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"transforming real estate with blockchain" is the only red flag needed

• nocoiner 1y ago
  Imagine if this guy had run the malicious code and transferred ownership of his house. Oops.
  • lawlessone 1y ago
    He would have to hand to over to them. "Code is law"
• johnnyanmac 1y ago
  A bit outdated. Now pitch "transforming real estate with AI" and you'd have $10m in startup money. No need to play penny slots.
  • readams 1y ago
    That doesn't work as well since you want people with crypto wallets you can steal. People applying for a blockchain company are far more likely to have this.
    • exasperaited 1y ago
      It's likely to work. It's the same dudes. Scroll back through any AI evangelist's twitter (if they are still on Twitter, and they are) and it is better odds than a coin toss that you find they were an evangelist for either NFTs or crypto. I mean the CEO of OpenAI is also the CEO of a shitcoin-for-your-iris-scans company, for one. (Prosaically: these things are usually spear-phishing of some kind anyway, are they not?)
  • asdff 1y ago
    "We are an AI startup using the best practices in AI and ML insights" Looks under hood. Linear regression. Many such cases.
• nradov 1y ago
  Right, any sort of "blockchain" company is assumed to be a scam by default. I'm not trying to blame the victim here but anyone unaware of that reality has been living in a cave for the past few years.
• CjHuber 1y ago
  It’s not like there aren‘t dozens of companies with real funding that try to „tokenize real estate“. I mean if that’s a good idea idk, but that means there IS real money to be made working at such companies.
  • strbean 1y ago
    Eh, it would be nice if there was a public title database in the US. Ideally government administered, but if we can't have that then maybe a distributed ledger would do the trick. It's hilarious that title searches and title insurance exist. And even more ridiculous that there is just no way, period, to actually verify that a would-be landlord is actually authorized to lease you a place to live.
    • nocoiner 1y ago
      It’s that funny intersection where abstractions meet the real world. We assume that the guy with the keys collecting the rent checks is authorized to lease it out because it’s just too expensive to assume otherwise. But sometimes that assumption is wrong and man, what a mess that turns out to be. Similarly, it’s like if I get back to my house tonight and someone has changed the locks on the front door, I’m pretty sure I could ultimately verify that, yes, I’m the owner, but I sure am glad that due to social norms or inertia or the sheer hassle of being a squatter that is not something I have to deal with on a regular basis.
    • acdha 1y ago
      > Ideally government administered, but if we can't have that then maybe a distributed ledger would do the trick. The problem is that it has to be government administered because otherwise you’re constantly stuck with the risk that what you see won’t survive a legal challenge. This is a constant problem for ledgers because the sales pitch is about being “trust less” or distributed in some sense that everyone can participate, but making them work is an exercise in picking which third-parties you trust to settle disputes. For the most important things, that usually means the government unless part of their authority has been delegated to a private entity.
• cheema33 1y ago
  > "transforming real estate with blockchain" is the only red flag needed Yeah, that would have been enough for me to immediately move on.
• hshdhdhehd 1y ago
  Blockchain is a flag for me but not because I might think they'll hack me.