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Not AGAIN!!!! - $570 Million Crypto Hack Analysis
Manage episode 343503685 series 3381606
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After being hacked for around $570 Million, the Binance Smart Chain did what any other self-respecting, decentralized, permissionless, unstoppable blockchain would do...they coordinated with all validators to collectively freeze transactions and halt the blockchain. To the dedicated crypto fan, this action seems neither decentralized nor irreversible. The Binance hack, and subsequent reaction, highlights a paradox. Many people cheer for the irreversibility and decentralization of cryptocurrencies as a way of escaping the burdensome regulation of the existing financial system. As soon as something goes wrong, however, they want the security, regulation, and insurance of the traditional financial system. In today's post, I'll explain the basics of the Binance hack. I'll use this recent event, and other examples, to describe how many people don't want full decentralization. I'll also discuss how the concept of decentralization should be viewed as more of a spectrum than an absolute quality. #binance #defi #bsc
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