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Another day, another collapse of a cryptocurrency.

by elektor 4y ago

hesdeadjim 4y ago
You know it’s bad when a loss this large isn’t surprising or interesting in the slightest.
- sparksparkapach 4y ago
  Should be the opposite, this is not even 1/10th of 1 percent of what's stored in defi. This shouldn't even be huge news. I don't even see any links to bug bounties on their site.
  - _fizz_buzz_ 4y ago
    Ha, imagine 0.1% of all USD got stolen in one swoop.
    - MR4D 4y ago
      Interesting thought… Based on current US inflation rates, that’s about 4 days worth of inflation. So, you could probably blame the Fed for “stealing” that much in one swoop.
      - imtringued 4y ago
        I don't know why people keep blaming the fed for everything. It is one of the least powerful and most irrelevant institutions on the planet.
        MR4D 4y ago
        > It is one of the least powerful and most irrelevant institutions on the planet. And how do you come to that conclusion?
  - himinlomax 4y ago
    A loss of 0.1% of all the money NOT stored in crypto would be huge news.
    - cinntaile 4y ago
      This reminds me of the "If my grandma had wheels, she would be a bike." meme. Yes but that is irrelevant. It is unfortunate this happened of course, proper security audits of your smart contracts is very important in cases like these.
      - cinntaile 4y ago
        I should know better than to comment in crypto threads, the "discussions" are rarely interesting. Here's the meme, you'll understand why it's so fitting. There's probably a more proper name for this type of fallacy but I don't know it. https://youtu.be/A-RfHC91Ewc https://youtu.be/A-RfHC91Ewc
        travisjungroth 4y ago
        It’s not fitting. The comment you replied to is a pretty clear rebuttal.
        cinntaile 4y ago
        0.1% of all non crypto money stolen is not comparable to 0.1% stolen of defi locked up money. They're just too different. I think both are "huge" news, but the "rebuttal" does not add any weight to the argument because they're not comparable.
        travisjungroth 4y ago
        > they're not comparable. Yes, they are. Things don’t have to be the same to be comparable. People compare them all the time and very reasonably so. “Should I put my money into traditional finance or defi? What are the pros/cons?” An axis that should be compared when choosing a finance system is “how likely is my money to disappear?”. A single event where an amount of money that’s this fraction of the overall system and this much value is a newsworthy, meaningful, relevant, comparable event.
  - stephencanon 4y ago
    A $182M bug bounty was just claimed.
  - oliwarner 4y ago
    It's news that a life-changing volume of cash can get hacked away from your wallet and just vanish. It's not better that there's actually a planet-changing volume elsewhere in similar jeopardy. We should be howling about the anti-features baked into these things that enable criminal enterprise.
- Eddy_Viscosity2 4y ago
  A loss to some, but a huge win for the ones who took the money. The crypto evangelists should start promoting this aspect of the space: "It isn't really stealing if the code was bad!"
aaaaaaaaata 4y ago
Only 13,000 to go

Another day, another collapse of a cryptocurrency.

hesdeadjim 4y ago

You know it’s bad when a loss this large isn’t surprising or interesting in the slightest.

sparksparkapach 4y ago
Should be the opposite, this is not even 1/10th of 1 percent of what's stored in defi. This shouldn't even be huge news. I don't even see any links to bug bounties on their site.
- _fizz_buzz_ 4y ago
  Ha, imagine 0.1% of all USD got stolen in one swoop.
  - MR4D 4y ago
    Interesting thought… Based on current US inflation rates, that’s about 4 days worth of inflation. So, you could probably blame the Fed for “stealing” that much in one swoop.
    - imtringued 4y ago
      I don't know why people keep blaming the fed for everything. It is one of the least powerful and most irrelevant institutions on the planet.
      - MR4D 4y ago
        > It is one of the least powerful and most irrelevant institutions on the planet. And how do you come to that conclusion?
- himinlomax 4y ago
  A loss of 0.1% of all the money NOT stored in crypto would be huge news.
  - cinntaile 4y ago
    This reminds me of the "If my grandma had wheels, she would be a bike." meme. Yes but that is irrelevant. It is unfortunate this happened of course, proper security audits of your smart contracts is very important in cases like these.
    - cinntaile 4y ago
      I should know better than to comment in crypto threads, the "discussions" are rarely interesting. Here's the meme, you'll understand why it's so fitting. There's probably a more proper name for this type of fallacy but I don't know it. https://youtu.be/A-RfHC91Ewc https://youtu.be/A-RfHC91Ewc
      - travisjungroth 4y ago
        It’s not fitting. The comment you replied to is a pretty clear rebuttal.
        cinntaile 4y ago
        0.1% of all non crypto money stolen is not comparable to 0.1% stolen of defi locked up money. They're just too different. I think both are "huge" news, but the "rebuttal" does not add any weight to the argument because they're not comparable.
        travisjungroth 4y ago
        > they're not comparable. Yes, they are. Things don’t have to be the same to be comparable. People compare them all the time and very reasonably so. “Should I put my money into traditional finance or defi? What are the pros/cons?” An axis that should be compared when choosing a finance system is “how likely is my money to disappear?”. A single event where an amount of money that’s this fraction of the overall system and this much value is a newsworthy, meaningful, relevant, comparable event.
- stephencanon 4y ago
  A $182M bug bounty was just claimed.
- oliwarner 4y ago
  It's news that a life-changing volume of cash can get hacked away from your wallet and just vanish. It's not better that there's actually a planet-changing volume elsewhere in similar jeopardy. We should be howling about the anti-features baked into these things that enable criminal enterprise.
Eddy_Viscosity2 4y ago
A loss to some, but a huge win for the ones who took the money. The crypto evangelists should start promoting this aspect of the space: "It isn't really stealing if the code was bad!"

aaaaaaaaata 4y ago

Only 13,000 to go