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> If it comes our way, we will freeze it. So much for “Code is law”.

nubb 4y ago
everyone is watching the avi case now to see whether a court will rule code is law. going to be super interesting to watch play out.
arez 4y ago
yes, but that obviously doesn't apply anymore when you add it to an exchange, which seems fair tbh. I'm not a blockchain shill by any means
pjkundert 4y ago
I assume you must understand how Bitcoin works, so… Moving cryptocurrencies around barriers such as custodial exchanges freezing/losing/stealing it is one of the “superpowers” that makes real Crypto valuable. Any thief dumb enough to deposit their stolen goods onto someone’s exchange deserves to have it frozen — heck, if they deposited it into my wallet, that’s what I wound do! Explain again how this defeats “code is law”?
- eternalban 4y ago
  It doesn't defeat it, it merely underlines that bitcoin platitudes evaporate in the light of practical use of "crypto". Related sayings: "Feet of clay", "Emperor has no clothes". etc.
birracerveza 4y ago
Damn, it's almost like centralized exchanges are the exact antithesis of everything cryptocurrencies stands for. I wonder if that's why everyone warns against using them?
- cma 4y ago
  Storing it yourself is similar risk to keeping lots of cash in your house.
  - birracerveza 4y ago
    "Storing cash in my house is unsafe. I'll just store it in someone else's house!"
    - tobltobs 4y ago
      If the other house has better protection against thief's and you trust the owner and inhabitants then, yes, maybe that makes sense.
    - roflyear 4y ago
      ..... Yeah.... That makes sense to me?
    - nextaccountic 4y ago
      Storing cash in my house is unsafe. I'll just outsource this to people with expertise in storing cash
traveler01 4y ago
Most likely the hacker will use a DEX to convert his funds. But yeah there's no much difference between Exchanges and banks, they work basically the same way.
gruez 4y ago
1. Is Changpeng “CZ” Zhao known to be someone who believes in "Code is law"? I know that some in the crypto community (specifically ethereum/difi) believes this, but this isn't as much of a gotcha you think it is because crypto isn't a monolith, and therefore there can be apparent contradictions from people within the crypto community. 2. On a more fundamental level, I don't see how this is inconsistent with "code is law". After all, if the attacker willingly transferred his stolen funds to a third party, then in the eyes of the network he legitimately gave up control of it[1], just like luke legitimately gave up control of his coins when his wallet was hacked. Live by the sword, die by the sword. [1] if you want to make it kosher in the eyes of the law, you could even sneak a clause in the ToS that says you have the right to freeze whatever funds you want.

nubb 4y ago

everyone is watching the avi case now to see whether a court will rule code is law. going to be super interesting to watch play out.

arez 4y ago

yes, but that obviously doesn't apply anymore when you add it to an exchange, which seems fair tbh. I'm not a blockchain shill by any means

pjkundert 4y ago

I assume you must understand how Bitcoin works, so… Moving cryptocurrencies around barriers such as custodial exchanges freezing/losing/stealing it is one of the “superpowers” that makes real Crypto valuable. Any thief dumb enough to deposit their stolen goods onto someone’s exchange deserves to have it frozen — heck, if they deposited it into my wallet, that’s what I wound do! Explain again how this defeats “code is law”?

eternalban 4y ago
It doesn't defeat it, it merely underlines that bitcoin platitudes evaporate in the light of practical use of "crypto". Related sayings: "Feet of clay", "Emperor has no clothes". etc.

birracerveza 4y ago

Damn, it's almost like centralized exchanges are the exact antithesis of everything cryptocurrencies stands for. I wonder if that's why everyone warns against using them?

cma 4y ago
Storing it yourself is similar risk to keeping lots of cash in your house.
- birracerveza 4y ago
  "Storing cash in my house is unsafe. I'll just store it in someone else's house!"
  - tobltobs 4y ago
    If the other house has better protection against thief's and you trust the owner and inhabitants then, yes, maybe that makes sense.
  - roflyear 4y ago
    ..... Yeah.... That makes sense to me?
  - nextaccountic 4y ago
    Storing cash in my house is unsafe. I'll just outsource this to people with expertise in storing cash

traveler01 4y ago

Most likely the hacker will use a DEX to convert his funds. But yeah there's no much difference between Exchanges and banks, they work basically the same way.

gruez 4y ago

1. Is Changpeng “CZ” Zhao known to be someone who believes in "Code is law"? I know that some in the crypto community (specifically ethereum/difi) believes this, but this isn't as much of a gotcha you think it is because crypto isn't a monolith, and therefore there can be apparent contradictions from people within the crypto community. 2. On a more fundamental level, I don't see how this is inconsistent with "code is law". After all, if the attacker willingly transferred his stolen funds to a third party, then in the eyes of the network he legitimately gave up control of it[1], just like luke legitimately gave up control of his coins when his wallet was hacked. Live by the sword, die by the sword. [1] if you want to make it kosher in the eyes of the law, you could even sneak a clause in the ToS that says you have the right to freeze whatever funds you want.