagree."

What is the evidence that we actually truly know what is most effective in a lot of situations? If "effectiveness" is just a hypothesis then the whole thing becomes quite shaky in terms of resource allocation.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#492

Post by kevinak »

Stention314 wrote: post #381
kevinak wrote: post #351

Earlier quoted context omitted.

On top of being hard to argue against, it just isn't true. It's a net positive for the environment, at least it will be in a couple of years: https://batcoinz.com/50-landfills-mining-bitcoin-a-zero-emis...

This is wrong and green washing. We could also use this energy for better things than Bitcoin. And while BTC doesn't make any value besides moving money from one person to another, it also produces hardware garbage like ASIC chips and power supply. It also steals demand from others too. There is only downside for most of us than benefit of allowing Bitcoin mining independent of it's source.

No, this is not wrong. You can't magically just "use it for something else". That's not how this works. You need to generate electricity where it is needed (or transport it, which costs money).

If there are landfills out there that are just spewing methane gas (20x worse than CO2, btw) into the atmosphere, why not make sure that is burned and used more efficiently? Please show me a realistic plan to do this. Bitcoin does it without forcing anyone and without taxes directed towards it.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#493

Post by ryanSrich »

bluelightning2k wrote: post #439
flylib wrote: post #155

Earlier quoted context omitted.

FTX CTO Gary Wang as well has a lot of recent GitHub commit activity in last 2 days and now suddenly the site is hacked https://github.com/garywang

I'm as sceptical as the next person but I don't think "coder writes code" is anything.

The CTO writing and committing code for a (formerly) $16 billion dollar company does seem slightly off imo.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#494

Post by kevinak »

pksebben wrote: post #370
kevinak wrote: post #351

Earlier quoted context omitted.

On top of being hard to argue against, it just isn't true. It's a net positive for the environment, at least it will be in a couple of years: https://batcoinz.com/50-landfills-mining-bitcoin-a-zero-emis...

is this paper saying that Bitcoin _will_ all be mined using methane, or that it _could_? because those are two vastly different conclusions.

I don't believe it's saying either. It's saying that the trend is towards net zero emission and that this will happen by the end of 2024. After that I would assume we go into the negatives and improve the current situation.

"Based on the estimated average growth rate of bitcoin mining operators using vented methane of 6.9 MW/month, the Bitcoin network will become Carbon Negative in Dec ’24."

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#495

Post by forgotusername6 »

knorker wrote: post #366
yalogin wrote: post #242

This whole saga has done irreparable damage to crypto. It will take a lot of time for it to come out of this hole. When there is money involved, and that too this much, there will be conspiracy theories flying around and the regular retail investor will be tough to win back. It will be very interesting to see what happens from here on out. Crypto doesn’t have any uses to begin with, if it’s purely used as pump and du…

I'm curious about when you thought it was anything else? I don't think this will affect its reputation noticeably. Which demographic is going to be turned off by this? The regular public won't hear about this. the FIRE investor people basically seem to use a percentage as a lottery ticket. Wall Street I would hope already saw the consistent story. Is it hard core blockchain people, who knew of all the other crashed p…

Regular public were shown multiple FTX TV adverts featuring A-list celebrities. The collapse of FTX is being featured on major news outlets. I'm pretty sure ordinary people will hear about it.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#496

Post by matusp »

yalogin wrote: post #242

This whole saga has done irreparable damage to crypto. It will take a lot of time for it to come out of this hole. When there is money involved, and that too this much, there will be conspiracy theories flying around and the regular retail investor will be tough to win back. It will be very interesting to see what happens from here on out. Crypto doesn’t have any uses to begin with, if it’s purely used as pump and du…

> This whole saga has done irreparable damage to crypto.

There were so many similar sagas in crypto, that this is not surprising at all by now.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#497

Post by kevinak »

Stention314 wrote: post #386
wsc981 wrote: post #337

Earlier quoted context omitted.

> Working in what sense? That you can securely and cheaply transact value without a third party being involved? That governments can’t directly block your account the way Trudeau blocked protestors bank accounts? Probably a few other ways as well ...

Bitcoin fees are often not cheap at all. Just a week ago someone got cought and the fbi took his 3 billion dollar worth of BTC. Sending crypto to someone in Iran or Russia is against the law independent of how you do it. And just because you can send BTC to Iran someone in Iran also needs to exchange it to something real again. While banking is more restrictive, when you go to your bank with your passport, you actual…

You need to start backing up your statements with facts. Please show us that bitcoin fees are "often not" cheap at all.

Here's some actual data you can look at: https://mempool.space/graphs/mining/block-fee-rates#all

Look at the "Min" fee rate; regularly very close to 1. That's $0.02 at current prices.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#498

Post by ryanSrich »

Gasp0de wrote: post #429

FTX is just an exchange right? Any sensible person only puts funds into an exchange that they want to trade. Not your keys, not your crypto.

“Any sensible person”.

I think this is an unfair characterization of people that keep large sums on exchanges. It’s not unreasonable to trust a company worth billions to hold your funds. Some might even argue an exchange is safer than a hardware wallet in the sense that if you physically lose the wallet, or completely forget the password, you’re SOL.

No one expects a multi-billion dollar exchange to vaporize over night. All that has changed this week. However, I don’t think it will have much impact on people storing their crypto off exchange. What I do expect is that reputable exchanges will start being more open about customer funds, and audits of those funds.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#499

Post by themihai »

WeylandYutani wrote: post #487
themihai wrote: post #447

Earlier quoted context omitted.

It happens on Wall St as well but more "subtle". Retail investors and tax payers have always been the bag holders.

Do banks get hacked very often? They seem to have their security in order. Probably because they would have to reimburse their customers if something went wrong.

When the banks get bankrupt (i.e due overleverage, stealing/using customer's money etc) their customers get nothing back. A such example is MF Global. I'm not going into the whole story why banks and centralised/opaque finance is bad.

Now the whole point of crypto was the tech behind it which was supposed to replace banks, exchanges and missuse of your OWN money. It's supposed to be an alternative to the trash financial tools we already use. The fact that people are using entities such FTX, Binance makes them deserve to be punished for their betrayal. Regardless if they use FTX or JP Morgan they pretty much deserve to experiment the shortfalls of centralised finance. I think it's part of the hello world example of what DeFi is trying to solve.

One more thing: If FTX was hacked I bet it has almost nothing to do with the crypto technology.

https://en.m.wikipedia.org/wiki/MF_Global

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#500

Post by SilasX »

mudrockbestgirl wrote: post #130

According to the latest reports, SBF is potentially on the run on a private jet [0] from the Bahamas to (probably) Argentina. He hasn't been confirmed to be on that plane, but it seems likely. This stuff is straight out of movie. [0] https://www.flightradar24.com/LVKEB/2e2e7cfd

Not disagreeing, but what's the basis for thinking that's a plane owned by/affiliated with SBF?
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