'Elite North Korean hackers' blamed for $6.3B Binance hack
theguardian.com>Estimated total impact: ~$6.3B, with ~$3B frozen on-chain so far, in coordination with our blockchain partners
I always find it amusing to read this. Why would you even bother with a decentralized currency that can move freely across the globe when some centralized institutions can always interfere in the way legacy banks used to do with your money? Either they are misguiding you about the core value of their product or their ability to execute traditional interventions in cases of theft. You can't have the conveniences of both at the same time.
Exactly.
It's called the oracle problem. It's the Achilles heel of the whole idea.
And it's unsolvable. As soon as you want to trade some coin for something real, you need an oracle.
Wanna buy a flat in a world where (for argument's sake) even the ownership of that asset is tracked on a blockchain?
Let's say I come home from holidays and someone else lives there.
How do I then prove it's mine? Because it says so in some computer?
Someone has to believe that is true and let me enforce that ownership tie.
Those persons (a judge, the police, even if robots by then) are the oracle.
And a more common scenario than theft is btw legal ownership transfer.
What if I die somehow before giving the blockchain keys needed for that to someone?
How will my brother inherit the flat?
Oracle.
Stable coins are not Crypto, they are just built on top of crypto to avoid normal financial regulations.
Crypto bros sure are quick to inform law enforcement and centralized financial authorities if their self governance fails
Random thought: when NK collapses, I wonder if there will be a rush to seize the crypto wallets. I guess the CIA will be there first.
If they are not already there!
Their haul is over 20% of North Korea’s GDP.
Discussion: https://news.ycombinator.com/item?id=50296470
Trump's buddies are stealing from Americans too now?
Who would have thought
It takes a lot of derangement to see a story about North Korea hackers attacking a Chinese exchange and process it in terms of Donald Trump
Tbf it's hard to not immediately think of Trump when North Korea comes up with news like these:
https://www.bbc.com/news/articles/c4gj1vje8dxo
https://www.businessinsider.com/trump-offered-kim-jong-un-ri...
https://www.courthousenews.com/why-trump-fell-in-love-with-k...
You do realise Trump and Kim Jong Un are both helping prop-up Putin?
Right?