- Nov 26, 2011
- 123,529
- 54,868
- 2,290
I find it kind of ironic that those who distrust "fiat currency" have been led to bleev that crypto currency is a safer, more reliable monetary system.
Crypto prices have varied far, far more wildly than the dollar has. That alone should wake people up to the fact that crypto is nothing more than a speculative gambling casino.
But now we have several mind-blowing cases of hacks which have led to massive theft.
Here is the latest: Hackers stole nearly $650 million from the Axie Infinity NFT game
Hackers breached the Ronin network used for the Axie Infinity blockchain-based game, stealing more than $620 million in ether and $25.5 million in stablecoins.
Some more thoughts on this robbery: The Infinite Exploitation Of Cryptocurrency
In the meantime, the users are the losers. There is no FDIC to protect them, no government body to aggressively pursue the totally decentralized authority that fumbled their life savings into the literal and figurative ether. There is nobody for them to sue, no criminal prosecution to pursue, and no path to compensation. The Ronin Network, despite both holding and transacting with people’s “currency,” has no banking charter nor legal responsibility to act as one.
Hell, there clearly isn’t even someone watching the damn thing to make sure nobody walked off with $600 million dollars, because it took Sky Mavis six days to notice.
Crypto prices have varied far, far more wildly than the dollar has. That alone should wake people up to the fact that crypto is nothing more than a speculative gambling casino.
But now we have several mind-blowing cases of hacks which have led to massive theft.
Here is the latest: Hackers stole nearly $650 million from the Axie Infinity NFT game
Hackers breached the Ronin network used for the Axie Infinity blockchain-based game, stealing more than $620 million in ether and $25.5 million in stablecoins.
Some more thoughts on this robbery: The Infinite Exploitation Of Cryptocurrency
In the meantime, the users are the losers. There is no FDIC to protect them, no government body to aggressively pursue the totally decentralized authority that fumbled their life savings into the literal and figurative ether. There is nobody for them to sue, no criminal prosecution to pursue, and no path to compensation. The Ronin Network, despite both holding and transacting with people’s “currency,” has no banking charter nor legal responsibility to act as one.
Hell, there clearly isn’t even someone watching the damn thing to make sure nobody walked off with $600 million dollars, because it took Sky Mavis six days to notice.
