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> because there is a multi-hundred billion dollar honey pot for anyone who can break those. Maybe. Or maybe if enough of the right people are affected like the

> because there is a multi-hundred billion dollar honey pot for anyone who can break those. Maybe. Or maybe if enough of the right people are affected like the DAO hack, it will just get reversed.

dartos 3y ago
I get you’re trying to take a jab at crypto, but he’s not wrong. Most DAO “hacks” fall into 3 classes 1. Poorly written contracts. There’s no accounting for bad programming 2. Malicious members who made back doors for themselves 3. Regular old social engineering attacks Almost never is the fundamental blockchain technology exploited. If you could, you’d just take the billions in satoshi’s wallet and call it a day.
- hnfong 3y ago
  Taking Satoshi's bitcoins would be a really bad idea. People who had the misfortune of having the name "Satoshi Nakamoto" were harassed by journalists who thought they might be onto some story. Any movement of those coins would gather unwanted attention -- either it was the real "Satoshi Nakamoto" who used them, or somebody stole them, both would be a headline news story. And given the high stakes, anyone dumb enough to attempt this heist would probably be risking their life.
  - survirtual 3y ago
    I disagree. If you are a state actor trying to discredit or destroy cryptocurrencies, taking Satoshi's stash is the clear strategic target. You can simultaneously tank the value of the currency while also not exposing your method of breaking the crypto by taking his stash. The fact that his stash remains is the clearest signal the crypto is not broken -- and the methods to create his wallet are the oldest / original ones when it comes to cryptocurrencies. A state-level actor would have absolutely moved his stash to easily create panic and remove competition against fiat currencies. If a state actor can't do it, I highly doubt any other actor could. If some no-name independent researcher somehow figures out an exploit, then yes, it would be foolish to move Satoshi's stash. Better to target "dead" addresses that no one cares much about and won't have an impact -- these are wallets of people that have lost their keys who are not celebrities, so they wouldn't get any attention on them. You could take those funds and move them quietly so that you could make money. Extremely unlikely possibility for a number of reasons, but anything is possible.

> because there is a multi-hundred billion dollar honey pot for anyone who can break those. Maybe. Or maybe if enough of the right people are affected like the DAO hack, it will just get reversed.

dartos 3y ago

I get you’re trying to take a jab at crypto, but he’s not wrong. Most DAO “hacks” fall into 3 classes 1. Poorly written contracts. There’s no accounting for bad programming 2. Malicious members who made back doors for themselves 3. Regular old social engineering attacks Almost never is the fundamental blockchain technology exploited. If you could, you’d just take the billions in satoshi’s wallet and call it a day.

hnfong 3y ago
Taking Satoshi's bitcoins would be a really bad idea. People who had the misfortune of having the name "Satoshi Nakamoto" were harassed by journalists who thought they might be onto some story. Any movement of those coins would gather unwanted attention -- either it was the real "Satoshi Nakamoto" who used them, or somebody stole them, both would be a headline news story. And given the high stakes, anyone dumb enough to attempt this heist would probably be risking their life.
- survirtual 3y ago
  I disagree. If you are a state actor trying to discredit or destroy cryptocurrencies, taking Satoshi's stash is the clear strategic target. You can simultaneously tank the value of the currency while also not exposing your method of breaking the crypto by taking his stash. The fact that his stash remains is the clearest signal the crypto is not broken -- and the methods to create his wallet are the oldest / original ones when it comes to cryptocurrencies. A state-level actor would have absolutely moved his stash to easily create panic and remove competition against fiat currencies. If a state actor can't do it, I highly doubt any other actor could. If some no-name independent researcher somehow figures out an exploit, then yes, it would be foolish to move Satoshi's stash. Better to target "dead" addresses that no one cares much about and won't have an impact -- these are wallets of people that have lost their keys who are not celebrities, so they wouldn't get any attention on them. You could take those funds and move them quietly so that you could make money. Extremely unlikely possibility for a number of reasons, but anything is possible.