This is why anyone who is serious in this space uses a hardware wallet.

I preach this in every forum I am active in, but if you are messing with more than play money you absolutely need a hardware wallet.

You don’t even need the front end, you can interact with the contract directly.

It’s sad what happened to these users, but they did sign the contract giving the hackers permission to access wallet funds.

This is a failure of opsec.

This is a great example.

Flash loans, arb bots, fully autonomous companies interacting via smart contracts.

Its really pretty fascinating.

Transactions on most L2 chains these days are less than a penny.

There are dozens of popular mobile wallets that make viewing, sending, receiving coins / nfts trivial.

The problem that it solves is that there is no need for you imaginary ledger company to exist at all in a blockchain model, the winery cuts out a rent seeking service and the user gets a more secure and portable product.

Automation isn't just going to hit manual labor, blockchain and web3 will allow for the emergence of fully autonomous "companies" that operate via smart contracts.

Yeah much better to have it attached to phone number that can be sim swapped, biometric data that can be easily stolen, centralized user accounts, and my favorite national identity that you have no control over at all.

I haven’t even seen a check in decades.

It’s incredible to me that you think a piece of paper and human contact is secure.

that's by law in Italy

Both parties have to be present in person and sign the documents in front of a notary that also collect copies of the checks emitted directly by the bank at the moment and write down their id number on the deeds

It’s incredible that you think it isn’t.

I never understood how a personal check could be secure. You can literally have them printed for you over the internet, and deposited via image. I just can't understand where the security comes from, it feels like a liability just having them.

They aren’t cryptographically secure, obviously.

The security comes from the capacity of the banks to hold or reverse them, and the capacity of the legal system to jail people for check fraud.

Daily, it’s literally the easiest way to send large amounts of money in existence.

Unless there is a typo, in which case it’s the easiest way to lose large amounts of money in existence.

Echoing GP, I also do not find sending crypto to be all that nerve wracking. I frankly find sending a wire to be a lot more stressful (since I understand it a lot less well).

Unlike with crypto where the money is always lost forever, mistakes with wires can usually be corrected. If you don’t understand Wires then you may be unaware of this.

My understanding was that wires were quite difficult to reverse, and it's ACH transfers that can be reversed.

Regardless, the reversibility aspect has both positives and negatives. It does allow you to reverse transactions, but with the added complexity of the transaction not really settling until after that reversibility period passes. If I receive a crypto transfer (ex: a stablecoin), I can know that the money is actually mine within a few minutes, and can't be taken back. There are major benefits to that.

The risk of the money being fraudulently taken back is close to zero. If you are worrying about that happening, then you are either a fraudster yourself, or just being paranoid. There is no major benefit to not having this.

On the other hand, if a crypto transaction has any errors, the money is instantly lost forever, and nobody can help you.

There is no upside to that at all.

I have been the victim of chargeback fraud and major banking errors that resulted in major losses that took months to recover.

Irreversibly transferring funds and having complete ownership of them once they are in your possession is a huge feature.

I don’t know if you realize this but you proved my point perfectly.

Someone defrauded you, and you were able to recover the money.

With crypto, when you get defrauded, you will never see the money again. If you think there is no fraud in crypto, I have some things to sell you.

They never would have been able to access my funds in the first place if this was on a blockchain.

Your argument amounts to the same as relying on the police to return your car after it has been stolen and then declaring that as security.

Yes, my argument does amount to that.

Your argument amounts to claiming you have a car that is impossible to steal, and yet becomes permanently inoperable if you press the wrong button on the dashboard.

Being able to recover stolen property is a good thing, you know?

I agree.

Recently purchased a home with a loan from aave polygon and it was pretty painless.

Is there any credit impact or such from paying with a loan?

Nope, it uses my crypto as collateral and operates outside the credit system.

Is your loan delimited in dollars or non-stable crypto?

Dollars via aave

Do you mind sharing the details like amount of crypto(s) / USD, interest rates, repayment terms etc.

You could scale all money numbers (not durations please) by a factor if you prefer.

I'm interested to see a real-life example

It was on Aave polygon.

There are no repayment terms per say, just interest charged on the loaned amount.

Aave has variable interest on stables that varies between 7-4% and they offer an incentive bonus of about 3% MATIC, making the effective rate 1-4%.

My loan to value rate is around 35%, which gives me a very healthy liquidation buffer in case the market gets even more volatile.

My collateral is mostly BTC and ETH, with smaller holding of MATIC and AVAX.

It’s a really nice system, I get to keep my crypto holdings and extract real world value. Paying 1% interest on a loan backed by assets that are appreciating 100% a year feels really good.

As an additional safety precaution I wrote a smart contract to liquidate some of my other positions if I am ever at risk of being liquidated by Aave to avoid the liquidation penalty.

Clarification for confused outsiders: crypto loans are over-collaterized using crypto assets. In case of non-payment, Aave won't come try to collect your house, instead they'll just keep some other crypto that you put up as collateral.

This is a gross simplification and really trivializes the struggle of people not privileged enough to work in our industry.

I think it captures the main point that Amazon hiring procedures for 99.9% of people are based on optimizing their bottom line. If they want something specific, they'll acquire it/copy the idea. Backend optimizations/tooling stuff I don't know. Maybe they're recruiting those people based on their research credentials.

I actually disagree. If you're going to look down at "those people" making the company run, then yeah, us techies are just as easily trawled through and filtered via intense programming interviews. What's the turnover time for SWEs at Amazon anyway?

This looks great, going to play around with it when I get home.

Does it still present the fundraising banners?