Andreas Antonopoulos, the author of the Mastering Bitcoin and the famous pastor of Bitcoin, spoke about Binck hack and a short registry, during the Q&A period on YouTube. During the session, the author explained the situation of what happened if Binance decided to proceed forward.
Binance, one of the largest exchanges of cryptocurrency around the world, fell to a security striker that led to a loss of 7000 BTC. Shortly after the election, Changpeng Zhao, CEO of the exchange, discussed the possibility of a series of sequence. This, however, criticized the majority of members in the cryptocurrency community, and several well-known suspects who stood against this argument.
That was followed by Zhao saying that exchanges decided to continue with the program, after discussions with a few popular players in the community. The reason behind the backslide was that the weight measured weight than the profit.
Antonopoulos explained the results where Binance decided to go on the other way, making a series of series. The reporter claimed that the exchange was basically recommending an attack of 51. percent. He added that the exchange would have influenced 51 percent or more miners to return to the barrier before the striker sent the currency to his address, and set the barrier as a parent to prevent the next and start the mining since then.
This was followed by the author pointing to a situation where the exchange decided to make regi, the day after the attack. This will require an exchange to persuade the miners to return closer to 145 blocks, after which they will use their ability to pass over the remaining 49 percent of the miners who would have been mining since now for long-term chains, thus causing the reg of the chain.
He went on to describe many of the miners’ work during this process,[…] they would deliberately want double purchases from Binance, using all the results of the striker at Binance and once it is there then the activity from the attacker will not succeed the coins will be used already by the miners are trying to reconstruct [ …] “
Additionally, Antonopoulos said that 51 percent was not enough, adding that one of the reasons was not enough was that “at a rate of 1 percent more than the target set by 49 percent, [resting 51 percent] would only reach 1 block all benefits day. “
He stressed that miners with a rate of 51 percent of the hash will have only 1 percent profit on the sequence set by all miners. The author added that under the circumstances, it would take miners around 150 days to find, find and rewrite the sequence, saying it was “very long.” Antonopoulos also said that if there is something wrong during this time, as 1 percent of the miners abandon this process and move to the other side, then all the energy spent on this would have been destroyed.
The author also spoke of one of the proposed possibilities for Binance, to find miners on board and plan, which was bribing. He continued to say,[…] one way to witness is to ensure that activities that initiate, which utilize the result of Binance to return to Binance, carry the highest fees and therefore miners are motivated, they will receive payments for this and these would be more than the award winners. what the miners will come back […] “
Antonopoulos added that if the mine owners beat five buttons, then they should pay more than 60 bitcoins. then that energy would be destroyed. He said again that Binance would have been bribed to miners for the amount of all the payments and adding more to this if this would have been a dangerous job.