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Binance, the largest volume cryptographic exchange, was hacked on Tuesday. The hacker took $ 40 million or 7,000 BTC.
Binance had the chance to recover these funds. They could reach an agreement with the majority of hash power miners. The miners would reverse the chain and earn a share of the stolen money.
Binance decided this time not to conclude the deal with the miners. And with time, the attack becomes harder. But all this took a private phone call. The majority of hash power is under the control of a handful of men. They can collaborate and reverse the chain.
The truth is that the reorgs are not prevented by the Bitcoin protocol (except against low-level mining coalitions), but by the social, legal and political reality of the Bitcoin community.
CZ says "pls", Bitcoiners say "no" and ask for a tribute, so CZ says "ok! His #immutable"Https://t.co/zhFhBSt8SH
– Vlad "ETH is not money" Zamfir (@VladZamfir) May 8, 2019
We were lucky this time.
The Binance event shook the heart of Bitcoin. The main critic of Ethereum is now also valid for Bitcoin. In July 2016, Ethereum canceled $ 50 million of CAD's smart contract. This made him very angry, this Ethereum can be changed. This was a main criticism made by Bitcoin against Ethereum. But the DAO inversion of the blockchain could also occur on Bitcoin.
For over two years, I've tried time and time again to make clear that the cryptography movement was not limited to technology. It is also a question of politics.
The Binance episode shows us that the Bitcoin protocol is not only protected by technology, but also by political consensus.
We have ignored the social fabric that gives power to the cryptography project. We focused on the magic tricks in the hope of being saved by the next innovation. But no new technique can save cryptography.
The problem can not be reduced to technical ideas such as a decentralized market, a P2P exchange or instant transactions. It's much deeper. We tried to design the perfect system. A Rube Goldberg machine, where human robots strive to get a quick financial gain. And in exchange, the project was populated by mass men with a slave mentality who can only think about the memes of the moon. All the right people go out because we do not offer any more future.
And this has fostered a greedy and zealous state of mind that prevents people from thinking beyond their own quick interest or brand of the project.
Our project is to open academies to train hackers who can work on projects that are essential to the survival of cryptography but have no direct financial reward. These people must be hacker philosophers, multidisciplinary hackers of the Renaissance. When I participate in a cryptographic conference, a considerable number of qualified young idealists look for a place to direct their energy. We must use this raw material.
And several times in the past year, I have met with multimillionaires about this project. They had no interest in investing $ 10,000 in something that, although it does not benefit them directly, is the only hope of saving cryptography from certain death. But they were very interested to invest hundreds of thousands of people in crazy projects that will make profits in a few months. We are in a sinking boat and everyone is trying to climb on top of each other to reach the top.
Imagine for a moment this gift that was offered to us. What massive change could happen. Why do we think small?
"Bitcoin is based on a technological consensus," they say. But who makes the technology? How do you name your function, processes that allow the integration of new codes, even the atmosphere of your discussion, all determine the evolution of technology. This is never static. Bitcoin is more than rules. It's a movement, an ideology.
The longer we ignore it, the worse it will be. Last year, when Bitcoin peaked at $ 20,000, I said the project was going to fail. We have since suffered the worst stock market crash in the history of crypto. Ideas determine the evolution of technology. People are waiting for the top. And there could be bumps. But unless the content is not there, there will be no growth.
What inspires people to create ideas? No money. Destiny, vision and purpose are the fuel of history. We are technologists. We have the power to shape the world. We had the opportunity to reverse the system of global finance. Why think small? Why lose this moment? Imagine big.
Our goal is to spread anonymous digital black markets around the world. Markets out of state control. No control of the economy.
How?
First, we do not need the help of global capital or regulators. We must declare our total and total opposition to the old order that we will replace.
Second, we need to start exploring the realm of ideas, the philosophy of technology, global geopolitics, the history of computing, and putting them together to paint a picture of where we are going and what steps to take to achieve it.
Third, we must think beyond our small place in the present and what we can get in the future. We must find this strength and this will to surpass ourselves and aspire to a great goal. Become strong. Feed our beast. We are an energy. Inside us is a seed.
There is a lot of work. We need wikis, trade, markets, currencies, financial instruments, political decision-making tools and more – all dark and p2p.
The biggest disappointments were the financial crises that occurred. We were not ready to use them. We could not act quickly to take advantage of it. Instead, they passed (Greece, Iran, Venezuela) and became new memes.
But the good news is that the contradictions of the system are increasing. It can not be maintained. Already extremist nationalist and religious groups are activating to grow the mesh of the net and then go into the gaps. This capital-capital-state matrix system under Western impetus can not continue. He is going to collapse.
And if we have prepared the ground, when the time comes, we will be ready to summon our beast. We are the opposition.
Special thanks to Taylor Gunnoe, @cryptosleeper, who inspired and edited this article
Pins and channel picture via Shutterstock
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