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Who benefits from this?

by soared 10y ago

themoon 10y ago
The crypto-community is a pie whose size isn't changing much. Coin prices fluctuate as investors move money from one coin to another, which causes price fluctuations. Attacks like this one which make ethereum look bad are beneficial to those other coins, who will expect prices to rise as a result of people selling their ETH out of fear.
- bfuller 10y ago
  And in the end, after the whale makes his profit in btc, he will probably reinvest in eth because it is low, gaining a larger stake in an already fragile economy, and will be able to exert more influence next time he tries to move the market.
- deleted 10y ago
  [deleted]
lucb1e 10y ago
Someone who shorted on its value, I assume.
Karellen 10y ago
Some people just want to watch the world burn.
Phlarp 10y ago
Hard to say exactly, but perhaps someone with large holdings in an already established crypto-currency might have motive to want Ethereum crushed, or at least be perceived with less legitimacy than whatever other coin they hold (likely BTC) Off the top of my head the people with the largest long-term vested interest in bitcoin would be 1. Satoshi Nakamoto (whoever s/he really is) 2. Winkelvoss twins 3. Whoever stole coins from the various exchange hacks
chillydawg 10y ago
Someone with a short bet on ETH.
aminok 10y ago
Organisations that want to maintain control over society. Case in point is the International Cyber Security Protection Alliance: https://www.reddit.com/r/Bitcoin/comments/1h43ez/chilling_article_in_the_g8_trade_magazine_calls/ https://www.reddit.com/r/Bitcoin/comments/1h43ez/chilling_ar.... This organization represents major financial firms, including Visa Europe, and law enforcement agencies, including the City of London Police and Europol, and had a 2 page article appearing in the 2013 G8 trade magazine calling for a global ban on Bitcoin, for the most powerful people in the developed world to read. The people who run this organization appear to be ruthless and amoral, going as far as publicly justifying cyber attacks against companies in the Bitcoin space: https://www.reddit.com/r/Bitcoin/comments/1giuft/quote_from_john_lyons_ceo_of_the_international/cakvvom https://www.reddit.com/r/Bitcoin/comments/1giuft/quote_from_... Then there is the Hacking Team, a blackhat cyber security firm that works for government agencies around the world, and whose CEO said in an email "The DARKNET is your enemy. TOR is your enemy. ENCRYPTION is your enemy": https://wikileaks.org/hackingteam/emails/emailid/37225 https://wikileaks.org/hackingteam/emails/emailid/37225
- Tinyyy 10y ago
  >People who run this organization appear to be ruthless and amoral ... >Going as far as talking about a DDOS attack on Twitter Also, that G8 article you linked has a full page MTGOX ad on page 8. Kinda ironic huh? Okay, enough with the low hanging fruits, now some serious stuff. I don't see how Bitcoin enthusiasts can trivially brush off the criminal activities connected to Bitcoin. The public at large doesn't care about your shiny little toy - but they do if it's used by criminals. The article specifically mentions child pornography. Now how can CP be distributed? Tor and hidden services. But how is someone going to pay / profit from it? There was no easy solution - then comes Bitcoin, and suddenly people can be absolutely untraceable on the internet. You cannot simply ignore this. You have to acknowledge it, and then a) provide some form of solution (kinda contradicts its principles) or b) argue that it isn't as important compared to potential benefits of Bitcoin.
  - aminok 10y ago
    >You have to acknowledge it, and then a) provide some form of solution (kinda contradicts its principles) or b) argue that it isn't as important compared to potential benefits of Bitcoin. There is no solution to the specific problem of electronic cash making it easier to transfer money in exchange for an immoral product like child pornography, just like there's no solution to the specific problem of strong cryptography and the internet making it easier to disseminate child pornography. I would argue, with plenty of rationale and evidence, that the economic freedom provided by these technologies, has the potential to massively improve the quality of life of the world's population, despite these unavoidable side effects. If there were fewer poor and desperate families, there would be fewer parents who sell their children into the sex trade. Economic freedom facilitated by technologies that also make it harder for states to prevent trade in immoral goods reduces the number of desperate parents and we can reasonably assume reduces the problem of child exploitation as a result.
DominoTree 10y ago
Anyone who thinks it's hilarious

Who benefits from this?

by soared 10y ago

Who benefits from this?

The crypto-community is a pie whose size isn't changing much. Coin prices fluctuate as investors move money from one coin to another, which causes price fluctuations. Attacks like this one which make ethereum look bad are beneficial to those other coins, who will expect prices to rise as a result of people selling their ETH out of fear.

bfuller 10y ago
And in the end, after the whale makes his profit in btc, he will probably reinvest in eth because it is low, gaining a larger stake in an already fragile economy, and will be able to exert more influence next time he tries to move the market.
deleted 10y ago
[deleted]

lucb1e 10y ago

Someone who shorted on its value, I assume.

Karellen 10y ago

Some people just want to watch the world burn.

Phlarp 10y ago

Hard to say exactly, but perhaps someone with large holdings in an already established crypto-currency might have motive to want Ethereum crushed, or at least be perceived with less legitimacy than whatever other coin they hold (likely BTC) Off the top of my head the people with the largest long-term vested interest in bitcoin would be 1. Satoshi Nakamoto (whoever s/he really is) 2. Winkelvoss twins 3. Whoever stole coins from the various exchange hacks

chillydawg 10y ago

Someone with a short bet on ETH.

aminok 10y ago

Organisations that want to maintain control over society. Case in point is the International Cyber Security Protection Alliance: https://www.reddit.com/r/Bitcoin/comments/1h43ez/chilling_article_in_the_g8_trade_magazine_calls/ https://www.reddit.com/r/Bitcoin/comments/1h43ez/chilling_ar.... This organization represents major financial firms, including Visa Europe, and law enforcement agencies, including the City of London Police and Europol, and had a 2 page article appearing in the 2013 G8 trade magazine calling for a global ban on Bitcoin, for the most powerful people in the developed world to read. The people who run this organization appear to be ruthless and amoral, going as far as publicly justifying cyber attacks against companies in the Bitcoin space: https://www.reddit.com/r/Bitcoin/comments/1giuft/quote_from_john_lyons_ceo_of_the_international/cakvvom https://www.reddit.com/r/Bitcoin/comments/1giuft/quote_from_... Then there is the Hacking Team, a blackhat cyber security firm that works for government agencies around the world, and whose CEO said in an email "The DARKNET is your enemy. TOR is your enemy. ENCRYPTION is your enemy": https://wikileaks.org/hackingteam/emails/emailid/37225 https://wikileaks.org/hackingteam/emails/emailid/37225

Tinyyy 10y ago
>People who run this organization appear to be ruthless and amoral ... >Going as far as talking about a DDOS attack on Twitter Also, that G8 article you linked has a full page MTGOX ad on page 8. Kinda ironic huh? Okay, enough with the low hanging fruits, now some serious stuff. I don't see how Bitcoin enthusiasts can trivially brush off the criminal activities connected to Bitcoin. The public at large doesn't care about your shiny little toy - but they do if it's used by criminals. The article specifically mentions child pornography. Now how can CP be distributed? Tor and hidden services. But how is someone going to pay / profit from it? There was no easy solution - then comes Bitcoin, and suddenly people can be absolutely untraceable on the internet. You cannot simply ignore this. You have to acknowledge it, and then a) provide some form of solution (kinda contradicts its principles) or b) argue that it isn't as important compared to potential benefits of Bitcoin.
- aminok 10y ago
  >You have to acknowledge it, and then a) provide some form of solution (kinda contradicts its principles) or b) argue that it isn't as important compared to potential benefits of Bitcoin. There is no solution to the specific problem of electronic cash making it easier to transfer money in exchange for an immoral product like child pornography, just like there's no solution to the specific problem of strong cryptography and the internet making it easier to disseminate child pornography. I would argue, with plenty of rationale and evidence, that the economic freedom provided by these technologies, has the potential to massively improve the quality of life of the world's population, despite these unavoidable side effects. If there were fewer poor and desperate families, there would be fewer parents who sell their children into the sex trade. Economic freedom facilitated by technologies that also make it harder for states to prevent trade in immoral goods reduces the number of desperate parents and we can reasonably assume reduces the problem of child exploitation as a result.

DominoTree 10y ago

Anyone who thinks it's hilarious