- cross-posted to:
- technology@midwest.social
- technology@lemmy.ml
- cross-posted to:
- technology@midwest.social
- technology@lemmy.ml
Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:
https://hachyderm.io/@molly0xfff/117526961419935070
I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.
Did they break the security of the blockchain or just hacked an application that stored it in a database?
they hacked the website. People who use Binance are storing their money there, instead of on a self-custody wallet
Crypto coins are a scam, and one of the main feature, decentralization, is vastly nullified by people storing their coins in a centralized wallet of someone else.
crypto works great as a currency that is difficult to tie to individuals, not as an investment.
How many people use it with its intended purpose vs people using it as an “investment”?
Wishful thinking won’t make it less of a scam
One could say the same about trucks being used as a status symbol but that doesn’t discount their utility.