So-called "stablecoins" in particular (since they're backed with non-pretend assets) are just a progressive lottery for whoever can hack a cryptocurrency exchange or mining client fast enough.
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The logical endpoint is to have smart ransomware contracts that live on yet another blockchain, to make it more difficult for authorities to shut down these attacks. And then metaransomware can attack that, recursively, until we reach full employment.
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Putting it another way, because cryptocurrency can't be taken offline by definition, any cryptocurrency is automatically a bug bounty that is some fraction of that currency's total dollar value. (building on this excellent observation by
@qrs https://twitter.com/qrs/status/1395784294451265536 …)
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What's particularly exciting about ransomwareing a cryptocurrency infrastructure is the potential to improve the conversion funnel on the payment step. It automates away the clunkiest part of the operation (the textfile that explains to victims how to send the ransom)
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But what is cryptocurrency if not ransomware persisting.
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"We encrypted your bitcoin wallet! To unlock, send us $5.000 in bitcoin."
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$21M+ bounty earned (then confiscated) from a hack of the original Ethereum DAO:https://www.gemini.com/cryptopedia/the-dao-hack-makerdao …
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Technically not confiscated since his coins lived on in the ethereum classic chain and those that disagreed forked the chain
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Ransomwares can strike custody firms that manage assets backing stablecoins. Otherwise, exploiting smart contracts is nothing new, and has already been done before. I suppose people want blood and this will not end until BTC is compromised :>
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I'm not talking about hacking smart contract, but just vanilla ransomware on cryptocurrency infrastructure.
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