Crypto Currency Fraud

yeah that’s fair. will add an addendum.

I updated the post with an addendum: (this view shows the full context)

I am late to this thread, but wondered if anyone is familiar with Keith Weiner’s (objectivist) ideas on the dollar, some on bitcoin, and some gold. Note: I haven’t read through the whole thread and I am not knowledgeable about Tether.

Weiner uses the concepts of extinguishment and redeem-ability as essentials of sound money. His short articles make a clear argument and I haven’t found much to disagree with.

I’ve read half each of Theory and Credit and Human action. I think the Misean concept of money is too broad generally, and Mises definition still seems tied to historical paths. He didn’t flush out the essentials like Weiner has of what makes a good money.

Also wanted to add just a few thoughts that I remember. It’s been a year and a half+ since reading on this

I see the current crypto as suffering from the same deficiency as Weiner describes, debt is not extinguished. It’s simply transferred. Gold backed crypto, could be an ideal. I’ve seen several offerings over the-years, but from dodgy sources I wasn’t easily able to verify the offers’ reputation.

One of the arguments of bitcoin over gold is portability or efficiency. I think the portability and efficiency are positives but not essentials, like (stable store of value and extinguish-ability). Weiner noted a while back, nobody is making loans in Bitcoin. I think this is very instructive.


Yeah – I didn’t think you’d answered it (I probs should have mentioned that).

The post you linked has problems IMO; not sure if you consider them relevant or not to the discussion, though.

Bitcoin isn’t dead between blocks – there’s no way for it to be alive without gaps, so logically it can’t be dead in those times. There is still an ongoing process – miners are hashing – but the results of that process are stochastic (next block could be in 20 seconds or 20 minutes).

The above is one reason, but another is that there’s a sense of financial continuity – but that wouldn’t necessarily be the case 2, 20, or 200 yrs later. I don’t think we need to agree on that much here btw, like roughly day-to-day continuity is enough (e.g., stock markets often close overnight, so it seems like day-by-day continuity is good enough for most finance stuff).

edit: uhh, discourse posted this to the wrong thread. It actually asked if I wanted to post it to crypto currency fraud (this topic) or to “post it here”, but i guess both posted it to this thread.

Edit2: going to copy it over to BTC as money thread. Edit3: Bitcoin (BTC) as Money - #32 by Max

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This site has permalinks that put a post on top instead of linking it individually. The title I’m trying to link is:

Multiple artists report OpenSea automatically closing their support tickets reporting stolen artwork; OpenSea removes ability to report

UEG has other videos about dumb crypto stuff too.

I’m noticing more content critical of NFTs from a wider population – esp from ppl who aren’t working on NFT stuff, or wouldn’t otherwise be covering it if it weren’t a problem (UEG is an example).

Like here’s one (2hrs long with ~1m views, 2 days old) that is from a channel that covers like film/narrative/story stuff and oddities in depth. (I’ve seen a few of his videos before; one was “That Time Geocentrists Tricked A Bunch of Physicists”). His most recent video (besides this NFT one) is titled: “Jamie Oliver’s War on Nuggets”.

I thought the description of the vid made a good point:

If someone pitches you on a “great” Web3 project, ask them if it requires buying or selling crypto to do what they say it does.

I watched all of “The Problem With NFTs”. The video makes some good points and has some interesting stuff about NFC scams and culture. There are many technical errors (and some political views thrown in), but they don’t make that much of a difference to the main point of the video.

One thing I wasn’t sure of (and hadn’t heard about) that was mentioned, but explained poorly, is an exploit where someone is sent an NFT and this leads to their wallet being drained.

The article I link is probably for a different attack than the example from the video, but the effect is the same.

I don’t know how this isn’t just pure negligence on the part of OpenSea (it’s their site and service), but there are more issues that limit chances for error correction along the way. Those limitations apply to the whole Ethereum ecosystem, and all other chains built on the same tech (like Ethereum Classic).

It sounds like one of the reasons that this exploit exists is that Metamask – the main Ethereum wallet used in Web3, which is a browser-addon – has really bad UX around transactions.

Like, when you make a transaction you’ll see the destination address, ETH value, tx fee, and the data payload. But there’s no way for Metamask to have any idea what the payload does – it can’t do that for every possible smart contract out there. So it can’t show anything useful to the user (note: there are some special cases built in, like for ERC-20 tokens). So, in essence, a bit of JS can do a bait-and-switch. The user thinks they’re clicking “delete”, but really that ends up like draining all their NFTs (if it tried to drain ETH then the user at least has a chance to notice). The metamask transaction prompts for delete and drain would look basically identical. Unless the user like copied the data payload and deserialized it, they’d have no idea what it actually does. (Maybe metamask has done something about this as a special case, but in principle this is the norm that I remember)

This article is from October but the example in the video happened around Dec 27 I think, based on the timestamp of the reply (the incident was also listed on on 28th dec)

“So, we decided to check what will happened if we would create malicious art that contains code in it, for example an .SVG image. We created a simple .SVG file and uploaded it with a simple payload,” researchers explained in a Wednesday analysis. “By clicking on the art and opening it in anther tab or clicking on the links on the page, our SVG will be executed under subdomain; at this point, we have a SVG file with JavaScript capabilities.”

(Apparently the guy replying sees the recent southpark NFT thing as a good thing, too)

This link doesn’t seem to work either. I guess it’s b/c the uploader deleted it.

From memory, that one was about using NFTs as money laundering (sell it to yourself).

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The link works fine for me

It seems to have been something on my end I guess.

Edit: I just checked the link on my iPad, the device that I had the problem on, and the link is working there as well now.

I didn’t like the victim blaming by Asmongold. Interesting video though.

  • cross-chain fancy blockchain system gets hacked
  • 120k ETH stolen
  • venture capital fund replaces ETH to keep system propped up

part 2