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Why can’t the stolen coins be sold? If they can’t then what’s the point in stealing them?

by lukevp 2y ago

paulpauper 2y ago
How is North Korea possible dump $1 billion on the market when everyone trying to blacklist them? Hackers typically have access to much less liquidity as the coins are considered tainted, so they either are never sold or sold gradually on dark markets or OTC where there is no market impact.
- meroes 2y ago
  So the anonymity touted is not so anonymous?
  - artursapek 2y ago
    Most crypto isn't anonymous - it's pseudonymous. You can trace what a wallet is doing, but it's not tied to a real life identity.
    - verdverm 2y ago
      Seems like the tokens are tied to a specific IRL identity in the case It only takes one connecting piece of data for the pseudo anonymity to become a complete history of every transaction you have done. This is one of the reasons crypto coins will never become currencies
      - artursapek 2y ago
        that's only true if you only ever use a single wallet, and nobody does that. you don't sound like someone who actually has tried using crypto.
        verdverm 2y ago
        > you don't sound like someone who actually has tried using crypto. you are quite wrong, I bought a computer from a neighbor with them as one example. I stopped using them because they are a PITA compared to my CC and already digital money. I still have "truly" anonymous monero too, mined not bought If you think multiple wallets keeps you anonymous, I have a bridge to sell you
  - DaSHacka 2y ago
    Where did anyone say ETH was anonymous? There do exist anonymous tokens, such as XMR and the like, but no one knowledgable would ever think coins with (public!) transparent ledgers were somehow 'anonymous', only merely decentralized.
- snailmailstare 2y ago
  ETH is supposed to be an electronic contracts market.. Is everyone who writes a contract from now on going to include code to block using these coins as collateral? If there's no consensus to interfere with the transaction, I assume people will watch the coins in motion and extend a larger map of tainted accounts and coins, yet be unable to interfere in many algorithm decided actions.

Why can’t the stolen coins be sold? If they can’t then what’s the point in stealing them?

by lukevp 2y ago

Why can’t the stolen coins be sold? If they can’t then what’s the point in stealing them?

How is North Korea possible dump $1 billion on the market when everyone trying to blacklist them? Hackers typically have access to much less liquidity as the coins are considered tainted, so they either are never sold or sold gradually on dark markets or OTC where there is no market impact.

meroes 2y ago
So the anonymity touted is not so anonymous?
- artursapek 2y ago
  Most crypto isn't anonymous - it's pseudonymous. You can trace what a wallet is doing, but it's not tied to a real life identity.
  - verdverm 2y ago
    Seems like the tokens are tied to a specific IRL identity in the case It only takes one connecting piece of data for the pseudo anonymity to become a complete history of every transaction you have done. This is one of the reasons crypto coins will never become currencies
    - artursapek 2y ago
      that's only true if you only ever use a single wallet, and nobody does that. you don't sound like someone who actually has tried using crypto.
      - verdverm 2y ago
        > you don't sound like someone who actually has tried using crypto. you are quite wrong, I bought a computer from a neighbor with them as one example. I stopped using them because they are a PITA compared to my CC and already digital money. I still have "truly" anonymous monero too, mined not bought If you think multiple wallets keeps you anonymous, I have a bridge to sell you
- DaSHacka 2y ago
  Where did anyone say ETH was anonymous? There do exist anonymous tokens, such as XMR and the like, but no one knowledgable would ever think coins with (public!) transparent ledgers were somehow 'anonymous', only merely decentralized.
snailmailstare 2y ago
ETH is supposed to be an electronic contracts market.. Is everyone who writes a contract from now on going to include code to block using these coins as collateral? If there's no consensus to interfere with the transaction, I assume people will watch the coins in motion and extend a larger map of tainted accounts and coins, yet be unable to interfere in many algorithm decided actions.