Binance- CZ wanted to orchestrate a bitcoin re-org?

[talkoncrypto Official]

How is that possible , and does it make sense to you ...




Post link for the video - https://twitter.com/BTCGandalf/status/1593396060042428416

[franky1]

"the idea came from the community and we did not know we could do that and there are serious consequences for doing that, so we will take that idea very cautiously"

also binance doesnt have 51% of the network

all in all.
no threat. just someone taking words out of context to scare people into thinking binance is even seriously considering doing it. . they are not. and even if they did. they could not re-org

[PX-Z]

How is it possible? The 51% attack.
But for binance current pool of minings against the total number of miners/pools, it is not possible. Bringing back that idea again is no help but just to stain his reputation again.

[stompix]

How is it possible? The 51% attack.

It wasn't supposed to be an attack but an overall consensus to reorganize the blockchain and invalidate the transactions of the attackers.CZ has deleted the first tweets of the plan he had but he has left the tweets in which he admitted it's a stupid move:
https://twitter.com/cz_binance/status/1125996197343154176
Probably he wanted the whole story forgotten but he forgot about videos and interviews.

But yeah, he planned to do it! He didn't get the reactions he thought he would so he bla-bla-bla his way out if it.
https://www.coindesk.com/markets/2019/05/08/binance-considered-pushing-for-bitcoin-rollback-following-40-million-hack/

[BlackHatCoiner]

This video precisely demonstrates why you shouldn't trust these dick heads who're chairmen of the most popular exchanges. I don't know if his money was stolen, or if their customers' coins were stolen. It's unfortunate, I know, but Bitcoin relies on the fact that transactions are irreversible at the moment they become confirmed. That's a fundamental principle; non-negotiatable.

The fact that he thought for a moment to attack to the network's principles, and published a video demonstrating this behavior should be a red flag for every Bitcoin user out there.

[franky1]

This video precisely demonstrates why you shouldn't trust these dick heads who're chairmen of the most popular exchanges. I don't know if his money was stolen,

he had $450m of value in FTX as FTT tokens which he sold and then whistleblew. so binance is solvant(not at loss) due to FTX,

The fact that he thought for a moment to attack to the network's principles, and published a video demonstrating this behavior should be a red flag for every Bitcoin user out there.

blackhatcoiner. your wearing the foil cap..
the video is a old video.. its also if you listen without the foil crunching sound on your head.. him saying the community(people outside of binance) asked him if he could do it. and he was saying there are serious consequences of doing it and he doubted if he could even do it if he chose to.. he does not have 51% after all
so chill out.
he couldnt and didnt, thus its a non-event.

the video is just being spammed about to create fud

take the tin foil off, take the social media apps off your device. put a black.. or preferably white hat on and think rationally using your eyes and ears, doing research and actually use common sense logic and actual data/statistics

in short he does not have 51% so its a non-story event
calm down. have a cup of coffee, breathe, relax and think about things

[Tytanowy Janusz]

It was after kucoin hack or binance hack in 2020/2021.
The idea was proposed to CZ and I think he respond without thinking too much. It was not seriously considered. Binance give up on this idea saying that it will not be healthy for crypto industry, not that they are able to do it.

[elda34b]

If they wanted to do it they'd probably do it stealthily. The backlash would be huge and the consequences would be massive for their own business. Might as well create their own fork if needed. Less cost with probably more benefits compared to attacking the whole network because one of their business got hacked.

[BlackHatCoiner]

he had $450m of value in FTX as FTT tokens which he sold and then whistleblew. so binance is solvant(not at loss) due to FTX

Had he bought $450M worth of FTX in May 2019?

blackhatcoiner. your wearing the foil cap..

Ugh...

the video is a old video..

2019 isn't old to me.

him saying the community(people outside of binance) asked him if he could do it.

Don't twist the news. The community might have asked him if he could do it, but the rational response to such question isn't "we're afraid it might hurt the credibility". It's a "No". They, CZ and his team, were seriously considering  executing an attack to reverse the attacker's transaction.

take the tin foil off, take the social media apps off your device.

Now that I have you as a ghosting audience? Never. 

[franky1]

a. CZ sold his FTX FTT tokens this month
try to read and do some research

b. the video of 2019. is not about him doing a re-org this year
its going viral this year to create fud.. understand?(guess not as usual)

c. no re-org happened then or is planned to now..  thus non-news non event

d. it didnt happen so why in 2022 are you sweating under the collar getting angry now.. calm down. it was a non event. and its not news now.. so chill out!

e. as for your foiled attempts to imply serious consideration. he actually says (if you dont snippet small chunks to wrap in foil) that he didnt even think it possible to even do
again he does not nor never did have 51% of the network hashrate. so it was not a serious consideration

what i said above and in previous posts is about me trying to get you to use a rational mindset for once, to realise the social drama you love so much is not rational or correct. which if you done some research calmly you could probably figure it out yourself

edit to respond to the drivel below

we are in 2022 now. and dude below is getting angry and emotional now.. TODAY
.. about an event that didnt happen

heck he didnt even listen to the word of the video apart from a few snippets he took out of context to form an opinion today about a worry he then manifested in himself. that is meaningless today

weirdly he praises duplicitous actions that happened 5 years ago
.. but thats just his usual game. emotional over the social drama of his favourite fan club vs those that whistleblow his fanclub.. and yea.. FTX and blockstream devs(DCG portfolio) are blackhatcoiners fanclub

[BlackHatCoiner]

a. CZ sold his FTX FTT tokens this month

I already knew that. What the hell does this have to do with the conversation?

b. the video of 2019. is not about him doing a re-org this year

No shit Sherlock.

its going viral this year to create fud.. understand?(guess not as usual)

Never said it's about 2022, but anyway. It's usual that you're having troubles communicating with this Internet board.

c. no re-org happened then or is planned to now..  thus non-news non event

It didn't happen, but that doesn't alter his intentions. His actions reveal he's malicious. This is just the icing in the cake. This is all I'm saying.

[BIT-BENDER]

I have nothing against CZ infact I think he is a role model to me from what he has achieved in Crypto-currency but as we may know Power can actually corrupt the mind if you let it.

CZ is a billionaire and a very notable figure in crypto-currency and I Think some of CZ moves are centered around him being dominant. He probably has achieved his financial goals and now seeking more power in Crypto-currency ecosystem.
He can try to pull up a Bitcoin re-org but I am sure it won't work out for him.

[Baofeng]

He already admitted that it was a stupid move on his part, and yeah CZ is not thinking about it about the consequences when he open this suggestion to the public.

It was after kucoin hack or binance hack in 2020/2021.
The idea was proposed to CZ and I think he respond without thinking too much. It was not seriously considered. Binance give up on this idea saying that it will not be healthy for crypto industry, not that they are able to do it.

And yes this was around 2019, it was a hacked on Binance, 7,000 bitcoin (BTC) — worth around $40.7 million at the time.

[hatshepsut93]

It wasn't supposed to be an attack but an overall consensus to reorganize the blockchain and invalidate the transactions of the attackers.

Which leads me to thinking, could large entities like exchanges or big custodians make some sort of arrangement with miners that if a hack would happen, the miners would execute a 51% attack on short notice to roll back the hacker's transaction and instead move the funds to a safe backup address. If only a few blocks are rolled back, it shouldn't be too disruptive for the ecosystem, because people are supposed to wait for 3-6 confirmations anyway.

I personally think such arrangement is not likely, because miners wouldn't want to undermine public confidence in blockchain permanence, even for a big reward.

[franky1]

Which leads me to thinking, could large entities like exchanges or big custodians make some sort of arrangement with miners that if a hack would happen, the miners would execute a 51% attack on short notice to roll back the hacker's transaction

I personally think such arrangement is not likely, because miners wouldn't want to undermine public confidence in blockchain permanence, even for a big reward.

well although certain people want to sweep it under the carpet
in july 2017 the "NY agreement"(many exchanges(top economic nodes) done just that, agreed to accept segwit by threatening to ignore blocks that were not flagging for segwit.. this made niners agree to follow NYA, which at a certain NYA acceptance(blue) triggered the block ignoring of non-segwit flagging blocks.. ramped up only seeing more segwit flagging blocks. thus segwit flag(red) which had from nov 2016-june 2017 only 45% acceptance changed to a IMPOSSIBLE 100% acceptance of segwit within 1 month

blue=NY agreement. red =segwit flag

so yes its possible to get economic nodes(exchanges) to come to ANOTHER agreement and push miners to follow or be ignored(thus minder cant spend rewards if ignored, thus they follow)

but shh lets not talk about that event that did happen.. shhh or the censor committee will come out and shh you (humour for those that dont understand)

and instead cry about events that didnt happen.. oh wait.. thats the game play of certain fangirls that enjoyed the mandatory activation tactics of segwit in july 2017.. oops lets now see them chime in and defend their game plans
 (more humour for those that dont understand)

[bittraffic]

Everyone has intentions but this video seems to be dug from the graveyard. Like a character assassination of CZ.

No one hates CZ more than the fallen kids of FTX and I could say there is nothing else to do but accept the fact FTX has collapsed and SBF's written plan for crypto regulation may be shoved down to where the sun never shines.

[mk4]

For such a huge company, CZ went too amateurishly impulsive with this plan of his. I couldn't see how CZ and company didn't foresee how excruciatingly terrible of a PR move this was. Like, of course the Bitcoin/crypto community would push against it.

[GreatArkansas]

I remember this, this is like a mind-blowing react for everyone when CZ said about bitcoin re-org and he also said that he is in contact with the one of big bitcoin mining companies before.
This is one of the reason why some people before started to hate Binance of because of CZ saying like these statements without thinking first.

[pooya87]

e. as for your foiled attempts to imply serious consideration. he actually says (if you dont snippet small chunks to wrap in foil) that he didnt even think it possible to even do
again he does not nor never did have 51% of the network hashrate. so it was not a serious consideration

I'm not sure if you are actually that gullible or you are that forgetful.
It doesn't matter what CZ claims happened, the history doesn't change. The fact that he was running around like a headless chicken seriously offering money to other mining pools to join hashrate and perform a 51% attack on Bitcoin network is not going to change. So is the fact that mining pools and the community both showed him the middle finger.

[franky1]

e. as for your foiled attempts to imply serious consideration. he actually says (if you dont snippet small chunks to wrap in foil) that he didnt even think it possible to even do
again he does not nor never did have 51% of the network hashrate. so it was not a serious consideration

I'm not sure if you are actually that gullible or you are that forgetful.
It doesn't matter what CZ claims happened, the history doesn't change. The fact that he was running around like a headless chicken seriously offering money to other mining pools to join hashrate and perform a 51% attack on Bitcoin network is not going to change. So is the fact that mining pools and the community both showed him the middle finger.

its not about gullible or forgetfulness

there was no bribes to other miners to join activity either
it was other miners and exchanges that approached him to help and gave him the proposal

in the end it was speculation of social media that lasted... hmm ONE DAY

so heres the time line: enjoy

binance lost coins on may 7th. and someone proposed to CZ about a rollback.. and by may 8th.. CZ responded to say it wont do it for multiple reasons

if you want a better time line.. incase YOU forgot
7th: they stopped trading for "maintenance"
https://twitter.com/cz_binance/status/1125839310891053057
8th: he done a AMA to explain why the maintenance event happened
where someone proposed TO HIM to do a roll back
https://www.pscp.tv/w/1mrGmvjpbqBJy
"this morning alot of people have offered us support, and there is a few topics i will discuss in this regard"
"the idea came from the community and i did not know that we could do that"
"To be honest, we can actually do this probably within the next few days. But there are concerns that if we do a rollback on the bitcoin network at that scale, it may have some negative consequences, in terms of destroying the credibility for bitcoin."

note: alot of people forget purposefully the BUT part. and the later "decision to not pursue it" within hours of the AMA

note: he had been contact by miners and exchanges prior to the AMA about them supporting him either in funding or doing a re-org

try to put the conversations INTO CONTEXT

he said he had funds so didnt need funding support and said he would not do a re-org that same day.

listen to the entire conversations and also then do real research on who asked who what..

same day 8th

   After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:— CZ 🔶 Binance (@cz_binance) May 8, 2019

https://www.coindesk.com/markets/2019/05/08/binance-considered-pushing-for-bitcoin-rollback-following-40-million-hack/

..
yep done and dusted in one day.. no activity... thus no event
just social media drama between 3pm on the 8th of a AMA and hours later a "we decided not to pursue the re-org approach"

the SAME DAY!!!

how i have reminded you of the facts.

have a nice day

this is not about taking sides. this is about seeking the facts and making sure people like idiots such as this topic creator dont try 3 years later twisting things.. about events that did not happen. and were just a few hours of social media FUD that should have died the day it started