Binance hacked, but the scary part is what almost came next...
What could be worse than being hacked to the tune of $40 million dollars?
How about claiming the solution to the hack is getting the largest miners together, you know ones that control more than 50% of the hash power, and having them roll back the chain to a point in time before the theft occurred.
Um... say what?
That was exactly one of the solutions floated by the current CEO of Binance.
I say "current" because he won't stay CEO very long with ideas like that.
Could this be done, and would it be worth it?
Yes, in theory, if he were to get that much hash power together and in agreement, they could in theory roll back transactions to a point in time prior to the thefts, thus putting all the coins back to their original locations.
However...
And this is a big HOWEVER...
The damage that would have been done to bitcoin would likely have been irreversible, and if not irreversible, it would have been immense.
Think of all the people that believe bitcoin is immutable, well that narrative goes out the window.
If a CEO of an exchange can have that much power to control transactions, then the entire thing is no better than the banking system it is hoping to replace.
More on it can be found here:
https://www.coindesk.com/binance-may-consider-bitcoin-rollback-following-40-million-hack
Major damage would have been done...
I wish he never would have even floated the ideas publicly myself.
He quickly was advised to go a different route, but the fact he actually thinks he could get it done is very concerning for bitcoin and crypto as a whole.
Hopefully at some point bitcoin gets decentralized enough to the point where this isn't even a possibility. Though, I am not holding my breath for that to happen any time soon.
Amazingly, the price of bitcoin didn't react much.
True bull market price action folks.
Stay informed my friends.
-Doc
So they shut the barn door after the cows escaped, and...
Binance should really have better security.
The ask for all kinds of stupid information about you, that doesn't help out security one iota, and just do simple double password shit.
Maybe if they KNEW THEIR CUSTOMERS they would say, hey, that's a rather large withdrawal that Mr. Jones asked for, maybe we should contact him.
But but... decentralized and anonymous!
Haha, nah, you didn't beat me to it.
The tone of my post implies that the rollback was impossible and this situation makes CZ look really ignorant while making Bitcoin look good.
Nice angle!
i think if anything BTC will become more centralized as time goes on and other currencies that are up and comers will be completely decentralized like the blocknet exchange is 100 percent completely decentralized
in the future there will be lots of coins that are decentralized 100percent and BTC and ETH will be looked at as the pioneers of the freedom we all hope to get
how goes the battle jr and awesome article
Could be. If miners aren't sellers the network would get more centralized over time yes. Though that doesn't take into account using the income they generate.
in saying that im not half as educated as you and edicted on software and hashes and all this other stuff but get my info from the three people i subscribe to and pay 10,000 a year and they are worth every penny so far anyways
have a great day
Hmm... I will gladly help educate for fractions of that. :)
lmao
ive gotten 500 to 1 in 18 months and
43 to one in four months
so when i say these three are worth there bread and butter i can pay for ten years 10,000 a year and still have money left over for the less than two years of their advice
do you have your own subscrptions that people pay for
the two big guns have not reccomended BTC or ETH
the small guy thats only 500 a year (berwick) reccomended BTC at 3 buck and ETH at 2 bucks and EOS at .50 so just with him i made a killing but the big guns are long long plays so its patience now for me since berwick got me to where i can afford the big guys
and let me know if you have your own subscriptions since when my house sells i will have more money to throw away for more smart info and i consider you a pretty bright character along with edicted but i will never pay either one of you what i pay my two big guns lol
so if your a fraction of the price and you have a subscription letter let me know about it and come fall i might sign up depending where i am on my road to wealth and success
cheers man be safe and be well and always starve the corrupt murdering thieving beast
Who is the other one besides Jeff? Also, when were most of these gains made? You could have thrown a dart in 2016 and 2017 and made big money...
yes your right and the 500 to one was before the big gains but sold around the big gains but bought before the big gains started and the 40 to one was bought ion sept 7 of 2017 and sold xmas 2017 berwicks .50 EOS and his 2.00 ETh was 2016 or late 2015 cant remember it was a little too long ago just remember the money lol
the other two people are teeka tiwari and marco wutzer who works on doug caseys platform and if you dont know who that is he is the international man and you should look him up
everybody he has tutored has turned into a multi millionaire
have a great evening jr
peace
ps berwick has called the last three crashes to a T and i know you dont like him much but he is a tenth of the price of these other two gentleman
anybody who starts off i send them to berwick since they wont be able to afford the other two guys
No, it's not that I dislike him, I just don't think he has anything that you can't find for free out there. I mean his calls are market calls based on his intuition. No inside information. What is he saying to buy right now, today? (I believe he is actually on steemit.com btw as well)
berwick gives about one tip a year so this year hes not saying anything yet but is opening up a special small cap crypto subscription for people who want more than one tip a year and is opening it up at this time due to the fact all three guys say this is the year where they will start to really move and if all three say this and what they have done for me i have no choice but to believe them
and for your jr i know and see you can find out things like this for free but im not as smart as you on these things so i rely on experts who have not lost me a penny since i have started
i am actually not signing up to his new small cap crypto thing and when this regular subs ends i will not be renewing cause im sticking with marco and teeka the big guns/boys
they are very long term though like 3 to 7 years and i dont have a problem with that since ive made plenty with berwick with hardly anything down and his subscription cost hardly fuckall also
if you open up a paying subscription please do let me know since i basically read almost everything you write anyways since like i said i think your a smart cookie bud
have a great day and have to go run the dogs in the bush for a bit and get them their daily exercise not to mention my own lol
cheers
Sure thing. And hey, if they keep making you money, stick with em!
But that's the kind of democracy that anarchy allows. We see it here with a small number of people effectively controlling the reins. If you believe in decentralised anarchic systems, then you have to accept this kind of outcome.
Personally I don't think they can work. Thousands of years of history has shown us that. I believe some things can be decentralized, but others cannot.
Seems fishy to me ... just sayin :)
Which part?
Idiots 🧐
Yea I think he regrets those thoughts at this point...
CZ has been around and knows better. Perhaps it was a joke or a faint hope, but he's seen enough of these hacks that he knows they're not going to rollback BTC to save him some money. At least Binance covered this loss. Could be a good wake up call for them. And yes, it was a shock that markets shrugged this off.
Yea, he seemed pretty series about it. Saying he has the connections and contacts with enough miners to get ahold of 51%+ of the total hash power. Though, like you alluded to, getting them to agree to it is another matter altogether.
And yes, they have a SAFU (misspelling of SNAFU hehe?!) fund for such rainy day events that covered the losses in their entirety.
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Thanks.
So now we know who floated that stupid idea on Steem. :P
Haha perhaps!