Binance losing 7000 BTC and the consequences of a ROLL Back - page 2.

xtraelv

legendary

Activity: 1288

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฿ear ride on the rainbow slide

Quote from: stfN2128 on May 08, 2019, 06:39:50 AM

wouldn't be so good for BTC if a single exchange could have the power to roll the chain back. Binance system wasn't safu so they have to pay for it. the made enough money, they have a fund for this kind of shit.

Ethereum rolled back the transactions. The result ? Two coins, a split community and multiples of the actual loss wiped off the market cap instantly.

It is scary that a large player like Binance considered it. They rejected the idea and I commend them for it. But it wouldn't stop a symilar large entity from doing something symilar.

That is why decentralization has to be taken seriously.

Bitmain has too much control over mining and mining hardware.

Binance and other exchange have too much control over user funds they don't own.

The vulnerabilities are mining control, hardware control, volume control (trading and control over funds) and centralized control over code.

I'm not anti Binance (I think they have built a great exchange) - but I'm anti centralization and anti oligopoly control.

feryjhie

hero member

Activity: 882

Merit: 595

Quote from: davis196 on May 08, 2019, 06:37:03 AM

Quote from: Saf1211 on May 08, 2019, 06:18:58 AM

Quote from: Haunebu on May 08, 2019, 02:44:30 AM

Don't we have enough threads talking about this topic already?

https://bitcointalksearch.org/topic/binance-lost-407-million-to-hackers-which-exchange-is-next-5140532

https://bitcointalksearch.org/topic/binance-has-been-hacked-5140544

More and more threads = Pointless FUD which is why I urge you to lock this thread and continue your discussion in one of the threads that I linked op.

My point isn't the hack. My point is the conversation taken place thereafter, about rewinding the clock and returning the funds using the 51% hash power, when I posted this I didn't see anyone else write about that simply about the hack.

The 51% "roll back" idea is quite interesting but what's the cost of implementing it.Binance is a big crypto exchange platform,but they don't have enough money to fund 51% hash power.What if they have to spend more than 40M USD in order to get back the stolen 40M USD?

I just read an article that he decided not to rollback bitcoin blockchain because of many factors like it may have some negative consequences, in terms of destroying the credibility for bitcoin

ttcsalam

copper member

Activity: 1120

Merit: 2

If this situation is such a strong exchange, such as Binance , then very bad news. I had some investment. I think thousands of investors like me used to trade here, their condition might be very bad now or maybe. One solution is important.

fronti

legendary

Activity: 2912

Merit: 1309

With this idea from the CEO of this exchange, you should now think 3 times if you ever like to use this again.
He indicates that he has no clue on the bitcoin network. Do you really want him to handle your money?

And always true for all other exchanges: Not your keys not your money.

stfN2128

member

Activity: 882

Merit: 14

Quote from: davis196 on May 08, 2019, 06:37:03 AM

Quote from: Saf1211 on May 08, 2019, 06:18:58 AM

Quote from: Haunebu on May 08, 2019, 02:44:30 AM

Don't we have enough threads talking about this topic already?

https://bitcointalksearch.org/topic/binance-lost-407-million-to-hackers-which-exchange-is-next-5140532

https://bitcointalksearch.org/topic/binance-has-been-hacked-5140544

More and more threads = Pointless FUD which is why I urge you to lock this thread and continue your discussion in one of the threads that I linked op.

My point isn't the hack. My point is the conversation taken place thereafter, about rewinding the clock and returning the funds using the 51% hash power, when I posted this I didn't see anyone else write about that simply about the hack.

The 51% "roll back" idea is quite interesting but what's the cost of implementing it.Binance is a big crypto exchange platform,but they don't have enough money to fund 51% hash power.What if they have to spend more than 40M USD in order to get back the stolen 40M USD?

wouldn't be so good for BTC if a single exchange could have the power to roll the chain back. Binance system wasn't safu so they have to pay for it. the made enough money, they have a fund for this kind of shit.

davis196

hero member

Activity: 3150

Merit: 937

Quote from: Saf1211 on May 08, 2019, 06:18:58 AM

Quote from: Haunebu on May 08, 2019, 02:44:30 AM

Don't we have enough threads talking about this topic already?

https://bitcointalksearch.org/topic/binance-lost-407-million-to-hackers-which-exchange-is-next-5140532

https://bitcointalksearch.org/topic/binance-has-been-hacked-5140544

More and more threads = Pointless FUD which is why I urge you to lock this thread and continue your discussion in one of the threads that I linked op.

My point isn't the hack. My point is the conversation taken place thereafter, about rewinding the clock and returning the funds using the 51% hash power, when I posted this I didn't see anyone else write about that simply about the hack.

The 51% "roll back" idea is quite interesting but what's the cost of implementing it.Binance is a big crypto exchange platform,but they don't have enough money to fund 51% hash power.What if they have to spend more than 40M USD in order to get back the stolen 40M USD?

Saf1211

jr. member

Activity: 39

Merit: 2

Quote from: Haunebu on May 08, 2019, 02:44:30 AM

Don't we have enough threads talking about this topic already?

https://bitcointalksearch.org/topic/binance-lost-407-million-to-hackers-which-exchange-is-next-5140532

https://bitcointalksearch.org/topic/binance-has-been-hacked-5140544

More and more threads = Pointless FUD which is why I urge you to lock this thread and continue your discussion in one of the threads that I linked op.

My point isn't the hack. My point is the conversation taken place thereafter, about rewinding the clock and returning the funds using the 51% hash power, when I posted this I didn't see anyone else write about that simply about the hack.

Ailmand

hero member

Activity: 1274

Merit: 519

Coindragon.com 30% Cash Back

Well, traders funds in Binance is SAFU, but the problem is, it still has an effect in the market. It might be another inside job intended to create FUD in the market since the market is preparing to rise-up. Just stay safe, and never leave your funds in any exchange.

dvdrewritable

member

Activity: 280

Merit: 13

Still can not believe how an exchange like Binance exchange is hacked. if one of these large exchanges becomes hack, then all other small exchanges can be hacked at any time. We can not see our found safe anywhere. Which will have a lot of impact on the crypto market. It is really very surprising, I do not know how to become a security system kind of this excahnge, where there is so much trade every second, there must have been a lot of high security. However, now we return the dollars that have been hacked, otherwise we all will face many losses.

Whaleagent

member

Activity: 117

Merit: 14

I was very disappointed to hear such news. to me Personally, It's hard to believe that they were hacked. They are well-known exchange and their Names is speak for themselves. funds are SAFU so probably if you hold anything in there you should not worry about it.

Crypto Girl

sr. member

Activity: 980

Merit: 294

We can anticipate some dips because of this fud and we can somehow think that this might just another show up so whales can buy more, isn't it?

While as the binance had stated that all funds were safe and I think there's some sort of insurance that cover any losses ( if any ) so I don't see any reason to panic and spreading fuds are useless.

gilangIDR

legendary

Activity: 1526

Merit: 1001

Quote from: Saf1211 on May 08, 2019, 01:40:53 AM

Yesterday Binance was hacked fgor $40 Million worth of BTC equivalent to 7000 BTC at todays price.
Well we have heard of hacks before what we have never heard of is the mention of rolls backs.
What do you mean Roll Back.
Binance techs have suggested taking 51% control of the miner power and rolling back this transaction.
Does any one else have a problem with this?

This is bad news, but I hope all parties can continue to believe in cryptocurrencies. Because with trust the market can be maintained and there should be no situation of loss of trust. Because usually things like this will have a negative impact on the price changes of cryptocurrencies. 7000 BTC is a large amount, hopefully there will be no price dumping.

okala

full member

Activity: 980

Merit: 114

If not for trading web wallet is never my choice, so many people have 100% trust on binance security before the hack incident yesterday which should further clear my curiosity. Am OK with hardware wallet which always leave the security of my coins in my hand because online wallet can be easily hacked into, this is really a bad one for binance but also this will give room for improvement as the CEO CZ have said the hackers really displayed they weakness which will be improve on.

Pursuer

legendary

Activity: 1638

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Where is my ring of blades...

Quote from: jeniferqueen0409 on May 08, 2019, 04:48:55 AM

It was so shocking and I couldn't believe my eyes when a big exchange site like Binance was attacked by hackers and took away so much money.

only things that rarely happen can be considered surprising. but something that happens regularly should not surprise you. it is like being surprised when the sun goes down in the afternoon!
in crypto-space, exchanges getting hacked is the most common occurrence. every year we have about 6 or 7 major exchange scams (not counting the small unknown exchanges). that is 1 every 2 months on average. you can't really be surprised about that!

Genemind

sr. member

Activity: 1596

Merit: 335

It's disappointing to know and even a top exchange could be hacked. 7000 Btc is such a huge amount and knowing that our funds could be hacked makes us feel doubtful about the exchanges these days. The hard wallet would still be a convenient and most choice during this situation.

jeniferqueen0409

full member

Activity: 394

Merit: 100

Quote from: Saf1211 on May 08, 2019, 01:40:53 AM

Yesterday Binance was hacked fgor $40 Million worth of BTC equivalent to 7000 BTC at todays price.
Well we have heard of hacks before what we have never heard of is the mention of rolls backs.
What do you mean Roll Back.
Binance techs have suggested taking 51% control of the miner power and rolling back this transaction.
Does any one else have a problem with this?

It was so shocking and I couldn't believe my eyes when a big exchange site like Binance was attacked by hackers and took away so much money. It is too dangerous and confusing to investors on Binance. The bear market seems to have just finished but perhaps the crypto market will have a huge impact.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

haha, Binance dudes have been swimming around in so much shitcoins that have started thinking bitcoin might be like one of those where every time they mess up they can ask for an undo button.
life doesn't have an undo button, neither does bitcoin. besides, unlike shitcoins like ethereum that did roll back, immutability means something here in bitcoin.

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

Don't we have enough threads talking about this topic already?

https://bitcointalksearch.org/topic/binance-lost-407-million-to-hackers-which-exchange-is-next-5140532

https://bitcointalksearch.org/topic/binance-has-been-hacked-5140544

More and more threads = Pointless FUD which is why I urge you to lock this thread and continue your discussion in one of the threads that I linked op.

Saf1211

jr. member

Activity: 39

Merit: 2

Yesterday Binance was hacked fgor $40 Million worth of BTC equivalent to 7000 BTC at todays price.
Well we have heard of hacks before what we have never heard of is the mention of rolls backs.
What do you mean Roll Back.
Binance techs have suggested taking 51% control of the miner power and rolling back this transaction.
Does any one else have a problem with this?

Topic: Binance losing 7000 BTC and the consequences of a ROLL Back - page 2. (Read 472 times)