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.
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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
Arianna Simpson of Autonomous Partners on Privacy, Cryptokitties and Crypto Regulation
Caitlin Long on How 'Utility Tokens' Are Now Legal In Wyoming
SXSW Episode: Amber Baldet, Blockchain Program Lead at JPMorgan, on the Potential Clash Between Blockchains and the Right to Be Forgotten
SXSW Episode: Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean
Spencer Bogart on Bitcoin's Maturation and the SEC Overhang on Crypto
The Gender Imbalance in Crypto: Jalak Jobanputra on Why It's a Problem and Her Effort to Fix It
Brian Kelly on Token-Curated Registries, Robinhood Crypto Trading and the Petro
Olaf Carlson-Wee on Whether $100 Million Worth of Frozen Ether Should Be Restored
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