<story><title>Blockchain-based systems are not what they say they are</title><url>https://blog.mollywhite.net/blockchains-are-not-what-they-say/</url></story><parent_chain><item><author>newswasboring</author><text>&amp;gt; In June 2016, attackers exploited a vulnerability to steal 3.6 million ETH (then about $50 million) of the project’s 11.5 million ETH (about $160 million).&lt;p&gt;People love to tout this example, I did too, until that realized that one a one off event. There are regularly significantly more larger thefts of crypto currencies these days[1] and nobody is even willing to discuss a hard fork. I now chalk this up as growing mistakes which every project makes in early stages. I&amp;#x27;m still not into this whole idea of crypto currencies, but don&amp;#x27;t think we can use this point fairly any more.&lt;p&gt;[1] &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;rekt.news&amp;#x2F;leaderboard&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;rekt.news&amp;#x2F;leaderboard&amp;#x2F;&lt;/a&gt;</text></item></parent_chain><comment><author>FabHK</author><text>Yes. Similarly, you can totally rely on your gold or fiat money being yours. Ok, there was this small incidence in 1933 where the US government took most of your gold, but that was a one off event [1]. And then during the hyperinflation in Germany your money actually became worthless, but that was a growing mistake. Of course, that was multiple generations ago, not a few years.&lt;p&gt;Conclusion: On the dimension of reliability and censor resistance, crypto might be as good as gold or fiat (while on all other axes it remains much worse).&lt;p&gt;[1] Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $413 in 2020)[5] per troy ounce. &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;en.wikipedia.org&amp;#x2F;wiki&amp;#x2F;Executive_Order_6102&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;en.wikipedia.org&amp;#x2F;wiki&amp;#x2F;Executive_Order_6102&lt;/a&gt;</text></comment>
<story><title>Blockchain-based systems are not what they say they are</title><url>https://blog.mollywhite.net/blockchains-are-not-what-they-say/</url></story><parent_chain><item><author>newswasboring</author><text>&amp;gt; In June 2016, attackers exploited a vulnerability to steal 3.6 million ETH (then about $50 million) of the project’s 11.5 million ETH (about $160 million).&lt;p&gt;People love to tout this example, I did too, until that realized that one a one off event. There are regularly significantly more larger thefts of crypto currencies these days[1] and nobody is even willing to discuss a hard fork. I now chalk this up as growing mistakes which every project makes in early stages. I&amp;#x27;m still not into this whole idea of crypto currencies, but don&amp;#x27;t think we can use this point fairly any more.&lt;p&gt;[1] &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;rekt.news&amp;#x2F;leaderboard&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;rekt.news&amp;#x2F;leaderboard&amp;#x2F;&lt;/a&gt;</text></item></parent_chain><comment><author>Cthulhu_</author><text>&amp;gt; I now chalk this up as growing mistakes which every project makes in early stages.&lt;p&gt;Except it&amp;#x27;s not new at all; regular banks and the fiat money they have been handling have been dealing with these things for literally centuries.&lt;p&gt;But the cryptobros decided they could do better, converting their PHP Magic the Gathering trading platform to a Bitcoin trading platform and thinking yeah, that&amp;#x27;s good enough for handling billions. To name but one example.</text></comment>