Binance exchange says it will cover customer losses as it scrambles to freeze affected assets, with about $3bn located so far
The world’s largest cryptocurrency exchange has been hit by a record $6.3bn (£4.7bn) hack described as the biggest heist in history, with experts identifying North Korea as the likely culprit.
Binance said it would cover all customer losses as it froze $3bn of the affected assets.
Analysts said the exchange had been subjected to an unprecedented attack with “never-seen-before” laundering patterns as the hackers made off with assets worth billions of dollars.
You can’t though. No one takes crypto as payment for anything other than drugs.
It’s regulated as an asset, not a currency.
And why do these retards keep it on an ‘exchange’?
On Yelp you can filter by “Accepts Cryptocurrency”. It’s usually a restaurant owner who wants to avoid fees.
It can only do 10 transactions a second. It was never built for payment processing.
It’s a digital asset.
I can see you first heard about it quite a long time ago!
The base bitcoin can only do around 7-10 per seconds, intentionally for global nodes.
2s adds a layer of vulnerability. Ergo, it’s not the actual asset.
Bitcoin is one of the least traded crypto currencies in the world, and certainly isn’t the most popular or most valuable.
How are you measuring those?
This is demonstrably false.
What is?
The first thing at least
What % of payment transactions are done by crypto?
No idea. How is that related?
Crypto is not used as a currency, purchasing goods and services. It’s a speculative asset that’s used as a fiat debasement trade.
Most of it is owned by the same banks that caused the crash that bitcoin was created to avoid. Pretty fucking ironic.
Your entire post
Refute it then.
https://ethereumadoption.com/built-on-ethereum?view=byEntity
https://defillama.com/stablecoins/ethereum
This is the only sorta-kinda correct thing you said. The complete co-opting of crypto by institutions is a bit worrisome, but if you’re truly worried about a “crash”, then hold stablecoins. The network itself is decentralized and nobody “owns” it. Your keys are your keys.
There’s nothing ironic. I can acquire crypto, send and receive it, without any tradfi involvement.
It is a teensy bit ironic to be pitching “decentralized” Ethereum right after another major hack.
Ethereum is even worse. Concentration risk from institutions plus smart contract complexity that’s a security risk…
Stablecoins are backed by US treasuries. Lol.
The network itself is sufficiently decentralized. Smart contract risk is a risk though. However, many of the “hacks” have actually just been centralized exchanges, shitty bridge exploits, or rugpulls. Large, well funded, well run teams which have bug bounties have seen relatively few issues.
I am one of the people concerned about the growing centralization of Ethereum. L2s that are centralized. Stablecoins from tradfi companies. Cloud hosted nodes. Validation pools. VC money and increasing institutional presence. Etc.
However, Ethereum is still far and away more decentralized than anything out there. I can send and receive money, in seconds, with no bank or government to stop me.
You are absolutely right about the stablecoin risk, and I’ve been saying this for years, and many crypto folks have just ignored it. I was hoping to see stuff like RAI take off, but it just never did. It’s ok to have valid criticisms of Ethereum that don’t invalidate the entire ecosystem. The network will run forever, with or without stablecoins.
Yeah don’t get me wrong. I like the technology and the principle, but I’d rather have a tokenised assets based off something tangible and positive like soil health and carbon…
If it’s only drugs then it’s just one extra step. So long it’s acceptable for barter then there’s a way.