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RT @JeremyRubin: the bitcoiners have been integrating themselves into McDonald's workforce https://t.co/ZFpFA3pEc6
— Nick Calabro (@NickCalabs) May 19, 2023
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Lumenauts Letter #32 - "Lightyear Acquires Chain, Becomes Interstellar". Features @go_interstellar, @JeremyRubin, & @tyvdh
Lumenauts Letter #32 – “Lightyear Acquires Chain, Becomes Interstellar”. Features @go_interstellar, @JeremyRubin, & @tyvdh
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Lumenauts Letter #32 – “Lightyear Acquires Chain, Becomes Interstellar”. Features @go_interstellar, @JeremyRubin, & @tyvdh
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#Acquires#amp#chain#Features#gointerstellar#Interstellar#JeremyRubin#Letter#Lightyear#Lumenauts#tyvdh
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Great quote by Jeremy Rubin .... @thefriendlyflipper 💕 #jeremyrubin #thefriendlyflipper #takeactiion #growasyougo
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@JeremyRubin Hourglass sand. Enjoy the ride. https://t.co/RUsrojo70N
@JeremyRubin Hourglass sand. Enjoy the ride. https://t.co/RUsrojo70N — Patrick Rooney (@patrickrooney) Jan 15, 2022 https://platform.twitter.com/widgets.js from Twitter https://twitter.com/patrickrooney
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Did Aftermath of Binance Hack Show Bitcoin is Not as Decentralized? Not Quite
The aftermath of the Binance hack has left the industry confounded. While the price of Bitcoin remains steady, following a slight dip on the news, the incident has once again raised questions over security and, given Changpeng Zhao’s (CZ) motion to “rollback” the network, whether Bitcoin is as decentralized as we are led to believe.
Binance Hack
Yesterday, Binance released a statement to say hackers had stolen 7,000 BTC in a single transaction. The security breach involved multiple methods of attack, including phishing and viruses, to obtain user API keys, 2FA codes, and potentially other info.
According to the statement, the theft relates to the company’s hot wallet, and no user accounts were affected. In a further attempt to reassure account holders, Binance has said losses would be covered by claiming on SAFU funds.
Have to perform some unscheduled server maintenance that will impact deposits and withdrawals for a couple hours. No need to FUD. Funds are #safu.
— CZ Binance (@cz_binance) May 7, 2019
Cyber Security Is A Game of Cat And Mouse
The Binance hack has amplified concerns over security, which is already something that plagues the industry. Moreso, the largest, and perhaps most reputable exchange falling victim puts a severe dent in the credibility of crypto as a whole.
Sadly, as cryptocurrency becomes increasingly mainstream, so will the occurrence of increasingly sophisticated hacks. Colin Baker, writing for ZDNet talks about cybersecurity being a game of cat and mouse. He said:
“While defenders have improved their ability to tackle attacks and take down cybercrime infrastructures, their adversaries have achieved considerable advances too.. Including the ability to perform persistent attacks based on hardware, far below the radar of available defence tools and methods.”
All the same, speculation is rife on how hackers were able to execute with such precision. And with that, one Twitter user attributed the hack to an insider job. While others scorned the suggestion, as far-reaching, given the lack of information available.
No idea how you conclude that from the highlighted portion….
— spiker (@johneakin84) May 8, 2019
Is Bitcoin Decentralization A Front?
Following the hack, CZ held an AMA where he discussed the incident. In updating us on the situation, he said:
“Right now, our main effort is to focus on rebuilding and recovering the system. We need to make sure we completely eradicate any trace of the hackers in all of our accounts, in all of our data. That’s a very tedious process, so unfortuntely, before we finish that, we will not be able to release withdrawls or accept deposits… We estimate this will take about a week.”
Additionally, when talking about how Binance will address the hack, he said:
“There’s the other topic of, do we want to issue a roll back on the Bitcoin network? Because right now, the 7000 BTC is far higher than if we distribute that to miners… To be honest, we can probably do this within the next few days. But there are concerns about if we do a roll back on the Bitcoin network of that scale, it may have some negative consequences, in terms of destroying creditbility for Bitcoin…”
The fallout from this statement has been unfavorable. Not only is the community questioning whether a rollback is possible, or not, but of the idea of “undoing” a transaction is of most concern. As a result, some have accused the Bitcoin network of being centrally managed.
As unfortunate as this incident is, rolling back the Bitcoin network would be disastrous for Bitcoin, and cryptocurrency in general. Since the AMA, CZ has confirmed that Binance will take the hit, and a rollback will not happen.
However, this brings to light the power of exchanges and mining groups to control what should be a decentralized network. Taking this into account, is it time we stop labeling Bitcoin as decentralized?
After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:
— CZ Binance (@cz_binance) May 8, 2019
The post Did Aftermath of Binance Hack Show Bitcoin is Not as Decentralized? Not Quite appeared first on NewsBTC.
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Did Aftermath of Binance Hack Show Bitcoin is Not as Decentralized? Not Quite
The aftermath of the Binance hack has left the industry confounded. While the price of Bitcoin remains steady, following a slight dip on the news, the incident has once again raised questions over security and, given Changpeng Zhao’s (CZ) motion to “rollback” the network, whether Bitcoin is as decentralized as we are led to believe.
Binance Hack
Yesterday, Binance released a statement to say hackers had stolen 7,000 BTC in a single transaction. The security breach involved multiple methods of attack, including phishing and viruses, to obtain user API keys, 2FA codes, and potentially other info.
According to the statement, the theft relates to the company’s hot wallet, and no user accounts were affected. In a further attempt to reassure account holders, Binance has said losses would be covered by claiming on SAFU funds.
Have to perform some unscheduled server maintenance that will impact deposits and withdrawals for a couple hours. No need to FUD. Funds are #safu.
— CZ Binance (@cz_binance) May 7, 2019
Cyber Security Is A Game of Cat And Mouse
The Binance hack has amplified concerns over security, which is already something that plagues the industry. Moreso, the largest, and perhaps most reputable exchange falling victim puts a severe dent in the credibility of crypto as a whole.
Sadly, as cryptocurrency becomes increasingly mainstream, so will the occurrence of increasingly sophisticated hacks. Colin Baker, writing for ZDNet talks about cybersecurity being a game of cat and mouse. He said:
“While defenders have improved their ability to tackle attacks and take down cybercrime infrastructures, their adversaries have achieved considerable advances too.. Including the ability to perform persistent attacks based on hardware, far below the radar of available defence tools and methods.”
All the same, speculation is rife on how hackers were able to execute with such precision. And with that, one Twitter user attributed the hack to an insider job. While others scorned the suggestion, as far-reaching, given the lack of information available.
No idea how you conclude that from the highlighted portion….
— spiker (@johneakin84) May 8, 2019
Is Bitcoin Decentralization A Front?
Following the hack, CZ held an AMA where he discussed the incident. In updating us on the situation, he said:
“Right now, our main effort is to focus on rebuilding and recovering the system. We need to make sure we completely eradicate any trace of the hackers in all of our accounts, in all of our data. That’s a very tedious process, so unfortuntely, before we finish that, we will not be able to release withdrawls or accept deposits… We estimate this will take about a week.”
Additionally, when talking about how Binance will address the hack, he said:
“There’s the other topic of, do we want to issue a roll back on the Bitcoin network? Because right now, the 7000 BTC is far higher than if we distribute that to miners… To be honest, we can probably do this within the next few days. But there are concerns about if we do a roll back on the Bitcoin network of that scale, it may have some negative consequences, in terms of destroying creditbility for Bitcoin…”
The fallout from this statement has been unfavorable. Not only is the community questioning whether a rollback is possible, or not, but of the idea of “undoing” a transaction is of most concern. As a result, some have accused the Bitcoin network of being centrally managed.
As unfortunate as this incident is, rolling back the Bitcoin network would be disastrous for Bitcoin, and cryptocurrency in general. Since the AMA, CZ has confirmed that Binance will take the hit, and a rollback will not happen.
However, this brings to light the power of exchanges and mining groups to control what should be a decentralized network. Taking this into account, is it time we stop labeling Bitcoin as decentralized?
After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:
— CZ Binance (@cz_binance) May 8, 2019
The post Did Aftermath of Binance Hack Show Bitcoin is Not as Decentralized? Not Quite appeared first on NewsBTC.
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Did Aftermath of Binance Hack Show Bitcoin is Not as Decentralized? Not Quite
The aftermath of the Binance hack has left the industry confounded. While the price of Bitcoin remains steady, following a slight dip on the news, the incident has once again raised questions over security and, given Changpeng Zhao’s (CZ) motion to “rollback” the network, whether Bitcoin is as decentralized as we are led to believe.
Binance Hack
Yesterday, Binance released a statement to say hackers had stolen 7,000 BTC in a single transaction. The security breach involved multiple methods of attack, including phishing and viruses, to obtain user API keys, 2FA codes, and potentially other info.
According to the statement, the theft relates to the company’s hot wallet, and no user accounts were affected. In a further attempt to reassure account holders, Binance has said losses would be covered by claiming on SAFU funds.
Have to perform some unscheduled server maintenance that will impact deposits and withdrawals for a couple hours. No need to FUD. Funds are #safu.
— CZ Binance (@cz_binance) May 7, 2019
Cyber Security Is A Game of Cat And Mouse
The Binance hack has amplified concerns over security, which is already something that plagues the industry. Moreso, the largest, and perhaps most reputable exchange falling victim puts a severe dent in the credibility of crypto as a whole.
Sadly, as cryptocurrency becomes increasingly mainstream, so will the occurrence of increasingly sophisticated hacks. Colin Baker, writing for ZDNet talks about cybersecurity being a game of cat and mouse. He said:
“While defenders have improved their ability to tackle attacks and take down cybercrime infrastructures, their adversaries have achieved considerable advances too.. Including the ability to perform persistent attacks based on hardware, far below the radar of available defence tools and methods.”
All the same, speculation is rife on how hackers were able to execute with such precision. And with that, one Twitter user attributed the hack to an insider job. While others scorned the suggestion, as far-reaching, given the lack of information available.
No idea how you conclude that from the highlighted portion….
— spiker (@johneakin84) May 8, 2019
Is Bitcoin Decentralization A Front?
Following the hack, CZ held an AMA where he discussed the incident. In updating us on the situation, he said:
“Right now, our main effort is to focus on rebuilding and recovering the system. We need to make sure we completely eradicate any trace of the hackers in all of our accounts, in all of our data. That’s a very tedious process, so unfortuntely, before we finish that, we will not be able to release withdrawls or accept deposits… We estimate this will take about a week.”
Additionally, when talking about how Binance will address the hack, he said:
“There’s the other topic of, do we want to issue a roll back on the Bitcoin network? Because right now, the 7000 BTC is far higher than if we distribute that to miners… To be honest, we can probably do this within the next few days. But there are concerns about if we do a roll back on the Bitcoin network of that scale, it may have some negative consequences, in terms of destroying creditbility for Bitcoin…”
The fallout from this statement has been unfavorable. Not only is the community questioning whether a rollback is possible, or not, but of the idea of “undoing” a transaction is of most concern. As a result, some have accused the Bitcoin network of being centrally managed.
As unfortunate as this incident is, rolling back the Bitcoin network would be disastrous for Bitcoin, and cryptocurrency in general. Since the AMA, CZ has confirmed that Binance will take the hit, and a rollback will not happen.
However, this brings to light the power of exchanges and mining groups to control what should be a decentralized network. Taking this into account, is it time we stop labeling Bitcoin as decentralized?
After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:
— CZ Binance (@cz_binance) May 8, 2019
The post Did Aftermath of Binance Hack Show Bitcoin is Not as Decentralized? Not Quite appeared first on NewsBTC.
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Ethereum [ETH] and Bitcoin [BTC] blockchain “sucks”, says Vitalik Buterin
On 4th September, Vitalik Buterin, the Co-Founder of Ethereum said that Bitcoin and Ethereum blockchain “sucks”, in a reply to a Jameson Lopp, a Cypherpunk.
Jameson Lopp stated on Twitter:
“Fascinating: @VitalikButerin agrees with @JeremyRubin that the value of ETH will trend toward 0 unless changes are made to the protocol.”
To which, the Co-Founder of Ethereum said:
“I think I’ve been pretty consistent about my view that (i) every present-day existing blockchain, including ETH and BTC, sucks, and (ii) PoS is necessary. Not sure why anyone surprised.”
This is the continuation of the series of the statement made by the core Developer Jeremy Rubin, a Bitcoin core contributor and the Co-Founder of the MIT Digital Currency Initiative on TechCrunch.
Jeremy remarked that “The collapse of ETH is inevitable”. He has predicted that the value of ETH will reach zero. This was followed by Vitalik speaking on the topic on Reddit. Vitalik claimed that the article had missed out on critical details on the economic and technical terms.
The author had stated that ‘sometimes’ the term ‘economic abstraction’ in the Ethereum community refers to paying for GAS with a non-ETH token for the transaction of a token based on the Ethereum platform, instead of paying for GAS in ETH.
To which, Vitalik said that in the current state of Ethereum, the statement is “absolutely true”. He further added that if there is no change in Ethereum, all the statements made by the author including, ETH collapsing to zero would become true. In addition, he said that the Ethereum community is considering two proposals which focuses on the importance of ‘pay ETH at a protocol level’.
However, he does not agree with the statement made by the author on the topic of Proof of Stake [PoS]. Jeremy stated:
“Without ETH, a modified version of Proof-of-Stake with a multitude of assets could still decide consensus if each node selects a weight vector for the voting power of all assets (let’s call it HD-PoS, or Heterogeneous Deposit Proof Of Stake).
He further added:
“While it is an open research question to show under which conditions HD-PoS would maintain consensus, consensus may be possible if the weight vectors are similar enough.“
Vitalik said:
“Except the part about proof of stake, which would not even apply to Ethereum as it is today”
Vitalik added that he looked into HD-PoS back in the year of 2014 and that it is very difficult, probably impossible to “get it right”.
Vitalik Buterin response on the topic of Proof of Stake | Source: Reddit
JP Thor, a Twitterati said:
“There’s nothing wrong with Bitcoin. Changing it will make it wrong. For other blockchain that aren’t trying to be a SoV they should optimise and iterate”
To which Vitalik replied:
“I don’t really think the “pure SoV” vision is sustainable; I think good SoVness comes *as a consequence* of succeeding at other forms of utility.”
He further added:
“One way this could happen is that if a portion of txfees gets burned, then that cryptocurrency’s supply growth rate becomes *negative*, making it a more attractive SoV than the mere “zero issuance” cryptos.”
The post Ethereum [ETH] and Bitcoin [BTC] blockchain “sucks”, says Vitalik Buterin appeared first on AMBCrypto.
Ethereum [ETH] and Bitcoin [BTC] blockchain “sucks”, says Vitalik Buterin published first on https://medium.com/@smartoptions
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Binance Loses 7070 BTC in a Major Security Breach
New Post has been published on https://coinmakers.tech/trading/binance-loses-7070-btc-in-a-major-security-breach
Binance Loses 7070 BTC in a Major Security Breach
Upon the discovery of a large-scale security breach, Binance shut down deposits and withdrawals on the 7th of May, initially posting it over Twitter on the exchange’s CEO account as “unscheduled server maintenance.”
Have to perform some unscheduled server maintenance that will impact deposits and withdrawals for a couple hours. No need to FUD. Funds are #safu.
— CZ Binance (@cz_binance) May 7, 2019
Soon after however, the Binance team came out with the realization that a large number of API keys, 2FA codes, and other info has been compromised, which led to the unauthorized withdrawal of 7.070 BTC from their hot wallets. They proceeded to shut down the deposit and withdrawal functions for the exchange, but not before the hackers managed to successfully withdraw the funds.
After spending the entire night working away on the issue, the CEO of Binance, CZ, went on with his pre-scheduled AMA session on Twitter, and the first thing he addressed was this security breach.
He said: “As you already know, we had a security instance yesterday, and I think the blog post pretty much explains it all. It’s basically a very advanced persistent hacking effort, they (the hackers) used both external and internal efforts to trap a lot of phishing information and get a lot of user accounts. It’s probably the most advanced effort, and the hackers themselves were very patient. They didn’t move as soon as they have one account, they waited until they got a large number of high net worth accounts. It’s very unfortunate that our security measures were not able to stop that withdrawal which cost us 7070 BTC, roughly about $40 million USD right now. The lost funds will be covered from the SAFU fund.”
“Right now…” – he adds, “… our main priority is to remove any trace from the hackers within our accounts and system. That is a very lengthy and work-intensive process, and unfortunately, we will not be able to activate deposits and withdrawals in the meantime. We just want to make sure everything is safe. Our estimations are that it will take about a week to make sure everything is done correctly.”
If you are a Binance user
Make sure to reset both your API and 2FA codes by disabling and enabling them, as recommended by the Binance team and CEO. This security measure will make sure that your account safety is reset and will not be impacted by any future attempts.
The industry stays united
After the incident, a few different exchanges reached out to Binance pledging their support in refinancing the victims, including TRON’s Justin Sun, Coinbase, and other major exchanges.
Binance CEO explained that he is grateful for the support, but they have all of the necessary funds in their Secure Assets Fund for Users (SAFU) and will use them to repay all of the affected users.
The exchanges pledge to not accept the Bitcoin associated with the transaction, essentially nullifying the hacking efforts. It’s very important that the industry stays united against hacking and theft like they have demonstrated, because it adds to the security and legitimacy of cryptocurrency.
Brief discussions about a possible reorganization of the Bitcoin blockchain resulted in the unanimous understanding of the difficulty of the endeavor and the severe stress that would be placed on the Bitcoin community, as well as the potential for inadvertently forking the staple currency of the overall crypto community. As such, the decision was made to forgo any effort into pursuing the re-org of the Bitcoin blockchain.
After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:
— CZ Binance (@cz_binance) May 8, 2019
Conclusion
While the hacker’s success did hurt Binance, they are well equipped to survive a catastrophe such as this one. Certainly painful for the exchange, but none-the-less the same can be expected for the hackers. The funds they managed to steal successfully will be frozen the moment they land on an exchange, regardless of the length of the chain of transactions or the amount of the transaction.
As such, the funds that are stolen are rendered useless, most likely to be used in exchange with unsuspecting investors who are looking to enter the cryptocurrency scene with a significant OTC deal.
On the Binance side of things, Changpeng Zhao explains that Binance is hurt, but not broke. They will give back all of the funds that are stolen back to the affected accounts and users. In addition, they will continue to pursue philanthropic ventures through their charity foundation and CZ promises to proceed with the personal donations that he has pledged to various causes.
All in all, it seems that Binance is handling this blow extremely well and professionally, keeping their status as a leader in the exchange market stable. The week-long stand-hold on deposits and withdrawals will hurt their business, but with the trading features enabled, Binance will only miss out on new traders coming to the platform. Already existing clients are able to manage their portfolio and positions without any issues.
We will continue to monitor the situation and provide you with updates on the developments.
Source: crypto-news.net
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RT @bitcoin2019conf: Watch📺: Aggregating transactions using Schnorr signatures is one of the interesting things coming to #Bitcoin, says @JeremyRubin. https://t.co/84Z3hhT5p0 (via Twitter http://twitter.com/BitcoinMagazine/status/1156622078222774272)
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Lumenauts Letter #27 is out - "CAPs 1-3 in Pre-Release, StellarExpert is Back". We feature @orbitlens, @JeremyRubin, @celsiusnetwork
Lumenauts Letter #27 is out – “CAPs 1-3 in Pre-Release, StellarExpert is Back”. We feature @orbitlens, @JeremyRubin, @celsiusnetwork
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Lumenauts Letter #27 is out – “CAPs 1-3 in Pre-Release, StellarExpert is Back”. We feature @orbitlens, @JeremyRubin, @celsiusnetwork
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The Bitcoin Game #66: Jeremy Rubin
Welcome to episode 66 of The Bitcoin Game, I'm Rob Mitchell. My second interview at the recent Bitcoin 2019 conference in San Francisco was with Jeremy Rubin, a fascinating guy who has contributed a ton to Bitcoin. We review Jeremy's background, discuss his current project (a BIP intended to aid with scaling pressures), and we revisit his controversial idea of a Bitcoin reorg in the wake of the recent Binance hack. And a lot more! Jeremy provides some pretty compelling content; I bet you'll enjoy this interview.
EPISODE LINKS
Jeremy's Website https://rubin.io
Jeremy on Twitter https://twitter.com/JeremyRubin
Tidbit Wiki https://en.wikipedia.org/wiki/Tidbit
Coinhive (similar to Tidbit, more recent) https://krebsonsecurity.com/2018/03/who-and-what-is-coinhive
MIT Bitcoin $100 Giveaway (Coindesk article) https://www.coindesk.com/time-we-gave-500000-bitcoin-college-kids
Period of Exclusivity Encourages Early Adopters, by Christian Catalinihttp://news.mit.edu/2017/bitcoin-study-period-exclusivity-encourages-early-adopters-0713
MIT Digital Currency Initiative https://dci.mit.edu
Bitcoin Core https://bitcoin.org
OP_SECURETHEBAG https://github.com/JeremyRubin/bips/blob/op-secure-the-bag/bip-secure-the-bag.mediawiki
Article on Jeremy's BIP from The Block https://www.theblockcrypto.com/2019/05/24/proof-of-work-a-bitcoin-covenant-proposal
BIP - Bitcoin Improvement Proposal https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals
Bitcoin Optech Newsletter https://bitcoinops.org/en/newsletters
HTLC - Hash Time Locked Contracts Wiki https://en.bitcoin.it/wiki/Hash_Time_Locked_Contracts
Jeremy's Initial Tweet about Binance Hack Reorg https://twitter.com/JeremyRubin/status/1125919526485254144
STAY IN TOUCH
Thanks so much for taking the time to listen to The Bitcoin Game!
https://Twitter.com/TheBTCGame http://TheBitcoinGame.com [email protected]
SPONSOR
While much of a Bitcoiner's time is spent in the world of digital assets, sometimes it's nice to own a physical representation of the virtual things you care about. For just the price of a cup of coffee or two (at Starbucks), you can own the world-famous Bitcoin Keychain.
As Seen On The Guardian ' TechCrunch ' Engadget ' Ars Technica ' Popular Mechanics Infowars ' Maxim ' Inc. ' Vice ' RT ' Bitcoin Magazine ' VentureBeat PRI ' CoinDesk ' Washington Post ' Forbes ' Fast Company
Bitcoin Keychains - BKeychain.com
CREDITS
All music in this episode of The Bitcoin Game was created by Rob Mitchell.
The Bitcoin Game box art was created from an illustration by Rock Barcellos.
Bitcoin (Segwit) tipping address: 3AYvXZseExRn3Dum8z9tFUk9jtQK6KMU4g
Lightning Network tipping: https://tippin.me/@TheBTCGame
Note: We've migrated our RSS feed (and primary content host) from Soundcloud to Libsyn. So if you noticed the Soundcloud numbers aren't nearly as high as they used to be, that's the reason.
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The Bitcoin Game #66: Jeremy Rubin
Welcome to episode 66 of The Bitcoin Game, I'm Rob Mitchell. My second interview at the recent Bitcoin 2019 conference in San Francisco was with Jeremy Rubin, a fascinating guy who has contributed a ton to Bitcoin. We review Jeremy's background, discuss his current project (a BIP intended to aid with scaling pressures), and we revisit his controversial idea of a Bitcoin reorg in the wake of the recent Binance hack. And a lot more! Jeremy provides some pretty compelling content; I bet you'll enjoy this interview.
EPISODE LINKS
Jeremy's Website https://rubin.io
Jeremy on Twitter https://twitter.com/JeremyRubin
Tidbit Wiki https://en.wikipedia.org/wiki/Tidbit
Coinhive (similar to Tidbit, more recent) https://krebsonsecurity.com/2018/03/who-and-what-is-coinhive
MIT Bitcoin $100 Giveaway (Coindesk article) https://www.coindesk.com/time-we-gave-500000-bitcoin-college-kids
Period of Exclusivity Encourages Early Adopters, by Christian Catalinihttp://news.mit.edu/2017/bitcoin-study-period-exclusivity-encourages-early-adopters-0713
MIT Digital Currency Initiative https://dci.mit.edu
Bitcoin Core https://bitcoin.org
OP_SECURETHEBAG https://github.com/JeremyRubin/bips/blob/op-secure-the-bag/bip-secure-the-bag.mediawiki
Article on Jeremy's BIP from The Block https://www.theblockcrypto.com/2019/05/24/proof-of-work-a-bitcoin-covenant-proposal
BIP - Bitcoin Improvement Proposal https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals
Bitcoin Optech Newsletter https://bitcoinops.org/en/newsletters
HTLC - Hash Time Locked Contracts Wiki https://en.bitcoin.it/wiki/Hash_Time_Locked_Contracts
Jeremy's Initial Tweet about Binance Hack Reorg https://twitter.com/JeremyRubin/status/1125919526485254144
STAY IN TOUCH
Thanks so much for taking the time to listen to The Bitcoin Game!
https://Twitter.com/TheBTCGame http://TheBitcoinGame.com [email protected]
SPONSOR
While much of a Bitcoiner's time is spent in the world of digital assets, sometimes it's nice to own a physical representation of the virtual things you care about. For just the price of a cup of coffee or two (at Starbucks), you can own the world-famous Bitcoin Keychain.
As Seen On The Guardian ' TechCrunch ' Engadget ' Ars Technica ' Popular Mechanics Infowars ' Maxim ' Inc. ' Vice ' RT ' Bitcoin Magazine ' VentureBeat PRI ' CoinDesk ' Washington Post ' Forbes ' Fast Company
Bitcoin Keychains - BKeychain.com
CREDITS
All music in this episode of The Bitcoin Game was created by Rob Mitchell.
The Bitcoin Game box art was created from an illustration by Rock Barcellos.
Bitcoin (Segwit) tipping address: 3AYvXZseExRn3Dum8z9tFUk9jtQK6KMU4g
Lightning Network tipping: https://tippin.me/@TheBTCGame
Note: We've migrated our RSS feed (and primary content host) from Soundcloud to Libsyn. So if you noticed the Soundcloud numbers aren't nearly as high as they used to be, that's the reason.
from The Let's Talk Bitcoin Network https://ift.tt/2XIMKpq via IFTTT
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Binance Considers Rollback of Bitcoin To Reverse Hack Casting Immutability Doubts
New Post has been published on https://dashbrokerreview.com/binance-considers-rollback-of-bitcoin-to-reverse-hack-casting-immutability-doubts/
Binance Considers Rollback of Bitcoin To Reverse Hack Casting Immutability Doubts
After Binance’s 7,000 Bitcoin hack, their CEO, Changpeng Zhao, said they were considering the option of rolling back the hack by reorganizing the chain, but still recognized the “serious consequences”.
Binance co-founder and CEO “CZ” talks re-org, rollbacks, of the BTC chain to recover 7,000 bitcoin. #bitcoin pic.twitter.com/86bWsccPfu
— CoinSpice (@CoinSpice) May 8, 2019
CZ said that the idea came from the community since “he did not know [they] could do that”. However, after floating this idea to the community during his AMA, CZ later said that they would not be pursuing the idea further and that, contrary to what was previously said, “it’s not possible”. One of the first individuals to suggest the rollback was Jeremy Ruff and his tweet eludes to heavily incentivizing miners to do the reorg by “reveal[ing] [the] private keys for the hacked coins (or a subset of them)” in order to “coordinate a reorg to undo the theft”.
To clarify, the proposal by @JeremyRubin & @_prestwich is to construct a TX that would keep all other tx, and just distribute the hacker coins to miners (about 300 BTC/block prod).
It’s not: rollback of any tx, nor is it reverting funds back to Binance.
— CZ Binance (@cz_binance) May 8, 2019
The discussion of the rollback quickly brought up comparisons to the Ethereum DAO hack and its corrections to mitigate the hack, even though the situations and exact reorg would be a little different. CZ claimed that this particular reorg would only distribute the hacked coins to miners and not reorg transaction data nor revert any funds to Binance.
Vigorous debate about benefits and consequences
No @cz_binance @binance you should NOT rollback the Bitcoin network. Deciding whether or not to destroy the credibility of the Bitcoin network should be a no-brainer. You run a centralized exchange, you got hacked. Clean up your own mess without affecting the entire crypto space
— Heidi (@blockchainchick) May 8, 2019
While the thought was only floated briefly, it set off a vigorous debate on twitter about what can/cannot and should/should not be done in the aftermath of a hack. CZ quickly recognized the benefits of the reorg and described them as 1) being able to get ‘revenge’ on the hackers, 2) deter future hacks, and 3) explore how Bitcoin would handle the situation. However, he also recognized the significant cons since they could 1) damage the credibility of the immutability of Bitcoin and 2) potentially cause a chain split, which “seems to out-weight $40m revenge“.
cons: 1 we may damage credibility of BTC, 2 we may cause a split in both the bitcoin network and community. Both of these damages seems to out-weight $40m revenge. 3 the hackers did demonstrate certain weak points in our design and user confusion, that was not obvious before.
— CZ Binance (@cz_binance) May 8, 2019
Overall, CZ owned up to the error saying that “it is a very expensive lesson”, it is their “responsibility to safe guard user funds”, and that they “should own up [to] it”, and “learn and improve”.
The debate surrounding the reorg issue does bring attention to how well a blockchain’s immutability can stand up to the urge to reorg the chain whenever it suits a certain individual’s wishes. Cryptocurrency is meant to be immutable, but 51% attacks and reorgs are still possible, especially when there is not significant decentralization among a coin’s miners and/or there is the possibility of collusion.
Dash’s ChainLocks could solve immutability problem
Dash is currently testing ChainLocks on testnet, which utilizes Long Living Masternode Quorums (LLMQs) to lock-in the first block published and reject all others at that height. This not only further mitigates 51% attacks without having to rely exclusively on hashing power, but it also helps mitigate attempted rollbacks. Even if there was collusion/incentivizing of miners and masternodes, they still would not have the power to rollback the Dash blockchain once ChainLocks is implemented since they cannot go back and change past block heights. This combined with the fact that Dash is one of the most decentralized coins helps provide assurance that the Dash blockchain can stay immutable and provide confidence to Dash users.
The post Binance Considers Rollback of Bitcoin To Reverse Hack Casting Immutability Doubts appeared first on Dash News.
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Binance Hacked for $40M, CEO Backpedals on Recoup Via Block Reorganization
Chinese crypto exchange Binance suffered a major hack on Tuesday, which the company’s CEO responded to by proposing a rollback of the Bitcoin blockchain to rectify — a suggestion that riled up the community.
The company formally notified the public via an announcement on the evening of May 7, 2019, claiming that the hackers had employed a diverse range of tactics from outright viruses to social engineering techniques such as phishing scams. In addition to gaining access to other sensitive information, Binance also admitted that a single transaction sapped 7,000 bitcoins from Binance’s wallet, roughly 2 percent of the company’s entire BTC holdings.
“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that,” the announcement reads.
Binance will use reserves from its Secure Assets Fund for Users (SAFU fund) to compensate clients, noting “[n]o user funds will be affected.” Trading is continuing uninhibited, but Binance has suspended deposits and withdrawals for the time being.
Later that same evening, Binance CEO Changpeng Zhao insinuated that he was considering a scheme proposed by Bitcoin Core contributor Jeremey Rubin to reorganize the Bitcoin blockchain to rewrite the hack. Ultimately, he backpedaled from this idea after deliberating with or industry leaders like Bitmain’s Jihan Wu, saying that such a move “may damage credibility of BTC” and/or “cause a split in both the bitcoin network and community.”
After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:
— CZ Binance (@cz_binance) May 8, 2019
Such a rollback scheme would be an incredibly ambitious undertaking. The most feasible plan would entail Binance sending its own 7,000 BTC transaction from the hacked address to another one that it owns with a hefty fee. With a substantial enough fee, miners would be incentivized to let Binance spend the 7,000 BTC it does have, reorganizing the blockchain’s transaction history to include this transaction in the ledger (miners would need a large fee to justify nullifying the block rewards they received since the hack). In this double-spend scenario, miners would forge an alternate chain, though this chain split would resolve itself once the chain became longer than the old one and all nodes accepted it.
Nevertheless, such a plan could have serious repercussions for the crypto asset space. Such a reorganization could shake user confidence in bitcoin’s immutability, possibly having an adverse effect on the price and reducing miners’ incentive to participate in the scheme. Participating in the rollback, after all, also contains opportunity costs. Zhao went back onto Twitter on the morning of May 8 to reiterate that the idea had some possible applications but, overall, was not worth the risks and would not be considered any further. Other critics of the proposal mentioned that, alongside being potentially hazardous to the network's reputation, such a move is technically difficult and extremely unlikely.
a re-org is just not happening https://t.co/rTey7KU590, but if something like it did get started somehow in the future, many would support actions to reject it, UASF style. finality matters. I think cycles should be put into tested code to make ecosystem rejection of re-orgs easy
— Adam Back (@adam3us) May 8, 2019
This article originally appeared on Bitcoin Magazine.
from Cryptocracken Tumblr http://bit.ly/2Y9dlbQ via IFTTT
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Binance Hacked for $40M, CEO Backpedals on Recoup Via Block Reorganization
Chinese crypto exchange Binance suffered a major hack on Tuesday, which the company’s CEO responded to by proposing a rollback of the Bitcoin blockchain to rectify — a suggestion that riled up the community.
The company formally notified the public via an announcement on the evening of May 7, 2019, claiming that the hackers had employed a diverse range of tactics from outright viruses to social engineering techniques such as phishing scams. In addition to gaining access to other sensitive information, Binance also admitted that a single transaction sapped 7,000 bitcoins from Binance’s wallet, roughly 2 percent of the company’s entire BTC holdings.
“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that,” the announcement reads.
Binance will use reserves from its Secure Assets Fund for Users (SAFU fund) to compensate clients, noting “[n]o user funds will be affected.” Trading is continuing uninhibited, but Binance has suspended deposits and withdrawals for the time being.
Later that same evening, Binance CEO Changpeng Zhao insinuated that he was considering a scheme proposed by Bitcoin Core contributor Jeremey Rubin to reorganize the Bitcoin blockchain to rewrite the hack. Ultimately, he backpedaled from this idea after deliberating with or industry leaders like Bitmain’s Jihan Wu, saying that such a move “may damage credibility of BTC” and/or “cause a split in both the bitcoin network and community.”
After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:
— CZ Binance (@cz_binance) May 8, 2019
Such a rollback scheme would be an incredibly ambitious undertaking. The most feasible plan would entail Binance sending its own 7,000 BTC transaction from the hacked address to another one that it owns with a hefty fee. With a substantial enough fee, miners would be incentivized to let Binance spend the 7,000 BTC it does have, reorganizing the blockchain’s transaction history to include this transaction in the ledger (miners would need a large fee to justify nullifying the block rewards they received since the hack). In this double-spend scenario, miners would forge an alternate chain, though this chain split would resolve itself once the chain became longer than the old one and all nodes accepted it.
Nevertheless, such a plan could have serious repercussions for the crypto asset space. Such a reorganization could shake user confidence in bitcoin’s immutability, possibly having an adverse effect on the price and reducing miners’ incentive to participate in the scheme. Participating in the rollback, after all, also contains opportunity costs. Zhao went back onto Twitter on the morning of May 8 to reiterate that the idea had some possible applications but, overall, was not worth the risks and would not be considered any further. Other critics of the proposal mentioned that, alongside being potentially hazardous to the network's reputation, such a move is technically difficult and extremely unlikely.
a re-org is just not happening https://t.co/rTey7KU590, but if something like it did get started somehow in the future, many would support actions to reject it, UASF style. finality matters. I think cycles should be put into tested code to make ecosystem rejection of re-orgs easy
— Adam Back (@adam3us) May 8, 2019
This article originally appeared on Bitcoin Magazine.
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