Cybersecurity

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Stablecoin Bank Hit by Cyberattack, Loses $49.5M to Hackers (gbhackers.com)

submitted 4 months ago by kid@sh.itjust.works to c/cybersecurity@sh.itjust.works

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[–] aviationeast@lemmy.world 9 points 4 months ago (37 children)

that's only true if you accept stablecoin as currency. Which many don't because of this and than they can reverse it by forking the code. Alt headline: hackers steal code thought to be valuable by some.

[–] the_crotch@sh.itjust.works 12 points 4 months ago (36 children)

thought to be valuable by some.

That is every currency

[–] kibiz0r@midwest.social 2 points 4 months ago (1 children)

Not really. Currencies are genuinely valuable, in that they resolve non-discretionary liabilities.

You could say that those liabilities are made-up too, as well as the laws that produced them, or the authority of the lawmakers that penned the laws, or that words can be derived from the scribbles that pen produces, or the notion of words themselves...

But ultimately, you'll confront the fact that the IRS demands payment in USD or they'll throw you in prison.

[–] the_crotch@sh.itjust.works 1 points 4 months ago (2 children)

"It has value because the government says so" doesn't mean any more to me than "It has value because drug dealers and tech bros say so". If people stopped accepting the US dollar it would be worth nothing, because it isn't tangible and has no inherent value on its own.

[–] kibiz0r@midwest.social 5 points 4 months ago (1 children)

But people won't stop accepting the US dollar, because they need it in order to pay their taxes. And even if they absolutely refused to accept it, it would still be worth something. Because if you had it, it could still be used to avoid punishment for failing to pay taxes.

Taxes are what give money value. Because being in prison is tangible.

[–] sonalder@lemmy.ml 2 points 4 months ago* (last edited 4 months ago)

That's post-state money, pre-state money existed ~~far~~ way before states even existed

[–] iAmTheTot@sh.itjust.works 0 points 4 months ago (1 children)

Stop paying your taxes and see if that argument holds water in a few years.

[–] sonalder@lemmy.ml 1 points 4 months ago

The monopole of violence :D

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