Quote from: stfN2128 on May 08, 2019, 11:39:50 AM

wouldn't be so good for BTC if a single exchange could have the power to roll the chain back. Binance system wasn't safu so they have to pay for it. the made enough money, they have a fund for this kind of shit.

Ethereum rolled back the transactions. The result ? Two coins, a split community and multiples of the actual loss wiped off the market cap instantly.

It is scary that a large player like Binance considered it. They rejected the idea and I commend them for it. But it wouldn't stop a symilar large entity from doing something symilar.

That is why decentralization has to be taken seriously.

Bitmain has too much control over mining and mining hardware.

Binance and other exchange have too much control over user funds they don't own.

The vulnerabilities are mining control, hardware control, volume control (trading and control over funds) and centralized control over code.

I'm not anti Binance (I think they have built a great exchange) - but I'm anti centralization and anti oligopoly control.