Huawei is and wants to build 5G networks across the globe. Given it is essentially a business branch of the Chinese government, there are concerns about the risk this would create to security should there be some issue in the future. Also concerns about privacy of individuals - since we know how China rolls with privacy on things like the Social Credit system.

So Western countries are just a bit anxious to put their communication systems in the hand of a company with these connections. You could also imagine that in the future there could be a whole range of ways that 5G could be used that we don't even necessarily know about yet.

It is definitely a good idea to not trust Huawei - even if they 'might' be ok.

Binance is a unicorn company worth well over a billion dollars. I get that they'll try to get back to normal operations soon, but most governments/regulators will do everything they can to regulate and get a tax slice of that income, and they'll use this security breach as evidence that more regulation is needed.

So I hope it will be back to business as usual, but eventually they'll be pressured to consider regulations. Even if they move their head office, they could be forced to abide by rules to offer services in particular countries.

Binance will be fine, but if regulators get to them I can envisage they may be required to do KYC for ALL transactions (not just above 2 BTC per day).

If that happens... well I won't be using Binance anymore.

I'd still prefer coding (or smart contracts) that are open source for anyone to see, rather than a centralized exchange where we don't know wtf is going on.

Does anyone know what the security is like at Binance? Not really. It is intentionally 'secret' for 'security' reasons (didn't help much).

With something like a real DEX, or smart contract set ups like MKR/DAI, anyone can review the coding/contract, and see if they are comfortable with the security from there.

Not saying that DEX is currently perfect, but hopefully over the years it will be much better than what we have now. Like you're saying I hope that a real complete DEX will exist soon.

Poor implementation of a decentralized exchange is different to whether the idea of a decentralized is better or worse than a centralized exchange - I'd say its better.

Not quite the same, but something like DAI/MKR where everything is done through smart contracts to create a CDP, is better than having a central entity do the equivalent work imo.

The alternative is that we keep trusting exchanges like Binance, wait 6-12 months and post the same thing again about how much money was lost this time round.

This breach is massive, and shows why we need decentralized exchanges (just like we love decentralized coins) right NOW. I'd like to know what these advanced 'unforeseen' security vulnerabilities are that Binance is talking about (but of course any explanation will be vague). The fact that they were thinking about a rollback, which could question the independence and integrity of the entire Bitcoin ecosystem just shows they've got too much power.

Lets not forget that Ethereum forked (creating Ethereum, and leaving behind Ethereum Classic) because of a $50 million hack. It isn't good enough that a centralized exchange separate to Bitcoin could potentially impact the reputation of this leading decentralized cryptocurrency because of an almost $40 million hack. This amount is not insignificant, and the way Binance talks about it, its lucky they didn't lose more.

And now it'll be closed to deposits and withdrawals for a week (at least). Even my rubbish fiat bank doesn't stop me from accessing my funds for an entire week.

I'd expect this from Cryptopia, but not from Binance - the fastest startup to reach unicorn status, currently (or soon to be previously) coming in with a $2 billion valuation should have unrivalled security.

Anyone still thinking the centralized Binance chain is a good idea??

If it does end up being classified as a gambling device, then at least you can't get taxed.

Not a doctor despite my username, but if I was a doctor, you'd have to call me a liar.

Doctor is just an occupation, it won't stop you from lying if you are that way inclined.

Anyone stocking up on Grin, or trying to ride the fomo BTC wave

Bitcoin Cash, Bitcoin Gold, Bitcoin Private, Bitcoinz and many more. So many coins just trying to take Bitcoin's good name! Best form of flattery is imitation, but this is going too far.

Agree with this. I work and study in the medical field although I'm not a doctor despite my username. While most medical professionals do the right thing there are a few I have seen that are a little too interested in getting the maximum payment even if their patients can't afford it. Sometimes they'll charge and prescribe things that their patient doesn't need.

It is a positive for countries that politicians and governments are responsible to voters for delivering a good health system. Like with many things in life problems start when competition and profits are the driving force. Health is too important and the stakes are too high to leave it to private companies.

Spending tax on health shouldn't be seen as a cost but an investment in the wellbeing and good of the country.

I'm sure someone without much knowledge of crypto but is getting into it has bought BCH thinking that they had found Bitcoin on special, and then probably sent it to a Bitcoin address and lost it.

I wonder what counts as a questionable username.

Everyone on here, myself included, has a weird username. Even Becky666 doesn't fill me with confidence.

In fact, given everyone has a weird username, the guy with that has a common name but would count as an uncommon username like 'Tom' or 'Jess' would look more questionable to me!

If you're really worried (and have the resources), you could have one computer/device for your at home wifi, banking, work and email (plus a few other trusted sites) ONLY, and another device that you use for browsing random websites, take with you and use public wifi, go on holidays with etc (but that you don't access your email with).

So you have one more safe and protected device for accessing work/email/banking and so on, and another device that you are a bit more open with and can visit other websites as this computer/device has zero or limited info of value on it.

This won't completely reduce the risk (particularly if you're clicking on links you shouldn't in your email), but so many stories seem to relate to people hooking up to public wifi that actually taps into your system and takes your personal information, installs a keylogger for your passwords etc. Or visiting a website that installs malware because you clicked a link you shouldn't.

Also maybe have a think about trying out Brave browser - you'll be supporting a crypto project, which may also reduce your risk of (accidentally) clicking ads you shouldn't since they'll be removed from the webpage.

Maybe he is just trying to digest his situation. Either way, I'm sure we'd both agree someone somewhere in the world has probably purchased a car/tv/something expensive with crypto only to have no recourse when something goes wrong like no receipt of goods.

Solid trusted crypto escrow services I would think are a must for this type of transaction. Or just don't pay until you get the car.

Sure I'll bite I've got limited posts but always looking to help out in the beginners forum!

Must read books of cryptocurrency
Someone's account got hacked
Issues with scammers

Also figured out how to do hyperlinks

Dude I'm pretty sure you couldn't be more bullish then that.

Also 1-100 million is quite a range...

Is this Bitcoin Gold? How do I mine it?

Haha yeah, if the worst thing someone with a quantum computer could do is hack Satoshi's wallet for a million plus bitcoin in a few seconds, then the owner isn't being very creative!

It would be terrible for crypto, but that quantum computer could do a lot more damage elsewhere.

I guess you'd have to hold? I didn't get anything during all time high, but to pump it that high alot of people would have had to!

May as well wait 5 years and see where you land. If you don't think something today will be worth as much in 5 years time, you shouldn't invest in it. Nothing to lose by holding to that principle now.