yesmanDec 17, 2023

Hackers steal NFTs worth millions. In other news, NFTs worth millions.

https://lemmy.world/post/9675964

Hackers steal NFTs worth millions. In other news, NFTs worth millions. - Lemmy.World

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?

Show thread🐑🇸 🇭 🇪 🇪 🇵 🇱 🇪🐑Dec 17, 2023
No one is gonna buy any NFTs for millions lmao
Show threadshortwavesurferDec 17, 2023
As crazy as it sounds, some people do.
Show threadAbidanYreDec 17, 2023
They did. For like a week last year. Then everyone realized it was a scam.
Show threadshortwavesurferDec 17, 2023
I do see potential use for them, but not in the way they are currently being used. I could see uses like door keys, tickets, memberships, etc being of practical value, but not stupid little pictures.
Show threadsilverbaxDec 17, 2023
Tickets, yes, door keys, no.
Show threadshortwavesurferDec 17, 2023
Besides the obvious of your door lock needing to be connected to the internet, and that could be a problem, what else do you see as being an issue with using it for door keys?
Show threadbahbah23Dec 17, 2023
How exactly would that work? Keep in mind that the blockchain is by necessity not secret.
Show threadshortwavesurferDec 17, 2023
Right, but all the lock is doing is checking whether you own the NFT or not. If your house was in NFT, people could see that you bought a house, but not where it was as long as it was generic like house #40000
Show threadstoyDec 17, 2023

How would that work in reality, how would the lock know that the NFT in question is the actual legal ownership of the house?

The only way to guarantee that is to change the law that deeds of houses can only be an NFT.

Otherwise someone could sell a house on paper, but retain the NFT to have access to the house.

An NFT lock would also have the following problems, excluding the trust of ownership in the real world.

Power to the lock is required, if your backup battery is dead then you might be locked out during a power cut.

Internet access is required, during a powercut your router will probably die as well, so even if a battery backup is working, you’d still be locked out.

Your ISP could have service interruptions, no internet, no access to the latest blockchain updates, meaning that the lock can’t trust that you actually have ownership/access, that would be an insanely easy way to hack the lock.

Show threadshortwavesurfer

I can’t really address the first part about selling the house on paper and not transferring the NFT.

I figure this thing would have cellular access as well as Wi-Fi. So if your Wi-Fi was to go down, then the cell network would be used instead. And those generally use different ISPs for fiber and often get restored first or dont go down at all since they are commercial contracts. In the event of a total internet cut, it is well known that a house does not change ownership very often, so the lock could be programmed to not accept any new keys for a period like a day. The lock would accept only the old key during that time like a cooldown period

Dec 17, 2023 at 5:11pmWeb
Show threadstoyDec 17, 2023

Ok, lets disregard the regulatory issues, are you really asking people to sign up for a completely different ISP just to unlock their house with an NFT key?

As for a delay to update ownership, fine that would add some leniency and is not an unresonable feature.

But I just can’t see what problem an NFT key would solve, we don’t usually lock/unlock our front door with the deed of the home, what would the advantage be of doing that?