Re:In second largest DeFi hack, Blockchain Bridge loses $320...
by RC_ITR on Wednesday February 02, 2022 @11:16PM
(#30188587)
The crazy part about crypto is somehow it looked for all the weird economic inefficiencies that don’t really make sense (Gold is valuable beyond its utility, buying art is buying the object not the image, etc) and turned those into the feature of the project.
Re:In second largest DeFi hack, Blockchain Bridge loses $320...
by astrange on Wednesday February 02, 2022 @11:28PM
(#30188680)
Seems like it's half misconceptions (like Austrian hard money economics) and half regulatory arbitrage. There's no reason crypto things shouldn't be as regulated as traditional banking and securities, they just aren't because they don't stop to ask the SEC what to do first.
I wonder why BTC isn't taxed at the collectible rate (higher than ordinary income) like actual gold investment though.
…no it's not, where's the contract that says someone gets "the rights" when you transfer an NFT? What if you split the rights up and sell Sony Pictures the movie rights to your ape then sell someone else the NFT?
Even actual NFT ownership isn't respected when it's a hack, it turns out. OpenSea blacklists it and the rest of the ape picture community doesn't start treating the hacker like they own it, even though the data says they can now set a hexagonal Twitter avatar.