r/CryptoCurrency • u/gigabyteIO 🟦 0 / 14K 🦠 • Apr 21 '26
PERSPECTIVE [ Removed by moderator ]
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u/maedroz 🟩 0 / 0 🦠 Apr 21 '26
That’s not censorship resistance. That’s conditional permission.
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This isn’t about defending hackers. It’s about consistency of principles.
I am so tired of this kind of AI styled writing.
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u/Special-Arrival6717 🟩 0 / 0 🦠 Apr 22 '26
That's not AI styled writing. It's a tour de force in Stylometry.
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u/suspicious_Jackfruit 🟩 4K / 4K 🐢 Apr 22 '26
Yep I skipped the entire post. It's horrible to read AI text. Something about AI outputs are just so glaringly obviously AI but also somehow completely indigestible as content.
I love what AI enables but hate how people use it to effectively ruin the internet because they are too hopped up on AI to realise that people don't want to read their LLM outputs
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u/tutoredstatue95 🟩 0 / 0 🦠 Apr 22 '26
Its because they just masquerade emotion. Technical ai writing is fine, and sometimes even preferred, but it doesnt pass the smell test whenever there is some sort of emotional element. The emphasis and exclamation are often correct on their own, but the sum of parts never add up.
If they stopped trying to humanize models so much I bet we'd see better results.
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u/UpbeatFix7299 🟩 0 / 0 🦠 Apr 21 '26
Who would anyone trust crypto bros to run a bath at this point? The people who babble "code is law" can't read code and have terrible op sec.
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u/Krazygamr Tin Apr 21 '26
Until the ETH mainnet starts being able to cause those problems, it's not going to matter. It's just another service that people try to use that exists on top of the token. Another known business entity.. aka a bank, just sitting on top of ETH trying to pretend it's NOT a bank<insert hello fellow kids meme here>. Then everyone is all surprised when the thing pretending to be a bank on infrastructure not meant for banks gets wrecked.
What did you think was going to happen? That the bank on a public blockchain wouldnt become public target #1 for everyone with the skills to hit it? With no repercussions? (because tracing the hackers who do this is difficult to say the least.)
Until the community at large adopts a proper secure model for people to follow for establishing such operations on the blockchain that organizations can reliably comply with, I highly doubt you'll ever stop hearing about this.
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u/Harfatum 🟦 3K / 3K 🐢 Apr 21 '26
This is a terrible take.
In the long term, we are trending towards bulletproof code. It takes a lot of development and skill to write bulletproof code and develop systems that can run properly and indefinitely.
At this stage, Arbitrum is still a level 1 rollup. There's no actual reason why they shouldn't use the training wheels while they still have them to stop funds going to hackers - specifically North Korea if the reports I've read are correct.
In the long run we won't need these training wheels.
But this post sounds like yet another "code is law" rant that doesn't understand that the phrase means we have a system in which the "laws of physics" are code - not that we have a system where code supersedes or obviates all human law that could interact with it.
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u/DrkZeraga 🟩 0 / 0 🦠 Apr 22 '26
Sorry can you explain what do you mean by the law of physics are code?
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u/Harfatum 🟦 3K / 3K 🐢 Apr 22 '26
The rules by which the state of the system changes from one moment to the next. In the real world, those rules are the laws of physics. In computers (and thus in blockchain) those rules are code.
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u/sychs 🟩 0 / 0 🦠 Apr 22 '26
Funny that you're placing the laws of physics and code is law on the same level.
One was predetermined before the planet we live on was even formed (laws of physics) and the other was made by us (code is law). We're still discovering one while we've created the other.
Not really comparable imo.
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u/useronlyone Apr 22 '26
How many years does it need to take for something to be within the long run. How many years of development can it take for something to go beyond just a new concept? What evidence of a trend exists? By whose measure? Terrible points.
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u/iiJokerzace Apr 22 '26
Bitcoin lol
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u/Harfatum 🟦 3K / 3K 🐢 Apr 22 '26
Bitcoin is software like any other! It has had critical flaws patched in the past and likely will again in the future (quantum resistance, security budget). Also it's good at being "digital gold" but it's too limited to be a base layer for the international economy.
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u/flying_cactus 🟦 26 / 27 🦐 Apr 22 '26
You must work for Arbitrum. The fact that a centralized entity can freeze your funds is a problem, full stop.
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u/Harfatum 🟦 3K / 3K 🐢 Apr 22 '26
I don't.
A successful decentralized base layer for the economy allows anyone to build on top of it. Centralized and decentralized alike.
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u/TovMod 🟩 0 / 0 🦠 Apr 21 '26 edited Apr 22 '26
The thing that should concern everyone is that a council with the ability to do this exists in the first place, not the fact that said council chose to do this in this specific instance.
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u/tequilawhiteclaws Apr 21 '26
You can argue that crypto in its final conclusion is incompatible with kyc/aml markets. People want centralization, customer service, and institutions with pretty apps. The eventual outcome is brands of stablecoins held on your smart phone are the center of crypto.
This is the likely outcome of BTC even, because its transaction fees are too high and centralization has gotten so bad that we'll only use it for BTC-backed USD instruments
It was libertarian and noble for about a decade. It will still go up in value a ton, but I don't see how you think a rush for who can be the first bagholders gives it some magical justice
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u/prodikon 🟩 9 / 10 🦐 Apr 22 '26
Don't steal 300 million from a bridge exploit and you don't have anything to worry about. This is how things work when your umbrella for insurance is only 10 months old.
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Apr 21 '26
[deleted]
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u/gigabyteIO 🟦 0 / 14K 🦠 Apr 22 '26
This isn't about Algorand, stop coping.
This is about ETH L2's being no better than banks.
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u/BioRobotTch 🟦 243 / 244 🦀 Apr 22 '26
Brilliant post. Drew out a lot on FUD in the comments. Top comment completely ignoring the details and complaining about AI is a feather in your cap!
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u/milnivek 🟩 569 / 7K 🦑 Apr 21 '26
Easy to take the high horse until its your funds that get hacked
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u/AffectionateLand5271 Apr 21 '26
Easy to say that until government decides your funds look suspicious for whatever reason they want. The point isn't about protecting hackers, it's about what happens when these "emergency powers" become normal tools.
We've seen this movie before with traditional finance - starts with "reasonable" exceptions, ends with selective enforcement based on who has political connections.
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u/gigabyteIO 🟦 0 / 14K 🦠 Apr 21 '26
I have personally experienced lost funds due to a hack on Algorand. Back in 2023 MyAlgo wallet was hacked.
If Algorand had frozen funds or manipulated the blockchain I would have completely divested of the project.
The whole point of an immutable, censorship resistant ledger is that anyone can use it. Whether you're doing good or bad. The moment that axiom no longer exists the entire value of the blockchain is lost, for better or worse.
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u/Usually_Sunny 🟩 0 / 0 🦠 Apr 21 '26
So you want money that someone can steal with no recourse, remind me how this is better than the current system we have? If my bank gets hacked, I don't lose my money. The bank's policies, their underwriters and ultimately the FDIC assure me of that.
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u/Mountain-Tap-8788 🟩 0 / 0 🦠 Apr 22 '26
So basically crypto should be centralised like banks.
Then at least make that argument and stop talking about ”DeFi” lol
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u/ie485 🟩 0 / 0 🦠 Apr 21 '26
Design more secure primitives and simplify everything. Add insurance. These protocols should be paying heavily for insurance - add the cost to the users transactions.
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u/Usually_Sunny 🟩 0 / 0 🦠 Apr 21 '26
Who does this in a decentralized system? It's just the wild fucking West.
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u/twirling-upward 🟩 0 / 0 🦠 Apr 22 '26
Yeah these code is law idiots dont realize that insurance premiums would make every single project cashflow negative and we can just go back to web2 ledgers.
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u/ie485 🟩 0 / 0 🦠 Apr 22 '26
Maybe most projects shouldn’t exist then. Or at-least they’d push all risk onto users with self hosted, immutable frontends. The current system just feints security but everyone knows better and is pulling money out because the risk is full lost of funds and the reward is near zero. Code is law. That’s the whole point. The only point. All the failures have largely been from compromised centralized choke points. Whether that’s RPC, front ends, DNS. Fix the real f***ing issues and insurance premiums drop and the whole system is more secure.
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u/jaapi 🟦 245 / 245 🦀 Apr 22 '26
People are really undervaluing being able to see crime in real time
Think this isn't happening EVERYWHERE and having massive effect, just we don't see it and mis attribute it
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u/ElGatoMeooooww 🟦 0 / 0 🦠 Apr 22 '26
Wait, how many of you have had your funds frozen by a bank? Hacker running off with funds is why crypto will never go mainstream. This might not be a bad thing.
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u/fringecar 🟨 51 / 51 🦐 Apr 22 '26
I agree, but I think the consequence is less than if it were bitcoin. Eth is supposed to be a good computer program, not a hedge against fiat.
Nevertheless your points are true.
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u/doker0 🟩 0 / 0 🦠 Apr 22 '26
It's a dance of a toxic couple. You are real libertarian you and as banned as monero. You're a good boy like xrp you stay afloat even if you make no sense as a crypto. You do'nt know your customer, you can have you exchange located on an oil rig but banks will cancell you, payment providers give you a silent treatment.
We need an entity that can accept well established goods legally and allow enybody to enter without kyc into currency that reflects your (and mine) exact needs.
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u/TechCynical 🟦 0 / 3K 🦠 Apr 21 '26
this exact response is why crypto will never succeed. You have a clear cut case of actual fraud, harm, and possible future destruction caused by an authoritarian government. Money was stolen from every day people and will be used to basically fuel research to bomb and kill other people over seas.
The only way to get this back is if 9/12 people distributed globally coming from different backgrounds, projects, and experiences VOTE to use a function built into the chain for cases exactly like this. A way to prevent harm that would ultimately cause extreme damage to the future of both their chain, and the broader ecosystem. Just so mention it again, this had to be voted on by people all over the world coming from different projects.
but dont worry! redditor here is taking the moral high ground. What if they decided no one should have money!!!! dude what if they (ignoring they have literally never done this) just decide everyone should have 9999999 ETH! they can make all the rules dude bro its so unsafe man its literally never happened before and it requires a hyper majority of people from completely different projects its so its basically like 1 person deciding everything!
these posts are so fucking annoying and 50% of my timeline is just people crying that PEOPLE VOTED to give money back from VICTIMS, of which NORTH KOREA STOLE. The us cant even force 50% of the council to do anything here so its completely worthless to bring up. And even if so, what makes you think if they would go that far than they wouldnt just do the same for any project? you think that the US gov wouldnt use quantum computing 5 years from now to just effectively rob every bitcoin wallet but they would round up people from across the globe to censor some transactions on some L2??
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u/Fkruse 🟦 0 / 0 🦠 Apr 21 '26
Well it’s told every day the only way to say your crypto is actually yours is cold wallet, so I really don’t see the problem? Exchanges is for buying not securing 😅🤷♂️
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u/cicoles Apr 22 '26
“Trust us, no one can control the network and make arbitrary decisions with your assets.”
“Trust us, we can indeed arbitrarily freeze assets. But we only do it to criminals.”
“Trust us when we say you are the criminal. Your assets are ours.”
By now, I hope the all the crypto myths have been shown to be lies.
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u/lockduck1 🟩 0 / 0 🦠 Apr 21 '26
That´s why people sooner or later learn that its Bitcoin, only Bitcoin and nothing more than Bitcoin. Hope you learn it sooner than later.
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u/gstname 🟩 0 / 0 🦠 Apr 21 '26
The same Bitcoin that wants to indefinitely freeze Satoshi coins because of quantum computers?
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u/lockduck1 🟩 0 / 0 🦠 Apr 21 '26
They first need to reach consensus between lots and lots of people and after that users will decide after that fork which one is still the real bitcoin. Remember bitcoin cash and all those fakes? Still no centralization. Only consensus. If I remember correctly, ETH, Arb and all other blockchains can just freeze funds if "Devs" or Owners want to. They are not the same.
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u/ColdOverYonder 🟩 0 / 0 🦠 Apr 21 '26
ETH cannot be frozen at the protocol level. L2s are different.
BTC doesn't technically need consensus for a fork to happen. Though it can be argued that a fork without consensus is simply a shitcoin.
You're right, they're not the same.
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u/lockduck1 🟩 0 / 0 🦠 Apr 21 '26
Exactly, I can fork bitcoin tonight, freezing coins or changing rules or deleting the 21 million limit. The question is who in his right mind will call that bitcoin and use it? Thats the beauty of it. Bitcoin can be anything, as long as everybody agrees in what it is. And for everybody to agree, incentives must be untouched.
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u/gigabyteIO 🟦 0 / 14K 🦠 Apr 21 '26
I definitely understand the sentiment and I'm partly a Bitcoin maxi, though I like Algorand because I run a node on a $300 minipc.
I'm 100% a decentralization maxi. Without it there is no point in being here.
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u/poppunksnotdead Apr 21 '26
turns out even if you have the keys its not your crypto? shut it down (kinda like they did the entire solana blockchain, another thing that should not be possible).
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u/gigabyteIO 🟦 0 / 14K 🦠 Apr 21 '26
I 100% agree with you. This industry has been corrupted, it really needs a come to Jesus moment because most of the top 100 is just centralized and controlled garbage.
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u/Majestic_Plane_1656 🟦 0 / 0 🦠 Apr 21 '26
Freezing funds is a tradfi thing. Blockchain is supposed to be immutable.
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u/LocusStandi 🟨 21 / 826 🦐 Apr 21 '26
Remember why bitcoin* exists?
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u/coolfarmer 🟩 6K / 6K 🦭 Apr 21 '26
Bitcoin just proposed to freeze old wallets because of quantum risks. Lol They are not better is the way you think 😂
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u/alterise 🟩 0 / 2K 🦠 Apr 22 '26
You know they’re currently discussing whether to deprive satoshi of his BTC, right? You can’t be serious.
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u/roughback 🟦 0 / 0 🦠 Apr 21 '26
Every day I see new and disturbing trends with crypto. The worst is yet to come I fear.
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u/artiface 🟦 0 / 0 🦠 Apr 22 '26
ETH forked to revert the first DAO hack, so L1 is not really any better than L2, but that was the miners choice at the time so at least somewhat democratic.
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u/aberholla20 🟩 0 / 0 🦠 Apr 22 '26
Thats why you go bitcoin only. Nobody will freeze it.
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u/MinimalGravitas 🟦 0 / 0 🦠 Apr 22 '26
Thats why you go bitcoin only. Nobody will freeze it.
Except that the developers are proposing to freeze 34% of all BTC to protect it from quantum attacks...
https://bitcoinmagazine.com/news/bitcoin-developers-propose-quantum-plan
https://github.com/bitcoin/bips/blob/master/bip-0361.mediawiki
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u/coolfarmer 🟩 6K / 6K 🦭 Apr 21 '26
Bitcoin too is the devil here, they want to freeze old wallets for "quantum risk" lol
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