17 ms·
I am glad to see the cyberpunk future of hackers impersonating government agencies in order to pump and dump digital currency has finally arrived.
by dageshi 3y ago
I am glad to see the cyberpunk future of hackers impersonating government agencies in order to pump and dump digital currency has finally arrived.
- thewanderer1983 3y agoUnlike the long history of price manipulation in traditional markets?
- phailhaus 3y agoYes.
- cubefox 3y agoUnlike conventional science fiction.
- IKantRead 3y agoThe old crypto chants were that crypto would lead us away from the ills of traditional markets/finance. Glad to see that it's been watered down to "just as bad as" arguments.
- f-securus 3y agoGreed will, uhhhhh, find a way.
- xvector 3y agoTomorrow your bank could cut you off from your own money because you protested the government[1], and what could you possibly do? Having the freedom to truly own your own money and investments is valuable in and of itself, no matter how much crypto "devolves" towards traditional finance in other regards. [1]: https://www.nytimes.com/2022/02/22/world/americas/canada-protest-finances.html https://www.nytimes.com/2022/02/22/world/americas/canada-pro...
- RiverStone 3y agoInstead, you can lose access to your money just because you forgot your secret key.
- brewtide 3y agoBut one of those things has the responsibility placed up on you. The other, not so much. Plenty of downsides to crypto no doubt, but I'm not sure "personal responsibility" is one of them.
- codegeek 3y agoOr Worse, coinbase decided you are no longer worth their time. Wait, I thought this was supposed to be decentralized.
- digging 3y agoYes, like you can lose your treasure by forgetting where you buried it. Or you can lose your silver when an accidental fire melts your palace into slag. Or you can lose your wheat harvest to mold! Self-storage is the default way of holding wealth, not a new one. And it's a tradeoff that people will always choose to make as long as personal wealth exists. Among the innumerable problems with cryptocurrency, this is not one of them.
- JoshuaRogers 3y agoHonestly, the first thing I'd do is hope that they forgot that I make house and car payments though them and that they forgot how much damage they could do to my professional life just by intentionally sabotaging my credit. Crypto doesn't provide any realistic protection to me from their whims should they become bad actors.
- huijzer 3y agoApart from some edge cases, Western democracies have quite solid property rights upheld also by the judicial system. But yes if you’re in Russia or China then this argument is moot. They have much less property rights. However, Bitcoin is also not a solution because there is no point in owning Bitcoin if you fell trice out of a Russian window or are sentenced to a labour camp or to the death penalty in China for "fraudulus activities“. Difficult to spend your Bitcoin in both cases.
- wfme 3y agoWhat "chants" are you referring to specifically re differences in markets? AFAIK it has always been pushed as a decentralized alternative to sending money, but that has little bearing on the way the traded price changes?
- transcriptase 3y agoI’ll admit it has been deeply entertaining watching the crypto community speed-run 200 years of “finding out the hard way why modern financial regulations exist” and “how to recognize a blisteringly obvious ponzi scheme” in the span of 15 years. I say this as someone who got his first 0.05 btc for signing up for a newsletter in 2009 or 2010.
- mrb 3y ago0.05? You probably misremember the amount. For reference, in 2010 the Bitcoin faucet gave away 5 BTC just for visiting a web page. A decent incentive for subscribing to a newsletter, more involved than visiting a web page, would have to have been higher than 5 BTC.
- Jenk 3y agoIn about the same time frame someone offered me 16,000 BTC for a mediocre graphics card I put on a listing. (I turned it down.)
- nicwolff 3y agoSomeone has to post it: that'd be worth $736,592,000 today if you'd kept it all.
- transcriptase 3y agoI must be misremembering the year then! It was 0.05 because I thought it was 5 then found the old hard drive last year and managed to recover it from an ancient bitcoin client. I don’t remember the details but I had to let it sync (downloading data?) for days before I could make a transaction to an exchange and sell.
- thewanderer1983 3y agoWhen was that the chant? They said more financial inclusiveness and self sovereignty. There are some with code is law and more cypherpunk ideals that is true. The early internet and open source movement had similar movements and these people still exist trying to improve society. Once things become mainstream the majority of focus becomes business and what products/services it can provide. The same companies in this space focused on business want clear regulation not lack of it.
- boeingUH60 3y agoCrypto guys will never stop whataboutery..
- rvz 3y agoThat isn't whataboutery. Every market has its insiders, and it is manipulated. This event is no different.
- jayd16 3y agoIs it surprising that cybercrime is just crime in cyberspace?
- QuantumGood 3y agoBarely makes an impression in the parade of crime that is web3isgoinggreat.com/
- a_JIT_pie 3y agoCan you explain how web3 is responsible for all the crypto nonsense for a layman?
- epgui 3y agoI can't speak for the other commenter, but I don't think they said that "web3 is responsible for all the crypto nonsense". My impression is that they're just hinting at a relationship between the two.
- ceejayoz 3y agoWeb3 is the crypto nonsense. It was a rebrand attempt. https://en.wikipedia.org/wiki/Web3 https://en.wikipedia.org/wiki/Web3
- bbor 3y agoFrom this forum we shall organize the great retaking of “Web3” for the 3D paradigm it was always meant to be. It’s in the name!! It’s sad that blockchain went the way it did, because it’s probably a great technology when you don’t expect it to revolutionize the entire internet.
- yeahsure 3y agoThey would have made more money by tweeting the ETF got rejected. My guess is this was a mistake by an intern or something like that.
- lozf 3y agoThey sure managed to regain control of the allegedly "hacked" account in short order.
- wolverine876 3y agoEven Twitter/X might not want to be responsible for this one, and answer the phone.
- yieldcrv 3y agoyou know those amateurs at the SEC were trying to schedule a post and accidentally pressed send gensler freaked out and said it was compromised
- chaps 3y agoThe 2023 Chicago mayoral candidate, Paul Vallas, did very similar. He was found to have liked a bunch of posts and claimed it was hacked. It was clear almost immediately that he was lying about it, since it kept happening on his other accounts.
- trompetenaccoun 3y agoIt is a bit weird the tweet went out exactly a day before the approval is supposed to happen. Let's assume it was the SEC's fault, either by accident or otherwise, could they be charged with market manipulation? Which agency would have authority to investigate? Quite a few people were tricked into buying right before the price dropped like a rock. Shorters have made a killing.
- yieldcrv 3y agoI never hear anybody talk about it, but we do specifically have a court of federal claims, whose jurisdiction covers losses tied to government actions check out recent decisions to see if anything could apply here nothing happens to the agency itself, theyre immune