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I know what Bitcoin is, have read the paper and I totally get their value proposition. But now a days it's hard for me to understand what's going on in crypto

I know what Bitcoin is, have read the paper and I totally get their value proposition. But now a days it's hard for me to understand what's going on in crypto world. For example I couldn't even parse their statement: "#PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker's following addresses:" Source: https://twitter.com/PolyNetwork2/status/1425073987164381196 https://twitter.com/PolyNetwork2/status/1425073987164381196

fossuser 5y ago
I found this to be a pretty good list: https://danromero.org/crypto-reading/ https://danromero.org/crypto-reading/ Some more details here if you're curious: https://news.ycombinator.com/item?id=27812093 https://news.ycombinator.com/item?id=27812093
bombcar 5y ago
It was too hard to fork the bitcoin codebase to make things like dogecoin so people figured out how to use ethereum smart contracts to make coins based on ethereum and then they did that again to make entire chains of coins based on chains on ethereum or something.
- vishnugupta 5y ago
  > use ethereum smart contracts....on ethereum.... to make entire chains....on ethereum I'm getting CDO, CDO^2, Synthetic CDO vibes reading this.
csomar 5y ago
PolyNetwork (whatever it is, first time I heard of them) has tokens (its own) and apparently some ETH, and USDC on the Ethereum and BinanceChain. These "assets" are locked with a smart contract (instead of a private key), so anyone figuring out the smart contract can move the money (which they did) and they posted the address to where they moved the money.
jcpham2 5y ago
Same boat. I read this and the key take away is a bunch of buzzwords and smart contracts are still stupid. eth peeps get rugpulled again! lest we not forget ETC ethereum classic is actually the real eth chain except they forked it to salvage the DAO debacle - except the internet has a short memory and no one remembers this any more. inb4 ETH3 fork
- xtracto 5y ago
  > smart contracts are still stupid. Haha, smart contracts are as stupid as the average "intelligent home" only worse: They cannot be updated. People writing smart contracts should be the ones coming from a firmware/embedded writing background, not "webdevs". Right now DeFi smart contracts look like the 90s web: Tons of "Defaced" website every week. Of course now there's a stronger incentive given that monetary value is involved.
  - wmf 5y ago
    Upgradeable smart contracts are now a thing, although obviously you have to trust the governance structure that controls the upgrades.
    - gus_massa 5y ago
      Upgradable contracts look like a good idea until some hacker finds bug and upgrades the contract and the upgraded version is just a contract that sends all the money to her/his account.
  - xur17 5y ago
    > People writing smart contracts should be the ones coming from a firmware/embedded writing background, not "webdevs". Right now DeFi smart contracts look like the 90s web: Tons of "Defaced" website every week. Of course now there's a stronger incentive given that monetary value is involved. This is an overly broad statement that doesn't accurately represent the entire space. There are a good number of projects with very experienced developers that use rigorous testing, multiple audits, etc. There are also teams that yolo smart contracts with very little testing. Assuming every project in the space is the latter is quite inaccurate.
rvz 5y ago
Translation: Polygon is a protocol described as an 'Internet of blockchains' that is compatible with Ethereum and connects with other Ethereum-compatible blockchains. They suffered an attack on its blockchain that affected other blockchains and the coins affected were sent to the hacker's address.
- cwkoss 5y ago
  This was Poly Network, not Polygon, that got hacked. From my understanding: Polygon (formerly MATIC) is a token related to (built off?) ethereum. Poly Network was a bridge layer that spanned polygon and ethereum. Polygon and Poly Network are distinct entities as far as I can tell, but they are all overlapping and using each other, so I don't fully understand the distinction.
wyager 5y ago
Most of it is scams/rug pulls/money laundering.

fossuser 5y ago

I found this to be a pretty good list: https://danromero.org/crypto-reading/ https://danromero.org/crypto-reading/ Some more details here if you're curious: https://news.ycombinator.com/item?id=27812093 https://news.ycombinator.com/item?id=27812093

bombcar 5y ago

It was too hard to fork the bitcoin codebase to make things like dogecoin so people figured out how to use ethereum smart contracts to make coins based on ethereum and then they did that again to make entire chains of coins based on chains on ethereum or something.

vishnugupta 5y ago
> use ethereum smart contracts....on ethereum.... to make entire chains....on ethereum I'm getting CDO, CDO^2, Synthetic CDO vibes reading this.

csomar 5y ago

PolyNetwork (whatever it is, first time I heard of them) has tokens (its own) and apparently some ETH, and USDC on the Ethereum and BinanceChain. These "assets" are locked with a smart contract (instead of a private key), so anyone figuring out the smart contract can move the money (which they did) and they posted the address to where they moved the money.

jcpham2 5y ago

Same boat. I read this and the key take away is a bunch of buzzwords and smart contracts are still stupid. eth peeps get rugpulled again! lest we not forget ETC ethereum classic is actually the real eth chain except they forked it to salvage the DAO debacle - except the internet has a short memory and no one remembers this any more. inb4 ETH3 fork

xtracto 5y ago
> smart contracts are still stupid. Haha, smart contracts are as stupid as the average "intelligent home" only worse: They cannot be updated. People writing smart contracts should be the ones coming from a firmware/embedded writing background, not "webdevs". Right now DeFi smart contracts look like the 90s web: Tons of "Defaced" website every week. Of course now there's a stronger incentive given that monetary value is involved.
- wmf 5y ago
  Upgradeable smart contracts are now a thing, although obviously you have to trust the governance structure that controls the upgrades.
  - gus_massa 5y ago
    Upgradable contracts look like a good idea until some hacker finds bug and upgrades the contract and the upgraded version is just a contract that sends all the money to her/his account.
- xur17 5y ago
  > People writing smart contracts should be the ones coming from a firmware/embedded writing background, not "webdevs". Right now DeFi smart contracts look like the 90s web: Tons of "Defaced" website every week. Of course now there's a stronger incentive given that monetary value is involved. This is an overly broad statement that doesn't accurately represent the entire space. There are a good number of projects with very experienced developers that use rigorous testing, multiple audits, etc. There are also teams that yolo smart contracts with very little testing. Assuming every project in the space is the latter is quite inaccurate.

rvz 5y ago

Translation: Polygon is a protocol described as an 'Internet of blockchains' that is compatible with Ethereum and connects with other Ethereum-compatible blockchains. They suffered an attack on its blockchain that affected other blockchains and the coins affected were sent to the hacker's address.

cwkoss 5y ago
This was Poly Network, not Polygon, that got hacked. From my understanding: Polygon (formerly MATIC) is a token related to (built off?) ethereum. Poly Network was a bridge layer that spanned polygon and ethereum. Polygon and Poly Network are distinct entities as far as I can tell, but they are all overlapping and using each other, so I don't fully understand the distinction.

wyager 5y ago

Most of it is scams/rug pulls/money laundering.