This move saved millions of dollars but there is a catch

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Quote from: Findingnemo on October 26, 2022, 10:20:59 AM

But the catch is the validator can freeze or reverse the transaction if I am not wrong that is the big disadvantage of centralisation cause we can't trust them completely they will work and behave in that way forever. I can't imagine what will happen if they become monopoly and will take the complete control of transactions all around the world. Then again we need the bitcoin to bring the revolution.

Centralization in cryptocurrencies make no different than centralized money controlled by the governments and elites, the exception would be cryptocurrencies can be more easily programmable. In the whole issue, rather than single-handedly controlled by an entity, Binance/CZ, in this case, the government may also play its parts in a regulation.

It came tricky when the users are more respecting convenience rather than a firm value and concept. I guess more and more people are more forgiving of the increasing centralization of cryptocurrencies platform or project.

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But the catch is the validator can freeze or reverse the transaction if I am not wrong that is the big disadvantage of centralisation cause we can't trust them completely they will work and behave in that way forever. I can't imagine what will happen if they become monopoly and will take the complete control of transactions all around the world. Then again we need the bitcoin to bring the revolution.

dunfida

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Quote from: Crypt0Gore on October 07, 2022, 01:33:57 AM

A Huge respect for CZ of Binance exchange, I never knew that a blockchain project can be frozen that fast to stop the hackers who tried to steal 2M BNB worth 570M, by the way isn't that centralised and more vulnerable to government bans?

Bitcoin won my vote for life as it can never be paused this effortlessly and hastily. At the same time CZ saves the day, again. Around of applause 👏 for this smart leader.

We cant really ignore nor deny that centralization does have its pro's when it comes to these kind of events or situations specially on hacked funds or stolen or something in related but same goes into its con's when

everything could really be controlled which does really remove the essence of decentralized aspect of cryptocurrency.This is why its up into your choice whether you would be still confident on investing or holding

on a particular coin which does have these kind of features or would simply stick out with Bitcoin with having that decentralization.Well on what CZ had done
then it would be normal for a company owner on making immediate action in towards situations or conditions.

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Yes indeed CZ is an oracle i heard about this few weeks ago i wonders what would have happened to those leaving their investment in centralized platform, although rear to see that he had a good crew most of hack we do hear can't really be frozen to help retain people's stolen funds. I know this has taught many investors lesson to spread their investment not only limited to altcoin but as well focus on Bitcoin.

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Despite binance and other similar exchange being Centralized, a lot of us don't have problem trading with this exchanges and keeping assets inside them as well. This whole decentralized and centralized talk is subjective, some people don't have problem with it while others do. At the end, it all depends on what works best for an individual investor.

Aside btc, every other coins/tokens out there are partially centralized or fully centralized and there are thousands of investors holding these projects.
I guess interacting with centralized projects is another kind of risk many people are willing to take in the crypto space. You can also invest in centralized projects and have them stored in your personal wallet. In a way, cz was able to put a stop to it because he has control which in this particular situation is good otherwise a lot of damage would have occurred.

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Quote from: jaberwock on October 12, 2022, 09:09:21 AM

Quote from: suzanne5223 on October 08, 2022, 01:39:48 PM

Yes, CZ and crew did a good job but an issue like this shows people that the SAFU introduced by CZ is not totally SAFU and BNB is more centralized than people think.
For the record, the only safe haven as cryptocurrency is concerned is Bitcoin because in the future BNB network can be easily confiscated by the Feds just like we see with Tornado Cash.

I think many of us already know that bnb is centralized because it was created by binance and yet many of us still use it for the same reasons described by the OP. People feel more secure with it and they can disregard decentralization for a while but there are still who are anti centralization and will only stick to bitcoin and other more decentralized coins. They also know the consequences of choosing it but they don't care anymore. They can still do something to secure their coins and to prevent it from being hacked.

I think the tornado cash issue is different. It's a mixer and it can help those fraudsters, that is why it's being shutdown. We can't possibly linked it here.

Years ago I was surprised how BNB make a remarkable price surge in the market and I was among the few people who sees it as a coin that it trend will be determined by the level of trade executed on the Binance exchange until Vitalik play a dirty game by delaying the EH2.0 roadmap which literally pave way for other dApp projects.
You have a point for some crypto investors it is about making a profit through a profit created by an influence and also SAFU backed but BNB centralized doesn't prevent its vulnerability which shows that decentralized POW coins are the most secure.
I used tornado cash as an example of what could happen to BNB if CZ did something against the law.

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Quote from: suzanne5223 on October 08, 2022, 01:39:48 PM

Yes, CZ and crew did a good job but an issue like this shows people that the SAFU introduced by CZ is not totally SAFU and BNB is more centralized than people think.
For the record, the only safe haven as cryptocurrency is concerned is Bitcoin because in the future BNB network can be easily confiscated by the Feds just like we see with Tornado Cash.

I think many of us already know that bnb is centralized because it was created by binance and yet many of us still use it for the same reasons described by the OP. People feel more secure with it and they can disregard decentralization for a while but there are still who are anti centralization and will only stick to bitcoin and other more decentralized coins. They also know the consequences of choosing it but they don't care anymore. They can still do something to secure their coins and to prevent it from being hacked.

I think the tornado cash issue is different. It's a mixer and it can help those fraudsters, that is why it's being shutdown. We can't possibly linked it here.

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Quote from: Crypt0Gore on October 07, 2022, 01:33:57 AM

A Huge respect for CZ of Binance exchange, I never knew that a blockchain project can be frozen that fast to stop the hackers who tried to steal 2M BNB worth 570M, by the way isn't that centralised and more vulnerable to government bans?

Bitcoin won my vote for life as it can never be paused this effortlessly and hastily. At the same time CZ saves the day, again. Around of applause 👏 for this smart leader.

And there is also a catch, from a centralized perspective, cz was able to react quickly but assuming it was a decentralized scenario who would react?
Besides, not every centralized hack the result was positive, cz and Binance just displayed a level of capability which many similar exchange don't poses yet.
Their timely response reduce the intended damage.

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Yes, CZ and crew did a good job but an issue like this shows people that the SAFU introduced by CZ is not totally SAFU and BNB is more centralized than people think.
For the record, the only safe haven as cryptocurrency is concerned is Bitcoin because in the future BNB network can be easily confiscated by the Feds just like we see with Tornado Cash.

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Quote from: NeuroticFish on October 07, 2022, 03:12:02 AM

Quote from: Crypt0Gore on October 07, 2022, 01:33:57 AM

A Huge respect for CZ of Binance exchange, I never knew that a blockchain project can be frozen that fast to stop the hackers who tried to steal 2M BNB worth 570M, by the way isn't that centralised and more vulnerable to government bans?

Bitcoin won my vote for life as it can never be paused this effortlessly and hastily. At the same time CZ saves the day, again. Around of applause 👏 for this smart leader.

Actually this shows the high degree of centralization in the BSC network.
While this time CZ used this for good, you never know when this would be used for bad things or just simply against you.

So the only "hats off" would be in order because CZ has revealed the true nature of BSC (for those still doubting it) in order to stop hackers.

CZ would rather do the appropriate action rather than letting things to get messed. If he do let those hack to happen then it would really just create a huge lost of trust into the community considering
or talking about security aspects which is really a huge deal for everyone.

He would rather exploit out on those possibilities that it could really be stopped on his own will and decision.Yes, this might changed up others impressions but not as bad when you do compare
if he had just let that hack incident happen.

Therefore, people do still have the choice on whats their stance towards BSC network.

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I do agree that it's a good decision since cz did manage to stop the hackers to get millions of funds and he would be most likely at fault if that happen. This clearly shows that cex is not the most secured platform to use or even store your crypto like many people did which is not advisable to do so. It also shows that centralized platform could also mean that you will be having trouble with your funds like your funds is frozen because of money laundering which you are sure that you didn't do anything which is a cover up to steal your funds without making them a scammer.

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Centralization definitely has its benefits, but in entirety? Nope, especially when talking about finance. Imagine needing to transfer money but then you can't because the central authority thinks that you're doing something shady even if you're not doing anything bad. Bitcoin's decentralization fixed this; going back to centralized solutions is an absurd idea.

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That only showed that centralized projects have full control on their own network and thus, what CZ and his developers have made to mitigate the harm that hackers have done to BSC's network.
Just like the other hack that has happened before this, when the famous funds are safu was said, this has given his customers a tight of security from his ventures knownly, Binance and BNB.
But for someone who understands more how this move he's made will give the idea on how they can control almost everything if there's a centralized power controlling a project, it could be something bothering.

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The centralized architecture of the BSC network has been a cause of concern since its conception. They have absolute control over everything. CZ is only a smart leader for those who don't understand the flaws of centralized authorities.

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So what to expect from a centralized system that has absolute control over what it has created? Those tokens are actually worthless, but luckily those CEXs have an army of people who believe in fairy tales and think they own something valuable.

Calling CZ some kind of smart leader is even more stupid considering that he personally got rich from all that, while his company was in the gray zone for years (and still largely is). But I understand that most people need some kind of leader, and that's why it bothers them so much that there is no Satoshi to hold their hands and tell them a good night story Roll Eyes

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Quote from: NeuroticFish on October 07, 2022, 03:12:02 AM

While this time CZ used this for good, you never know when this would be used for bad things or just simply against you.

So the only "hats off" would be in order because CZ has revealed the true nature of BSC (for those still doubting it) in order to stop hackers.

He will definitely do it. With his reputation right now, I dont think he can do blindly a rug pull and scam a lot of users. It maybe a centralized situation but imagine if they didnt freeze it and watch it get stolen easily. More trouble for them and also for the people.

People are probably feel secure now, but must always remember the concept of not your key, not your coin. Good thing CZ has his head, imagine someone from Binance got swayed with the money involved and try to do it.

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To anyone who doesn't know what actually @OP mean, there's an exploit on Binance Smart Chain [1]

BNB and BSC chain is centralized, that's why the developer can froze the transactions since they have full control over it. Although CZ did a good thing, but this just show how weak the security of BSC chain and the nightmare of centralization. Imagine your wealth mostly on centralized coin, when you want to withdraw your coins, you can't since the developer rob your coins.

[1] https://cryptopotato.com/binance-smart-chain-paused-following-600-million-bnb-hack-report/

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Quote from: Crypt0Gore on October 07, 2022, 01:33:57 AM

A Huge respect for CZ of Binance exchange, I never knew that a blockchain project can be frozen that fast to stop the hackers who tried to steal 2M BNB worth 570M, by the way isn't that centralised and more vulnerable to government bans?

Bitcoin won my vote for life as it can never be paused this effortlessly and hastily. At the same time CZ saves the day, again. Around of applause 👏 for this smart leader.

Actually this shows the high degree of centralization in the BSC network.
While this time CZ used this for good, you never know when this would be used for bad things or just simply against you.

So the only "hats off" would be in order because CZ has revealed the true nature of BSC (for those still doubting it) in order to stop hackers.

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Quote from: Crypt0Gore on October 07, 2022, 01:33:57 AM

A Huge respect for CZ of Binance exchange, I never knew that a blockchain project can be frozen that fast to stop the hackers who tried to steal 2M BNB worth 570M, by the way isn't that centralised and more vulnerable to government bans?

It depends on the way the blockchain works. For example, in Bitcoin, the longer chain can make new decisions such as creating new coins, modifying the sizes of blocks and other things, but for this to happen, you need to control the longer chain, which is something that you will not get easily due to the centralized distribution of the hashrate^[1].

In Binance Smart Chain they relies on 21 validators with Proof of Staked Authority (PoSA) which mean that those 21 validators who can suspend the network, delete coins, add new one, and more.

Note that most or all of these 21 are directly or indirectly managed by Binance.

[1] https://web.archive.org/web/20181231045818/https://people.xiph.org/~greg/attack_success.html

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A Huge respect for CZ of Binance exchange, I never knew that a blockchain project can be frozen that fast to stop the hackers who tried to steal 2M BNB worth 570M, by the way isn't that centralised and more vulnerable to government bans?

Bitcoin won my vote for life as it can never be paused this effortlessly and hastily. At the same time CZ saves the day, again. Around of applause 👏 for this smart leader.

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