BadgerDAO Sees $120 Million Crypto Heist via Cloudflare Hack

[R-T-B]

Remind me (other than thin air) what the USD is tied to again?

The US economy.

So is cash i.e. fiat, safer than any thing else you might argue.

It's a lot easier to steal cash in a mattress than hack a bitcoin public address. It's absolutely the 3rd party layers at fault.

 

[R0H1T]

Why'd you want to stash it in the mattress though? How about ~

OR

It's absolutely the 3rd party layers at fault.

And unless you own/operate/design every link in the chain it's hard to get around the "3rd party's at fault" conundrum! It's much easier with cash, though admittedly at that point in time you better watch out for the govt

The US economy.

Oh I so love GoT & those massive one (or two) liners!

Power is a curious thing. Three great men, a king, a priest, and a rich man. Between them stands a common sellsword. Each great man bids the sellsword kill the other two. Who lives, who dies?

Power resides where men believe it resides.

It’s a trick. A shadow on the wall.

And a very small man can cast a very large shadow.

 

[R-T-B]

It's much easier with cash, though

No, it's not. You need to trust everyone with cash, and everyone becomes an effective third party.

Oh I so love GoT & those massive one (or two) liners!

I love when people quote fiction like it means something. It's a fictional scenario arcitected to make the authors point.

 

[R0H1T]

No, it's not. You need to trust everyone with cash, and everyone becomes an effective third party.

You could always stash it in your basement you know?

I love when people quote fiction like it means something. It's a fictional scenario arcitected to make the authors point.

Yeah pretty sure it's not, the US dollar does have some leverage in the market as long as others believe it has "value" ~ this is the reason why 2008 crisis happened. The day more people believe that it doesn't (have value) than otherwise it'll lose that power. I don't believe China has that much power as they're projecting but there's probably 10x as many people who think the opposite! Trust & belief is the fundamental building block of any economy & monetary system we have today, you can twist it however you'd like to but at the end of the day the (other) people's trust in USD is what determines its value.

 

[R-T-B]

You could always stash it in your basement you know?

Ah, cash you don't use. Sounds... useless.

 

[big_glasses]

Remind me (other than thin air) what the USD is tied to again?

Remind me again what value a BTC is tied to again? and no, being a scarce digital "resource" isn't a reason

Roughly 3% of BTC transactions are estimated to be used for illegal activity. BTC is terrible for illegal transactions as it has a public ledger. Monero might be a different story.

How many BTC transactions are for buying stuff (a bread, pizza or whatever directly) vs investing or taking out investing for USD/other fiats.

 

[R-T-B]

Remind me again what value a BTC is tied to again?

Like the USD is tied to the US economy, the BTC is tied to and backed by the bitcoin economy. Yes, you can buy many things with bitcoin.

How many BTC transactions are for buying stuff (a bread, pizza or whatever directly) vs investing or taking out investing for USD/other fiats.

Point being? A huge percentage of the USD is probably used for that as well.

 

[big_glasses]

Like the USD is tied to the US economy, the BTC is tied to and backed by the bitcoin economy. Yes, you can buy many things with bitcoin.

...non answer. See what I qouted for relevance to the question. same as USD, BTC is tied to "thin air" and "belief". Making b4psm4m point that I quoted a moot and useless point

Point being? A huge percentage of the USD is probably used for that as well.

did you see what I quoted? an estimate of 3% is for illegal activity, what percentages is for legal non-investing activities?

 

[R-T-B]

non answer.

It's what it is. You can call it belief, religion, or the hokey pokey. It's still the answer.

did you see what I quoted?

I did. My point is I'm pretty sure a good portion of the USD is used for rich peoples investing in things too. Heck, it would not surprise me if it is the majority.

For bitcoin, given high fees, I feel it's probably nearing 100% though. Few people buy with bitcoin anymore.

 

[big_glasses]

It's what it is. You can call it belief, religion, or the hokey pokey. It's still the answer.

so you're agreeing to my semi-rethorical comment that there is no difference in the reason why USD and BTC have value?

I did. My point is I'm pretty sure a good portion of the USD is used for rich peoples investing in things too. Heck, it would not surprise me if it is the majority.

For bitcoin, given high fees, I feel it's probably nearing 100% though. Few people buy with bitcoin anymore.

Almost all major currencies are used for speculation. Allegedly some can still buy with it, but certain companies that opened for it also closed due to it's fluctiuanons and high fees.