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>> "we'll fund it back up" This part puzzles me to - immediately agreeing to plug the $320Million hole really makes you wonder how there is that much money fre
by ejb999 5y ago
>> "we'll fund it back up"
This part puzzles me to - immediately agreeing to plug the $320Million hole really makes you wonder how there is that much money freely available to just pay people back so easily.
- JGM_io 5y agoCuz there are millions of people buying nft's? And the investors probably have some insurance or clause where they add another $€¥ against interesting valuation as a convertible or something
- IncRnd 5y agoYou _say_ that, but this wouldn't be the first player in this space to say they have billions of dollars to cover everything, when they actually had $0 after having siphoned all profits along the way.
- deleted 5y ago[deleted]
- Sohcahtoa82 5y ago> Cuz there are millions of people buying nft's? [citation needed] This absolute reeks of the type of baseless claim that someone living in a bubble surrounded by NFT fanatics would claim. Be careful not to think that the trends within your social network are indicative of the population as a whole.
- sumeno 5y agoBecause they don’t need $320 million dollars, they need “$320 million” in crypto which is easy enough to create out of thin air
- thebean11 5y agoYou must be a billionaire if you know how to create $320 million in ETH
- TrackerFF 5y agoJust call your buddies over at Bitfinex, and get them to turn on the Tether printer.
- deeviant 5y agoYou do realize there are a good number of crypto billionaires right? I mean I get your point and it kinda stands, but the latest batch of crypo fueled wealthy people are less the pioneer/early movers and more the "I'll create a crypto product nobody understands and, boom it has a market cap of a couple hundred billion!". And since you can trade whatever crypto you want for eth, all you have to do is convince people your coin is worth something and you can do exactly the above thing.
- thebean11 5y agoThere are a good number of startup billionaires too, so why not just make a Google? I think you are falling prey to selection bias. Yes there are many scammy projects that made a few people rich, and a handful of non scammy projects, but the vast majority do not work.
- sumeno 5y agoStart a new stablecoin (or have connections with one of the existing ones) and promise everyone that you have dollars backing it, then mint $320 million of that coin even though you don't actually have dollars backing it. The recipe for creating fake dollars in crypto is pretty well established at this point
- thebean11 5y agoHow many stablecoins have a market cap over a few million? If there was a repeatable formula we'd all be rich dude
- mbesto 5y agoFirst, the fact that we use USD as the denomination for these hacks is hilarious in itsetf. > they need “$320 million” in crypto which is easy enough to create out of thin air Second, this is an illustration of basically what you've just articulated: https://news.ycombinator.com/item?id=27149241 https://news.ycombinator.com/item?id=27149241 Not a perfect analysis but there's about $114B circulating in crypto: https://tomtunguz.com/how-much-money-flowing-into-crypto/ https://tomtunguz.com/how-much-money-flowing-into-crypto/