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> The team behind the protocol also promised legal action and requested that hackers return stolen assets. Legal action? By who? A central authority!? No way..

• Proven 5y ago
  They may try to sue exchanges that let the funds be transferred out, as the addresses where the thieves sent the stolen funds have been published. There's absolutely no need for a central authority, but as always we need local courts and law can be different in different places where those exchanges are registered. Screw globalism and screw central authorities. Having said that, this DeFi stuff is laughable. As if the main use case is to find greater fools or scam people.
• miohtama 5y ago
  Because the project was not very well known, or known at all, outside China and it looks like an insider job, I would say in China by Chinese authority.
  • mbesto 5y ago
    So you're advocating for decentralize financial systems but a centralize legal system? How do you reconcile that?
    • miohtama 5y ago
      I am not advocating, I am speculating what could likely happen. The Poly project seems to be obscure, low quality, so maybe it’s better for investors and users to lose what they had, so they can be smarter next time? Also it seems the project was not very decentralised if everything was stolen with a single private key.
      • RF_Savage 5y ago
        A project worth 600million usd is obscure?
    • burnished 5y ago
      Those are two different institutions right? I don't see the immediate conflict that you are supposing must be reconciled. Can you elaborate?
• steveBK123 5y ago
  No one wants to pay taxes / be regulated, but do want the government to enforce law&order on.. everyone else
  • jimbob21 5y ago
    Keep in mind that previous attacks like this were dealt with by simple hard forks ie. current ethereum vs ethereum classic. If the federal government mandates their citizens pay taxes on crypto, it most definitely should come with federal help in catching criminals.
    • georgyo 5y ago
      Which federal government? The whole point is that these are assets that are not tied to any country. The country you reside in may tax you non-state-currency assets, like selling a painting. But if a painting is stolen around the world at the same time, many governments may have collected taxes on part of that painting. Which government should be the government to persue the theft? In a different way, if 600 million USD was stolen in cash in France. The US would work closely with the French government to close that case. The US would not be the one to foot the entire bill of solving the case. Here no government has any real stake or harm to reputation to close the case.
      • ant6n 5y ago
        Both sides of a theft are ppl, which are resident of some country.
        • mbesto 5y ago
          But which country is it enforced? The one where the thief resides or the one where the victim resides?
          • jacquesm 5y ago
            Assuming you can find the thief and assuming the victim even wants to talk to the authorities about how they got it in the first place.
• wavefunction 5y ago
  There are all sorts of people working in this space with a variety of beliefs like any other industry. They're not all crypto-anarcho-capitalists.
  • ksml 5y ago
    But the entire premise of decentralized finance is to have no central authority, is it not?
    • jliptzin 5y ago
      Just because there is no central authority in control of crypto transactions like traditional banks does not mean laws and courts no longer exist. You can steal someone’s bitcoins by hacking their wallet but you can still be ordered by a court to pay it back and/or face jail time.
      • optimalsolver 5y ago
        Thank God for real world centralized authority.
        • velcii 5y ago
          I think what the "centralised authority" steal from the people every year will put the all the crypto theft till now, combined, to shame.
      • mbesto 5y ago
        > does not mean laws and courts no longer exist. You can steal someone’s bitcoins by hacking their wallet but you can still be ordered by a court to pay it back and/or face jail time. I'm not aware of any court that would, for example, jail a Chinese citizen who stole virtual money of a US citizen? Are you?
      • lottin 5y ago
        If judges have the last word on who owns how many bitcoins why are you wasting all that electricity for? I thought it was to avoid relying on an authority...
• paulpauper 5y ago
  Probably dozens of defi hacks since 2019 and no arrests . Good luck with that
• optimalsolver 5y ago
  Strange how when the going gets tough, many cryptocurrency enthusiasts revert to statist inventions and conventions I remember when the crypto market tanked and the fine folks on r/cryptocurrency were demanding the SEC shut down Bitmex and arrest its CEO. Seems that at any given time, rugged crypto individualists are 10 percentage point losses from begging Big Daddy Government to step in.
  • tablespoon 5y ago
    > Seems that at any given time, rugged crypto individualists are 10 percentage point losses from begging Big Daddy Government to step in. People are typically "rugged individualists" only so long as they feel they're winning from the system.
• jacquesm 5y ago
  It's funny, this is in many ways exactly the same thing that corporations try to achieve over and over again: reap the profits if they are there and externalize the costs. Of course crypto isn't any different. But if designed properly they've closed the door on this and that makes badly implemented crypto far worse than the alternatives, because the whole reason to exist is the lack of recourse.