Crypto secure? Not so much.

[oldag]

On Sunday, a hacker exploited a new algorithmic stablecoin project called Beanstalk and drained it of $182 million worth of digital assets. The hack wiped out all of the ether held by the fund. Once the ether was removed, the value of the stablecoin itself, called Bean, collapsed to 10 cents from $1 on Sunday, according to data firm CoinGecko. Most recently it was trading at 6 cents.

The Beanstalk hack was the fifth-largest crypto theft on record, according to Rekt.news, which tracks crypto hacks. The hack follows a $540 million theft last month from the platform for the online game Axie Infinity.

The 2022 pace of roughly a hack a week is in line with last year, but the amount stolen is rising, according to Rekt. Since August, there have been 37 hacks in 38 weeks that have drained about $2.9 billion worth of cryptocurrencies.

That is on par with the $3.2 billion stolen in all of 2021, according to analytics firm Chainalysis.

 

[1911'S 4 Me]

I don't believe in BitchCoin.

 

[Younggun]

Honestly, the largest thefts in total are from rug pulls on new coins. Pay Internet personalities to boost them up, and once they get sufficient attention and demand the big holders sell off getting rich and everyone they used to drive up the value gets left with a worthless digital currency.

 

[G O B]

Crypto currencies are ETHERIAL, no real substance. Like all things without substance, it can disappear without a trace.

 

[Younggun]

Crypto currencies are ETHERIAL, no real substance. Like all things without substance, it can disappear without a trace.

Just like US currency, lol

 

[Renegade]

On Sunday, a hacker exploited a new algorithmic stablecoin project called Beanstalk and drained it of $182 million worth of digital assets. The hack wiped out all of the ether held by the fund. Once the ether was removed, the value of the stablecoin itself, called Bean, collapsed to 10 cents from $1 on Sunday, according to data firm CoinGecko. Most recently it was trading at 6 cents.

The Beanstalk hack was the fifth-largest crypto theft on record, according to Rekt.news, which tracks crypto hacks. The hack follows a $540 million theft last month from the platform for the online game Axie Infinity.

The 2022 pace of roughly a hack a week is in line with last year, but the amount stolen is rising, according to Rekt. Since August, there have been 37 hacks in 38 weeks that have drained about $2.9 billion worth of cryptocurrencies.

That is on par with the $3.2 billion stolen in all of 2021, according to analytics firm Chainalysis.

Crypto currencies are a joke and an example of the Greater Fool Theory, though most who buy dont know they are the fool. All of the so-called benefits that were touted a few years ago have been shown to be false.

 

[Mowingmaniac 24/7]

Renegade,

Spot fk-ing ON!

 

[oldag]

Just like US currency, lol

Certainly some truth there.

 

[pronstar]

The .gov can seize bitcoin (they’ve already done it), so crypto isn’t as secure as many believe.

 

[Vaquero]

Rothschild and Soros minions doing some new age mining.
The hackers make millions.
The backers make billions.

 

[Grumps21]

I don't believe in BitchCoin.

Me neither. I want something tangible that I can hold in my hand

 

[Rhino]

I don't trust anything that can be totally cut off if they just disable my phone's sim card, cause an internet outage, or turn off the lights.

 

[Darkpriest667]

God some of you people are ignorant.

First, US dollars are ethereal. They have 0 value until you pick one up and say it's worth something. I have almost 0 assets in US dollars because of how weak the US dollar is as a holding asset. I have 401k assets that are valued in USD but I bet they can be sold for other currencies.

Second, this is not about BITCOIN or ETHEREUM the two largest digital assets by far. "a new algorithmic stablecoin project called Beanstalk" Stablecoins are what the governments and large businesses are trying to use to make their own digital currencies and control your transactions. That is the opposite of what cryptocurrencies are about. The digital asset was backed by their ethereum account which is what they lost, but it was not a hack of either of those assets.

Third, the "seized" bitcoin was from exchanges. Wallet to wallet transfers are still 1000% secure and NO ONE not even your magical US government can seize the asset without the encryption key of the wallet. LIGHTLY encrypted wallets are AES 256. However I personally have seen wallets that use 1024 Encryption. The human race will probably be ended before that level of encryption is breakable.



A lot of big talkers (read my profile quote) on the internet talk about how much they love independence and freedom from big tyrannical governments and corporations but then bend over for them daily. When a technology is developed that is completely independent and privacy based you guys shit on it. Most of you either live on the government tit (Social security, medicare, medicaid) or you refuse to stand up and support something when it does give you more freedom (solar energy, cryptocurrency) from those entities. Some people on the right are as hypocritical as the left. It's disgusting.


Don't post on something highly complicated unless you know something about it.

 

[oldag]

https://bytwork.com/en/articles/bitcoin-theft

https://www.cnbc.com/2022/02/08/feds-seize-3point6-billion-stolen-from-bitfinex-hack.html

 

[Fishkiller]

God some of you people are ignorant.

First, US dollars are ethereal. They have 0 value until you pick one up and say it's worth something. I have almost 0 assets in US dollars because of how weak the US dollar is as a holding asset. I have 401k assets that are valued in USD but I bet they can be sold for other currencies.

Second, this is not about BITCOIN or ETHEREUM the two largest digital assets by far. "a new algorithmic stablecoin project called Beanstalk" Stablecoins are what the governments and large businesses are trying to use to make their own digital currencies and control your transactions. That is the opposite of what cryptocurrencies are about. The digital asset was backed by their ethereum account which is what they lost, but it was not a hack of either of those assets.

Third, the "seized" bitcoin was from exchanges. Wallet to wallet transfers are still 1000% secure and NO ONE not even your magical US government can seize the asset without the encryption key of the wallet. LIGHTLY encrypted wallets are AES 256. However I personally have seen wallets that use 1024 Encryption. The human race will probably be ended before that level of encryption is breakable.



A lot of big talkers (read my profile quote) on the internet talk about how much they love independence and freedom from big tyrannical governments and corporations but then bend over for them daily. When a technology is developed that is completely independent and privacy based you guys shit on it. Most of you either live on the government tit (Social security, medicare, medicaid) or you refuse to stand up and support something when it does give you more freedom (solar energy, cryptocurrency) from those entities. Some people on the right are as hypocritical as the left. It's disgusting.


Don't post on something highly complicated unless you know something about it.

Tell us how you really feel.

 

[1911'S 4 Me]

He is the most widely educated moron of this forum.
I wonder why he is not already rich and retired.

 

[Darkpriest667]

He is the most widely educated moron of this forum.
I wonder why he is not already rich and retired.

I've bought two houses with bitcoin earnings. I'm not retired because I don't want to be yet and because you boomers steal 9% of my income every year.

I am rich, but that's really none of your fucking business. You've yet to show up to a TGT family reunion meet so your opinion is pretty much worthless to me. My father lives in humble by the way and even his boomer ass understands digital cryptocurrency is a good way to get away from the Federal Reserve mafia.

https://bytwork.com/en/articles/bitcoin-theft

https://www.cnbc.com/2022/02/08/feds-seize-3point6-billion-stolen-from-bitfinex-hack.html

Yes, you literally prove my 3rd point thanks. The exchanges are not safe. Your wallet is =)

 

[LabRat]

Tell us how you really feel.

He's already done that....apparently all we're ignorant, free-loader, hypocrites with no ability to recognize what he sees so clearly and we're failures for not grabbing every technology available. I got that message pretty quickly.

Beyond the name-calling; he argues, but his persuasion skills are lacking.

LabRat

Edit: Oooh, now we're all thieves. I feel so guilty; not.

 

[Darkpriest667]

He's already done that....apparently all we're ignorant, free-loader, hypocrites with no ability to recognize what he sees so clearly and we're failures for not grabbing every technology available. I got that message pretty quickly.

Beyond the name-calling; he argues, but his persuasion skills are lacking.

LabRat

I wouldn't try to persuade a Koala that it's sitting in a tree.

 

[LabRat]

I wouldn't try to persuade a Koala that it's sitting in a tree.

I read your profile quote as suggested: Thanks for that.