CoinDash’s ICO Website Has Been Hacked • Hacker News Board

Re: CoinDash’s ICO Website Has Been Hacked

#51

Post by taytus » Mon, Jul 17, 2017, 2:57 PM UTC

542458 wrote: post #28

dvcc wrote: 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?

The DAO was hacked by an unknown attacker who stole Ether worth around $50 million dollars at the time. After much debate, the Ethereum community voted and decided to retrieve the stolen funds by executing what’s known as a hard fork or a change in code.

Re: CoinDash’s ICO Website Has Been Hacked

#52

Post by kogepathic » Mon, Jul 17, 2017, 2:58 PM UTC

542458 wrote: post #28

dvcc wrote: 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?

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

I am also not up to date on the cryptocurrency du jour, but I believe this is in reference to the current civil war going on in BitCoin about the block size. [0]

Basically the majority of mining power will decide which proposal is selected going forward. I only follow BitCoin tangentially, but I believe a majority of mining power is concentrated in a few mining pools, themselves controlled by a few people. So in reality "decentralized" really means "whoever can organize the biggest army"

[0] http://www.investopedia.com/terms/s/segwit-segregated-witnes...

Re: CoinDash’s ICO Website Has Been Hacked

#53

Post by conceptme » Mon, Jul 17, 2017, 2:58 PM UTC

nikolay wrote: 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?

Unless you live in Venezuela http://www.businessinsider.com/venezuela-hyperinflation-char...

Re: CoinDash’s ICO Website Has Been Hacked

#54

Post by [deleted] » Mon, Jul 17, 2017, 2:58 PM UTC

sharemywin wrote: post #24

option_greek wrote: post #12

I don't understand how any of these ICO companies are valued so high. If they had to raise this 12mil from VC/PE would they still be valued the same ?

Because it's not real money, most of it is just bitcoins that got converted to ethereum that got converted to coin dejur. Can you cash it out in small quantities sure, but unless something tangible comes of it you have nothing but worthless tokens.

[deleted]

Re: CoinDash’s ICO Website Has Been Hacked

#55

Post by simias » Mon, Jul 17, 2017, 2:59 PM UTC

nikolay wrote: 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?

I'm not as negative as you are, I think this is all very interesting, from the outside looking in. It really helps understanding the pros and cons of our monetary system, the good and the bad. It's pretty educational I think.

Of course it's sad for people who invest money they can't afford to lose, but really "investing" in cryptocurrencies is more like playing roulette than anything else and they should've known better.

I really wonder what cryptocurrencies will look like 10 years from now. Will they still exist? Will they have taken over the world as some predict?

Given how easy it is to irrevocably lose your coins I really have a hard time imagining how this could become mainstream. At best I could imagine using bitcoin through some third party that would take care of your wallet for you. We'd call it a bank or something.

Re: CoinDash’s ICO Website Has Been Hacked

#56

Post by pavel_lishin » Mon, Jul 17, 2017, 2:59 PM UTC

sleepychu wrote: post #26

mhluongo wrote: post #23

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.

I think GP means that if you have $100 in your bank it'll still be there tomorrow, not randomly erradicated by volatile swings in the market or stolen with no way to get it back. That said this is only true if you have faith in your government.

Tell that to your Venezuelan friends.

Re: CoinDash’s ICO Website Has Been Hacked

#57

Post by xyzzy4 » Mon, Jul 17, 2017, 2:59 PM UTC

nikolay wrote: 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?

Why is gold worth $5 trillion market cap? If someone steals your gold, you can't even get it back easily.

Re: CoinDash’s ICO Website Has Been Hacked

#58

Post by sharemywin » Mon, Jul 17, 2017, 2:59 PM UTC

I wonder if a block chain could certify websites:

1. someone writes a url to the chain

2. others post a (url/hash/date time) of the output of the url

3. then people could post an image with their face and a blockchain address. could be a form of ID.

Re: CoinDash’s ICO Website Has Been Hacked

#59

Post by discombobulate » Mon, Jul 17, 2017, 3:00 PM UTC

Token sales are risky. What do people expect? Guaranteed thousands-of-percent returns.

At this point, it probably takes good judgement to make money in crypto. You can't just throw fiat at anything & expect to walk away rich.

One of the reasons criminals are all over crypto is because they're valuable.

When Willie Sutton was asked why he robbed banks he replied: 'Because that's where the money is'.

I'd say caveat emptor.

Re: CoinDash’s ICO Website Has Been Hacked

#60

Post by JoshTriplett » Mon, Jul 17, 2017, 3:00 PM UTC

542458 wrote: post #28

dvcc wrote: 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?

One of the main Ethereum code-contracts, the DAO ( https://en.wikipedia.org/wiki/The_DAO_(organization) ) had a bug in its code, and someone exploited that bug to extract the value from it. Rather than accept that as consistent with their view of "the code is the contract", the Ethereum developers hard-forked the currency to reverse that result and give everyone their money back.