btcinfo  

Binance Chief suggests bitcoin block reorg to undo hack

Binance CEO Changpeng Zhao actually suggested mimicking mEthereum and performing a block reorg to enable his exchange to recover from a 7`000 BTC SFYL earlier this month. Mr. Zhao apparently forgot that Bitcoin is immutable and many came out to mock his McAfee-level stupid suggestions. Blockstream CEO Adam Back was quoted as saying:

"You just have to accept that Bitcoin is final because a whole bunch of factors which we can get into, but it’s basically, you know, all of the infrastructure is set up to automatically just continue consuming and finalizing transactions. And there’s a lot of inertia and equipment that’s just running away, mining transactions, so it’s very hard. The software is not designed to undo things. The infrastructure isn’t designed to undo it. And there’s all kinds of side-effects if you did. And the side-effects are both technical and economic. "In game theory, if you can undo something, the attacker can do other things. And people who disagree with the reorg can do other things. People are very incentivized to see it not happen because they’ve seen other coins have this happen and suffer a great loss of credibility as a result. And there are also geopolitical issues that, you know, you would establish a precedent that would erode one of the major benefits of Bitcoin, being censorship-resistance, which ties back to this kind of finality of the network."

#btcinfo extends condolences to Binance and Mr. Zhao, and are so very sorry for your loss.

Tags: News, Bitcoin, Cryptocurrency, Lulz, Webshit