this post was submitted on 17 Dec 2023
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611
Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)
submitted 10 months ago* (last edited 10 months ago) by yesman@lemmy.world to c/technology@lemmy.world
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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.

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[–] merc@sh.itjust.works 4 points 10 months ago

Because sometimes even criminals need to buy things that aren’t illegal

Money has value basically because people need to pay taxes. The shop owner sells things for Euros or USD partially because eventually at the end of the year they need to turn over Euros or USD to the government as taxes. If they sold things for bitcoins, they'd eventually have to convert those bitcoins to USD to pay taxes.

Other than speculation, the only reason bitcoin has any value is that sometimes people need to pay ransomware ransoms. That means they need to buy bitcoin somehow. And, even the criminals who receive that bitcoin will launder it and change it back into real assets because it's not useful to them as bitcoin. Eliminate ransomware and suddenly the only value for bitcoin is people who hold it hoping there's a greater fool out there who will buy it from them for more than they paid.