TimJRobinson

It also helped that they couldn't be margin called because of a secret system setup at FTX (which is why FTX imploded).

Just leverage long 50x forever until they're all billionaires or FTX is bankrupt.

That moment where they got scammed by a hacked frontend was when I realised they were extremely incompetent and told everyone to get their funds out immediately.

Moving millions of dollars customer funds around via a browser wallet is insanely bad, they should have had well tested scripts that interact with the smart contracts directly.

If you use a VPN you get CloudFlare captchas all the time

No and bored apes don't either. Royalties on NFT sales have mostly gone away now when big marketplaces like Blur started ignoring them.

I was at Cloud9 which was acquired by Amazon. We took most of the existing frontend and tech and rebuilt the backend on AWS, then relaunched it as AWS Cloud9. In the meantime we sunset the existing service.

I'd assume the same thing is going to happen here.

Building open, transparent systems, without a central authority, that can't be manipulated.

Most crypto projects fail on one of those axis, hence why it's worth studying things that succeed.

It makes sense though. The whole point of crypto is to build open, transparent systems, without a central authority, that can't be manipulated. This is a really really hard problem.

Most crypto projects fail on one of those axis, so it's worth studying the project that have those properties and actually succeed.

There are many USD stablecoins they can use: https://www.coingecko.com/en/categories/stablecoins. The top two are the most liquid but are also centralized, many of the others are fully decentralized.

Yes. There are those who claimed they just performed a "highly profitable trading strategy", and are now sitting in jail.

The only people that think code is law are hardcore libertarians / anarchists, which was the majority of crypto in 2011 but obviously isn't now.

The most likely way houses and other real world assets will exist is via a 2/3 multisig on the tokens. The 3 participants being: Government, Management Company, User.

If you lose your keys or get hacked you can go to the government + company responsible for the assets and get them back. If the company screws up the users can work with the government to get their assets back.

The advantage of this over a traditional government database is transfers can be made much more efficient because the government doesn't have to be involved in every transfer, they only step in if things go wrong.

For those that haven't looked at crypto lately and still think there are few uses, take a look at this: https://thevalueprop.io/

Cryptocurrency is a bad term, they actually make for terrible currencies, but many think they only have value when you can buy coffee with them because of the name.

What they are good at is making finance, ownership, and coordination, especially internationally, much more efficient. Which is far more niche and why the actual usage is rarely covered in mainstream media.

If I posted an article about some people got rich off crypto is that also worthwhile because it's "news"? No, if there's no intellectual discussion and it's just cheap 10 second takes then it's not suited for HN.

From the guidelines:

> On-Topic: Anything that good hackers would find interesting. That includes more than hacking and startups. If you had to reduce it to a sentence, the answer might be: anything that gratifies one's intellectual curiosity.

> Off-Topic: If they'd cover it on TV news, it's probably off-topic.

This is a very shallow news story that gives no information on the technical nature of the hack or anything intellectual in the slightest.

As can be seen by the comments on this thread almost everything is low-brow commentary similar to what you'd see on a Facebook news story.

If people want to discuss crypto security and the merits of different approaches that would be an awesome discussion to have. Unfortunately it can't happen here any more because the only crypto related things that get upvoted are news stories about bad things happening and the more that happens the more intellectually curious people are driven away.

Your assumption is that only Government and Banks can process payments, which is not true. You must think outside that overton window to realize there are ways of paying people that don't require either.

Yea stablecoins (fiat tokens) are by far the biggest successful use case of crypto. It's unfortunate that so many on Hacker News still think crypto is Bitcoin and other wannabe currencies (which never made sense as mediums of exchange) so don't notice the solution to these issues is already here and being adopted all over the world already.

They can't though. Firstly NFTs and their image storage location are unrelated to tokens.

In regards to 51% attacks they aren't going to happen to Bitcoin or Ethereum.

For possible flaws, to put it in terms that technical non-crypto people understand, his arguments are like saying "well Heart Bleed happened and this could happen again thus all computers are unsafe and you can never trust them to be secure" which is technically true but that doesn't mean we should abandon storing our own data and give it all to google to keep it safe for us (which we do with money today). Blockchain developers are very smart and build defense in depth against attacks, there's a reason why Ethereum has tens of billions of USD stored on it.

There are protocols for transferring cash on Ethereum (LUSD, RAI) that you can use that no one, not even nation states spending billions of dollars can stop you from using.

The tradeoff is they won't scale to the world. But then there are less secure protocols (DAI, USDC) that do scale which will be fine for 99.9% of people (who aren't terrorists or being targeted by the government).

Tech is all about tradeoffs and you can learn about them from experts in the field rather than an obviously anti-crypto YouTube video to understand them.

All of these are far more censorship resistant than any banks or traditional financial services.

Awesome to see someone working on this. It is unfortunate that there are so many non-interoperable decentralized social media protocols.

Have you looked into Farcaster's or Secure Scuttlebutt protocols too?

Do you use Paypal for paying for things in a supermarket?

You can transfer USDC to anywhere you need to spend it. I use it all the time for transferring between my Australian and USA bank accounts.

You said you were looking for a SWIFT replacement, this is it.

I doubt Palestinians are worried about being blacklisted considering the only people that have been blacklisted are hackers and North Korea.

And anyone that is worried can use LUSD/DAI/GRAI or a myriad of other fully decentralized USD stablecoins.

Why would people use Bitcoin over sending USDC or other USD stablecoins directly on any other chain?

This is available today and already used by millions. It's USDC/LUSD on Ethereum/Polygon/Tron (pick your chain based on desired cost and security requirements).

The US government will never endorse it or allow major banks to give their full support through because they want control over the network to "keep the bad guys out".

The cryptocurrency part seems like a side tangent. The big story is hackers have had access to AT&T 's servers for over 5 months without them noticing! That's a huge fuck up which I'm surprised is not being more widely reported.

I replied to your other comment, but posting here that this article is wrong and twists his words. He said Bitcoin is not a security, everything else is undecided. Big difference. Coinbase it taking them to court to make them decide.

That's not what he said. He said "Bitcoin is the only thing that is definitely not a security", everything else is undecided. Big difference.

Terrible reporting from crypto slate even when it's an opinion piece.

Plenty of crypto tokens also pay the equivalent of dividends - Ethereum, GMX, Balancer, etc. These come from the profits the platforms make. Almost all tokens give you the right to vote.

The FDIC specifically blocked any new buyer from buying the crypto portion of the bank.

What's the point of a hard drive? You're only uploading and downloading from the internet, why not just keep all your data in the cloud?

This is essentially your argument just using money rather than data right?

Can you think of any reason someone might like to hold their own data? Perhaps they don't like being at the mercy of a company that can ban you from accessing it at any time like the OP? Perhaps they like the freedom of choosing where they send and receive data from instead of only using the provider approved services?

Crazy that so many people still don't get this and give all their power and control of their money away to providers because it's slighty more convenient.

What's the advantage of this over a design like Scuttlebutt / Farcaster? They have the same properties (signed messages, Merkel trees to ensure data isn't changed) but are engineered for social media.

Nostr is another one that is more lightweight without the Merkel tree but is seeing some traction.

Its US dollars and you can transfer it to anyone that is capable of downloading a wallet app. If you want to spend at stores you can use any number of debit cards or just wait till visa integrates it which is coming soon [1]

I don't understand why you want to be so hostile towards it, it's literally the solution to this problem.

1: https://usa.visa.com/solutions/crypto/auto-payments-for-self...

Fees and Transaction speed definitely - with new upgrades coming out in the next year (EIP4844) L2s can handle thousands of transactions per second.

The UI is really up to the apps, the good thing is there are many teams working on payments so there will be plenty to choose from to find the UI you like, and people will be able to pay via the same wallet. Stripe already has USDC payments on crypto rails and Visa is working with Starknet to integrate with these L2s too.

All the L2s with their usage, security, speed and tradeoffs are at http://l2beat.com

You can get paid in USDC and can transfer that to and from your bank account as quick as banks will allow, or pay people directly with it.