Technology

60123 readers

2607 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 2 years ago

MODERATORS

636

Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)

submitted 1 year ago* (last edited 1 year ago) by yesman@lemmy.world to c/technology@lemmy.world

166 comments fedilink hide all child comments

The way I read the article, the "worth millions" is the sum of the ransom demand.

The funny part is that the exploit is in the "smart" contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.

you are viewing a single comment's thread
view the rest of the comments

[–] Tar_alcaran@sh.itjust.works 19 points 1 year ago (1 children)

all the lock is doing is checking whether you own the NFT or not.

So, you'd need a method to verify who "you" are. And once again we've come up with a way to use NFTs that actually works better without NFTs.

[–] shortwavesurfer@monero.town -5 points 1 year ago (1 children)

Fair enough. I will say that I am not well enough versed in the topic to discuss it in depth.

[–] Tar_alcaran@sh.itjust.works 21 points 1 year ago (1 children)

No offense, but this is literally the problem with almost everyone who says they have a perfect usecase for NFTs. I also don't know everything about everything either, but I know do know that we don't tend to make existing systems complex just for fun.

Every time someone wants to fix something with NFTs, they're either slapping an NFT on top of the existing system, making it more complicated, OR they want to start a new solution from the ground up, throwing out decades or centuries of experience and edge-case solutions to replace them with nothing, leading to major problems.

This post is about the second thing happening, your example is the first.

NFTs are a solution looking for a problem. But all the problems have already been solved without NFTs.

[–] merc@sh.itjust.works 4 points 1 year ago

Blockchain in general is a solution looking for a problem. Blockchain is just a terrible database that burns mountains of coal. In almost every case when someone suggests using blockchain for something, the simpler solution is to just use a standard database.