Bitcoin Forum

Recently Binance been hacked and lost almost 20 Billion Dollar worth of crypto just an overnight.

 Buterin had a proposal that uses scaling that will prevent hacking on exchange.
https://concisetuts.pro/ethereum-founder-presented-a-scaling-solution-that-will-prevent-hack/

Hope this will succeed to revolutionize the exchange and the blockchain as a whole.
What is your thought on this?

this is good for ehtereum and other erc20 coins, we hope no more exchange can be hacked. but what about other coins that do not use ethereum platform? because we know in an exchange there are various kinds of coins and platforms available.

Vitalik Buterin made many innovations. We need him so much. For the history of crypto currency, Buterin will be a very important person.

I also read the article in Coindesk. https://www.coindesk.com/vitalik-reveals-new-idea-plasma-scaling-ethereum-event/
What I do not understand is "Plasma Coin" Do you guys know that?

These serious efforts against hacking is a good sign for the improvement of bitcoin transactions. People who fear the use of bitcoin will probably rethink of using bitcoin again. I have seen not only once that in every seconds that pass, the hackers address have transferred in coins to his or her account. How many painful and sleepless nights could have passed before the forgetting that you are robbed online by  unforgiving hackers. Maybe this step could be a big help to each and everyone of us.

I think people should hold their crypto in wallets not in exchanges to prevent situations like this

Vitalik Buterin is really a genius, and I'm excited about this.
Maybe there will be more and more distributed exchanges in the future, so the adoption of this scheme may be more secure for our tokens.

Wow, this is a very wonderful solution to the situation, I always knew that Vitalik is a very smart and very developed dude who wants to make this world better. Of course, such a situation with the market today is very disappointing, but I think that this is the situation that will be the motivation for investors.

People ain't bothering with the transfers between the exchange and the wallet until they are retrieving the significant amount of money because of the cost of a transaction. Transaction fee will always be included between transfers from the exchanges to a wallet and another way around. I also had some amount for a longer time on exchange. Also, people are not retrieving the crypto constantly because of the time length when the coin is sent back to the exchange.
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With all this said the perfect solution would be to leave the portfolio in the wallet or to constantly retrieve it back and forth. This isn't the permanent solution and new security measures must be implemented for the exchanges to protect the funds from their customers.

Stop with these wrong news. No, Binance wasn't hacked it was a third party application that took over Binance users api and sold their alts for buying a single coin. Theres a lot of difference in the users getting phised and Binance getting hacked.

Okay given that Binance was not hacked but the magnitude of that effect was devastating. And, there are people which not use API yet claimed their asset had sold. How do explain that? Isn't the API is just a scapegoat of Binance? 
Let's accept the fact that exchanges still have an achilles heel and hackers could exploit those part. 
Buterin's solution could help exchanges to avoid hacking. Hope every exchange will support that.

Binance was not hacked , hacked people were using malware trading-bots , it's unfair to blame binance in this situation . But those improvements of ethereum can be very useful , because in addition they will increase ethereum's network scalability , to prevent network overloads like with "Krypto kitties" in a future

I think Butrin says very good things. now many people are suffering from hackers and it is very sad because at any moment you can lose all your money. Well, there are people who innovate and take care of safety

Binance should do some measures in the first place before those trading-bots tarnish their reputations.  What had happened it shows Binance vulnerability for a large scale of hacking.  I believed Binance have solution for it but the damage was already done.

I think other platform can follow or use that plasma. The proposal was not just for ERC20 but for all. We need more this kind of genius in cryptocurrency. We all knew that cryptcurrency is a multi-billion dollar industry protection should be the highest priority. 

Plasma coin just like a coin to be your identity about the ownership of your amounts. I think that that was using a unique code for every plasma coin to determine your ID. It looks like

That just like a security card before open your amount. If someone is able to open your wallet and then without plasma coin and they can't send your amount to another wallet wihout verify it through plasma network.

Well explained dude. Good that you explain it in a simple way so that everyone could understand how plasma coin works.

Recently Binance offers 10 million dollar total bounty to apprehend the hackers.  If there is no hacked attempt on Binance they will not made that huge offer.

If ethereum really applied that New platform it will a great step to a better enhanced ethereum and it will bulit another layer of protection on the ethereum blockchain but it won't prevent the other coins from getting hacked though so it's a half Win if you ask me

I think what Buterin proposal not only for Ethereum for for all. It could he will do it first on ethereum but eventually it will be for all.

This is a very good program, because from the cryptocurrency market appear to now, nearly all exchange appear stolen problem, so I think this solution can better ensure the safety of our tokens.