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RE: Over $100,000,000 could be removed from someone's crypto wallet

in LeoFinance2 years ago

Distribute stupid airdrops and win stupid prizes... There are many valid reasons why projects don't disclose their airdrop eligibility before the drop actually happens.

I saw the outrage for this one on Twitter today and it's hard to sympathize with the people that want to pass this proposal. I also saw some posts comparing it to the Steemit takeover but they are two very different cases.

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comparing it to the hostile takeover is a bit silly on multiple front

  • We all knew Steemit Inc had that stack from the start.
  • It wasn't the money that mattered; it was the voting power.

The way in that they are similar is that both attacks are Sybil attacks, where the bad-actor pretends to be multiple people.

Still when you set up an airdrop like that, that can get Sybil attacked in the most obvious and stupidest way possible: you get what you deserve. There is no valid solution to this problem. Both options are terrible options.

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No valid solution indeed. Just surprised they didn't learn a lesson from all other Sybil attacks that gamed numerous airdrops in the past.

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Does the character of the whale change things? In this case, it seems that they made a lot of their ATOM from running Ponzi's and scamming people out of seed phrases in discord. All allegations, I have not seen proof of this to be fair.

This whole situation highlights the risks involved with large airdrops, they can have unintended consequences.

I wonder if the community would have such an appetite for airdrops if the had to KYC for them?

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Does the character of the whale change things?

Hardly. No one is saying that what they did isn't a very shitty thing to do but that's blockchain for you. If you designed the system badly and someone exploited it the fault is always on you, not on the bad actor.

I wonder if the community would have such an appetite for airdrops if the had to KYC for them?

While it sounds crazy for airdrops like this one there is no other way for now. Either KYC everyone or deal with the consequences later.

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Agreed, I do not really understand the comparison to the Steem HardFork.

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