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All that dark, all that P2P: After Binance Hack, Bitcoin is not cut by it

Binance, the largest crypto exchange volume, was hacked on Tuesday. The hacker took $ 40 million or 7000 BTC. Binance had a chance to recover these funds. They could cut an agreement with most hashpower miners. The miners would turn the chain around and get some of the stolen money. Binance this time decided not to make contracts with miners. And over time, the attack goes harder. But all that was required was a private phone call. The majority of hashpower is under the control of a handful of men. They can merge and reverse the chain. The truth is that the reorgs are not obstructed by the Bitcoin protocol (except for low coin coalitions), but instead of the social, legal and political reality of the Bitcoin community CZ says "pls", Bitcoiners say "no" and require tribute , so CZ says "ok! It's #immutable " https://t.co/zhFhBSt8SH &#821 1; Vlad & ETH is not money & # 39; Zamfir (@VladZamfir) May 8, 2019 We were lucky this time. The Binance event has shaken the core of Bitcoin. Ethereum's main criticism is now valid for Bitcoin. In July 2016, Ethereum reversed a $ 50 million hack of DAO's smart contract. This made many angry that Ethereum might change. This was an important criticism from Bitcoin against Ethereum. But the switch of DAO hackblock chain can also happen on Bitcoin. For more than two years, I have repeatedly tried to push for the crypto surveillance to be about more than just technology. It's…

Binance, the largest crypto exchange volume, was hacked on Tuesday. The hacker took $ 40 million or 7000 BTC.

Binance had a chance to recover these funds. They could cut an agreement with most hashpower miners. The miners would turn the chain around and get some of the stolen money.

Binance this time decided not to make contracts with miners. And over time, the attack goes harder. But all that was required was a private phone call. The majority of hashpower is under the control of a handful of men. They can merge and reverse the chain.

https://twitter.com/VladZamfir/status/1126015683051966465?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”external noreferrer

We were lucky this time.

The Binance event has shaken the core of Bitcoin. Ethereum’s main criticism is now valid for Bitcoin. In July 2016, Ethereum reversed a $ 50 million hack of DAO’s smart contract. This made many angry that Ethereum might change. This was an important criticism from Bitcoin against Ethereum. But the switch of DAO hackblock chain can also happen on Bitcoin.

For more than two years, I have repeatedly tried to push for the crypto surveillance to be about more than just technology. It’s also about politics.

The Binance section shows us that the Bitcoin protocol is not only protected by technology but also by political consensus.

We have ignored the social fabric that gives the crypto project its power. We have focused on magic tricks and hope to be saved by the next innovation. But no new technology can save crypto.

The problem cannot be reduced to technical ideas such as a decentralized market, p2p exchange or direct contacts. It is much deeper. We tried to construct the perfect system. A Rube Goldberg machine, where human robots aim for rapid financial gain. And in exchange, the project has been populated with mass masters with a slave environment that can only think of the moon memory level. All the good people continue because we no longer offer the future.

And it has promoted a greedy penny-pinching mindset where people cannot imagine beyond their own interest or project name.

Our project is to open academies to educate hackers who can work with projects that are critical for crypto survival but do not have direct financial reward. These people must be hacker philosophers, interdisciplinary Renaissance hackers. When I go to a crypto conference, there are a large number of skilled idealistic young people looking for a place to control their energy. We must use this raw material.

And many times over the past year, I met several millionaires about the project. They had no interest in putting $ 10k on something which, while not directly benefiting them, is the only hope to save crypt from some death. But they were very interested in investing 100s in a thousand to nonsense projects that will make a profit in a few months. We are in a sinking ship, and everyone is trying to climb one another to get to the top.

Imagine once this gift that has been given to us. What a massive change can happen. Why do we think small?

“Bitcoin is based on technical consensus,” they say. But who does the technology? How you called your function, the processes that allow new code in, even the atmosphere in your discussion, all shape how the technology develops. It is never static. Bitcoin is more than rules. It is a movement, an ideology.

The longer we ignore it, the worse it will be. Last year at Bitcoin’s top of $ 20k, I called for the project to be on its way to failure. Since then, we have had the worst market crash in the history of cryptos. Ideas shape how the technology develops. People are waiting upwards. And there may be shocks. But if the content is not there, there will be no growth.

What inspires people to create ideas? Not money. Destiny, vision and purpose are the fuel of history. We are technicians. We have the power to shape the world. We have had the chance to overthrow the system of global finance. Why Think Small? Why waste this moment? Imagine big.

Our goal is to spread worldwide, anonymous digital black markets. Markets outside state control. No control over the economy.

How?

First, we do not need help from global capital or regulatory authorities. We must explain our total and complete resistance to the old order that we should replace.

Secondly, we must begin to explore the idea, philosophy of ideas, global geopolitics, computer history, and bring them together to paint a vision of where we are going and the steps to get there.

Third, we must think beyond our own little place in the present to where we can move forward. We must find the strength and the will to overcome ourselves and strive for a great goal. Grow strong. Near our animal. We are an energy. Within us is a seed.

There is a lot of work. We need wikis, exchanges, markets, currency, financial instruments, political decision-making tools and much more – all of them dark and p2p.

The biggest downsides were the financial crises that presented themselves. We were not prepared to use them. We couldn’t move quickly to take advantage of them. Instead, they passed (Greece, Iran, Venezuela) and became a news memorandum.

But the good news is that the contradictions in the system are growing. It cannot sustain itself. Already nationalist and religious extremist groups regret growing the cracks and then moving into the vacuum cleaners. This system of Western-led financial capital statistics matrix cannot continue. It will collapse.

And if we have made the foundation, when the time comes, we will be ready to call our beast. We are the opposition.

Special thanks to Taylor Gunnoe, @cryptosleeper who inspired and edited this article

Pins and string image via Shutterstock

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Faela