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Joined 2 years ago
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Cake day: June 15th, 2023

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  • All of those points are true for some crypto projects, and untrue for others. There are some projects with their own Blockchain that have ultra-low fees, others with quick transactions, and others whose algorithms are much more environmentally friendly. (There are other projects and tokens they are full-on scams with no redeeming value whatsoever).

    And consumer protections are something that can be added to crypto, but out of necessity they involve trusting some entity to arbitrate when protection is required. Cryptocurrency is designed to be trustless, so any protections need to be added on top, like the escrow someone else talked about.

    The worst thing that ever happened to crypto was for it’s price to balloon. Because improving all those other aspects that make it usable as a currency took a back seat to “wen moon?”. OG Bitcoin explicitly rejects improving its energy footprint and fee structure because it sees itself as a Store of Value.



  • dhork@lemmy.worldtoTechnology@lemmy.worldAssassination is a Leaky Abstraction
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    17 days ago

    There is nothing wrong with making a profit. People have to be paid, after all, and that includes the ownership who put the money at risk in the operation to begin with. The problem is when making a profit becomes the only motive.

    Every company is established with the purpose of offering a product or performing a service that makes their customers’ better or simpler. If is successful, it grows from nothing to something in a relatively short period of time. Then it gets the attention of the Investor Class, who shovels money into it with the expectation that it will sustain that growth. Now, the focus is on Building Shareholder Value, and the customer is seen as a necessary evil toward that goal.

    The worst thing that ever happened was when we decided that public corporations had a duty to maximize shareholder value above everything else. It renders all those mission and vision statements irrelevant. No matter how much the CEO says the firm’s goal is to make the world a better place through selling stuff, we all know it’s a lie. Their goal is to enrich tthemselves, at our expense.



  • Socket, a security firm that helps detect supply-chain attacks, said the back door is “believed to be the result of a social engineering/phishing attack targeting maintainers of the official Web3.js open source library maintained by Solana.”

    That’s super interesting. From the sound of it, the Maintainers must have been targeted to force a malicious Pull Request to be accepted. That article showed some of the code from the commit. I am not a Solana developer but understood enough to know what it was doing and that no maintainer should have approved it willingly.

    I wonder if those maintainers will end up having any liability for the hack.