This thread has a conspicuous absence of crypto apologists. Where have they gone?
They're all checking their wallets and assets to make sure they haven't been cleaned out?
This is just one of several massive crypto theft events over the last couple of years. These people are dealing with hundreds of millions or billions of dollars and seem clueless on how to run a large financial entity and keep it secure. Some of the most competent companies in the world with massive resources struggle to maintain security integrity. Do these people have a clue or are too busying "HODL" their "diamond hands" to their crypto and stocks.
Not really.
This is what happens when you hold all your money in custodial wallets. Ronin is non custodial, but they didn't hack the wallets themselves.
The issue wasn't about people having their personal wallets cleaned out, mostly Ronin was hacked to move funds that were transferred in as deposits to buy axies, so generally, you'd imagine people would have noticed immediately when funds didn't show up within the account after funding right away.
But it seems as though the "treasury" on Sky Mavis' end was also hacked, so that's their money, mostly profits or operating costs. Sky Mavis doesn't pay out to players, players pay out to players, sky mavis is just an intermediary.
These kind of transactions are very wild-westlike.
It's almost like a bank robbery happening every 6 months, where someone finds a flaw to exploit. Unfortunately this is all part of the process in new technologies. It never pays to be an early adopter... we know this already. Nobody should be playing these games as a livelihood, at best they should play them for fun and if they earn something on the side, congrats.
I was joking about the wallet checking, but not about the number of breaches and compromises over the last few years.
There is a complete fork of Ethereum because the entire blockchain was compromised. So, it doesn't even have to be a central wallet authority that gets breached. Them being new with new tech isn't a valid excuse. If anything, it's a good reason to heavily scrutinize and hold these people and groups accountable.
I can't believe, or rather I'm not surprised, that crypto fans are making excuses for and shrugging this off as just another day of doing business in the financial wild west. At least there is some satisfaction in seeing people that push or participate in these scams got burned for $600M.
It's kind of an interesting argument.
First of all the "value" of the assets stolen are particularly of note, since most people who don't believe in crypto, believe that crypto currencies don't hold value.
And that is really the head of this issue, because only 26M USDC was stolen, which actually does have a value of 26 million dollars, in physical assets attached to them.
But the ethereum, where the majority of the value lies in this theft, is extremely speculative and volatile. What people are saying, when they say ethereum is stolen, is "this amount of ethereum that pertains to the market value today".
So while the value may be at the time of it being stolen, 600 million, the actual cost, which was the majority of sky mavis's money, was probably a fraction of that.
It's still funny to see people consider these games "scams" simply because bad actors can take advantage of others.
Play a play to earn game, lose money from someone phishing - shouldn't have played a play to earn game, it's a scam.
Own a car, car gets stolen - shouldn't have owned a car.
Carry money in your wallet, get pickpocketed, shoudln't have carried a wallet.
Remember kids, crypto is more secure than your bank.
It very much depends on the way of custody. If you hold your crypto in a self-hosted wallet where you do not rely on a 3rd party then it is very secure. More so then your cash in a bank which has the power to restrict you from transacting with your money.
In this case, the people relied on a 3rd party which poses an obvious security risk.
What you wrote could be misleading to those who do not understand the details.
This is just as misleading. Outside of a subpoena or regulatory order, when is a bank ever going to restrict you from making transactions? You mean a clearing period for an official check or an unverified ACH? As long as you aren't doing anything illegal, you can transact freely.
This thread has a conspicuous absence of crypto apologists. Where have they gone?
They're all checking their wallets and assets to make sure they haven't been cleaned out?
This is just one of several massive crypto theft events over the last couple of years. These people are dealing with hundreds of millions or billions of dollars and seem clueless on how to run a large financial entity and keep it secure. Some of the most competent companies in the world with massive resources struggle to maintain security integrity. Do these people have a clue or are too busying "HODL" their "diamond hands" to their crypto and stocks.
Not really.
This is what happens when you hold all your money in custodial wallets. Ronin is non custodial, but they didn't hack the wallets themselves.
The issue wasn't about people having their personal wallets cleaned out, mostly Ronin was hacked to move funds that were transferred in as deposits to buy axies, so generally, you'd imagine people would have noticed immediately when funds didn't show up within the account after funding right away.
But it seems as though the "treasury" on Sky Mavis' end was also hacked, so that's their money, mostly profits or operating costs. Sky Mavis doesn't pay out to players, players pay out to players, sky mavis is just an intermediary.
These kind of transactions are very wild-westlike.
It's almost like a bank robbery happening every 6 months, where someone finds a flaw to exploit. Unfortunately this is all part of the process in new technologies. It never pays to be an early adopter... we know this already. Nobody should be playing these games as a livelihood, at best they should play them for fun and if they earn something on the side, congrats.
I was joking about the wallet checking, but not about the number of breaches and compromises over the last few years.
There is a complete fork of Ethereum because the entire blockchain was compromised. So, it doesn't even have to be a central wallet authority that gets breached. Them being new with new tech isn't a valid excuse. If anything, it's a good reason to heavily scrutinize and hold these people and groups accountable.
I can't believe, or rather I'm not surprised, that crypto fans are making excuses for and shrugging this off as just another day of doing business in the financial wild west. At least there is some satisfaction in seeing people that push or participate in these scams got burned for $600M.
It's kind of an interesting argument.
First of all the "value" of the assets stolen are particularly of note, since most people who don't believe in crypto, believe that crypto currencies don't hold value.
And that is really the head of this issue, because only 26M USDC was stolen, which actually does have a value of 26 million dollars, in physical assets attached to them.
But the ethereum, where the majority of the value lies in this theft, is extremely speculative and volatile. What people are saying, when they say ethereum is stolen, is "this amount of ethereum that pertains to the market value today".
So while the value may be at the time of it being stolen, 600 million, the actual cost, which was the majority of sky mavis's money, was probably a fraction of that.
It's still funny to see people consider these games "scams" simply because bad actors can take advantage of others.
Play a play to earn game, lose money from someone phishing - shouldn't have played a play to earn game, it's a scam.
Own a car, car gets stolen - shouldn't have owned a car.
Carry money in your wallet, get pickpocketed, shoudln't have carried a wallet.
In every endeavor, know your risks.
In more mature industries I think consumers know fairly well how to mitigate their risks.
Car gets stolen, file auto insurance claim.
Wallet gets stolen, call card companies to stop fraud, don't carry more cash than willing to lose.
But with crypto I think it's a combination of consumers not being educated well enough on a fairly complex subject to take proper precautions.
Cash stolen from bank account, if FDIC insured you'll get it all back. Stolen from a crypto wallet, who can say?
One day not too long ago my daughter excitedly told me how she invested $50 in some junk crypto and it went up to $75 in a few days. Her fiance was so excited he wanted to put in $3K to see what would happen.
I asked her where her wallet was and if her pass phrase (whatever it's called) was secure.
She said, "What's a wallet?"
I asked her to please not put any more money into it until she could answer my question.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
This thread has a conspicuous absence of crypto apologists. Where have they gone?
This community is openly hostile to those concepts. Even this post is. BCBully was explicitly told by posters (plural) that his threads and posts were not welcome here, and got repeatedly banned.
Why would someone who is in favor of crypto bother posting here, regardless of whether they are right or not? I am amazed with mr Weasel's endurance, and am grateful for that matter to still be getting an educated opinion from the other side.
BCBully is not the only one although at least he confined hist crypto comments to gaming which kind of fits the site we're on. He's a good guy and prior to his development of a blockchain gaming obsession I routinely agreed with his take on gaming especially when the discussion was about PvP. I've know him and liked him for nearly a decade on these boards. I only mention that in passing since you invoked his name although I don't think he frequents these boards any more since he ws last banned and unbanned.
There are others here though that go well beyond that into crypto currency speculation discussions and dismiss any and all criticism of it whether in gaming or in general as just a product of our collective ignorance. Those are the apologists who can never let a crypto thread pass them by without doing a drive by to call us al ignorant I was referring to.
And in the spirit of education there's a pretty good documentary I just watched on Netflix earlier tonight - not sure if it's only on Netflix Canada since it deals with a notorious defunct Canadian crypto exchange, QuadrigaCX and the two scammers who founded it and very easily used crypto to defraud many of ~ $250 mil.
Not that scammers haven't been doing this with regular cash for centuries and that doesn't make cash a bad thing just like doing it with crypto doesn't make it a bad thing ether - that's not my point nor the point of the documentary. But crypto is certainly not this uber secure currency where it's all rainbows and ponies like the more evangelical crypto apologists like to portray it.
"Social media gives legions of idiots the right to speak when they once only spoke at a bar after a glass of wine, without harming the community ... but now they have the same right to speak as a Nobel Prize winner. It's the invasion of the idiots”
― Umberto Eco
“Microtransactions? In a single player role-playing game? Are you nuts?” ― CD PROJEKT RED
Was talking with a friend at Bible study last night who previously shared his interest in cryptocurrency with me.
I was going to tell him about this story and the importance of securing his wallet.
No sooner did I lead with "heard a story about crypto today" he interrupted saying "I got hacked." (Not in a game I don't think)
He didn't share many details but seems like he did share custody of his wallet in some less secure fashion.
Which was my earlier point, seems quite easy for people new to the scene to make mistakes out of ignorance (or greed) which end up costing them money.
He's undeterred though, working on creating his own collection of unique NFTs along the lines of the Bored Ape Yacht club, hoping to hit the jackpot one day.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
They say the are 'fully committed' to reimbursing their players. I have to call bs on that. How they hell are they going to do that? Look if you say this is worth like this amount of US $ there is no way they can eat that loss. If you say oh that is all made up and they can actually make that back then how can it have that value.
One thing is for sure if companies intend to go this route they had better beef up their security because hacking into these games is going to net a nice nest egg for some hacker or group of hackers. Pity I'm so old and incapable of learning new things or else I might be their next victim.
He's undeterred though, working on creating his own collection of unique NFTs along the lines of the Bored Ape Yacht club, hoping to hit the jackpot one day.
My kid is doing the same thing. I don't say much.
Well, it's the one and only way to get rich via NFTs: make some NFT collection, get a bunch of dumb people to buy in, then immediately take their money and run.
Because everything is unregulated and decentralized you can steal millions of real money with no consequences.
Seriously, look at what happened with the NFT "game" Pixelmon.
I personally have no issue with people advocating for games they like, even ones like this Axie Infinity or other Crypto stuff. They just have to understand that folks will disagree with them on some points.
That ultimately is the whole reason for sites like this one to exist. We NEED people to disagree.
At the end of the day we usually see who "won" the argument because the game must release, or the feature must be implemented, or... the Crypto Game proves not so safe...
Point... Counterpoint... That is how things should go.
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
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Proudly wearing the Harbinger badge since Dec 23, 2017.
Coined the phrase "Role-Playing a Development Team" January 2018
"Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018
This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Remember kids, crypto is more secure than your bank.
It very much depends on the way of custody. If you hold your crypto in a self-hosted wallet where you do not rely on a 3rd party then it is very secure. More so then your cash in a bank which has the power to restrict you from transacting with your money.
In this case, the people relied on a 3rd party which poses an obvious security risk.
What you wrote could be misleading to those who do not understand the details.
This is just as misleading. Outside of a subpoena or regulatory order, when is a bank ever going to restrict you from making transactions? You mean a clearing period for an official check or an unverified ACH? As long as you aren't doing anything illegal, you can transact freely.
For instance, when you receive an unusually high amount of money in your bank account (i.e. significantly exceeding the regular traffic in your account), it is quite likely that the bank will freeze the money until you provide them with a proof of where the money came from.
For instance, when I withdrew my proceedings from sales of crypto in 2017, the bank froze it until I provided them with evidence regarding the source of money I used to purchase that crypto.
Often, the banks have thresholds above which they will always require a proof regarding source of money when it arrives in your account from a crypto exchange (e.g. my bank has this threshold at 15k EUR).
This is due to AML regulation.
I will let others judge if this makes my statement misleading or not.
Banks don't hold your money because they want to, government regulators require it in order to stop criminal behaviors which most I believe support.
Right now the US government is working with the banks to bring Crypto under closer scrutiny and oversight.
So any advantage Crypto may have today probably isn't going to last.
I do not advocate money laundering or illegal transactions. I am all for oversight and scrutiny. However, the fact that no one can in any way restrict you from legally transferring your lawfully obtained assets is a feature of crypto that no oversight or scrutiny takes away. It is or at least should be one of your basic rights.
There is no technical difference between lawfully and unlawfully obtained cryptocurrency: Either there is someone with power to take your cryptocurrency away from you, or there is no-one with power to take illegally obtained cryptocurrency from criminals.
Any tech that enforces your so-called basic right to the cryptocurrency you have always give criminals equal basic right to any illegally obtained cryptocurrency they might have.
They say the are 'fully committed' to reimbursing their players. I have to call bs on that. How they hell are they going to do that? Look if you say this is worth like this amount of US $ there is no way they can eat that loss. If you say oh that is all made up and they can actually make that back then how can it have that value.
One thing is for sure if companies intend to go this route they had better beef up their security because hacking into these games is going to net a nice nest egg for some hacker or group of hackers. Pity I'm so old and incapable of learning new things or else I might be their next victim.
Well, what you have to consider is that the amount that players lost is much, much less than the amount that Sky Mavis lost. So less than 10 percent would be what they need to reimburse. The rest of the funds were in ethereum, so that wasn't really liquid as a payout, and wasn't necessarily the exact monetary value that was lost.
You also have to take into consideration that what was lost, were deposits, and they can probably provide compensation in ways that are agreeable to the player base, depending on how players agree to be reimbursed.
If you deposited money, it's likely to buy something. It could be AXL of SLP, which Sky Mavis could shell out for nothing. If it was deposits to buy Axies, they'd have to reimburse the USDC, which could potentially be millions, but if you consider last year axie had over 1 billion in revenue, it's highly likely they have plenty of capital for reimbursement of 30 million or more.
Plus other hacks of a similar nature usually pay out over time. So if revenue continues, everyone may be paid back within a year. Maybe more. I guess only time will tell.
This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
It's very difficult to hack a hardware wallet, but no it's not unheard of. In fact, some people want their wallets to be hacked because some people hold millions in their wallets and then forget their passphrase of pin.
It's like those super secure companies that use a lockout and wipe protocol on cell phones if you put in the wrong passcode or fail the biometrics too many times. Hardware wallets can be similar, if it detects someone is trying to hack the pin or passphrase it can wipe the drive and the data on it making it unrecoverable.
But the type of hack to the hardware wallets that was linked earlier in this thread is extremely difficult to do, and it was only a vulnerability in an older wallet version that is no longer in use.
Cold storage is both the safest, and also the most unsafe your crypto currency can be. It's safe if you know what you're doing and you keep good records and care of your wallet. Unsafe if you lose things easily, and really in those cases, you're way more of a liability than someone trying to hack your wallet or steal your pin.
This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
It's very difficult to hack a hardware wallet, but no it's not unheard of. In fact, some people want their wallets to be hacked because some people hold millions in their wallets and then forget their passphrase of pin.
It's like those super secure companies that use a lockout and wipe protocol on cell phones if you put in the wrong passcode or fail the biometrics too many times. Hardware wallets can be similar, if it detects someone is trying to hack the pin or passphrase it can wipe the drive and the data on it making it unrecoverable.
But the type of hack to the hardware wallets that was linked earlier in this thread is extremely difficult to do, and it was only a vulnerability in an older wallet version that is no longer in use.
Cold storage is both the safest, and also the most unsafe your crypto currency can be. It's safe if you know what you're doing and you keep good records and care of your wallet. Unsafe if you lose things easily, and really in those cases, you're way more of a liability than someone trying to hack your wallet or steal your pin.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
They say the are 'fully committed' to reimbursing their players. I have to call bs on that. How they hell are they going to do that? Look if you say this is worth like this amount of US $ there is no way they can eat that loss. If you say oh that is all made up and they can actually make that back then how can it have that value.
One thing is for sure if companies intend to go this route they had better beef up their security because hacking into these games is going to net a nice nest egg for some hacker or group of hackers. Pity I'm so old and incapable of learning new things or else I might [at this point, I assumed you were going to finish with "join them in fleecing these morons"] or be their next victim.
I want a mmorpg where people have gone through misery, have gone through school stuff and actually have had sex even. -sagil
These topics are much more complex than I can adequately cover in a gaming forum post. Also, nobody here is interested in facts and learning something about crypto. No, someone somewhere was hacked which was connected to crypto, so crypto is bad and I am happy. Its like a suitcase of money being stolen somewhere and people posting...huh you still feel your money is safe in your bank account? Thats literally how most of the posts in this thread sound.
100% this.
The guy that said self-hosted crypto wallet transactions are bad due to being unregulated seems to have never heard of physical cash or the fact that you can follow the crypto on the blockchain. That's how Silk Road got shutdown. There is a lot of anger, bias, and venting of hatred here.
This is false. I said they are going to be regulated, and you can easily find legislative action already on the very matter and why.
It has nothing to do with the dangers of physical cash. If you're comparing crypto to that reference security, you've already lost the argument about security.
This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
It's very difficult to hack a hardware wallet, but no it's not unheard of. In fact, some people want their wallets to be hacked because some people hold millions in their wallets and then forget their passphrase of pin.
It's like those super secure companies that use a lockout and wipe protocol on cell phones if you put in the wrong passcode or fail the biometrics too many times. Hardware wallets can be similar, if it detects someone is trying to hack the pin or passphrase it can wipe the drive and the data on it making it unrecoverable.
But the type of hack to the hardware wallets that was linked earlier in this thread is extremely difficult to do, and it was only a vulnerability in an older wallet version that is no longer in use.
Cold storage is both the safest, and also the most unsafe your crypto currency can be. It's safe if you know what you're doing and you keep good records and care of your wallet. Unsafe if you lose things easily, and really in those cases, you're way more of a liability than someone trying to hack your wallet or steal your pin.
You are one of few people here I've seen with any real experience or knowledge on crypto. When @maskedweasel chimes in on any discussion regarding cryptocurrencies its worth listening to him.
Agree, the amount of patience he has explaining entry level stuff is amazing. I just gave up, especially when articulated stuff constantly gets countered with blanket statements like ‘ponzi scheme.’ It is infuriating. Like I said some time ago, when people know the difference between DAI and USDT, between ATOM and LINK and between ETH and SOL, that is when we can have some meaningful indepth conversations. Right now it is like talking about the technology in a Tesla car and not getting any further then ‘pfffft, the wheels are still round.’ In all fairness, I have too little patience to preach any of this stuff, I am not here to convince anyone.
/Cheers, Lahnmir
'the only way he could nail it any better is if he used a cross.'
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
It's very difficult to hack a hardware wallet, but no it's not unheard of. In fact, some people want their wallets to be hacked because some people hold millions in their wallets and then forget their passphrase of pin.
It's like those super secure companies that use a lockout and wipe protocol on cell phones if you put in the wrong passcode or fail the biometrics too many times. Hardware wallets can be similar, if it detects someone is trying to hack the pin or passphrase it can wipe the drive and the data on it making it unrecoverable.
But the type of hack to the hardware wallets that was linked earlier in this thread is extremely difficult to do, and it was only a vulnerability in an older wallet version that is no longer in use.
Cold storage is both the safest, and also the most unsafe your crypto currency can be. It's safe if you know what you're doing and you keep good records and care of your wallet. Unsafe if you lose things easily, and really in those cases, you're way more of a liability than someone trying to hack your wallet or steal your pin.
Cold storage? Gaaah...
What if crypto is just a scheme for people to lose wallets and funnel both wealth and currency from the middle class?
Comments
First of all the "value" of the assets stolen are particularly of note, since most people who don't believe in crypto, believe that crypto currencies don't hold value.
And that is really the head of this issue, because only 26M USDC was stolen, which actually does have a value of 26 million dollars, in physical assets attached to them.
But the ethereum, where the majority of the value lies in this theft, is extremely speculative and volatile. What people are saying, when they say ethereum is stolen, is "this amount of ethereum that pertains to the market value today".
So while the value may be at the time of it being stolen, 600 million, the actual cost, which was the majority of sky mavis's money, was probably a fraction of that.
It's still funny to see people consider these games "scams" simply because bad actors can take advantage of others.
Play a play to earn game, lose money from someone phishing - shouldn't have played a play to earn game, it's a scam.
Own a car, car gets stolen - shouldn't have owned a car.
Carry money in your wallet, get pickpocketed, shoudln't have carried a wallet.
In every endeavor, know your risks.
Car gets stolen, file auto insurance claim.
Wallet gets stolen, call card companies to stop fraud, don't carry more cash than willing to lose.
But with crypto I think it's a combination of consumers not being educated well enough on a fairly complex subject to take proper precautions.
Cash stolen from bank account, if FDIC insured you'll get it all back. Stolen from a crypto wallet, who can say?
One day not too long ago my daughter excitedly told me how she invested $50 in some junk crypto and it went up to $75 in a few days. Her fiance was so excited he wanted to put in $3K to see what would happen.
I asked her where her wallet was and if her pass phrase (whatever it's called) was secure.
She said, "What's a wallet?"
I asked her to please not put any more money into it until she could answer my question.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
I want a mmorpg where people have gone through misery, have gone through school stuff and actually have had sex even. -sagil
Top people are investigating.
Do not worry.
All is well.
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator
Proudly wearing the Harbinger badge since Dec 23, 2017.
Coined the phrase "Role-Playing a Development Team" January 2018
"Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018
There are others here though that go well beyond that into crypto currency speculation discussions and dismiss any and all criticism of it whether in gaming or in general as just a product of our collective ignorance. Those are the apologists who can never let a crypto thread pass them by without doing a drive by to call us al ignorant I was referring to.
And in the spirit of education there's a pretty good documentary I just watched on Netflix earlier tonight - not sure if it's only on Netflix Canada since it deals with a notorious defunct Canadian crypto exchange, QuadrigaCX and the two scammers who founded it and very easily used crypto to defraud many of ~ $250 mil.
Not that scammers haven't been doing this with regular cash for centuries and that doesn't make cash a bad thing just like doing it with crypto doesn't make it a bad thing ether - that's not my point nor the point of the documentary. But crypto is certainly not this uber secure currency where it's all rainbows and ponies like the more evangelical crypto apologists like to portray it.
“Microtransactions? In a single player role-playing game? Are you nuts?”
― CD PROJEKT RED
I was going to tell him about this story and the importance of securing his wallet.
No sooner did I lead with "heard a story about crypto today" he interrupted saying "I got hacked." (Not in a game I don't think)
He didn't share many details but seems like he did share custody of his wallet in some less secure fashion.
Which was my earlier point, seems quite easy for people new to the scene to make mistakes out of ignorance (or greed) which end up costing them money.
He's undeterred though, working on creating his own collection of unique NFTs along the lines of the Bored Ape Yacht club, hoping to hit the jackpot one day.
Said I'd pray for him and his new venture.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
One thing is for sure if companies intend to go this route they had better beef up their security because hacking into these games is going to net a nice nest egg for some hacker or group of hackers. Pity I'm so old and incapable of learning new things or else I might be their next victim.
That ultimately is the whole reason for sites like this one to exist. We NEED people to disagree.
At the end of the day we usually see who "won" the argument because the game must release, or the feature must be implemented, or... the Crypto Game proves not so safe...
Point... Counterpoint... That is how things should go.
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator
Proudly wearing the Harbinger badge since Dec 23, 2017.
Coined the phrase "Role-Playing a Development Team" January 2018
"Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Any tech that enforces your so-called basic right to the cryptocurrency you have always give criminals equal basic right to any illegally obtained cryptocurrency they might have.
You also have to take into consideration that what was lost, were deposits, and they can probably provide compensation in ways that are agreeable to the player base, depending on how players agree to be reimbursed.
If you deposited money, it's likely to buy something. It could be AXL of SLP, which Sky Mavis could shell out for nothing. If it was deposits to buy Axies, they'd have to reimburse the USDC, which could potentially be millions, but if you consider last year axie had over 1 billion in revenue, it's highly likely they have plenty of capital for reimbursement of 30 million or more.
Plus other hacks of a similar nature usually pay out over time. So if revenue continues, everyone may be paid back within a year. Maybe more. I guess only time will tell.
It's like those super secure companies that use a lockout and wipe protocol on cell phones if you put in the wrong passcode or fail the biometrics too many times. Hardware wallets can be similar, if it detects someone is trying to hack the pin or passphrase it can wipe the drive and the data on it making it unrecoverable.
https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html
But the type of hack to the hardware wallets that was linked earlier in this thread is extremely difficult to do, and it was only a vulnerability in an older wallet version that is no longer in use.
Cold storage is both the safest, and also the most unsafe your crypto currency can be. It's safe if you know what you're doing and you keep good records and care of your wallet. Unsafe if you lose things easily, and really in those cases, you're way more of a liability than someone trying to hack your wallet or steal your pin.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
I want a mmorpg where people have gone through misery, have gone through school stuff and actually have had sex even. -sagil
It has nothing to do with the dangers of physical cash. If you're comparing crypto to that reference security, you've already lost the argument about security.
/Cheers,
Lahnmir
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
What if it was a Ponzi- oh right...