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Today, Chepicap got in touch with Bitcoin propagator, Max Keiser, to find out his perspective on the 7000 BTC Binance hack, and Jeremy Rubins's highly maligned Bitcoin rollback suggestion...
Today brought the news that Binance, the world’s largest crypto exchange, had undergone a serious security breach with hackers managing to successful abscond with over 7000 BTC in user funds. What followed was a relatively calm reaction from the market, and a fairly reactionary response from Binance boss CZ, who on Jeremy Rubin’s advice, ruminated on the idea of a Bitcoin re-organization.
Ironically, the fallout from the exchange hack ended up being far less tumultuous than the suggestion of a rollback of the Bitcoin network, with many suggesting that the mere thought of meddling with the Bitcoin network in such a way, would hugely undermine the validity and credibility of BTC.
Wait what?
— Vitalik Non-giver of Ether (@VitalikButerin) May 8, 2019
Ultimately the idea of a re-org was rejected, but in its place, a newfound discussion on the immutability of the bitcoin network has arisen.
To put this to bed, it's not possible, bitcoin ledger is the most immutable ledger on the planet. Done. https://t.co/rKLBCEZmgp
— CZ Binance (@cz_binance) May 8, 2019
Chepicap got on touch with eternal Bitcoin Bull, and the host of The Keiser Report, Max Kieser, for his opinion on the Binance hack, the bitcoin re-org, and everything else.
Bitcoin apathy...
Keiser first touched upon the promise of Bitcoins apathy, with price reaction barely registering the major hack:
“It's interesting because the bitcoin price seems unaffected, we saw this also with the Bitfinex news recently, there was some controversy there and also the price was unaffected. So this shows that bitcoin is maturing in a big way.”
Keiser continues to state that previous instances of less-than-favorable news, has, in the past, produced a correction for BTC; specifically pointing to the Mt.Gox hack back in 2011.
“Mt.Gox collapsed and the price took 4 or 5 years to recover. So here these things are happening and the price is virtually unaffected … It shows we're moving beyond a period now when these type of hacks have any effect on the price at all. “
A lot to learn.
Addressing the proposed reorganization, Keiser took a small swing at CZ, referring to the suggestion of a BTC rollback as a “non-starter”:
“It's funny that CZ has done so well in this bitcoin space apparently without really knowing how bitcoin works. But I think now he understands a little bit more how it works, but the idea of a re-org is a non-starter, for obvious reasons.”
When questioned on Jeremy Rubins idea of targeting the hacker’s transactions specifically rather than reorganizing the entire network, Keiser remained steadfast on the idea of Bitcoin rejecting any such attempt at mutability:
“The protocol would reject that, the protocol has its own internal intelligence and it rejects stupidity, so that’s not ever going to happen.”
The principle of Bitcoins immutability has clearly found a new platform, and it may well have forced CZ and other proponents of the suggestion to eat their words in the face of heavy criticism. Still, its perhaps important to be able to air these views, and foster a healthy discussion in order to progress further.
Keep an eye out tomorrow when we’ll be releasing our interview with Max Keiser in full, talking about everything from his $100k Bitcoin prediction to Russia loading up on BTC…