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It’s such a reasonable thing to expect any level of hacking. Consider the idea that w3 is the transition of assets into literal Internet money. We digitized wea

It’s such a reasonable thing to expect any level of hacking. Consider the idea that w3 is the transition of assets into literal Internet money. We digitized wealth and w3 concentrated those supplies into readily available large quantity targets. The idea that there would be anything but a massive acceleration of crime and fraud as a result of the digitization of actual money is actually hilarious. It’s a fact that North Korea relies on hacking it for funding critical imports at this point… The real question is who and how this massive financialization and tokenization exercise will benefit, because it’s increasingly clear that the old guard has designs on how to control it pretty effectively and it’s not actually as free or anonymous as many people think. Some exceptions apply.

paulryanrogers 3y ago
Maybe a bespoke (mostly) decentralized implementation that requires more power than mid-sized countries isn't worth it; especially if it's throughput is 7 TPS.
- mrb 3y ago
  You could also say "more power than 3 large US cities" (Los Angeles = 60 TWh/yr, Bitcoin = 180 TWh/yr) and your statement would be equally valid, yet much less impressive. Saying "mid-size country" is about as useful as "mid-size rocks" since mid-sized countries, like mid-sized rocks span 3-4 orders of magnitudes. Fist-sized? Regrigerator-sized? Bus-sized? Did you know that China curtails more hydropower (200+ TWh/yr [1]) than the global electricity consumption of Bitcoin, than entire "mid-size countries"? China literally spills water through the dams without powering the turbines, because they have a hydropower surplus that they can't redistribute through their national grid. When you start learning things like that, you realize Bitcoin's electricity consumption is, fortunately, still a drop in the bucket compared to the immense waste from, well, everything else humans do on the planet. [1] https://www.sciencedirect.com/science/article/abs/pii/S1364032117312315 https://www.sciencedirect.com/science/article/abs/pii/S13640...
- block_dagger 3y ago
  How much power does the existing system of mining, storage, minting, accounting, etc cost? Let’s compare.
  - Forgeties79 3y ago
    You know, I hear this repeated a lot, but I never see anyone put up numbers. I would be very curious to see your math.
  - thfuran 3y ago
    What percentage of financial transactions even involve coinage?
deleted 3y ago
[deleted]
vkou 3y ago
> It’s a fact that North Korea relies on hacking it for funding critical imports at this point… A fact? What are the #s that they are bringing in from hacking, versus the $4.8 billion/year they bring in from exports to China/Africa?
- pants2 3y ago
  $1.8B lost to crypto hacks in 2023. Hard to say how much of that is North Korea, but it's a nontrivial amount.
  - vkou 3y ago
    Lost is also not necessarily equivalent to successfully laundered.
thewanderer1983 3y ago
Cybersecurity is a problem that affects all computer related industries not just cryptocurrency. North korea doesnt rely on hacking just crypto. Lazarus group has been around and targets many infrastructures. You cant blame crypto for the field of cybersecurity. Its been a problem long before crypto existed.
yieldcrv 3y ago
the fact that there's a whole crowd here that think the old guard actually got hacked by dastardly crypto punks instead of just their own incompetence with scheduling a tweet

paulryanrogers 3y ago

Maybe a bespoke (mostly) decentralized implementation that requires more power than mid-sized countries isn't worth it; especially if it's throughput is 7 TPS.

mrb 3y ago
You could also say "more power than 3 large US cities" (Los Angeles = 60 TWh/yr, Bitcoin = 180 TWh/yr) and your statement would be equally valid, yet much less impressive. Saying "mid-size country" is about as useful as "mid-size rocks" since mid-sized countries, like mid-sized rocks span 3-4 orders of magnitudes. Fist-sized? Regrigerator-sized? Bus-sized? Did you know that China curtails more hydropower (200+ TWh/yr [1]) than the global electricity consumption of Bitcoin, than entire "mid-size countries"? China literally spills water through the dams without powering the turbines, because they have a hydropower surplus that they can't redistribute through their national grid. When you start learning things like that, you realize Bitcoin's electricity consumption is, fortunately, still a drop in the bucket compared to the immense waste from, well, everything else humans do on the planet. [1] https://www.sciencedirect.com/science/article/abs/pii/S1364032117312315 https://www.sciencedirect.com/science/article/abs/pii/S13640...
block_dagger 3y ago
How much power does the existing system of mining, storage, minting, accounting, etc cost? Let’s compare.
- Forgeties79 3y ago
  You know, I hear this repeated a lot, but I never see anyone put up numbers. I would be very curious to see your math.
- thfuran 3y ago
  What percentage of financial transactions even involve coinage?

deleted 3y ago

[deleted]

vkou 3y ago

> It’s a fact that North Korea relies on hacking it for funding critical imports at this point… A fact? What are the #s that they are bringing in from hacking, versus the $4.8 billion/year they bring in from exports to China/Africa?

pants2 3y ago
$1.8B lost to crypto hacks in 2023. Hard to say how much of that is North Korea, but it's a nontrivial amount.
- vkou 3y ago
  Lost is also not necessarily equivalent to successfully laundered.

thewanderer1983 3y ago

Cybersecurity is a problem that affects all computer related industries not just cryptocurrency. North korea doesnt rely on hacking just crypto. Lazarus group has been around and targets many infrastructures. You cant blame crypto for the field of cybersecurity. Its been a problem long before crypto existed.

yieldcrv 3y ago

the fact that there's a whole crowd here that think the old guard actually got hacked by dastardly crypto punks instead of just their own incompetence with scheduling a tweet