881–890 of 890 posts
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The profit is too small. Easy to solve with laws. Shouldn't be allowed anyway to just pick the good things from a gas field...
Yeah, let's use laws instead of something that makes monetary sense...? It's not a gas field, it's a land fill.
The hacker has spent the last 11 hours slowky and incrementally converting all the various tokens they got to ETH. They've been using a variety of different defi exchange and have eaten large slippage fees, at least once over 5M lost in slippage. We're not seeing any else, e.g. laundering through another exchange, splitting into different accounts, automating the liquidation of tokens to ETH, off loading ETH into a c…
What are the chances that this is an insider and not an outsider? I ask because the timing of this "hack" is obviously a little suspicious.
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FDIC covers only up to 200k USD. Many people have lost life savings when banks collapse. Also, not everybody lives in the US or in countries with a semi decent banking system.
> Many people have lost life savings when banks collapse. Do you have some data for this statement? (in the US, post FDIC deposit era) Because even when a bank fails, there is usually more than enough to cover depositors, and what the FDIC does is arrange for the bank to be taken over by a healthy bank, with the deposits migrated (but equity and bondholders can take a bath). E.g. no depositor lost a penny in the fina…
To all the people replying that crypto isn't regulated: that's a myth. Exchanges are regulated and keep KYC info of their customers. If the FTX hack is true, then all that KYC info will be sold in the black market. Regulation didn't prevent the hack (or rug-pull?). Self-custody with DeFi does prevent it. It's shocking how some people are for tinkering hardware/software and self-hosting services like Nextcloud, but it…
How do you know self hosting people do the thing you're suggesting?
To all the people replying that crypto isn't regulated: that's a myth. Exchanges are regulated and keep KYC info of their customers. If the FTX hack is true, then all that KYC info will be sold in the black market. Regulation didn't prevent the hack (or rug-pull?). Self-custody with DeFi does prevent it. It's shocking how some people are for tinkering hardware/software and self-hosting services like Nextcloud, but it…
Selfhosted services are typically entirely self-contained. You access them with clients controlled by you, with devices on your network, and apart from updates from trusted sources of your choice, not exchange with untrusted parties at all. I'm all for decentralised financials but the topic is orders of magnitude harder.
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Perhaps for the use case of the underbanked, which is the majority of the world. That I need to wait for confirmation on the blockchain for a crypto payment is orders of magnitude faster than my other option, which is wait for someone to manually bring in foreign currencies by train. My country is not on SWIFT. My passport will not allow me to get a bank account in any country that would let me process credit cards.…
I'm from India, one of the most populous countries in the world. And we have instant online transfers with no transaction fee and it's called UPI.
> Crypto payments take much longer time than traditional credit card ones
Everyone in India can process an American credit card? Indians are magically immune from political censorship on the basis of the payment card associations?
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I am saddened about the baggage that blockchain technologies hold in less technical circles now. They’re not just for cryptocurrencies. My grandfather hears “blockchain” and he assumes he is looking at a crypto scam.
Merkle trees and consensus algorithms predate "blockchain." So far blockchain has very little to offer other than solutions to Sybil attacks that so far are net negative in externalities.
That is useful, but not as generally useful as cryptocurrency advocates want you to believe.
The telephone, the internet, and crypto share one thing in common. Each technology improves on the next in terms of its ability to facilitate fraud.
As such, I was initially a crypto skeptic, but after studying some of the more interesting crypto projects, I have come to - Bill Ackman (@BillAckman) November 20,