By the standards of Web3, this is a very small theft.
Case in point: https://www.web3isgoinggreat.com/?id=fixedfloat-hack
Exodus Bitcoin Wallet: $490k swindle
71–80 of 297 posts
Re: Exodus Bitcoin Wallet: $490k swindle
#72Earlier quoted context omitted.
Early days… 15 years later. To quote spaceballs, When exactly will “then” be “now”?
In 1980 packet switching had existed for 20 years already. The public Internet wouldn’t emerge for more than a decade after that—and it would take yet another 20 years for the true power of packet-switched networks to be realized, in the form of mobile Internet. In 2000 neural networks had existed for more than 50 years. More than 20 years later their full potential is finally being realized, and many would say it is…
Crypto-currency isn't about the technology.
It's a political experiment centred around replacing the existing financial system.
And the mistake there is that people in the crypto space are ignorant about how that world works. Namely that there is such a large overlap with the government that you're in essence trying to disrupt governments. Which is a losing battle.
Re: Exodus Bitcoin Wallet: $490k swindle
#73Earlier quoted context omitted.
[flagged]
Banks are great, and they will exist in the bitcoin world. The central bank is the problem.
Central banks are the government. And governments define the law we all operate in.
And as the crypto industry experiences today they can be vindictive, inconsistent, spurious, aggressive etc. And are highly skilled at resisting efforts to limit their power.
Re: Exodus Bitcoin Wallet: $490k swindle
#74Earlier quoted context omitted.
In 1980 packet switching had existed for 20 years already. The public Internet wouldn’t emerge for more than a decade after that—and it would take yet another 20 years for the true power of packet-switched networks to be realized, in the form of mobile Internet. In 2000 neural networks had existed for more than 50 years. More than 20 years later their full potential is finally being realized, and many would say it is…
[flagged]
If anything, a technology demonstrating its capacity to continue to function normally in the face of illicit use cases is an indication of its viability for inclusion in the next human chapter.
If you tell us that a technology seems to preclude love, or creativity, or good health... sure, that warrants examination and possibly intervention. But illicit behavior? In an environment where some perfectly sociable and laudable behavior is illicit? Who cares?!
It's been crystal clear since the first whiffs of what has come to be called the Streisand effect that the internet does not tolerate censorship, including by states.
What good is served by prioritizing consideration of the throes of deprecation of the shitty legacy institutions from which the internet is finally freeing us?
(I'm not trying to cheerlead crypto here per se; I think currency is broadly stupid and subject to eventual deprecation for all the same reasons that fiat currency is leaving first).
This comes up in every discussion, every single time, without qualification or explanation, as if we all understand by default the importance of first adjudicating the legality or illegality (presumably in accordance with each of the tens of thousands of states which claim authority to make this designation) of a use case of a technology before we can celebrate the effort and achievement of the authors.
And I'm concerned that this is demoralizing and counter-productive.
Re: Exodus Bitcoin Wallet: $490k swindle
#75Earlier quoted context omitted.
The claim is that some day innovations, and checks, and some other technologies will fix this and do all of this automatically, somehow. That's why it's still early days.
No, this is usually (apologies if not in your case) a straw man, and representative of the usual HN blind spot for cryptocurrency. Ledger and Trezor hardware wallets do protect against this class of attack. We are rapidly approaching a world in which those with significant assets or job responsibilities should be carrying physical 2FA tokens, which can allow use of private keys while protecting them (a hardware walle…
> The history of scams is long, requiring periods of societal learning and transition as e.g. credit card, identity fraud, and wire fraud have taken center stage.
And governments have enacted laws to protect people. With cryptocurrencies, they - by definition - cannot. Once you got scammed, your money is all but gone (sans a very VERY few exceptions).
> The ability to memorize 12 words and have direct ownership of your wealth anywhere with an Internet connection, independent of any party save those facilitating the network and the one accepting your payment, and the ability to cross a border or transfer to the other side of the globe without seizure, is already tremendously powerful to hundreds of millions of people who lack trustworthy financial services.
That's a societal problem, it can only be solved by society, not by cryptocurrency peddlers and tech-bros. And in any case: at some point that "wealth" has to enter the real world, and it's there that governments can step in and seize said wealth.
Re: Exodus Bitcoin Wallet: $490k swindle
#76Earlier quoted context omitted.
Banks are great, and they will exist in the bitcoin world. The central bank is the problem.
Central banks are the government. And governments define the law we all operate in. And as the crypto industry experiences today they can be vindictive, inconsistent, spurious, aggressive etc. And are highly skilled at resisting efforts to limit their power.
> Central banks are the government
The Federal Reserve Bank of the United States is, despite the misleading name, a private corporation. [1] This is true I believe of many central banks. Nevertheless, and perhaps this is what you really meant, central banks can _act as an instrument of government_, or, more cynically, serve to enrich the political class and politically well-connected.
[1] https://en.wikipedia.org/wiki/Federal_Reserve_Bank#Legal_sta...
Re: Exodus Bitcoin Wallet: $490k swindle
#77Re: Exodus Bitcoin Wallet: $490k swindle
#78Earlier quoted context omitted.
who the fuck told this poor guy about bitcoin, tell him to invest his money in some stocks, he will be taxed but wont be fucked.
Probably the Instagram lady that is helping him. These scams are fairly common on IG these days.
probably a trafficked person in Cambodia
theyre put in labor camps and do cryptocurrency scams over social media
Re: Exodus Bitcoin Wallet: $490k swindle
#79This is scary and even a hardware wallet might not help. When I create a transaction with Electrum on my computer, I use a hardware wallet to sign the transaction. When I sign the transaction, the hardware wallet shows the amounts, and the output addresses. But if my copy of Electrum was backdoored and smart about what it did, it could use an output address for the remaining amount that went to another wallet. And si…
Reading this, it is bonkers to me that people think cryptocurrencies are ready or appropriate for mainstream use, either as a currency or as an investment. Line could go up, but if you aren’t extremely careful with processes that most people don’t and won’t comprehend—and don’t even realize are something you need to do—you can just straight up lose everything.
Ah yeah clearly not ready in fact neither is traditional finance:
https://www.aura.com/learn/i-got-scammed-on-venmo-what-do-i-...
https://help.venmo.com/hc/en-us/articles/235171088-Cancel-Pa...
A fool and their money..
Re: Exodus Bitcoin Wallet: $490k swindle
#80This is scary and even a hardware wallet might not help. When I create a transaction with Electrum on my computer, I use a hardware wallet to sign the transaction. When I sign the transaction, the hardware wallet shows the amounts, and the output addresses. But if my copy of Electrum was backdoored and smart about what it did, it could use an output address for the remaining amount that went to another wallet. And si…
If you put your seed phrase anywhere that transmits it online, none of this information about outputs or ledgers matters
This app simply transmitted seed phrases to a server, or derived the first private key of one and sent that
Starting to agree with everyone else here, if the crypto enthusiasts on HN can’t differentiate