CryptoCurrency Mining with GPUs *spawn*

[Silent_Buddha]

In comparison, how much $$ was stolen from banks I wonder.

Wouldn't be surprised if it was more considering that banks hold significantly more currency than all crypto-currencies combined. What would be a more interesting question is how much was stolen in relation to total currency. In that respect I'd suspect the number would be relatively miniscule for traditional banking versus crypto-currencies.

Regards,
SB

 

[orangpelupa]

Wouldn't be surprised if it was more considering that banks hold significantly more currency than all crypto-currencies combined. What would be a more interesting question is how much was stolen in relation to total currency. In that respect I'd suspect the number would be relatively miniscule for traditional banking versus crypto-currencies.

Regards,
SB

And generally stolen from banks are non issue for the common people, as they can tell the missing money to the bank and they'll take care of it.

Or they'll do months long investigation tha

At least that was my experience

 

[zed]

Crypto and NFTs have taken a large step to being recognized as legit.

Gwyneth Paltrow is now onboard, We just need the other 2 of the holy trinity, Specifically Donald Trump and Jim Bakker to also endorse them so we can sleep well at night, knowing they are 100% definitely not a scam

 

[Malo]

Trump should sell insurrection images as NFTs.

 

[Silent_Buddha]

Well, at least it's a lucrative way to make money for North Korea.

FBI Says North Korea Behind Biggest Crypto Theft in History Against Axie Infinity (gizmodo.com)

And that's on top of the money they made from it in 2021.

North Korea stole a record $400 million in cryptocurrency last year, researchers say (nbcnews.com)

Of course, that's probably small potatoes compared to how much regular currency is stolen each year, but as a percentage of total world cryptocurrency it's probably quite a bit larger than how much regular currency is stolen compared to total global regular currency.

It does make me wonder just how much total cryptocurrency is stolen each year compared to the global supply of cryptocurrency.

Regards,
SB

 

[Davros]

Crypto and NFTs have taken a large step to being recognized as legit.

‘Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280

 

[Malo]

‘Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280

In case you were posting an argument against zed, his post was completely sarcastic.

 

[dobwal]

In comparison, how much $$ was stolen from banks I wonder.

https://www.paymentsdive.com/news/c...d-losses-over-next-decade-nilson-says/611521/

It is estimated that credit card fraud will result in losses of almost a half a trillion dollars over the next ten years

 

[Flappy Pannus]

https://www.paymentsdive.com/news/c...d-losses-over-next-decade-nilson-says/611521/

It is estimated that credit card fraud will result in losses of almost a half a trillion dollars over the next ten years

I've definitely had fraud occur several times on my cards over the years.

The difference between it and crypto fraud though, is that I ended up not actually paying a cent of it.

 

[Silent_Buddha]

https://www.paymentsdive.com/news/c...d-losses-over-next-decade-nilson-says/611521/

It is estimated that credit card fraud will result in losses of almost a half a trillion dollars over the next ten years

So, averaged out that would be ~40 billion USD a year (~408 billion estimated over the next 10 years) on 10's of trillions of USD in transactions per year (their prediction for 2030 is 49.32 billion USD in fraud on 79.14 trillion USD in transactions). The amount will obviously go up year over year due to the effects of inflation as well as total amount of transactions going up year over year.

From the article:

Systems designed to combat card fraud that are used by large e-commerce retailers have beat back organized fraud efforts. This success, however, has led "the most sophisticated criminals to engage in cryptocurrency fraud and ransomware," the report warned.

So, it appears that it's easier/more profitable to go after cryptocurrency if you have the capability to do so.

Regards,
SB

 

[pcchen]

The majority of frauds in traditional finances are probably not credit card related, but more likely to be various scams. Credit card frauds are easier though, because it's easier to buy stolen credit card numbers and find some less careful online merchants to cash in. Scams, on the other hand, require "operations" and are more risky.
Crypto scams are also very common, but since they can only targets people with crypto currencies, the target audience is limited. They also have the disadvantage of more difficulties on cashing in, as unless you have some ways to buy actual goods using crypto currencies you probably want to sell your "earnings" for fiat money and it's not that easy.
There is actually a premium in OTC markets for "clean" BTC and ETH, which are directly mined so guaranteed to be not from some dubious sources, as some centralized exchanges (especially those in China) are known to freeze accounts with money received from "dirty" wallet addresses.

 

[BRiT]

The great thing about all the decentralized financial systems using cryptocurrency is how they enable instant millionaires.



https://www.theverge.com/2022/4/18/23030754/beanstalk-cryptocurrency-hack-182-million-dao-voting

Beanstalk cryptocurrency project robbed after hacker votes to send themself $182 million
The attacker used a flash loan to obtain a controlling stake in the project

According to analysis from blockchain security firm CertiK, the Beanstalk attacker used a flash loan obtained through the decentralized protocol Aave to borrow close to $1 billion in cryptocurrency assets and exchanged these for enough beans to gain a 67 percent voting stake in the project. With this supermajority stake, they were able to approve the execution of code that transferred the assets to their own wallet. The attacker then instantly repaid the flash loan, netting an $80 million profit.

Based on the duration of an Aave flash loan, the entire process took place in less than 13 seconds.

 

[BRiT]

Here's another one, with details on how a single user was tricked/hacked out of $650K.

Unrolled thread @ https://threadreaderapp.com/thread/1515545806857990149.html

https://twitter.com/x/status/1515545806857990149

 

[Jawed]

67 percent voting stake in the project. With this supermajority stake, they were able to

And that's why "proof of stake" is a problem

 

[zed]

https://www.paymentsdive.com/news/c...d-losses-over-next-decade-nilson-says/611521/

It is estimated that credit card fraud will result in losses of almost a half a trillion dollars over the next ten years

I prefer actual data and not projections, as projections often turn out wrong

2021 Credit card fraud worldwide $32.04 billion dollars (which you're likely to get the money returned to you)
2021 cryptocurrency stolen worldwide $14 billion dollars (where you are unlikely to get the money returned to you)

Now how much are creditcards used compared to crypto?
10000x 100000x?
No idea, but even the most ardent crypto cultists will agree its a shit ton more.

AKA the odds of losing your money from thieves with crypto is magnitudes more likely

 

[entity279]

And that's why "proof of stake" is a problem

I'm not seeing proof of work being better by default . PoW grants far too much power in the hands of hardware manufacturers. Which so happens to include monsters like Bitmain among them

 

[orangpelupa]

Here's another one, with details on how a single user was tricked/hacked out of $650K.

Unrolled thread @ https://threadreaderapp.com/thread/1515545806857990149.html

https://twitter.com/x/status/1515545806857990149

"Companies like Apple will never call you"

Not exactly true. I got called by apple (first few words always this is Apple calling) multiple times!

For getting login code hahaha

 

[Jawed]

I'm not seeing proof of work being better by default . PoW grants far too much power in the hands of hardware manufacturers. Which so happens to include monsters like Bitmain among them

Confused. How's that different from AMD, Intel and NVidia.

 

[entity279]

Confused. How's that different from AMD, Intel and NVidia.

It's not different, just giving one example .. ( Probably Bitmain is under less scrutiny though and it's easier for them to pull the "secret private mining facility" off )

 

[Jawed]

It's not different, just giving one example .. ( Probably Bitmain is under less scrutiny though and it's easier for them to pull the "secret private mining facility" off )

Why is a secret private mining facility a problem?