Quote from: xtraelv on May 08, 2019, 12:54:46 PM

Quote from: DrDoctor1234 on May 08, 2019, 12:40:27 PM

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??

Yeah right - NAH

I've written about that before......

DEX suffer the same or more problems.

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.

DrDoctor1234

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