Posted by Tiberium 18 hours ago
Tech in 2026
And the money didn't disappear; it still exists.
So: why did BTC (overall) drop by 15,000% of the actual loss (which actually isn't a loss at all to BTC as a whole)
Seems like markets are really driven more by emotion and perception than fundamentals, but I'm neither a psychologist nor a trader.
Let's say you magically come into possession of 1% of SpaceX and want to sell it quickly. The selling pressure would nosedive the price by way more than 1%. And the more the value of something is 'thin air', the bigger the effect.
I can only suppose that the people that stole these BTC will try to sell at least part of it quickly.
Isn't it only going to get worse from here?
Their kid is definitely getting at least 30 dolls and 250 pencils.
a) The amounts stolen
b) The very poor uncensorability and anonymity guarantees offered by the kind of crypto they stole
Regarding uncensorability, some of these cryptos score so bad on that axis that the stolen goods can likely be recovered by a simple decision from the folks who manage/own the chain.
It's the main weak point used in these hacks.
It allows a counter party to withdraw money from your wallet any time.
Just don't "connect" you wallet.