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Exactly this, it's a very adversarial environment with huge stakes for those that can exploit it. Even projects that have been around for months, years can get
by rawtxapp 5y ago
Exactly this, it's a very adversarial environment with huge stakes for those that can exploit it. Even projects that have been around for months, years can get exploited which is why I'd recommend waiting a long time before putting non-trivial amounts into any smart contract or crypto related projects.
That's also a big plus for Bitcoin, because it's been around the longest and because it's so much simpler than more complex chains like eth, it's as secure as it gets.
- dan-robertson 5y agoAre the stakes that huge for potential exploiters? It seems that exploits can write off a bunch of value from the exploited but, at least for big and quickly noticed exploits, it is hard to launder the gains into the ‘legitimate’ part of the ecosystem with big exchanges and suchlike.
- rawtxapp 5y agoI think last year alone had more than a billion dollars worth of crypto hacked on defi, there's some trackers out there [1]. On one hand, you have amateurs that leave their private keys on cloud services and try to cash out while living in a place like NYC, on the other hand, you have people who know what they are doing or perhaps live in places that actively encourage those activities [2]. 1: https://cryptosec.info/defi-hacks/ https://cryptosec.info/defi-hacks/ 2: https://www.bbc.com/news/business-59990477 https://www.bbc.com/news/business-59990477
- jkhdigital 5y ago> That's also a big plus for Bitcoin, because it's been around the longest and because it's so much simpler than more complex chains I’ve always understood this on a basic level, but reading an entire exploit debrief with intricate technical details really hammered this point home for me.
- 8note 5y agoA simple exploit is that somebody got ahold of a wealthy person's private key, isn't it?