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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:

Ethereum, Ethereum Classic and the DAO: https://www.youtube.com/watch?v=QIFDX6J3vbY

The 7,074 BTC transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

Binance Security Breach Update: https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

CZ Live AMA: https://twitter.com/binance/status/1125959459782553600

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24 COMMENTS

  1. Good catch, I haven’t had the time, or interest to look into Binance and how they got hacked, because I wasn’t surprised. Just my personal opinion, I don’t think they have the technical capability to roll back the Bitcoin blockchain. I could be wrong, but I hope this is a case where the code is unstoppable. Good ? Heidi, this information really redoubles my drive to learn more about how they would be able to roll back the bitcoin blockchain. I know Ethereum uses ‘proof of stake’ to secure their blockchain, where as Bitcoin uses ‘proof of work’ to secure their blockchain. I’m not sure whether this has any bearing, on Binance’s ability to roll back the blockchain. Looks like I’ve got my research plan ahead of me. Thank you for making us all aware of this!

  2. binance got too big too famous too quick. now if anything happens they get media time. something of this would scare someone away from crypto. its a.shame this is the truth we have to face. thanks for the update

  3. Thank you for being our voice of reason. Appreciate your words very much. If CZ actually tries to roll back BTC, it opens the door for speculation on him working on the side the world bankers. He's already proven with his statement on the possibility, that he's an exchange guy, not a crypto guy, and that's too bad.

  4. LOOK at all that fake volume they do!!! They like many exchanges dont have all the coins they say they do…. ROLL BACK!! That means no TRUST in the ledger!!! If you dont have the coins you cry "ive been hacked"

  5. Binance is handling this in a neat pre-scripted manner. A well timed, well rehearsed response tethered to a well orchestrated hack that comes with a targeted political outcome…
    Seriously, people let's reconsider using Binance shall we? We don't need them.

  6. Wow great video. This incident and the rollback discussion and that a rollback of BTC is possible defeats everything I thought bitcoin stood for.
    Decentralized and distributed so it could not be rolled back is the whole purpose. My faith is shaken and maybe that was the purpose to shake enough peoples faith to agree to change the code to prevent a rollback from being a possibility. A good centralized system is still centralized and a good dictator is still a dictator. $40 million is <10% of just 1 quarter's revenue !! Something is very wrong with this situation and much more serious or devious than it appears.

  7. The fact that it can be rolled back scars me. Who is to say this becomes standard procedure when any large group decides to "FIX" the blockchain for their benefit. BTC is definitely not a safe investment as I once thought.

  8. Bitcoin has had a couple reorgs already. It is not the power of Binance to roll back the blockchain, it is the probabilistic nature of finality on Bitcoin. 1-2 block reorgs happen everyday. Anyone wishing to bribe the miners with enough incentive can reorg the blockchain, no centralization needed whatsoever. Relying on people play altruistic game is a bad strategy

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