Sold my ETH last night

[Rosy]

It appears so.
YIELD - you don't have to lend to earn, you can stake instead like ADA, the coin on the Cardano Network. 
...btw, Cardano just became the world's largest cryptocurrency by market capitalization - $65 Billion
FORBES
https://www.forbes.com/sites/ninabambysheva/2021/08/13/cardano-becomes-third-largest-cryptocurrency-overtaking-binance-coin-and-tether/?sh=93814e06f520

Here is just one way/place to stake and earn on the Cardano Network (ADA)  at the
The University of Wyoming
https://www.uwyo.edu/uw/news/2021/06/uw-leads-the-pack-in-cryptocurrency.html

The UW Department of Accounting and Finance is a partner in this success. While the lab established the Cardano staking node, the College of Business portfolio management class provided the initial pledge of capital and will use analytics on the stake pool parameters to try to optimize returns.

Cardano was recently listed on the exchange in Japan - not an easy feat.
Here in the US, Cardano is part of the Gray Scale Fund investments.

Staking is where users agree to pledge money to a network in order to help it validate transactions. Lending is where users agree to loan their cryptocurrencies in return for interest payments. Both concepts allow users to earn tokens but the risks and rewards are different.

I am not an expert but there are many other solid coins you can choose to stake. 
Like Polkadot, the DOT coin is a good coin and offers good staking opportunities.
Like ETH, which has different requirements, 32 ETH minimum required and a long-term rigid lock-up.

None of this involves lending.
How to stake: I recommend checking out the staking videos by the CoinBureau on youtube or just google it.
DYOR there are fees, rules, minimums, lots of tricks to improve your return or get extra rewards.

There is no reason not to earn an extra 6% to 12% if you already own the coin anyway and don't plan to trade or sell.
Both Kraken and Coinbase exchange make it even easier for you. They offer staking for a few select coins, buy and stake.
Optimized returns are a good thing especially if they pay for your monthly expenses or pay for your tuition or pay off your student debt.

Can you explain a scenario where it makes sense that these rates would still be achievable in 5 years or 10 years?  The last discussion on here about high return crypto savings accounts concluded with the notion that we are sitting at a (temporary) point in time where due to regulatory practices "the big boys" aren't always able to trade crypto the way they'd like and therefore there is a premium to be paid for various lending strategies.  As well, earning 10% through staking suggests a very high level of inefficiency in the transaction processing at this time.  In the coming years, crypto's "back end" will either have to dramatically improve its efficiency (thus reducing payouts to miners, stakers, etc) or it will simply fail to scale.  And IF there is some way in which these conditions would persist, surely the Wall Street banks and governmental reserves will simply move into this space, vastly out-gunning the individual investor and dropping the premiums paid as a result.  It just seems unimaginable that Joe Blow will be able to make 10% on his $1000 "forever" while Citibank and the Fed are getting a fraction of that for their billions.

 

You can see my views about staking in the post above - but the short answer is NO.
My WAG
Staking might well survive intact due to its popularity. It has literally become a lifeline for people who have become dependent on the regular income from staking and lending.
Inviting institutions to play in the same sandbox has changed the game - for good or bad, I cannot tell.
 

According to data provided by Pooltool, a Cardano data aggregating tool, ADA’s total staked value is $42.93 billion, accounting for 71.32% of the $60.2 billion in supply.
The milestone follows increased exposure of Cardano staking by various platforms. For instance, iMining, a Canadian publicly-traded company, recently included Cardano to its list of supported assets for its staking services. Through the addition, iMining seeks to expose Cardano to institutional investors.

I doubt that interfering with staking is very high on the SEC list of what they wish to ban at the direction of the banking industry aka Fed.
I am expecting them to clean house with some serious violators and shenanigans first. That takes time and people and resources.

The federal govt's emphasis is on tax evasion and filling the coffers with crypto tax.

For lending the writing is on the wall, it could be all over by this time next year.
Lending is offending the banking industry no doubt - it will sort itself out. You have to remember that crypto isn't UScentric but global.

It took me a while to realize that the hedge funds were the cause of the crypto lending shenanigans and there were many houses made of cards. 
The banks have accumulated lots of bit and eth - they are ready to move on with their own game plan.
The hedgie borrowing and lending shenanigans will continue 24/7.

The only difference, it will continue with the blessings of the banks and the FED. They will not give up their new toy and cash cow.
Imagine that before crypto transactions would take days and weeks and stop over the weekend and stop during the holidays around the world.
Now money never stops flowing or working for you.
Thanks crypto:).

There are other opportunities to do well in crypto with 200% to a 5000% that do not involve staking and lending.
High Risk - High Reward, now those are games worth playing if you enjoy gambling and have the cash to play, win or lose without blinking.

Beyond that - just look at the NFT craze - hundreds of thousands of dollars changing hands.
There are new opportunities to make bank every day in crypto so I am not hung up on what might happen with staking or lending/borrowing.

The longer you hang out in the community the easier it becomes to spot opportunities even with a simple trade.
If nothing else you can always earn bitcoin rewards on your crypto credit card.
Visa and crypto and blockchain singing Kumbaya:).

[CrankAddict]

You can see my views about staking in the post above - but the short answer is NO.
My WAG
Staking might well survive intact due to its popularity. It has literally become a lifeline for people who have become dependent on the regular income from staking and lending.
Inviting institutions to play in the same sandbox has changed the game - for good or bad, I cannot tell.
 

There are other opportunities to do well in crypto with 200% to a 5000% that do not involve staking and lending.
High Risk - High Reward, now those are games worth playing if you enjoy gambling and have the cash to play, win or lose without blinking.

Beyond that - just look at the NFT craze - hundreds of thousands of dollars changing hands.
There are new opportunities to make bank every day in crypto so I am not hung up on what might happen with staking or lending/borrowing.

The longer you hang out in the community the easier it becomes to spot opportunities even with a simple trade.
If nothing else you can always earn bitcoin rewards on your crypto credit card.
Visa and crypto and blockchain singing Kumbaya:).

You certainly are RosyOnCrypto, can't deny that.  But I still don't understand a comment like "staking might survive due to its popularity, it has become a lifeline for people"... well sure, why wouldn't people enjoy free money?  That doesn't mean it is sustainable.  Just like earlier when you quoted the market cap of Cardano.  How is that actually proof of anything?  Sports gambling is a $3T industry.  Does that make it an asset class we should consider along with stocks and bonds?

Let's reframe the discussion.  Right now I'm an idiot who isn't playing crypto (for the record, I wrote a crypto trading program from scratch 3 years ago and was trading BTC and ETH 24/7 guided by my own algorithms, so it's not like I've never heard of the internet and I'm just some nutball crank who thinks tech is lame) and you guys are the geniuses just raking in the cash.  Fine.  Ok, so each year that goes by the crypto game just becomes more and more mainstream.  Banks, financial planners, governments - everybody - eventually gets on board, because why wouldn't they?  Now every company 401k is 50% ETH and 50% MuskCoin.  Every coffee and donut are bought with BTC.  Yay, cryptopia!  BUT AT SOME POINT the whole freaking world can't be making free money off of the money itself.  That is literally a divide by zero wormhole nonsense idea.  Until you crypto advocates acknowledge that as a point on the horizon it just seems like you are blinded by euphoria or being intentionally disingenuous.

[Rosy]

Well then this should cheer you up:
https://www.youtube.com/watch?v=uPBR3mn6wKU
(The SEC is coming for crypto in America)

Edited to add that I have no idea how you read all this into my answer - I suggest you re-read my answers.
For the record - I don't stake, I don't borrow or lend, and never have.
I am simply curious about crypto. If I come across something that works for me, great, I will consider it.

I own BTC and ETH, a smidgen of altcoins.
We are all just speculating or looking on from the sidelines,
some can't wait for crypto to crash and others can't wait for crypto to take over the world.
Burning question:  Are you salty because you had the opportunity to load up bags of ETH or whatever and didn't?:)

You can re-frame the questions all you want but the bottom line is this:
That supposed zero value you all want to assign to crypto has turned into real REAL money.
The banks understand that ETH is programmable money and BTC is a store of value.
Hell, they are falling all over themselves offering custodial services for their 'wealthy clients'.

If you insist on saying that crypto has no value
then you are essentially saying that banks are now custodians of ..... a zero value "investments".

Let's not be obtuse here - REAL Money from REAL Banks is flowing into crypto.
THAT is why the banks have LOBBIED for months on end - their deposits are diminishing and flowing right into crypto.
So what did they do in the US? Everything they can to shut down crypto - lobby, buy Janet Yellen...

Have you forgotten that only two months ago JPMorgan's CEO threatened to fire any employee who held crypto?
At the same time, they were secretly buying crypto and had been buying long before that.
They even have their own coin - wth do you say to that?

The banks and the SEC are not stupid, they have been preparing for a long time.
They don't deal in idealism, they only want money and power.

The FED is keen on taking down stable coins and protecting the coming FED coin.
There is an easy way out - Crypto firm Circle just applied for a banking license.
https://www.americanbanker.com/news/crypto-firm-circle-eyes-bank-charter-to-bolster-stablecoin-venture

BTC is safe from the SEC since it has been declared "not a security".
ETH should be safe too from what I've seen so far.

Everything else from exchange dealings to every altcoin in existence (thousands) will be scrutinized.
Could be devastating, could lead to a stronger defi, could lead to criminalization, could lead to a mass exodus out of the US for tech innovation, could be a nothing burger - everything is possible.
Pass the popcorn ...

[forgerator]

Banks, financial planners, governments - everybody - eventually gets on board, because why wouldn't they?  Now every company 401k is 50% ETH and 50% MuskCoin.  Every coffee and donut are bought with BTC.  Yay, cryptopia!  BUT AT SOME POINT the whole freaking world can't be making free money off of the money itself.  That is literally a divide by zero wormhole nonsense idea.  Until you crypto advocates acknowledge that as a point on the horizon it just seems like you are blinded by euphoria or being intentionally disingenuous.

The whole premise of crypto is based on decentralization and cutting out the middle man. There are so many companies that are middle-men in every industry and consume fees to connect us even though they can be and probably will be made obsolete by the likes of Ethereum and smart contracts. If we go with the idea that Blockchain projects like Ethereum and Cardano will dominate the future then they essentially have value simply because they can be the medium of exchange between two parties without a central broker consuming fees in-between. Fees are collected by all participants in the network who act to validate the transaction based on the consensus algorithm.

Banking is one of the biggest examples and probably one of the first industries to be disrupted by crypto and blockchain.
A bank connects me (as the lender) and you (as the borrower). I deposit money into the bank's savings account and you take a loan from the bank. The bank charges a high interest rate to lend you the money and gives me peanuts for the yield. DeFi will and currently is disrupting this. There are platforms like Curve and Aave which allow lending / earning yields on stable coins that are much higher than any bank currently out there. The only barrier is the complexity involved for the average joe to understand where to start in order to earn the yields.

[Rosy]

Banks, financial planners, governments - everybody - eventually gets on board, because why wouldn't they?  Now every company 401k is 50% ETH and 50% MuskCoin.  Every coffee and donut are bought with BTC.  Yay, cryptopia!  BUT AT SOME POINT the whole freaking world can't be making free money off of the money itself.  That is literally a divide by zero wormhole nonsense idea.  Until you crypto advocates acknowledge that as a point on the horizon it just seems like you are blinded by euphoria or being intentionally disingenuous.

The whole premise of crypto is based on decentralization and cutting out the middle man. There are so many companies that are middle-men in every industry and consume fees to connect us even though they can be and probably will be made obsolete by the likes of Ethereum and smart contracts. If we go with the idea that Blockchain projects like Ethereum and Cardano will dominate the future then they essentially have value simply because they can be the medium of exchange between two parties without a central broker consuming fees in-between. Fees are collected by all participants in the network who act to validate the transaction based on the consensus algorithm.

Banking is one of the biggest examples and probably one of the first industries to be disrupted by crypto and blockchain.
A bank connects me (as the lender) and you (as the borrower). I deposit money into the bank's savings account and you take a loan from the bank. The bank charges a high interest rate to lend you the money and gives me peanuts for the yield. DeFi will and currently is disrupting this. There are platforms like Curve and Aave which allow lending / earning yields on stable coins that are much higher than any bank currently out there. The only barrier is the complexity involved for the average joe to understand where to start in order to earn the yields.

@CrankAddict -

Actually @forgerator - this quote is from CrankAddict.

[forgerator]

Sorry I must have messed up during editing

[aceyou]

Count me amongst the group who have changed their minds and am positive on blockchains.  My portfolio is now 80% VTSAX and 20% Bitcoin/Ether. 

I've put a couple hundred hours into studying the tech this summer, and I see blockchain technology as being about as profound of a shift as the internet was 25 years ago.  It adds real value in so many ways...

- Much better monetary system than government backed currencies.
- Will almost certainly disrupt the banking system in ways that are great for individuals.
- I could see it distrupting so many industries...for example, in a few years, why would a musician or sporting event use ticketmaster...they can just sell 10,000 NFT's of tickets, and concert goers could simply show proof that they own an NFT ticket at the gate.  There are thousands of examples like this...I see a whole new economy forming that is so much more efficient. 

I'll end with this clip from The Today Show in 1994, where Katie Couric and others are trying to make sense of what the hell the internet is...I feel this is where the world is right now on crypto:  https://www.youtube.com/watch?v=UlJku_CSyNg

[Rosy]

Welcome to the Club aceyou

I still like this headline from the WSJ - JPMorgan CEO Jamie Dimon:

I 'Regret' Calling Bitcoin a Fraud

[mjr]

Investing in cryptocurrencies because you like the idea of the blockchain is miguided.

Sure, if you could have invested in TCP/IP when the Internet was taking off, you'd be a squillionare.  But you can't invest in the underlying technology of the Internet, just like you can't invest directly in the blockchain.  People tried jumping into any invesntment that was related to the Internet and the vast majority of them went belly up.  So it will be with cryptos.

[Juan Ponce de León]

I'm glad the experts are here to set us all straight.

[ChpBstrd]

Investing in cryptocurrencies because you like the idea of the blockchain is miguided.

Sure, if you could have invested in TCP/IP when the Internet was taking off, you'd be a squillionare.  But you can't invest in the underlying technology of the Internet, just like you can't invest directly in the blockchain.  People tried jumping into any invesntment that was related to the Internet and the vast majority of them went belly up.  So it will be with cryptos.

People often ask me "what if blockchain is the future of finance and the 99% of people in the world who do not own crypto will someday have to use the technology?"

My response is, "they would probably choose to create a new cryptocurrency rather than pay the incumbent owners of Bitcoin, etc. tens of thousands of dollars for their coins. It now costs less to launch an entirely new cryptocurrency than it costs to buy a single Bitcoin, and that is one reason why there are thousands of cryptocurrencies."

[the_gastropod]

Count me amongst the group who have changed their minds and am positive on blockchains.  My portfolio is now 80% VTSAX and 20% Bitcoin/Ether. 

I've put a couple hundred hours into studying the tech this summer, and I see blockchain technology as being about as profound of a shift as the internet was 25 years ago.  It adds real value in so many ways...

- Much better monetary system than government backed currencies.

Better how?

- Will almost certainly disrupt the banking system in ways that are great for individuals.

Great for individuals how? Without FDIC insurance, consumer protections, or customer support, I think it’s worse for the individual in many respects.

- I could see it distrupting so many industries...for example, in a few years, why would a musician or sporting event use ticketmaster...they can just sell 10,000 NFT's of tickets, and concert goers could simply show proof that they own an NFT ticket at the gate.  There are thousands of examples like this...I see a whole new economy forming that is so much more efficient.

Ticketmaster doesn’t suck because they don’t use blockchain… The process isn’t crappy because of any technological problems, and it can’t be solved by layering in a slow database. There are precisely 0 use-cases of blockchain that involve legal non-digital things (e.g., concert venues) that make any sense. This is self-evident if you think about the single problem blockchain sought—and introduced much inefficiency—to solve: transacting between untrusted parties. This is useful for buying drugs on the internet. It’s necessarily exclusively worse than a centralized database if you’re dealing with legal entities.

[FrugalFukuoka]

I personally see a lot of potential in ETH replacing the middle- and back-office work associated with Mutual Funds.
One thing people probably don't realize is how large the industry is (due to mandatory 401k-like schemes, not just in the US), and how much waste there is. So much so, the financial services industry is often referred to as a parasite on the economy.
Whether it's active or passive trading, there is a lot of buying and selling going on, all of which needs to be reconciled with counter-parties and custody/accounting. The systems used are severely outdated, formats used differ per party leading to manual exception checking. On top of that, everyone is trading not just US assets, but multi-currency assets requiring all sorts of facilitation such as sub-custodian bank accounts, repatriation FX trades, dummy FX trades, etcetera. Naturally, all this hassle results in time-consuming processes (trades settle on T+3), and worse, mismatches. Money wired incorrectly, the amount of money being incorrect, counter-parties not having what they promised, or miss-instructed trades; it's a mess.
Replacing all this with smart contracts on blockchain technology and utilizing a universal trading currency would boost productivity significantly anywhere.

Why ETH? Because the key players in the financial industry have tried to come up with their own initiatives but no one is willing to adopt the competitor's system. It's one of the reasons why finance is such a mess to begin with. Moreover, it's an extremely conservative industry over-analyzing everything and by the time a decision is made we're 10 or 15 years further down the road (again, one of the reasons why some still use software developed in the '80s..). Simply put; the financial industry will likely look at existing solutions that's not owned by their competitor and has all the functionality required. I am not saying ETH is a sure thing, but from what I have seen, it ticks a lot of boxes, hence I've allocated about 2.5% of my NW to ETH.

[the_gastropod]

While there certainly are inefficiencies and plenty of issues worthy of criticism in banking, the source of the problem is rarely technological. And where there are technological problems, “use blockchain” is never going to be the solution.

I understand the desire to improve banking. And I’m hopeful that there are things in the pipeline (e.g., CBDC’s helping to lower the burden of opening bank accounts). But I don’t see any reason to believe cryptocurrencies solve any problems you’ve described. Cars pollute, cause traffic jams and accidents frequently resulting in death, and are a major expense for most of their operators. But suggesting the fix is to just switch to airplanes because they’re safer, faster, and rarely have jams… that would largely be misunderstanding the problem at hand. Airplanes are probably not the solution to these problems—real though the problems are.

[FrugalFukuoka]

Just to clarify, I am not talking about retail banking.

Imagine processing a simple corporate action. Company A buys Company B, will go on as Company A (thereby owners of Company B stock will see their holding converted to shares of company A.

This will be reflected in accounting by selling all Company B positions, and booking a buy trade the equivalent of the corresponding shares in Company A (which is manually calculated per trade). If on the accounting system in question the security information for company A (e.g. ISIN) is not yet set up, they'll have to set this up first in order to book the trade. This is manually maintained per bank, per system. Usually it involves pulling security information from a Bloomberg terminal.

I can imagine the above process being replaced by blockchain technology, where the corporate action is executed for all holders of the security at once. And this is just one of many use cases in financial services.

[Rosy]

I personally see a lot of potential in ETH replacing the middle- and back-office work associated with Mutual Funds.
One thing people probably don't realize is how large the industry is (due to mandatory 401k-like schemes, not just in the US), and how much waste there is. So much so, the financial services industry is often referred to as a parasite on the economy.
Whether it's active or passive trading, there is a lot of buying and selling going on, all of which needs to be reconciled with counter-parties and custody/accounting. The systems used are severely outdated, formats used differ per party leading to manual exception checking. On top of that, everyone is trading not just US assets, but multi-currency assets requiring all sorts of facilitation such as sub-custodian bank accounts, repatriation FX trades, dummy FX trades, etcetera. Naturally, all this hassle results in time-consuming processes (trades settle on T+3), and worse, mismatches. Money wired incorrectly, the amount of money being incorrect, counter-parties not having what they promised, or miss-instructed trades; it's a mess.
Replacing all this with smart contracts on blockchain technology and utilizing a universal trading currency would boost productivity significantly anywhere.

Why ETH? Because the key players in the financial industry have tried to come up with their own initiatives but no one is willing to adopt the competitor's system. It's one of the reasons why finance is such a mess to begin with. Moreover, it's an extremely conservative industry over-analyzing everything and by the time a decision is made we're 10 or 15 years further down the road (again, one of the reasons why some still use software developed in the '80s..). Simply put; the financial industry will likely look at existing solutions that's not owned by their competitor and has all the functionality required. I am not saying ETH is a sure thing, but from what I have seen, it ticks a lot of boxes, hence I've allocated about 2.5% of my NW to ETH.

Excellent points. I think this is exactly why banks like Goldman Sachs, Mellon and JPMorgan began filling their coffers with both BTC and ETH. One as an inflation hedge and store of value and the other because change is long overdue and they are absorbing and integrating the tech in hopes that all will continue as if nothing at all is rotten in the bankster empires.

Banks like to point to drug money and criminals using crypto. I say it is easier to follow a transparent public ledger to recover funds than slapping the wrist of international banksters like the endless criminal shenanigans of JP Morgan.

Ex-JPMorgan metals traders must face racketeering charges
https://www.reuters.com › legal › transactional › ex-jpmor...
6 days ago — Chang also allowed the other eleven charges to stand, including market manipulation, spoofing, conspiracy, and commodities and wire fraud. He ...

JPMorgan to pay $920 million for manipulating precious ...
https://www.reuters.com › jp-morgan-spoofing-penalty
Sep 29, 2020 — JPMorgan Chase & Co has agreed to pay more than $920 million and ... the Commodity Futures Trading Commission (CFTC) said on Tuesday, ...

Inside the JPMorgan Trading Desk the US Called a Crime Ring
https://www.bloomberg.com › news › articles › inside-t...
Sep 28, 2020 — The U.S. says the precious metals desk at JPMorgan was a ... with the Justice Department and U.S. Commodity Futures Trading Commission.

[ChpBstrd]

Just to clarify, I am not talking about retail banking.

Imagine processing a simple corporate action. Company A buys Company B, will go on as Company A (thereby owners of Company B stock will see their holding converted to shares of company A.

This will be reflected in accounting by selling all Company B positions, and booking a buy trade the equivalent of the corresponding shares in Company A (which is manually calculated per trade). If on the accounting system in question the security information for company A (e.g. ISIN) is not yet set up, they'll have to set this up first in order to book the trade. This is manually maintained per bank, per system. Usually it involves pulling security information from a Bloomberg terminal.

I can imagine the above process being replaced by blockchain technology, where the corporate action is executed for all holders of the security at once. And this is just one of many use cases in financial services.

Imagine transferring hundreds of millions of dollars through a sketchy, uninsured, and easily-hacked crypto exchange website just to avoid a handful of routine accounting steps.

[Rosy]

Just to clarify, I am not talking about retail banking.

Imagine processing a simple corporate action. Company A buys Company B, will go on as Company A (thereby owners of Company B stock will see their holding converted to shares of company A.

This will be reflected in accounting by selling all Company B positions, and booking a buy trade the equivalent of the corresponding shares in Company A (which is manually calculated per trade). If on the accounting system in question the security information for company A (e.g. ISIN) is not yet set up, they'll have to set this up first in order to book the trade. This is manually maintained per bank, per system. Usually it involves pulling security information from a Bloomberg terminal.

I can imagine the above process being replaced by blockchain technology, where the corporate action is executed for all holders of the security at once. And this is just one of many use cases in financial services.

Imagine transferring hundreds of millions of dollars through a sketchy, uninsured, and easily-hacked crypto exchange website just to avoid a handful of routine accounting steps.

You don't have to imagine the transferring of HUNDREDS of millions of dollars in crypto - it has been trading in BILLIONS for some time.
In fact, the actual market cap has reached past two trillion.

Crypto is no back office, dark web illegal trading platform nor are exchanges as easily hacked as you believe.

I happen to trade on a heavily regulated platform in the US, the only one approved in the State of New York, a company that I bet will soon be traded on the exchange along with Coinbase and FTX as they cooperate with the SEC, the FED and have a sufficient number of banks/financial institutions who hold an interest in their operations.

Banks have proven time and again that they are not trustworthy, do not act in the best interests of their clients, close accounts at will and had absolutely no shame in paying millions in bonuses to their corporate houligans paid for by the bailout.
 
Why do you think the banks hate crypto so much? Millions of dollars are leaving their balance sheet every day and flowing into crypto.
This goes way beyond avoiding banking steps or the failure of banks to upgrade their tech over the course of decades.
People want transactions that benefit them - people want interest on their cash - people want change.

We'll see what happens by next year. Crypto is global, each country will find their own solutions, adaptions or regulate crypto out of existence.
Crypto isn't just about disrupting banking................
I'm looking forward to seeing it develop and expand into every industry.
It will be a wild ride - starting with the NFT bubble. I think the gaming industry will explode exponentially, sports, art, entertainment.

Crypto vs banking in the US - let's just hope it doesn't all end up exactly like this:
FATF Crypto Proposals
https://www.youtube.com/watch?v=cZyTDJPnp14

[JohnnyZ]

You don't have to imagine the transferring of HUNDREDS of millions of dollars in crypto - it has been trading in BILLIONS for some time.
In fact, the actual market cap has reached past two trillion.

Crypto is no back office, dark web illegal trading platform nor are exchanges as easily hacked as you believe.

 Here's a transferring of hundred of millions of dollars that I bet somebody wishes was only in their imagination.
https://www.forbes.com/sites/jonathanponciano/2021/08/10/more-than-600-million-stolen-in-ethereum-and-other-cryptocurrencies-marking-one-of-cryptos-biggest-hacks-ever

[Rosy]

You don't have to imagine the transferring of HUNDREDS of millions of dollars in crypto - it has been trading in BILLIONS for some time.
In fact, the actual market cap has reached past two trillion.

Crypto is no back office, dark web illegal trading platform nor are exchanges as easily hacked as you believe.

 Here's a transferring of hundred of millions of dollars that I bet somebody wishes was only in their imagination.
https://www.forbes.com/sites/jonathanponciano/2021/08/10/more-than-600-million-stolen-in-ethereum-and-other-cryptocurrencies-marking-one-of-cryptos-biggest-hacks-ever

Here is the return of those six hundred million dollars by the white hat hacker. He received a bounty and a job offer.
https://forbesalert.com/news/business/hacker-behind-600-million-crypto-heist-returns-final-slice-of-stolen-funds/

[mjr]

Here is the return of those six hundred million dollars by the white hat hacker. He received a bounty and a job offer.

Oh, well, that's ok then.

Your greed/euphoria blinds you to the obvious.  It's a Mickey Mouse unregulated platform.  It will never be taken seriously by serious governments and corporations.

[Rosy]

Here is the return of those six hundred million dollars by the white hat hacker. He received a bounty and a job offer.

Oh, well, that's ok then.

Your greed/euphoria blinds you to the obvious.  It's a Mickey Mouse unregulated platform.  It will never be taken seriously by serious governments and corporations.

Oh, well, it is ok then to let this Media article stand as if that 600 million was stolen and never returned. Confirmation bias, right?
I can't say I care for your tone or insinuations.

I'm perfectly happy to let your expert crypto assessment of this platform stand since I don't know anything about this platform. 

[Rosy]

If I accidentally doxxed myself while trying to get away with the largest crypto heist ever (and many of the tokens had been frozen anyway), I would also pretend to be a white hat and return the funds:

https://www.rekt.news/polynetwork-rekt/

Yup, my thoughts exactly.
Thanks for finding this detailed article.

[Juan Ponce de León]

Defi is the wild wild west.  It is full of hacks and scams and also mind boggling returns.  Couldn't care less if governments and corporations take it seriously, honestly the less they know and think about it the better.  Defi is for the people.  The reason the returns can be so high is because we've cut out all these middlemen, it's amazing how much money you can make when there isn't a bank sitting in the middle making $50B profit a year or governments bogging it all down with regulation and red tape.

[mjr]

Oh come on.  The "money" flowing needs to be generated through commerce before middlemen can take a cut of it.  Crypto is 99% people speculating, there's no rivers of generated value being created for middlemen to be clipping their tickets.

[Juan Ponce de León]

Oh come on.  The "money" flowing needs to be generated through commerce before middlemen can take a cut of it.  Crypto is 99% people speculating, there's no rivers of generated value being created for middlemen to be clipping their tickets.

I'm amazed how people who don't invest in crypto seem to know the most about it.  Really astonishing.

[JohnnyZ]

Here is the return of those six hundred million dollars by the white hat hacker. He received a bounty and a job offer.
https://forbesalert.com/news/business/hacker-behind-600-million-crypto-heist-returns-final-slice-of-stolen-funds/

I mean... the guy basically blackmailed them for half a million and is free of any lawsuits. For you that means the hack did not actually happen and thus "exchanges are not as easily hacked" ?
 Also the page you linked to literally says "Last week, Japanese crypto exchange Liquid said it was hit by a cyberattack that saw hackers make off with a reported $97 million worth of digital coins.".

[the_gastropod]

Oh come on.  The "money" flowing needs to be generated through commerce before middlemen can take a cut of it.  Crypto is 99% people speculating, there's no rivers of generated value being created for middlemen to be clipping their tickets.

I'm amazed how people who don't invest in crypto seem to know the most about it.  Really astonishing.

Famously, this is why we only trust journalists to report on businesses they’re deeply invested in.

[Rosy]

Here is the return of those six hundred million dollars by the white hat hacker. He received a bounty and a job offer.
https://forbesalert.com/news/business/hacker-behind-600-million-crypto-heist-returns-final-slice-of-stolen-funds/

I mean... the guy basically blackmailed them for half a million and is free of any lawsuits. For you that means the hack did not actually happen and thus "exchanges are not as easily hacked" ?
 Also the page you linked to literally says "Last week, Japanese crypto exchange Liquid said it was hit by a cyberattack that saw hackers make off with a reported $97 million worth of digital coins.".

Sheesh - I posted an update to the media link that you posted - why is that a problem? Don't you want to know the whole story?
What it means is that everyone got their money back.



I've already given my opinion - I agree with less4success:

If I accidentally doxxed myself while trying to get away with the largest crypto heist ever (and many of the tokens had been frozen anyway), I would also pretend to be a white hat and return the funds:

https://www.rekt.news/polynetwork-rekt/

Yup, my thoughts exactly.
Thanks for finding this detailed article.