Let me preface this with the fact that no hacks in crypto are good, and ensuring security of this asset class should be a top concern.
However, this Ronin hack puts the amount of affected eth at around 173,000, which is a high number, but if you take that number in comparison to the total supply of ETH today, which is around 121 million you can see how small of an amount this is in the grand scheme of the token.
173000 affected tokens /121000000 eth total tokens = 0.00142975206 \* 100 = 0.14% of eth’s total market cap was effected. Less than a quarter of a percent.
While 0% would be the ideal number, it’s nice to know that this exploit was caught while it was such a small value.
Furthermore, if this exploit makes you scared, the current rate of inflation for fiat is around 8% and growing. The literal printing of money, while not a security issue, is definitely an exploit to devalue hard cash. Not saying there aren’t security issues with block chains in general, but overall the numbers that we are talking here for ETH, while not ideal, are relatively inconsequential to overall ecosystem.
This might be the dumbest argument I’ve ever heard. “Yeah, Bernie Madoff stole $17.5B from investors, but it’s not that much compared to the $30 trillion of the New York Stock Exchange. It’s only 0.05% of the total market cap!”
And if you take that 173,000 ETH and convert it to its fiat value of $592,698,000 you will see that comparing a theft to the total supply of ETH is fucking stupid
Should’ve tagged this post as ‘Comedy’
Searching for the positives. It’s great that they caught the exploit early
But it’s not about the % of the ETH market cap
It’s the idea that $600 million of capital was just lost. Investors just lost their hard earned funds and this further taints crypto in the public eye. People won’t want to risk their money in crypto if this keeps happening.
Plus, 0.14% might not sound like a lot, but that is 0.14% of all ETH EVER. That’s just outstanding.
With only 6 validators, what did you expect?
.1% of a total Mc is still kinda a lot…..
Dumb. Delete
I can’t tell if this is a joke or not…
$650 million worth is HUGE, and makes absolutely no sense to compare to the ETH marketcap
So you mean inflation is the real hacker stealing our money?
This post is so stupid
