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Cryptocurrency's best-known figures continue to debate Binance's handling of its $ 40 million piracy while claims managers plan to cancel past Bitcoin transactions.
Binance CEO rejects Reorg
In a long-running debate on social media, Binance received mixed reviews after CEO Changpang Zhao seemed to suggest that the blockchain was being reorganized ("reorg"). Bitcoin. The approach would theoretically allow transactions involving bitcoins stolen by Binance May 7 to no longer be under their control.
At the same time, the transactions of a user on a whole day would become obsolete.
Reorganizations to correct erroneous transactions are extremely difficult for decentralized blockchains – and, in the case of Bitcoin, impossible to de facto because of the required consensus requirements.
As Bitcoinist previously reported, more centralized blockchains can perform similar activities more easily. EOS, for example, canceled trades late last year in an episode that also drew negative attention.
While Zhao later explained that the idea remained hypothetical after the discussions and that Binance would not pursue any form of reorg, some reactions criticized him for mentioning the subject.
Mike Novogratz, CEO of Galaxy Digital and big Bitcoin bull, made rare comments on the subject after Zhao made a comparison between his plan and the efforts of Ethereum developers (ETH) several years ago.
"I'm shocked that (Zhao) even went there. Talking about forging or rearranging the blockchain is close to heresy, "he wrote on Twitter. "When the community (Ethereum) did, the project was about 5 months old. A baby. Bitcoin now has a market capitalization of $ 100 billion and is a legitimate source of wealth. "
Back: Reorg 'Not Happening'
Ethereum co-founder Vitalik Buterin also added a reply, stating that Ethereum shares were not a reorg.
"Ethereum has changed irregular surgical status. We have never even considered going back to cancel the piracy; the collateral damage caused by this (going back to a day of everyone's trading) would have been huge and possibly fatal, "he tweeted.
Binance's reserve fund will cover the losses suffered by users, while the event appeared to have little impact on the crypto-currency markets, with the price of Bitcoin losing $ 200 but rebounding thereafter.
Mentioning the handling of the hack by the press as a complication of perceptions, Adam Back, veteran cryptographer and inventor of Hashcash, took the opportunity to recall the difficulty of manipulating the Bitcoin blockchain.
"There is simply no bitcoin reorg, and I doubt that any bitcoin industry, miners or developers, has considered it either," he said. resumereferencing earlier, significantly larger exchange hacks that came and went without such measures becoming reality.
What do you think of the corrective measures taken by Binance? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter.
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