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Alert: Binance CEO Rolling Back the Bitcoin Blockchain? Is it Possible?

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The CEO of Binance has thought that it will be a good idea to suggest rolling back the bitcoin blockchain in order to retrieve the 7000 stolen bitcoins.

The CEO of Binance, Changpeng Zhao has thought that it will be a good idea to suggest rolling back the bitcoin blockchain in order to retrieve the 7000 bitcoins that were stolen from binance recently.

 

What is Rolling Back the Bitcoin Blockchain:

Rolling back the bitcoin blockchain would basically mean that had a majority of miners actually agreed to this plan, which they have not, but had they, the bitcoin blockchain could be rolled back erasing all transactions between now and the time of the hack and returning the bitcoin back to binance. To be more specific, just those specific transactions which would actually shake the whole cryptocurrency economy to the core if this were to happen.

 

Conspiracy Theories running in the market:

Conspiracy theories are running wild online about what happened over at Binance with everything starting from This was an inside job, Binance trying to upgrade to Segwit and they made a mistake or a Tether conspiracy connection thing. However, there has not been any confirmation to any of these conspiracy theories yet and the only thing that is suggested yet is to keep calm and relax. Also, the theory regarding Binance trying to upgrade to Segwit has proven to be untrue as in this case the bitcoin would be unspendable and currently the hacker is splitting that 7000 bitcoin into smaller bits.

 

Binance cannot roll back the bitcoin blockchain:

The Binance CEO really quickly retracted his comments and the idea has been relegated to the dustbin of bad ideas. So it is not going to happen as Binance does not have the power to make this happen. The miners wouldn’t support it and the community is opposed to this idea. However, it did bring up a very interesting point that surprised many people that anything is kind of possible in bitcoin. A block realization in bitcoin is possible and this has come as a surprise to many people who thought that such a thing could actually happen.

 

Two Roll Backs have happened before!

Back in 2013, when the bitcoin network was upgraded from version 0.7 to version 0.8, a flaw appeared and the miners had rolled it back to the version 0.7 including a few blocks.

 

Also in 2010, an inflation flaw allowed someone to create 92 billion bitcoin and a rollback was used to fix this problem.

 

But a big difference here in what the Binance CEO proposed is that these rollbacks were done to fix a dangerous software flaw and not to bail-out a private business that didn’t take care of its security adequately. The community was actually behind these previous decisions and they were actually relatively uncontroversial.

 

Can Bitcoin Blockchain be Rolled Back Ever?

Yes, it is possible to roll back the bitcoin blockchain if the miners were to collude. Assuming that 51% or more miners were to agree to such a plan. Yet currently, no single mining pool, not even all of the Bitmain affiliated mining pools together can command that kind of power. It would actually take enticing a much wider group of miners to get on board with this, most of who would likely disagree.

 

If for example, Ant Pool would come out and announce that yes we are going to support a rollback to save the money of Binance, then regular miners who pool mine with them would jump ship to different pools that do not support the rollback. All of the pools would stand to lose huge amounts of money in this situation, from the home miners to the small operation miners who might be more ideologically driven in their bitcoin, leaving their service and going to a service which supports their ideology.

 

Game theory is holding the network together on a daily basis as miners are supposed to be greedy. They are supposed to be competing for the most bitcoins with all pools acting in their own self-interest i.e. the interest of keeping the chain together and mining more bitcoin. And if such action of rolling back the bitcoin blockchain is done to support the profits of a private company or any other user for that matter, would actually be against their own self-interest as it would erode the faith of the public into bitcoin and would probably drop the price dramatically as well as causing a chain split.

 

Miners right now are collectively making around $10 million a day or around $8.65 billion a year. So why would they risk all that profit to help Binance recover their $40 million loss? What do you think above the idea of Changpeng Zhao, the CEO of Binance in terms of rolling back the bitcoin blockchain? Tell us your thoughts in the comments section below.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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