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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

#51

Post by nkrisc »

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.

If my money in the bank is stolen I have legal recourse.

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

#52

Post by jfengel »

etchalon wrote: post #28
bigfishrunning wrote: post #26

Earlier quoted context omitted.

Joe had 4 years, Barack had 8. The office of the president doesn't seem motivated to regulate crypto

Regulation (laws) are handled by the Congress, not the Executive.

Congress has passed laws to delegate details to the executive departments. Congress lacks the expertise to do any kind of precision in regulation.

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

#53

Post by MrDrone »

dafelst wrote: post #5

But guys, what you don't understand is that the code IS the contract!!! That means you don't even NEED regulation!!

The contract code said, "if you have a valid (off-chain) private key, you can mint tokens." The hacker gained access to their AWS account and ultimately their keys.

While I am happy to celebrate dumb crypto stuff, this isn't a situation where someone's code was "exploited." Their code was stupid, relying only on an off-chain private key to allow the minting of tokens. Their security was just also bad.

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

#54

Post by troad »

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

But you do have to deal with bullshit payment systems. I can't receive stablecoins in my regular bank account, I'd have to set up some crypto nonsense on DankRocketBets or whatever for it to even work.

Why would I do this when I can already receive actual USD without any extra ceremony?

Stablecoins are a solution in search of a problem.

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

#55

Post by dylan604 »

nkrisc wrote: post #51
0x3f wrote: post #24

Earlier quoted context omitted.

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.

If my money in the bank is stolen I have legal recourse.

is insured by the FDIC legal recourse?

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

#56

Post by mothballed »

dylan604 wrote: post #55
nkrisc wrote: post #51

Earlier quoted context omitted.

If my money in the bank is stolen I have legal recourse.

is insured by the FDIC legal recourse?

FDIC does not cover bank theft[].

  FDIC deposit insurance does not protect against losses due to theft or fraud, which are addressed by other laws.
That's covered by private bankers bond insurance, much like you could get for a decentralized stored pots of gold or you can buy insurance in the form of put options (like on IBIT) on the loss of value of bitcoin or if your cold wallet is stolen you can initiate legal proceedings against the thief.

[] https://www.fdic.gov/news/fact-sheets/crypto-fact-sheet-7-28...

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

#57

Post by cindyllm »

mothballed wrote: post #56
dylan604 wrote: post #55

Earlier quoted context omitted.

is insured by the FDIC legal recourse?

FDIC does not cover bank theft[]. FDIC deposit insurance does not protect against losses due to theft or fraud, which are addressed by other laws. That's covered by private bankers bond insurance, much like you could get for a decentralized stored pots of gold or you can buy insurance in the form of put options (like on IBIT) on the loss of value of bitcoin or if your cold wallet is stolen you can initiate legal proc…

[dead]

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

#58

Post by koakuma-chan »

troad wrote: post #54
koakuma-chan wrote: post #18

Earlier quoted context omitted.

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

But you do have to deal with bullshit payment systems. I can't receive stablecoins in my regular bank account, I'd have to set up some crypto nonsense on DankRocketBets or whatever for it to even work. Why would I do this when I can already receive actual USD without any extra ceremony? Stablecoins are a solution in search of a problem.

If your employer does direct deposit of USD into your USD bank account, you don't need stable coins. This is not the case for most people outside of the U.S.

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

#59

Post by troad »

koakuma-chan wrote: post #58
troad wrote: post #54

Earlier quoted context omitted.

But you do have to deal with bullshit payment systems. I can't receive stablecoins in my regular bank account, I'd have to set up some crypto nonsense on DankRocketBets or whatever for it to even work. Why would I do this when I can already receive actual USD without any extra ceremony? Stablecoins are a solution in search of a problem.

If your employer does direct deposit of USD into your USD bank account, you don't need stable coins. This is not the case for most people outside of the U.S.

I am outside the US. Many of my assets are in USD and USD-denominated securities. I've never touched a stablecoin.

Waiting to hear what "most people outside the US" are supposed to need those stablecoins for.

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

#60

Post by mothballed »

troad wrote: post #59
koakuma-chan wrote: post #58

Earlier quoted context omitted.

If your employer does direct deposit of USD into your USD bank account, you don't need stable coins. This is not the case for most people outside of the U.S.

I am outside the US. Many of my assets are in USD and USD-denominated securities. I've never touched a stablecoin. Waiting to hear what "most people outside the US" are supposed to need those stablecoins for.

Most people don't realize they're inside a plexiglass shielded financial jail until they try to do something like wiring money for some legal activity in someplace spicy or on the FATF grey list.

If you fall into the middle bands of uses, or in the upper class that can just bend or make the rules, then the financial system is well oiled and it looks like the people questioning it are just cranks.

It's true that a lot of those in the outer bands are criminals but others are things like "buying a truck to build an orphanage for starving Iraqi children just outside of terrorist territory" or "wanted an investment visa in some corrupt island paradise and as it turns out no bank will open up account for purposes of 'international wires to the Comoros' "

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