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Attacker gets away with up to $3 billion from Binance (www.citationneeded.news)
submitted 1 day ago by to c/technology@lemmy.world
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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.

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[–] 1 point 3 hours ago* (2 children)

"works great" as in... how? it's all way too slow and volitile and cumbersome to handle the global financial system, so nobody actually uses it as currency. in what sense does it "work great?" in theory it works great, but in practice, not so much. nobody wants to pay their rent with bitcoin if the price has shifted down 20% by the time it gets processed.

in practice it's also really easy to link your crypto transfers to you. it only takes one opsec failure and you're not anonymous anymore. so i really don't think it works "great."

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  • [–] 2 points 2 hours ago

    Etherum settles in 12 seconds and can handle >30k transactions per second across it's layer 2s, by 2030 it aims to be capable of 10k tps on the main chain alone and enable protocol native shielded pools for private transactions.

    Monero is already private and one of the most stable cryptos out there. It takes ~1 min for a single conf, but because there is no replace by fee feature, you can accept 0 conf tx for small payments.

    Compared to fiat big cryptos like ₿, Ɱ, ETH tend to appreciate in value, so even if you were using them for payments without looking at the price, over a longer period, for most people the average they paid would be lower than if they used fiat, which only ever goes down in value.

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