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Leicester

๐Ÿ‘ค Speaker
924 total appearances
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Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Most chains that did happen to did recover.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

So there's light at the end of the tunnel if it is subject to such an attack.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

But it's important for you to understand the importance of how complex these kinds of tricks are now.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

It's not as simple as, like Satama, owners sitting on the wallet of full liquidity and they can just drain it.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Because that's too easy, right?

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

They're doing things behind the scenes that can drain it.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

without having to have that front end spotlight on the ability to drain it.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

So when you're trying to assess a project, as I close, sometimes you're not going to know upfront.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Sometimes you're not going to be aware that that risk is there, especially if the audit was not transparent or not complete or not done against prod production.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And sometimes the audits can't catch it because usually that kind of node diversity develops over time.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

So upfront, it might be clean,

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

but then over time you're building out all these notes.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And if there's not a transparent identification and identity and KYC process in front of it, you don't know what those people are doing.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Even if you do identify them, if certain people are good at tricking you into thinking that they're on your side, let's say, Hey, I'm here to support the chain and I'm here to represent you.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

They're saying that upfront, but behind the scenes in secret, they're in collusion with the leadership of the project.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

do you know that they're they have your best interest at heart by doing so if they're not transparently talking about things that are to your detriment that they were aware of that's what happened with the ship ecosystem and certain others so that's my feedback to you is consider sometimes you're not going to know going in you're not going to know that this malicious activity begins to happen

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Sometimes a project can launch and it's fine.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And then after launch, this happens.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

That's what then causes the pump and dump graph that you often see on projects.