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(CNN)   U.S. seizes $30 million in stolen crypto from North Korean hackers. Will be worth about $27.23 in a day or two   (cnn.com) divider line
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    More: Interesting, Federal Bureau of Investigation, North Korean's nuclear weapons programs, North Korean hackers, Pyongyang, North Korea, Pyongyang's hackers, Korean language, South Korea  
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1040 clicks; posted to Main » on 08 Sep 2022 at 11:38 PM (27 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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Nintenfreak [TotalFark]
2022-09-09 4:09:31 AM  
7 votes:

doosh: I don't get all the hate on bitcoin and cryptocurrency in general. For most people their money already is digital. Only Luddites and crack dealers still walk around with wallets full of paper. The difference is that dollars, physical or otherwise, are guaranteed to lose value through inflation and dilution. On top of that we give banks a king's ransom in fees for moving and storing this depreciating asset.

[Fark user image 772x368]

Flaws and all crypto is an antidote to this problem. Other than gold (which isn't very practical) I can't think of a viable alternative.


Bitcoin isn't backed by fiat.  It's backed by magic and dipshiats online think that's superior for some reason.  It's not that the currency is digital, it's that its value is imaginary.
 
BlazeTrailer
2022-09-08 11:48:52 PM  
6 votes:
So much for untraceable
 
replacementcool
2022-09-08 11:59:59 PM  
5 votes:

BlazeTrailer: So much for untraceable


who told you crypto was untraceable?
 
The Brains
2022-09-09 12:42:33 AM  
5 votes:
I thought that was the whole thing about Blockchain payments. It is forever coded who has that payment and for what reason. Thought it was supposed to usher in a whole new era of transparency and accountability.
 
replacementcool
2022-09-09 12:12:32 AM  
3 votes:

chitownmike: Can you really seize something that doesn't exist?


data can be and is seized all the time.
 
jjorsett
2022-09-09 12:49:16 AM  
3 votes:
I notice that TFA doesn't say they're actually giving it back to the rightful owners.
 
GriffXX [OhFark]
2022-09-09 12:59:53 AM  
3 votes:

The Brains: I thought that was the whole thing about Blockchain payments. It is forever coded who has that payment and for what reason. Thought it was supposed to usher in a whole new era of transparency and accountability.


The article mentions 'mixers', which are like the money laundering services for crypto. It's why a ton of wallets are being frozen - because something went in or out of one of these mixers.
 
Virtue
2022-09-09 8:37:27 AM  
2 votes:

Nintenfreak: Bitcoin isn't backed by fiat.  It's backed by magic and dipshiats online think that's superior for some reason.  It's not that the currency is digital, it's that its value is imaginary.


So exactly the same as every other currency in existence.
 
SaturnShadow
2022-09-09 11:26:31 AM  
2 votes:
Money is imaginary.
 
Nintenfreak [TotalFark]
2022-09-10 12:17:34 AM  
2 votes:

SaturnShadow: Money is imaginary.


yes money is imaginary, but it has value because of the institutions that back it up.
 
chitownmike
2022-09-09 12:04:28 AM  
1 vote:
Can you really seize something that doesn't exist?
 
ObscureNameHere
2022-09-09 11:23:37 AM  
1 vote:

Virtue: Nintenfreak: Bitcoin isn't backed by fiat.  It's backed by magic and dipshiats online think that's superior for some reason.  It's not that the currency is digital, it's that its value is imaginary.

So exactly the same as every other currency in existence.


No.

The USD-  while 'fiat'-- is backed by the notion that the US economy can produce wealth over time and will be here tommorow.   In effect, that the United States is a "going concern" in business speak.

Crypto is backed by a fervent belief by its holders that it should be worth something.
 
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