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Comment by rvz | Hacker News Reader

Listen to the disaster in real time: https://twitter.com/0xBiZzy/status/1495199867152523265

Etherscan and revoke.cash are down. This is the web3 utopia hype they have been screaming about yet the centralized services they use (Etherscan) are going down, NFTs being stolen via a vulnerability in OpenSea and there is no way to get them back. Ha.

What a magnificent disaster.

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I’m listening to panicked people on the space suggest the use of different web apps to stop the exploit.

Can’t help but wonder… in the midst of the panic, are they even checking what these revoke websites contracts do? It’s too easy to social engineer something like this…

The decentralized aspect of blockchains is mostly smoke and mirrors. Moxy Marlinspike recently wrote a really good blog post about all the hidden central points of failure in the ecosystem but it doesn't look like anyone was paying any attention.

And ultimately, every sort of trust system requires bootstrapping on points of centralization.

People are like 'well yeah obviously' but no, not obviously in everyway to everyone. And the statistics will not save you when someone finds the next oopsie that can steal your investment, and there will always be a next one. Neither will any institutions.

What's worse, crypto is actively marketed as "trustless".

These are the wild west days of crypto finance. Fortunes will be made and lost. There’s hype, fads, bubbles, and spectacular blowouts. The crypto finance tech ecosystem will evolve, consolidate, then eventually be diluted and homogenized into standard investment frameworks, and tamed by onerous oversight and regulations. In the meantime, if you can’t resist the urge to place a bet then don’t bet more than you can afford to lose without regret.

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