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Because they don’t need $320 million dollars, they need “$320 million” in crypto which is easy enough to create out of thin air

by sumeno 5y ago

thebean11 5y ago
You must be a billionaire if you know how to create $320 million in ETH
- TrackerFF 5y ago
  Just call your buddies over at Bitfinex, and get them to turn on the Tether printer.
- deeviant 5y ago
  You 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 ago
    There 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 ago
  Start 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 ago
    How many stablecoins have a market cap over a few million? If there was a repeatable formula we'd all be rich dude
mbesto 5y ago
First, 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/

Because they don’t need $320 million dollars, they need “$320 million” in crypto which is easy enough to create out of thin air

by sumeno 5y ago

Because 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 ago

You must be a billionaire if you know how to create $320 million in ETH

TrackerFF 5y ago
Just call your buddies over at Bitfinex, and get them to turn on the Tether printer.
deeviant 5y ago
You 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 ago
  There 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 ago
Start 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 ago
  How many stablecoins have a market cap over a few million? If there was a repeatable formula we'd all be rich dude

mbesto 5y ago

First, 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/