Comment on Monero Project admits thieves stole 6-figure sum from a wallet in mystery breach
kartonrealista@lemmy.world 7 months agoYou have to be quite stupid to support crypto in 2023, after Luna, Ftx, NFTs, all the rugpulls and explicit pump and dumps, you morons just keep coming back for more. That last paragraph is pure comedy gold - you’re so close to self-awareness it hilarious.
In the first sentence reiterated insults, in the second just saying it's a scam, and in the third repeating that it's a scam and (absurdly) denying there's a use case.
I'm not even going to read anymore, I'm interested in the arguments against crypto, but to see an asshole ranting bullshit.
In the first sentence reiterated insults
Nope. Just pointing out how the feature Monero boasts about (transaction obfuscation) made it a great pick for the conversion target for the ransom bitcoins obtained from the WannaCry cyber attack.
I do agree most cryptocurrencies are scammy, or traded speculatively. It’s a free country, so one can do whatever they want to with their own money, but I personally think they’re like greedy gamblers.
I’m a Monero user, not a trader, not an investor. I have Monero because I use it. I support it because I’m a privacy advocate. I’ve never even once used a CEX, totally unrelated to investment. Your points may be valid for those investor people, though.
You’re partially correct with some of these points.
Theatge amount of energy you mention is really only relevant to proof of work. You’ve mentioned proof of stake etc - so you should know that. The energy requirements for “proof” techniques such as PoS is negligible
Reversing transactions are ‘hard’/infesable - and so in a way they do help scammers - but I think it’s a false equivalence. It helps everyone. In my mind it’s like says “encryption helps terrorists”, that may be true, but it helps us all.
Regarding on chain transaction transparency, there are some chains that are like this (bitcoin), and there are some chains that are not (monero). There’s also ways to anonymise transactions through mixers etc if you do care about that. Although, I don’t know of anyone that gets their salary into their crypto wallet.
Overall, regulation is slow! But it’s getting there. I don’t think crpyto will solve all of.humans problems, but I might just help with some. It’s going to be interesting seeing how it all plays out - people thought it was going to be here and gone in a year, but it’s been over a decade now.
Theatge amount of energy you mention is really only relevant to proof of work. You’ve mentioned proof of stake etc - so you should know that. The energy requirements for “proof” techniques such as PoS is negligible
It can’t compete with payment processors. Proof of stake is also basically just oligarchy, while proof of storage is a waste of hardware. All of them center their validation process on big money investors, who either have a lot of hardware or a lot of money to stake.
Although, I don’t know of anyone that gets their salary into their crypto wallet.
So it would be useless for things normal money is useful for? Where’s the revolution in banking that I heard about? Banking the unbanked?
Regarding on chain transaction transparency, there are some chains that are like this (bitcoin), and there are some chains that are not (monero).
Here you provided users privacy at the cost of making criminals completely untraceable. Bravo.
How about a bank account, where people who know you won’t know your transaction history but police can catch people participating in organized crime?
I don’t think crpyto will solve all of.humans problems, but I might just help with some
Which ones? I have not heard of one use case, only excuses from you guys.
TradFi has a few wealthy individuals that control banking
You say PoS is an oligarchy, but it still offers anyone to participate in markets they previously were unable to. For example, providing liquidity and getting a cut of transaction fees - this is something TradFi has a monopoly on, but now everyday people can get a cut. You’re right that people with more money will have a bigger cut - but it’s still more equal than TradFi
virtualbriefcase@lemm.ee 7 months ago
If you’re going to use Luna, FTX, and NFTs as arguments about something like Monero, and I don’t want this to sound to mean (hard to convey tone through text), but you probably don’t really understand any of them.
I have been both a long time supporter of crypto and the ideas behind it, and I was quick to make fun of the NFTs and have always warned against both keeping large sums money in exchanges and warning against trusting stable coins. I certainly can’t garuntee crypto’s future, but your argument sounds a lot like somebody saying “a trading card site and two unlicensed online banks went broke so you’re stupid for buying Cisco stock” right after the dot com crash.
I reccomend looking into it just a bit more. Even if it’s just to be a better anti-crypto advocate.
kartonrealista@lemmy.world 7 months ago
Ah yes, Monero, from the WannaCry incident, the premier currency for criminals. Also I’ve made a detailed list of points and most of them (except 1, which is about stablecoins and 5, which only half-applies) apply to Monero. It’s still proof of work, so it wastes energy, it still destroys consumer protections, is perfect for scams and makes it even harder for authorities to pursue criminals. And it is still a bigger fool scam, despite being useful for criminals.
Ftx was one of the largest exchanges for the whole of the crypto market. This is like Goldman Sachs, Wells Fargo and Deutsche Bank all going bankrupt and their execs sentenced to prison at the same time.
deafboy@lemmy.world 7 months ago
Proof of work does not waste energy. It burns exactly how much it needs to.
520@kbin.social 7 months ago
Tell me you don't understand what you're talking about without saying you don't understand what you're talking about.
To go through each of your points:
There are plenty of stable coins that are stable, such as USDC. Many of them exist for a multitude of different purposes.
Non stable coins also can have different uses. Reddit, for example, had its own coin for a while.
While it is true that laws around crypto are nowhere near as mature, as they are very new, crypto offers its own consumer protection advantages over fiat. For example, as an attacker it's a metric fuck ton harder to get into a crypto wallet than it is to get into a bank account.
What makes you think first currencies aren't controlled in the same way?
Pick one. Both cannot be true at the same time. While it is true most crypto uses a publicly available ledger, you can only start tracing purchases when you know the identities of the ones holding the accounts. This is muuuuch easier said than done, especially given how easy it is to simply make new accounts with zero identifying info attached to them.
If you're the kind to fall for these scams, you're fucked regardless if you used fiat or crypto. Banks will not refund you over payments you yourself sent.
kartonrealista@lemmy.world 7 months ago
For now. All the stable coins that failed were stable until they weren’t. What incentive is there to actually providing that kinda service, if you won’t make money with it?
NFTs. SAY THEIR NAME
And remember what a resounding success Wolf Game was? As a hobbyst programmer I can tell you there isn’t an idea dumber that putting code into something immutable, that you have to destroy, create anew, rename the new thing you made to the old one, while paying for each step of the process, just so that you can fix a bug is a terrible idea.
It’s pretty natural that what ended up being contained in those smart contracts was links to jpegs - it’s much harder to mess that up than an actual interactive program.
I have too many people hammering me with comments to respond to all your points. I spend like an hour writing responses to you goobers, unless I see something really stupid I’m not responding any further.
So a quick round: 3&6 social engineering is far more common than simply hacking your account. So no, it’s the opposite. Also, 6- completely false, why do you think they avoid using bank accounts?
5- I gave you an example where someone would know your identity - if you’re using it in a non-anonymous context, like getting paid. It could also be the case when buying something, with your name/delivery address. Unless you go off chain, there is no point of setting up new accounts, as transactions can be traced and connected to the intermediate accounts.
4- Financial policy is decided by elected representatives. Corruption is an issue, but in crypto it’s built-in.
virtualbriefcase@lemm.ee 7 months ago
My point on the comparison wasn’t that that they’re 1:1, but more so when a market does crazy stuff in a speculative frenzy there’s things that potentially have legitimate value and things that don’t. Comparing one to the other isn’t really a a good way to debate the value or lack of.
As for unlicensed banks, yeah probably an imperfect comparison, but not entirely irrelevant IMO. Something like Coinbase (that does have licenses BTW) is probably a lot less likely to go bust than some shady exchange based in the Bahamas. Now, as a counter point they probably had the appropriate licenses for their US based front, but then just funneled that elsewhere right.
And sure, they were one of the biggest, but back to my original point: in a crazy speculative bubble the scams and legitimate projects all have to be evaluated individually.
Speaking of banks though, its kinda hilarious you brought up Goldman Sachs, Wells Fargo and Deutsche Bank. Last I checked two of the three were kinda involved in a pretty thing known as the 2008 financial crises and would have collapsed had they not been bailed out. Their executives aren’t in prison, but many people believed they should be.
Finally criminal useage is valid criticism, but Monero is not the first thing to be used to transfer illicit funds. Cartels, hitmen, and people who kidnap children for ransom all seem to like cash (well, that and the banks, some of which have a horrendously bad record of transferring illicit funds). If you were to convince me that Monero is making the world a way worse off place then maybe you’d change myind, but right now as it stands it appears a small percentage of criminals find Monero slightly easier than cash and are using it because it’s the path of least resistance. Last I checked, the drug trade, computer hacking, and any other active criminal enterprise existed before the use of Monero.
kartonrealista@lemmy.world 7 months ago
My point is there isn’t any other usage to it. People won’t use Monero for buying their groceries or online shopping, but its nature lends itself to being used to commit crimes. Cash at the very least has serial numbers - you could possibly track that.
The reasons why it isn’t suitable to be used as a currency are exactly what I listed, and you failed to interrogate: volatility, lack of consumer protections, anonymity for wrongdoers, extremely high transaction fees and energy usage, consensus protocols favoring big money and the inability to perform even a basic rollback without splitting the entire economy of your chain in twain. It is especially unsuitable for e-commerce, since you could just have someone send you someMy point is there isn’t any other usage to it. People won’t use Monero for buying their groceries or online shopping, but its nature lends itself to being used to commit crimes.
With e-commerce, you could have someone send you some coins and then not deliver the product. What are they gonna do, get a non-existent chargeback?
HardenedSteel@monero.town 7 months ago
You don’t have to repeat hundred times Monero is used by criminals, and many of us glad for Monero used by criminals.
Before explaining to me “why criminals are bad!!!”: Criminality ≠ morality
EngineerGaming@feddit.nl 7 months ago
The very same things that allow these things can allow the people in power to spy on all your digital transactions, as well as deny service to people they don’t like (which they would more eagerly do to opposition rather than real scammers).