this post was submitted on 17 Dec 2023
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Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)
submitted 11 months ago* (last edited 11 months ago) by yesman to c/technology
161 comments fedilink hide all child comments
 

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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[โ€“] [email protected] 21 points 11 months ago (1 children)

No offense, but this is literally the problem with almost everyone who says they have a perfect usecase for NFTs. I also don't know everything about everything either, but I know do know that we don't tend to make existing systems complex just for fun.

Every time someone wants to fix something with NFTs, they're either slapping an NFT on top of the existing system, making it more complicated, OR they want to start a new solution from the ground up, throwing out decades or centuries of experience and edge-case solutions to replace them with nothing, leading to major problems.

This post is about the second thing happening, your example is the first.

NFTs are a solution looking for a problem. But all the problems have already been solved without NFTs.

[โ€“] [email protected] 4 points 11 months ago

Blockchain in general is a solution looking for a problem. Blockchain is just a terrible database that burns mountains of coal. In almost every case when someone suggests using blockchain for something, the simpler solution is to just use a standard database.