Tushar Jain of Multicoin Capital discusses how hackers likely obtained $40 million worth of Bitcoin in a hack on Binance, how the leading crypto exchange could have incentivized miners to reorganize the blocks, and what the possibility says about the game theory of Bitcoin. We talk about why Binance ultimately decided against trying to go this route, and whether or not exchanges should, in the future, try to use reorgs immediately after exchange hacks in order to both undo the hack as well as deter future hackers. Plus, we discuss how this idea would have differed from the Ethereum hard fork after the DAO and whether or not this suggests that fast finality is preferable to probabilistic finality.
Thank you to our sponsor!
CipherTrace: http://ciphertrace.com/unconfirmed
Episode links:
Tushar Jain: https://twitter.com/tusharjain_?lang=en
Multicoin Capital: https://multicoin.capital
Binance's announcement about the hack: https://binance.zendesk.com/hc/en-us/articles/360028031711
Bitcoin core contributor Jeremy Rubin's suggestion to attempt the reorg: https://twitter.com/JeremyRubin/status/1125919526485254144
CZ's Periscope AMA after the hack: https://twitter.com/binance/status/1125959459782553600
CZ's decision not to do the reorg: https://twitter.com/cz_binance/status/1125996194734399488
CZ tweeting about the controversy that resulted: https://twitter.com/cz_binance/status/1126088279261007875?s=20
Jeremy's statement after the controversy over his suggestion of a reorg: https://twitter.com/JeremyRubin/status/1126391126619971585?s=20
Jackson Palmer of Why We're Not Decentralized Yet - Ep.048
Laura's TEDx Talk: How Crypto Could Allow More People to Be Their Own Boss - Ep.047
The Bitcoin Cash Hard Fork: Bitcoin ABC vs. Bitcoin SV - Ep.046
Emin Gun Sirer on the SEC/EtherDelta Settlement and Why Code Is Speech - Ep.045
Charlie Lee, aka Satoshi Lite, on the 10-Year Anniversary of the Bitcoin White Paper - Ep.044
Fidelity Digital Asset Services' Tom Jessop on Why It's Serving Institutional Clients First - Ep.043
Why the Tether Situation Brought Up Memories of Mt. Gox - Ep.042
How We're Misusing the Word 'Decentralization' - Ep.041
How Abra Enables You to Buy $5 of an ETF-Like Token of the Top 10 Cryptos - Ep.040
Rune Christensen of MakerDao on Its $15 Million From Andreessen Horowitz - Ep.039
Why 'Ethereum Killers' Will Have a Hard Time Attracting Its Developers - Ep.038
Alex Sunnarborg of Tetras Capital on Why He's Bearish on Ether - Ep.037
Shapeshift's About-Face: Why Now? - Ep.036
Pamela Morgan on How to Pass Your Crypto Assets On to Your Heirs - Ep.035
Joe Lubin and Jimmy Song Work On the Terms of Their Bet on Dapps — and Trash Talk the Other’s Coin - Ep.034
How Crypto Will Give You More Flexibility in Your Work - Ep.033
Why the ICE/Bakkt News Makes Some Crypto Investors Nervous - Ep.032
A Place Where People May Be Using Crypto For More Than Speculation - Ep.031
CoinList's Andy Bromberg on the One Big Regulatory Issue Facing Crypto - Ep.030
Token Economy's Stefano Bernardi on How DAOs Could Create a Less Capitalist World - Ep.029
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Børsen Morgenbriefing
Sarah Westall - Business Game Changers
Startitup podcasty
Wall Street Breakfast