In web3, you own something until a 17 year-old in St. Petersburg borrows your 32 byte private key (shorter than this tweet) for 100ms and steals your entire life savings with no recourse. https://twitter.com/cdixon/status/1470374120055615488 …
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I’m writing something longer on this but the continued willful ignorance of the entire sordid history of software and information security by the otherwise smart people funding web3 is both infuriating and creates a great market opportunity for those with appropriate paranoia.
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“A thousand years of common law underlying dispute resolution is just silly overheard that we can replace with our belief in the ability to write code that behaves perfectly predictably in the presence of an adversary” is the principle behind much of web3 and so so stupid.
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I’m not sure the web3 kids or the VCs throwing money into the crypto dog fighting pits understand how *abnormal* this kind of story was for… most of human history. We don’t actually live in Ocean’s 11: the ability to easily steal $100M+ is totally new!https://www.theblockcrypto.com/post/127270/96-private-keys-stolen-from-vulcan-forged-in-140-million-theft …
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I’ve done defense and IR for a couple of decades, and it was hard enough dealing with attackers making state salaries or getting away with $500k wire transfers. The TAM for offensive skills has grown 1000x thanks to cryptocurrencies and we won’t understand the impact for years.
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another score for cyberpunk dystopia!
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