this post was submitted on 25 Feb 2025
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Crypto once again showing why it’s either just a casino with extra steps or a way to buy drugs rather than a serious solution for any currency or real world transactions.
It’s so amazing and digital and modern and easy to steal.
Specifically too it's very easy to steal in bulk. Sure scamming grandma and grandpa out of their life savings has way fewer safeguards with crypto than with fiat currency, but it's absolutely still possible without crypto and happens all the time. This is the monetary equivalent of stealing nearly 16,000 kg of gold – something unthinkable with fiat currency.
Though someone did steal 3,000 kg of gold one time.
https://en.wikipedia.org/wiki/Brink's-Mat_robbery
That’s fucking WILD, I have never read about that.
It is insane that you can do that kind of a thing just sitting in front of a laptop with Tails now, though.
Yeah, it’s pretty crazy
They made a TV mini-series about it a few years ago. It’s called The Gold. If you’re in the UK, it’s on BBC iPlayer. If not, then there may be other means of acquiring it!
I will absolutely check that out, thank you!
Holy moly. 3,000 kg of gold at today's price would be $281,382,000 (281 million dollars). Gold is $93,794 per kg at the moment.
Are there crypto scams? yes, and plenty of them. Can you buy drugs with them? sure (and I thinks that's great!) Do either of the above statements get at the core issue here? not at all.
The issue here is not with the crypto itself. The issue here is the same issue that is regularly a problem anywhere software is deployed, digital security. The take away here is that many (all?) crypto exchanges are failing to properly secure their systems. Which is why the general rule that anybody investing in crypto should follow is never keep crypto in an exchange wallet unless you plan on trading it in the very short term. As an extension of that rule, you should never keep your crypto in a wallet that you don't hold the private keys for. If you don't have the private key for the wallet, it's not your wallet. Not your wallet, not your crypto.
I have never really understood exchanges tbh. Centralizing decentralized currency feels like getting the downsides of normal money/investments with fewer of the benefits.
Its because crypto doesn't work for 90% of things like people want to too so you have to use an exchange to make it faster.
It's so the lambs can pretend to own "stock" in crypto therefore defeating the whole purpose of cryptocurrencies. And then it gets shorted and margined and bulshitted..
You know you could’ve asked what I already know instead of assuming it’s nothing and giving me the most basic 101 lecture all because I spoke ill of the almighty crypto. I mined for three years.
I don’t think that was an attack on your knowledge, but rather a disclaimer for other readers. I could be wrong, though!
It wasn't meant as a lecture for you. I made no assumptions about what you know, just what you said. The lecture was for others coming by your comment because lots of people don't know the dangers of keeping crypto in exchange wallets.
Apologies if I offended you.
i feel the issue is with crypto
Ok, thanks!
When your adversary is a nation-state with an actual army of hackers that can work 24/7 and deploy 0-days, it's hard to say for sure the exchange is at fault for not handling security properly. This isn't a lone Kevin Mitnick pulling a stunt, this is literal cyber warfare.
Yet conventional currencies are not randomly having billions transfered out of accounts and to north korea?
I would say it is specifically a problem with crypto, i addition to what you said.
you wouldn't be able to do the above with a bank. They'd just make the transaction not to have happened.
with crypto, e.g. btc, you'd have to convince 2-3 of the big mining pools to undo the transction, so random private actors. and it undo all other transactions done as well.
maybe that it happens is not due to crypto. That it cant be remedied is certainly because crypto.
No, in almost all cases they simply create another transfer to reverse it. If another bank is involved, they typically pay a fee to that bank to do it.
Source: I work in fintech. I've seen plenty of messes the banks clean up this way.
Yes that's what I mean. But with crypto, not being able to reverse a transaction is one of the main features and makes this kind of thing immensely easier.
Banks can and certainly have lost large amounts to bad actors who were prepared enough to immediately move the money around and clean it, like what was done in this case.
Doesn't really happen these days anymore. Banks have tons of risk checks these days and will usually hold any influx or outflux or money to other accounts.
And even then, banks have rules for how to deal with transfers that shouldn't have happened. In most cases, these transfers would be reversed (for a fee).
Yeah, but crypto bros specifically told me "Blockchain! Anonymous cryptographic fungible NFT AI!"
Love me a fungible non fungible token
Wait till you learn about USD
Wait till you try to buy a coffee or pump your gas or pay rent with crypto. Go do your next transaction today with your crypto of choice I’m sure it’ll be very smooth.
I'm not an assshole so I dont buy gas. But I have bought many a coffee and pizza and sushi with crypto. And I'm paying my rent now with crypto
What's your point?
You’re not an asshole for buying gas but ok.
Where are you where all these services take crypto and which coin? You do all this without ever converting to your local currency? These vendors take the coins directly?
There is a such thing as progress.
Some vendors take crypto. Most just take gift cards.
Eg airbnb
If you are converting your crypto into gift cards and then spending gift cards that is not the same as spending crypto. That is the entire point.
If you are converting time into magical bank credits and bank credits into USD then thats not the same as spending cash. That is the entire point.
This is so ridiculous. Bye dude.
Used for food, rent, bills, buying houses and cars, buying appliances and various tech, paying contractors, paying instructors/trainers in every field online or in person, paying for trips to the other side of the world, easily exchange for foreign currency... Etc.?
That USD?
Yeah, the one that's used to launder money, buy drugs, and gamble more than any other currency in the world
Mostly because it's the main currency,, no?
For criminals yeah
You're insane.
Guess you dont know much about money laundering
I'm sure you're laser focused on it.