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White hat hacker awarded $2M for fixing ETH-creation bug

cryptoadventure.com

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Re: White hat hacker awarded $2M for fixing ETH-creation bug

#61

Post by arn »

sillysaurusx wrote: post #45
toyg wrote: post #44

Earlier quoted context omitted.

5% yoy risk-free is optimistic, realistically he can count on 50-60k. Close to fuck-you money but, for a lot of people, not there yet.

Rich people of HN, is this true? I’d always heard each million is worth about $50k a year. Was that just during boom times, or simply mistaken?

Historically, 4% withdrawal rate is likely to last you at least 30 years with funds invested.*

Currently people are pessimistic about stock market returns going forward so it could be lower (3-3.5%). And even lower if you want it to last longer than 30 years.

* https://en.wikipedia.org/wiki/Trinity_study

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#62

Post by flatiron »

stepanhruda wrote: post #52
sillysaurusx wrote: post #31

Earlier quoted context omitted.

So how many lambos are you buying? More seriously, will you keep it in the bank and extract $100k a year the rest of your life? What are you going to do?

Don’t forget about taxes. Most of it is getting taxed at least 37%

Not on capital gains. At least in the US that’s only taxed at 15% with no tiering. The deck is stacked for the investment class

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#63

Post by toomuchtodo »

sillysaurusx wrote: post #45
toyg wrote: post #44

Earlier quoted context omitted.

5% yoy risk-free is optimistic, realistically he can count on 50-60k. Close to fuck-you money but, for a lot of people, not there yet.

Rich people of HN, is this true? I’d always heard each million is worth about $50k a year. Was that just during boom times, or simply mistaken?

$40k/year per $1M in invested assets.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#64

Post by __MatrixMan__ »

colesantiago wrote: post #49

This just proves how insecure the blockchain / web3 / cryptocurrency space is. It's good to see white hat hackers in this space trying to fix what is already broken. But sorry to be that person, just a timely reminder of the truth: All cryptocurrencies and 'DeFi projects' are ponzi scams including Orchid.

Do you think that a bank or a government would've handled fixing such a flaw as well has optimism did?

All tokenization schemes are ponzi scams including USD, it's just that some use violence to stay relevant, and other use bug bounties.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#65

Post by fortran77 »

sillysaurusx wrote: post #31
saurik wrote: post #3

Prior discussion of this incident (and the $2M bounty) here on Hacker News: https://news.ycombinator.com/item?id=30289240 My (I'm the hacker) article / post-mortem this blog post is referring to: https://www.saurik.com/optimism.html At the time of this last getting traction a few days ago, some people were sad that the title of my article and the discussion that resulted focused more on the bug instead of the bounty…

So how many lambos are you buying? More seriously, will you keep it in the bank and extract $100k a year the rest of your life? What are you going to do?

Assuming his Government will get half, are you assuming he will only live 10 more years?

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#66

Post by fortran77 »

sillysaurusx wrote: post #45
toyg wrote: post #44

Earlier quoted context omitted.

5% yoy risk-free is optimistic, realistically he can count on 50-60k. Close to fuck-you money but, for a lot of people, not there yet.

Rich people of HN, is this true? I’d always heard each million is worth about $50k a year. Was that just during boom times, or simply mistaken?

Not even close. There's no reliable way to get a fixed income, and inflation is very high.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#67

Post by mentat »

flatiron wrote: post #62
stepanhruda wrote: post #52

Earlier quoted context omitted.

Don’t forget about taxes. Most of it is getting taxed at least 37%

Not on capital gains. At least in the US that’s only taxed at 15% with no tiering. The deck is stacked for the investment class

I don't think big bounties are capital gains.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#68

Post by fortran77 »

sillysaurusx wrote: post #31
saurik wrote: post #3

Prior discussion of this incident (and the $2M bounty) here on Hacker News: https://news.ycombinator.com/item?id=30289240 My (I'm the hacker) article / post-mortem this blog post is referring to: https://www.saurik.com/optimism.html At the time of this last getting traction a few days ago, some people were sad that the title of my article and the discussion that resulted focused more on the bug instead of the bounty…

So how many lambos are you buying? More seriously, will you keep it in the bank and extract $100k a year the rest of your life? What are you going to do?

He can buy half a house in Sunnyvale, California. (And after he pays his income tax, 1/3 or 1/4 of a house.)

https://www.zillow.com/sunnyvale-ca-94087/luxury-homes/?sear...

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#69

Post by jollybean »

berkes wrote: post #41
jollybean wrote: post #28

In other words: ETH was an insecure blockchain and once compromised, there is no legal or operational recourse, with the implication that issues could indeed exist today. House of Cards.

No. This was neither ETH, nor the Ethereum blockchain. Nor does this imply more issues indeed exist today.

From the bounty: "The Summary On 2/2/2022, I reported a critical security issue to Optimism—an "L2 scaling solution" for Ethereum—that would allow an attacker to replicate money on any chain using their "OVM 2.0" fork of go-ethereum (which they call l2geth)."

No - sorry - ETH doesn't get a 'pass' on this.

The 'Rest Of The World' is tired of the Crypto Scam Delusion masquerading as something reasonable and watching these critical failures getting swept under the rug.

This issue demonstrates that critical failures will exist in the wild (and it's wrong to suggest that they won't come up in the future - they will) creating an existential flaw for systems in which there is no intrinsic remedy. Forks by 'completely arbitrary central powers' entirely defeat the purpose.

Just last week we had the FBI arrest criminals laundering literally billions in Crypto.

It's a tiring fraud absorbing enormous amounts of attention and energy for no apparent benefit but entertainment.

The concept is currently fundamentally flawed, it belongs in 'side project' territory for now, not in the mainstream.

Re: White hat hacker awarded $2M for fixing ETH-creation bug

#70

Post by jollybean »

__MatrixMan__ wrote: post #64
colesantiago wrote: post #49

This just proves how insecure the blockchain / web3 / cryptocurrency space is. It's good to see white hat hackers in this space trying to fix what is already broken. But sorry to be that person, just a timely reminder of the truth: All cryptocurrencies and 'DeFi projects' are ponzi scams including Orchid.

Do you think that a bank or a government would've handled fixing such a flaw as well has optimism did? All tokenization schemes are ponzi scams including USD, it's just that some use violence to stay relevant, and other use bug bounties.

"Do you think that a bank or a government would've handled fixing such a flaw as well has optimism did?"

It's irrelevant. We don't use 'algorithms as ownership' in the real world. We use social agreements like contract law to undo problems.

"All tokenization schemes are ponzi scams including USD, it's just that some use violence to stay relevant, and other use bug bounties."

We use the law to maintain civil infrastructure. Yes, if someone wants to murder you or someone else, or launder billions, we'll use violence to stop them.

An algorithm that is effectively used as a Pyramid Scheme is not going to save your from anything.

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