Topic: The Hack and The Rollback - page 3. (Read 613 times)

Thanks for your analysis on how a rollback will work and it effect on mining. This been said, since it will cost much more to hire 51% of miners, then it may as well be best to ignore the chase. Again, maybe they are looking at the future of bitcoin price as compared to the fund that is about to be spent in chasing this scammers so as to make it an orphan.

My question is this: Can't this transaction be followed and given a close monitor? Until it gets a point where they would want to discharge as in convert to fiat or spending, and authorities get to freeze the account? do you also think there is a future plan to arresting this hugly situation to ensure greater confidence in the future? Thanks a lot.

I remember the scene from Avengers where the Hulk explains that what happens in the past cannot be changed, and if it does, the future is somewhat ruined. If the rollback is done, imagine how much damage it could do to the whole bitcoin network just for the benefit of one network. It's a good thing they are no longrr vying for such action to be done because the complications can be so severe and the damage, irrepairable.

It's not happening,

https://twitter.com/cz_binance/status/1125996194734399488


It will just undermined blockchain, good to hear this kind of suggestions by those knowledgable minds but it won't work. Not even the genius mind of Tony Starks will actually go this far. 

I'd like to see them try a rollback... Even if you have 51% of the miners helping out, it's still allmost impossible.

If you have 51% of the hashrate, it's pretty easy to orphan the last couple of blocks by building a longer (more work), alternative blockchain... But at this point the "stealing"  transaction has 221!!! confirmations
(https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea)

This means that the last 221 blocks have to be re-created, and by the time these blocks have been re-mined, the 49% "leftover" miners will probably have mined an additional ~218 blocks... So the 51% of the miners have to re-mine those 218 blocks aswell... But by the time these blocks have been re-mined the 49% will have mined an additional ~215 blocks (so they still have the chain with the most work and the 51% have to catch up those ~215 blocks)... And so on, and so on...

Basically, even if you have 51% of the hashrate, it'll take months before your alternative chain (not including the thief's transaction) will be longer and have more work done than the chain including the thief's transaction... You'll basically invalidate 49% of the miner's blocks' and cause huge losses (not only for the miners, but also for other people that have valid transactions that are only included in the blocks mined by the 49%)... not a good situation...

I don't see an elegant sollution for this problem... This is the other side of immutability, once a transaction is confirmed, it's confirmed... You can talk all you want, but pulling off a succesfull rollback is allmost impossible.. Just imagine the cost of having to hire 51% of the miners for a couple of months, it'll be much higher than the $40.000.000 that have been stolen in the first place.

Binance pulled back and decided not to continue campaigning for it. Plus if anyone believes that it's a good idea to let miners roll back the hackers' transaction, then they are stupid.

The recent hack of Binance which resulted into the loss of 7,000 Bitcoin valued approximately around $40 Million shocked and dismayed many people in the world of cryptocurrency all because we are assuming too much that as the leader Binance is employing the best security technology they can find but alas hackers are always one step ahead of the game.

Now, there is this talk about the "rollback" which can possibly reverse the 7,000 BTC transfer. This is considered to be conroversial since we don't know the possible consequences and there is the need to get the support of at least 51% of miners.

I think that it is really about time that the industry find an acceptable solution in case of a major hack as it can be frustrating to just watch the hacked Bitcoin moving from one address to another while you are helpless about it.