It's definitely embarrassing that people losing their shirts in crypto didn't see it coming. It's bad that people think a zero sum game is worth playing against incumbents. The marks aren't the worst part, though. Everyone promoting memecoins and utility-free cryptocurrency in general is either ignorant or just a bad person with a warped idea of success. Personal money accumulation is a sad goal compared to actual wealth creation. The parasites who push crypto on the hopeful proto-bag holders are destroying the prosperity that supports them.
Yeah on memecoins isn’t that just a loophole for running naked pyramid schemes? I.e. a pyramid where everyone knows it’s a pyramid.
Like the weird part about a pyramid is that depending on your risk tolerance it may actually make sense to participate in a pyramid even if everyone involved knows it’s a pyramid. So are that many people being scammed as in tricked (seems hard to believe), or is it just a risky form of gambling that is outlawed in legacy formats.
I've never purchased crypto or had any involvement but acquaintances I know have used that exact argument. They know it's a pyramid but believe they can get ahead because they were in early enough.
They are usually a lot more vague when I ask about their realized gains.
During the previous wave of crypto, there were all sorts of ambitious if doomed plans to do interesting things with blockchains. Even Bitcoin was originally supposed to be a means of exchange, not an "investment".
Now we don't even pretend that $DOGE/$TRUMP/whatever has any utility aside from speculation.
Bitcoin, ETH, and Monero all have utility in one way or another. Bitcoin is accepted by most black markets (and Monero is even better for privacy). And software is built on top of the ETH chain. No one is buying stuff using DOGE or Trump coin. There's a clear difference between memecoins and legitimate cryptocurrencies whether you like them or not.
A “musked” transaction consists of payload obfuscation and spoofing, more often than not malicious actors create a genuine looking UI with legit transaction details, while being malicious underneath.
It’s basically phishing at a transaction signing level.
I only found the term a few weeks ago and thought I was the one left out, sorry for not defining it earlier.
"Bybit CEO Ben Zhou wrote on X that a hacker "took control of the specific ETH cold wallet and transferred all the ETH in the cold wallet to this unidentified address."
From the article. Not that I endorse crypto, in fact I despise it. But at least per this statement, it seems to have been handled offline. How a hacker could get access to this is another story to unpack.
edit: I guess this is the story that "unpacks". One more reason to not believe in crypto.
By "online wallet" they were likely referring to the Bybit website being the wallet of those customers that held their coins there rather than keeping them in their own private wallets, and not whether the hack involved a hot wallet or a cold wallet. Calling it a custodial wallet would have been more accurate.
It's definitely embarrassing that people losing their shirts in crypto didn't see it coming. It's bad that people think a zero sum game is worth playing against incumbents. The marks aren't the worst part, though. Everyone promoting memecoins and utility-free cryptocurrency in general is either ignorant or just a bad person with a warped idea of success. Personal money accumulation is a sad goal compared to actual wealth creation. The parasites who push crypto on the hopeful proto-bag holders are destroying the prosperity that supports them.
Yeah on memecoins isn’t that just a loophole for running naked pyramid schemes? I.e. a pyramid where everyone knows it’s a pyramid.
Like the weird part about a pyramid is that depending on your risk tolerance it may actually make sense to participate in a pyramid even if everyone involved knows it’s a pyramid. So are that many people being scammed as in tricked (seems hard to believe), or is it just a risky form of gambling that is outlawed in legacy formats.
EDIT: Ponzi -> Pyramid
I've never purchased crypto or had any involvement but acquaintances I know have used that exact argument. They know it's a pyramid but believe they can get ahead because they were in early enough.
They are usually a lot more vague when I ask about their realized gains.
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> memecoins and utility-free cryptocurrency
As opposed to what?
During the previous wave of crypto, there were all sorts of ambitious if doomed plans to do interesting things with blockchains. Even Bitcoin was originally supposed to be a means of exchange, not an "investment".
Now we don't even pretend that $DOGE/$TRUMP/whatever has any utility aside from speculation.
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Bitcoin, ETH, and Monero all have utility in one way or another. Bitcoin is accepted by most black markets (and Monero is even better for privacy). And software is built on top of the ETH chain. No one is buying stuff using DOGE or Trump coin. There's a clear difference between memecoins and legitimate cryptocurrencies whether you like them or not.
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It was an offline multi-sig wallet. Hackers seem to have musked the transaction when the owners signed it as it looked good to them.
Wow it must have been really musked then, huh?
A “musked” transaction consists of payload obfuscation and spoofing, more often than not malicious actors create a genuine looking UI with legit transaction details, while being malicious underneath.
It’s basically phishing at a transaction signing level.
I only found the term a few weeks ago and thought I was the one left out, sorry for not defining it earlier.
It’s got an eerie ring to it though, right?
And only a few weeks ago the lawsuit started payout the 'early lump sum' repayment option for creditors.
"Bybit CEO Ben Zhou wrote on X that a hacker "took control of the specific ETH cold wallet and transferred all the ETH in the cold wallet to this unidentified address."
From the article. Not that I endorse crypto, in fact I despise it. But at least per this statement, it seems to have been handled offline. How a hacker could get access to this is another story to unpack.
edit: I guess this is the story that "unpacks". One more reason to not believe in crypto.
https://x.com/benbybit/status/1892963530422505586
By "online wallet" they were likely referring to the Bybit website being the wallet of those customers that held their coins there rather than keeping them in their own private wallets, and not whether the hack involved a hot wallet or a cold wallet. Calling it a custodial wallet would have been more accurate.