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    Crypto exchange Bitrue hacked for $23 Million. Blockchain and Web3 fails



    today we take a look at another crypto exchange that recently imploded, just going to show that web3, blockchain and crypto definitely isnot the future…

    #crypto #blockchain #fail

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    View 36 Comments

    36 Comments

    1. RMFX on

      Imagine a world where any teenager could start up an unregulated bank or stock exchange. No way that could go badly…

    4. Mikael Lövqvist on

      Thank you, I do enjoy your content though I wish there wasn't music, or at least that it was much quieter since it is distracting me and making it hard to consume this video. I think ideally youtube should have multiple tracks so the music and voice could be controlled by the viewer to their liking but that is of course asking a lot from both content creators and the platform. Anyway, keep up the work, cheers!

    6. alewis514 on

      I wonder how many of those "hacks" are just staged inside jobs, rugpulls by the owners that take all their clients money and disappear without any criminal charges following them.

    10. 1337Frederick on

      They are all so stupid. They should have just used the name "Crypto-Graphic" for their nft scams, it would have solved everything. Laugh crying face. I would have used girls with little to nothing on for my nfts.😂. In hindsight.😂😂😂

    14. Operational 117 on

      Every marketplace, shop and paid service needs to understand a core concept of economics: sustainability.

      Steam is sustainable because gaming is still a globally desired experience.
      McDonald's (which is technically a restaurant) is sustainable because easy access to junk food is still desirable.
      PayPal is sustainable because people like the idea of a centralized, globalized payment system.

      If people stopped playing videogames overnight, Steam would stop being sustainable.
      If people stopped eating junk food overnight, McDonald's would stop being sustainable.
      If people switched to entirely local payment systems overnight, PayPal would stop sustainable.

      These are just a few examples of how sustainability is volatile, and there are probably other ways these particular services would become unsustainable. This is why it's impossible to achieve infinite growth; there isn't infinite resources available for an infinite amount of people. Crypto just so happens to have zero resources to back up their currencies, making them effectively fiat currencies. And just like fiat currencies, cryptocurrencies are prone to hyperinflation and loss of backing (which leads to hyperinflation)… just look at the current situation in Venezuela, in which the yearly inflation rate centered at January 2019 was over 2,500,000% (with a whopping 192% inflation for that month alone!)!!!

      I believe the same is happening with crypto: either hyperinflation or loss of backing.

    16. RupluttajaGames on

      CEX hacks will be a thing of the past soon thanks to Hydranet HDX. They're building a noncustodial L3 dex with cex like UX, near zero gas fees, increased anonymity and fast finality by using lightning and connext state channels. This also allows trading between BTC and ETH, USDT, etc. without having to rely on wrapped IOU's

    17. Semirotta on

      AHHHAHHAHHAHAHAAHHAHHHHHAHAAAHHHAHHA!!
      …Eh, I mean….
      AHAHAHAHAHAHHHHHAHAHAHAHAHAHHAHA!!!
      GOOD! All of the people who push money to NFT and Crypto deserve to be scammed because that is all those things are, scams.

    24. nul on

      Hmm yes… 'hacked'. And then transactions are turned off…
      They couldn't have possibly run off with the assets themselves and are selling them off while not letting anyone else do so…

    27. Ekki on

      The idea that it's "unhackable" comes, unsurprisingly, from cryptobros' lack of understanding of cyber security.

      Crypto can be safer agains the Hollywood-style man in the middle attacks that sheltered bros think are the norm. In reality, the most common type of attack is the phishing-type, trick people into giving you access kind. And code is law mentality makes that kind of attack even stronger. It's pure ineptitude all the way down.

    31. Bruce Brown on

      I think you are wrong in one thing: many companies doing the same thing competing for price leads to market consolidation, with exchanges buying out other exchanges. But if the exchanges are nothing but copied software and scams, there's nothing worth buying out.

    34. Archangel M127 on

      Fun fact: "corium" is the unofficial name that physicists use for the horrifically radioactive sludge you get after a nuclear reactor vessel melts down.

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