4 ms·
It's so disingenuous to equate the problems related to, like, the Fed, to the problems inherent to crypto. Somebody exfiltrated an API key from some bad Javascr
by preseinger 5y ago
It's so disingenuous to equate the problems related to, like, the Fed, to the problems inherent to crypto. Somebody exfiltrated an API key from some bad Javascript and stole $130,000,000 with no consequences. That's what crypto is. Unavoidably so. It's just mind boggling that folks try to sweep that aside as if it's nothing, or solvable!
- serverholic 5y agoThere is a technology called an optimistic rollup. The basic idea is that you submit transactions to the rollup and these transactions are assumed to be valid. These transactions stay on the rollup for a period of time, 7 days, 1 month, whatever. During that time anyone can submit a "fraud proof" and that transaction can be reversed. After the time interval the valid transactions are committed to the main blockchain. There is no reason that bank of america or visa couldn't run their own rollup and implement their own fraud system. In fact, visa is likely working on tools like this.
- DarylZero 5y agoJust $130M? Knight Capital lost $440M because of a software bug in automated trading on a centralized exchange. It's computers. Shit happens.