FTX US’s wallets appear to be hacked, $600M leaving the exchange

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by blueblisters on Saturday November 12, 2022 @02:34AM (#33570950)

What foogazi was perhaps suggesting is that no financial system can work if it doesn't account for fundamental human behavior - we make mistakes and we are greedy if not held accountable "off chain".

The blockchain is perfect when everyone acts in good faith and makes no mistakes.

In the real world, that's not the case. Unfortunately, you need centralized institutions to regulate financial transactions, control the supply of money and enforce laws when they're broken, reverse mistakes when they happen.

> The future of finance is people being in charge of their own money and where no unexpected entity can arbitrarily inflate the supply, which is only possible with crypto.

This is not the future, and it'll almost certainly never happen with crypto.

[ Parent | on HN ]

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by miguelmota on Saturday November 12, 2022 @12:03PM (#33574876)

Then what is the future? Certainly not the government going haywire with the printer. It’s impossible to trustlessly verify the exact number of US dollars in circulation, but it’s trivial to do with cryptocurrencies.

[ Parent | on HN ]