>Estimated total impact: ~$6.3B, with ~$3B frozen on-chain so far, in coordination with our blockchain partners
I always find it amusing to read this. Why would you even bother with a decentralized currency that can move freely across the globe when some centralized institutions can always interfere in the way legacy banks used to do with your money? Either they are misguiding you about the core value of their product or their ability to execute traditional interventions in cases of theft. You can't have the conveniences of both at the same time.
At some point it clicked to me that crypto people don’t really care about the utility. Main purpose is creating new players in the world with immense amounts of power. In the end, it did produce a lot of rich people out of thin air, and I guess, served its purpose.
It’s a pity. If he hadn’t been born in North Korea like that, he would have become a truly great programmer. My life is really hard and painful, but sometimes I think I’m better off than they are.
Calling any of these articles “news” is something of a stretch. “Why Trump Fell in Love with Kim Jong Un”. Seriously? These are entertainment articles, at best. Where’s the Buzzfeed Top 10 Reasons Trump loves North Korea link?
A guy abducts a president of a sovereign state and puts him into New York prison without any legal basis. The whole country is complicit by allowing this to happen. Yet all you can think is Putin.
>Estimated total impact: ~$6.3B, with ~$3B frozen on-chain so far, in coordination with our blockchain partners
I always find it amusing to read this. Why would you even bother with a decentralized currency that can move freely across the globe when some centralized institutions can always interfere in the way legacy banks used to do with your money? Either they are misguiding you about the core value of their product or their ability to execute traditional interventions in cases of theft. You can't have the conveniences of both at the same time.
Exactly.
It's called the oracle problem. It's the Achilles heel of the whole idea.
And it's unsolvable. As soon as you want to trade some coin for something real, you need an oracle.
Wanna buy a flat in a world where (for argument's sake) even the ownership of that asset is tracked on a blockchain?
Let's say I come home from holidays and someone else lives there.
How do I then prove it's mine? Because it says so in some computer?
Someone has to believe that is true and let me enforce that ownership tie.
Those persons (a judge, the police, even if robots by then) are the oracle.
And a more common scenario than theft is btw legal ownership transfer.
What if I die somehow before giving the blockchain keys needed for that to someone?
How will my brother inherit the flat?
Oracle.
At some point it clicked to me that crypto people don’t really care about the utility. Main purpose is creating new players in the world with immense amounts of power. In the end, it did produce a lot of rich people out of thin air, and I guess, served its purpose.
Stable coins are not Crypto, they are just built on top of crypto to avoid normal financial regulations.
Crypto bros sure are quick to inform law enforcement and centralized financial authorities if their self governance fails
Sophisticated? Perhaps. But could also be run of the mill honey trap/romantic approach.
It’s a pity. If he hadn’t been born in North Korea like that, he would have become a truly great programmer. My life is really hard and painful, but sometimes I think I’m better off than they are.
Their haul is over 20% of North Korea’s GDP.
> North Korea’s GDP
Would note that nobody—including probably the Kims—knows what this figure is.
Random thought: when NK collapses, I wonder if there will be a rush to seize the crypto wallets. I guess the CIA will be there first.
If they are not already there!
Discussion: https://news.ycombinator.com/item?id=50296470
Trump's buddies are stealing from Americans too now?
Who would have thought
It takes a lot of derangement to see a story about North Korea hackers attacking a Chinese exchange and process it in terms of Donald Trump
Tbf it's hard to not immediately think of Trump when North Korea comes up with news like these:
https://www.bbc.com/news/articles/c4gj1vje8dxo
https://www.businessinsider.com/trump-offered-kim-jong-un-ri...
https://www.courthousenews.com/why-trump-fell-in-love-with-k...
Calling any of these articles “news” is something of a stretch. “Why Trump Fell in Love with Kim Jong Un”. Seriously? These are entertainment articles, at best. Where’s the Buzzfeed Top 10 Reasons Trump loves North Korea link?
You do realise Trump and Kim Jong Un are both helping prop-up Putin?
Right?
A guy abducts a president of a sovereign state and puts him into New York prison without any legal basis. The whole country is complicit by allowing this to happen. Yet all you can think is Putin.