What do people think about alt coins? V.1 [discussion]

Sweet Jeebus, and I thought Binance.us's incidents drove me nuts.

Crypto.com Says ‘Incident’ Was Actually $30 Million Hack
The cryptocurrency platform initially called the hack “an incident.”

Crypto.com, one of the largest cryptocurrency exchanges in the world, confirmed that its users got hacked and that the hackers withdrew more than $30 million in cryptocurrency from the wallets of 483 users. The admission comes after the company initially downplayed the hack, calling it “an incident.”

The exchange announced on Thursday that hackers stole 4,836.26 ETH (around $15 million), 443.93 BTC (around $18 million) and approximately $66,200 in other currencies. But that “In the majority of cases we prevented the unauthorized withdrawal, and in all other cases customers were fully reimbursed,” so in the end, according to the company, “No customers experienced a loss of funds.”

The Thursday admission is a far cry from Crypto.com's communications earlier in the week. Initially, the exchange's CEO would only refer to the hacking campaign as an "incident" and that "no customer funds were lost." Crypto.com's official twitter account claimed that "all funds are safe." Initial estimates also pegged the heist at $15 million, making the final amount double what was feared.

The company detected the hack on Monday, when hackers started transactions without inputting the two-factor authentication (2FA) of the users targeted. That’s when Crypto.com suspended withdrawals, revoked the 2FA tokens, forced all customers to log in again and set up their 2FA tokens, according to the press release.

“2FA tokens for all users worldwide were subsequently revoked to ensure the new infrastructure was in effect. We have mandatory 2FA policies on both the frontend and backend to protect users during this revocation phase, as outflows such as withdrawals have a requirement to setup and use 2FA in order to withdraw,” the press release read.

Crypto.com also said that a “Full audit of the entire infrastructure has been conducted internally with a number of improvements being implemented to further harden the security posture,” without specifying the details of these improvements. The company also said it has engaged with “third-party security firms” to audit its systems, and has also hired “additional threat intelligence services.”


Finally, the company also announced a new program called “Worldwide Account Protection Program (WAPP),” which is designed to protect user funds in case a hacker gets access to users’ accounts. In practice, “for qualified users,” Crypto.com will refund up to $250,000, a far cry from the multi-million dollar hacks that are happening almost every week in the world of cryptocurrency.

To qualify for the program, users have to enable multi-factor authentication on all transaction types, set up an “anti-phishing code,” not use jailbroken devices, file a police report, and complete a questionnaire to help the company with the forensic investigation.​

Hope those customers get the full fiat value at the time of hack rather than tokens at today's prices.

Matt Damon would approve.

 

Hmm... news a few hours old, but interesting :

In Huge Precedent, IRS Says It Will Not Tax Unsold, Staked Crypto

 

VeChain finna moon.

Bitcoin bro's salty over this. This is good news if it become precedent. The whole securities issue is creating a massive drag on innovation while allowing **** scams like Solana proliferate. The VC's scamming with the NFT nonsense needs to be stopped, not the suckers buying into it.

 

I guess this is the "ultimate altcoin" (lol) and really the only realistic thing I've been waiting for. The 1.7 million TPS is nutty, so we'll see :

Move toward digital dollar gains steam as Boston Fed says its prototype can handle 1.7 million transactions per second

 

Stablecoin

 

Lol. Yes... I'm not trying to make 929857825% on this one. I just want advancement in the backbone, not an 8-bit monkey that sells for $5000 to victims.

 

NFTs are just Bitcoin with a picture on them.

 

So lipstick on a pig? And is it Bitcoin or Ethereum/Solana?

 

Right, the only function is a storage of wealth.

ETH/SOL has use cases. Something something.

 

Technically, art is just a canvas with a picture on it...

 

Digital dollar is prob bad news if it's anything remotely like China's.

The dollar is already digital in a sense that banks don't really have the amount cash on hand that they claim, but it seems like a privacy and authority nightmare.

 

Paintings and drawings are. They can also a store of value.

https://www.eden-gallery.com/news/7-different-forms-of-art

 

This is a really good video to watch the entire way through. Talks about how value in 'dumb pipes' in the network layer will decrease over time.

 

Anyone else feel like this guy is going to go down the hard drug toilet some day soon?

 

We're entering a small bull run.

Take a look at HEX. IMO, it's one of the most undervalued tokens out there at .15 and I can see it hitting 1.40-2.30. It's a long term hold and I believe it will crack and stay in the top 100 long term.