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$625M worth of ETH drained on Axie Infinity's Ronin Network

roninblockchain.substack.com

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Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#751

Post by Siira »

afpx wrote: post #164
calrain wrote: post #140

Earlier quoted context omitted.

Because there are people in the world who can wake up and have lost all money they had deposited in a bank. There are people who have to pay 20% transfer fees to move money overseas. There are people who don't have the ability to open a bank account. There are people who can lose all their banked money if their government doesn't like them. The first world doesn't have these problems. Crypto is a bigger play than 'ge…

Where in the world is it common to lose all money deposited in a bank? And, why not just create better banks?

> And, why not just create better banks?

If someone is in a position to “create a better bank,” they aren’t one of those who needs it.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#752

Post by CryptoPunk »

typon wrote: post #720
CryptoPunk wrote: post #688

Earlier quoted context omitted.

Those alternate means are not very durable.

Gold isn't durable? It will still be valuable long after crypto currencies are a footnote in history.

I didn't realize you suggested gold. I thought you meant "runescape gold". Yes gold is durable.

I suspect cryptocurrency will be a store of value far further into the future than gold. Gold becomes plentiful once extracting resources from asteroids becomes economically viable.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#753

Post by woojoo666 »

hypertele-Xii wrote: post #651
cik2e wrote: post #633

Earlier quoted context omitted.

>> Because the creator of crypto concept never understood why there are centralized institutions in the first place. You are totally missing the point. Having to rely upon central banks was the fundamental problem being solved. > The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies…

> The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy…

You can pay people in crypto without going through an exchange/bank, and without meeting in person (like with cash)

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#754

Post by woojoo666 »

dmitriid wrote: post #696
bhewes wrote: post #650

Earlier quoted context omitted.

Makes it easier to track with more then one copy of the ledger and immutability of entries (lies or not). Probably would not take three years to find the fraud as in the case of WorldCom. Though this is all spec as not been tested in real life.

> Makes it easier to track with more then one copy of the ledger and immutability of entries Yup. As all the scams have proven, it's easy to track and get the money back. And that's before we get into nuggets like this [1]: --- start quote --- A clever operator found a vault containing five Bored Ape NFTs, which had unclaimed $APE associated with them since they were locked up in the vault. They used a flash loan to…

Reminds me of the guy who bought a pass for unlimited flights for $250,000 and cost the airline millions in losses[1]. This is not a vulnerability, and not a crypto problem either, just a poorly designed giveaway

[1]: https://en.wikipedia.org/wiki/AAirpass#Profitability_investi...

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#755

Post by sumedh »

simonh wrote: post #750
sumedh wrote: post #734

Earlier quoted context omitted.

> How else do you police criminals? Who is talking about criminals? Just because you expose the misdeeds of US govt does not make you a criminal. > There's nothing about Crypto that changes that. It's just another system. You can still receive payments in Crypto even though the govt forces the bank and credit card providers to close your account. Its not just the US govt who wants to control your life, other govts wa…

I’m talking about criminals. I’m raising them as an example of why governments need these powers. 404 BTW

The link opens for me just fine, try using a VPN.

So your argument is that cash is also used by criminals so cash should be banned. Do you realise how ridiculous that sounds now apply the same logic to crypto.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#756

Post by xvector »

MBCook wrote: post #729
xvector wrote: post #728

Earlier quoted context omitted.

Seems like you can use the same arguments for encryption. - Not having anyone "watch out" for your communications - the ability to pirate or download content illegally - can have a lawyer handle secure communications - just use a different messaging service Clearly we value the freedom and privacy provided by encryption to ignore these arguments.

I believe in string encryption. The difference is usefulness. I’ve seen others express this in this post’s comments. Encryption is EXTREMELY useful, as history has proved. It has a great many beneficial uses, or at least benign. Yes it can be used by criminals, but that’s hardly its only use. Cryptocurrency doesn’t seem to provide anything but something to speculate on, a way to sell hardware, and an unfathomable was…

You don't find crypto useful or worthwhile because you're privileged enough to:

- Be banked;

- Live in a country with a somewhat stable currency, in which exchanging to another currency is legal;

- Live under a regime that does not impose authoritarian censorship on whom you can exchange value with;

- Use payment processors that only abuse your privacy when you aren't looking.

These conditions are not the case for everyone, everywhere. Is it so difficult for you to imagine that:

- Crypto, once matured, could enable the ~2 billion people that are unbanked to own their own money?

- Someone living in a country with a hyperinflationary currency, that bans currency conversions and precious metals, would like to use crypto to preserve their life's savings?

- Someone might want to donate to an entity opposing an authoritarian, human-rights abusing government, without painting a target on their back? (And no, we both know lawyers are not viable for this.)

Throughout human history, there has not been a single government that has not egregiously failed its people or abused/destroyed the wealth of its citizens.

You seem to think that we have arrived at some special time where this will never happen again. That is not the case. Encryption protects your speech, and cryptocurrency protects your wealth, from governments that will inevitably fail you as surely as the sun will rise.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#757

Post by infinite8s »

matheusmoreira wrote: post #635
virtualritz wrote: post #553

Earlier quoted context omitted.

>> encryption has many, many actually useful and productive applications > So does crypto [...] I'd wager that this is a lie. Please name one. These systems are self referential. Great if all to do is speculate with value changes inside the system. Other use cases? In short: no one has come up with any solution to the oracle problem. As soon as you want to exchange anything crypto with anything but crypto (e.g. USD o…

> I'd wager that this is a lie. Please name one. They are currencies. I've gotten paid for services in XMR.

That doesn't mean anything. You could have been paid in potatoes for those exact same services - doesn't make potatoes a currency.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#758

Post by virtualritz »

sterlind wrote: post #573
virtualritz wrote: post #553

Earlier quoted context omitted.

>> encryption has many, many actually useful and productive applications > So does crypto [...] I'd wager that this is a lie. Please name one. These systems are self referential. Great if all to do is speculate with value changes inside the system. Other use cases? In short: no one has come up with any solution to the oracle problem. As soon as you want to exchange anything crypto with anything but crypto (e.g. USD o…

I don't have much invested in crypto, and I find PoW hideous. I think crypto is most useful for illegal things and tradecraft, but illegal doesn't mean immoral, and useful to criminals is still useful. * Buying VPN relays anonymously, for connecting to through Tor, VPSes etc. * Buying drugs. * Donating to causes sanctioned by your country. * Paying informants. * Allowing you to prove you're the author of something, o…

None of these require crypto. This is a fallacy.

Which is closely tied to the fallacy that using crypto(currencies) gives you anonymity.

Cash gives you better anonymity than any crypto currency currently in wide circulation for the applications you listed.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#759

Post by CryptoPunk »

bryananderson wrote: post #743
CryptoPunk wrote: post #673

Earlier quoted context omitted.

>>Ukraine was not cut off from the global financial system and had no issue receiving donations in fiat currency—I myself sent them some fiat. It is far easier to donate from your browser, using your MetaMask wallet, than by visiting your bank branch to effect an international wire transfer. It can potentially also be safer, in letting you not have your identity recorded anywhere in association with a donation to a p…

Who said anything about a bank branch? I did it on the Central Bank of Ukraine’s website in about 30 seconds. I don’t know how much I can emphasize what a solved problem this is.

That's a fair point about the existence of payment options that are more convenient than wire transfer, but not every one has a credit card or lives in a country where international e-wallets like PayPal operate.

And the problem of identity being linked to payments, and the risks this can engender, is not a solved problem in traditional finance.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#760

Post by jquery »

throwawaygh wrote: post #741
jquery wrote: post #736

Earlier quoted context omitted.

You’ll understand when you’re older.

I'm fairly old already, and so far age is... not linearly correlated, but at least definitely a dampening function on porn consumption :)

Haha, ok well you got me there. :) when i get right down to it, I've only paid for my porn out of a sense of patronage, not necessity. Shame about that dampening factor, but its also allowed me to appreciate more niche and interesting erotica, akin to adults who can eat interesting food dishes compared to kids who prefer hamburgers and macaroni.
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