Binance considered rolling back the Bitcoin chain in order to recover stolen funds. How would that have happened? How likely is it that such a recovery method would be executed in the future?
0:00 Binance said they considered rolling back the Bitcoin chain, but then decided against it. How on earth would that have even happened, if they had decided to do it? What would have happened? Would this mean launching a 51% attack?
2:49 Think about this: the chain that was re-organized starts 145 blocks in the past, compared to the minority chain. Let's say that Binance didn't manage to launch this attack until one day after the theft
4:31 Let's say that Binance managed to organise this attack in a much shorter period of time. They act quickly to collaborate with miners, perhaps persuade some pools to join them
6:57 The attacker could offer a bribe of their own
8:12 How would the proposed roll-back work?
This question is from the May monthly subscriber session, which took place on May 25th 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
How do I choose a wallet? - https://youtu.be/tN6b62sEpsY
Secure, tiered storage system - https://youtu.be/uYIVuZgN95M
Hardware wallets and attack surface - https://youtu.be/8mpDcBfNA7g
Setting up secure storage devices - https://youtu.be/wZ9LxLLvfXc
What is a private key? - https://youtu.be/xxfUpIV9wRI
How do mneomonic seeds work? - https://youtu.be/wWCIQFNf_8g
Using paper wallets - https://youtu.be/cKehFazo8Pw
Wallet design and mass adoption - https://youtu.be/WbZX6BDZJHc
Cryptographic primitives - https://youtu.be/RIckQ6RBt5E
Public keys vs. addresses - https://youtu.be/8es3qQWkEiU
Re-using addresses - https://youtu.be/4A3urPFkx8g
Passphrases and seed storage - https://youtu.be/jP7pEgBpaO0
Coin selection and privacy - https://youtu.be/3Ck683CQGAQ
Multi-signature and distributed storage - https://youtu.be/cAP2u6w_1-k
Is quantum computing a threat? - https://youtu.be/wlzJyp3Qm7s
The 21 million supply cap - https://youtu.be/AABkJ55Zz3A
Denominations and voluntary burning - https://youtu.be/tqL0ehMRxbk
Divisibility and deflationary monetary policy - https://youtu.be/xhLgxX_wU6E
Inflation and debt systems - https://youtu.be/6CwxHiKf27A
How to get people to care about security - https://youtu.be/Ji1lS9NMz1E
Honest nodes and consensus - https://youtu.be/KAhY2ymI-tg
Why running a node is important - https://youtu.be/oX0Yrv-6jVs
Wallets, nodes, and monetary sovereignty - https://youtu.be/8Hb3tUn8s4E
Lost coins and the deflationary experiment - https://youtu.be/IYtAevJIy5E
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
He is the author of two books: “Mastering Bitcoin,” published by O’Reill...