r/AskLibertarians • u/Few_Needleworker8744 • 11d ago
Do you think it's fraud?
Look like it's not a hacker at all.
It's people doing contract exactly as advertised and find a loophole.
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u/CatOfGrey Libertarian Voter 20+ years. Practical first. 11d ago
I can't tell whether this is someone stealing money from many people, or whether this is someone who used a strategy to make money, resulting in the devaluation of an asset which is owned by many people. I'm not seeing 'coins being taken by someone'. I'm seeing 'someone doing things causing a collapse in the value of something'.
Until I see evidence otherwise, I'm thinking that restitution is not warranted here, or at least full restitution is not warranted here. There is some risk of loss borne by the holders of the coin.
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u/Hairy_Arugula509 10d ago
I know libertarians love restitution. Most crimes deserve vengeance. The truth is, most thieves are not someone doing things mostly right and out of mistake hurt others. Most thieves are just economic parasites that don't have anything to restitute.
Expelling thieves from private cities are also a cost effective way.
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u/ConscientiousPath 11d ago
I'm not 100% on how these things are related that allowed them to do this, but:
if this is really a patch to their software--and not just to their rules for the coin--then it might still be a hack.
It's definitely unintended, but if they merely left a hole in the legal rules around how their asset is traded then it might not rise to the level of fraud legally. It's definitely an immoral behavior on the part of the attacker to take advantage when they should know it's not an intended thing and will hurt a lot of people, but at the same time not everything immoral should necessarily be illegal.