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 hn_throwaway_99 on Saturday November 12, 2022 @11:22AM (#33574478)

But again, despite lots of people "believing in the core technology", nearly everyone who holds crypto is doing so for speculation - they want to get rich by greater fool theory.

Even people/groups using it for putatively useful purposes, those purposes often tend to be 10x more complicated or risky than standard financial mechanisms (or, they are using crypto specifically for various forms of money laundering).

[ Parent | on HN ]

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by cmeacham98 on Saturday November 12, 2022 @12:38PM (#33575219)

I think this is my biggest problem with cryptocurrency. I thought it was cool technology with potential usecases back when I heard about it in 2013 or so; but it's become clear 99.99% of people involved with crypto only see it as a speculative asset.

Almost nobody cares about optimizing for real world use, just optimizing for "price goes up".

[ Parent | on HN ]

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by wmf on Saturday November 12, 2022 @01:03PM (#33575411)

We now have a litmus test for this: If you are truly in it for the technology and not to get rich then obviously you would only use/develop stablecoins because they have the benefits of crypto without that pesky volatility. Virtually no one fits this description.

[ Parent | on HN ]