Binance is the biggest exchange when you look at the total volume. The problem? It was hacked on Tuesday. The hacker managed to take 7000 BTC. This equates to around $40 million. It should be noted that Binance had the chance to recover these funds entirely, and they did choose to cut a deal with a majority hash power miner. The miners would work hard to reverse the chain and they would also be given a share of the chosen funds. Binance chose not to make a deal with the miners.
The issue? All it took was one private phone. A lot of the hash power lies under the control of men, and the can easily reverse or collude the chain. The truth is that this is not prevented by the protocol and that they are instead limited by the political, social and legal reality of the serviced that is Bitcoin.
The Binance event has shaken Bitcoin to the core. The main criticism is now being diverted to ETH. ETH reversed a hack of over $50m in July 2016. This made a lot of people angry because ETH can be changed. It should be noted that a critique of Bitcoin against ETH is just that,; but the DAO reversal could happen to Bitcoin as well. For more than two years, people have been trying to push the point that crypto is about more than technology. It is about politics too. The episode that happened with Binance is now showing that the protocol is being protected by technology and that it is also being guarded by a political consensus. We appear to have ignored the mere social fabric that gives currency its power. We have focused on things like magic tricks for far too long now, hoping that everything will be saved by the next big thing. What should be noted is that now there are no techniques that have the power to save crypto.
The problem cannot be reduced to a technical idea. This includes a decentralised market or even instant transactions. The issue lies much deeper. It’s safe to say that people are now trying to manufacture the perfect system and in exchange of this, the project has been largely populated with people who have a poor mentality. It has fostered a greedy and penny-pinching mindset and this ultimately means that people cannot think for themselves. The main goal that a lot of people have is to try and train hackers so that they are then able to work on projects that are largely critical to their own survival. The problem is that these do not have a high financial reward. These people would haver to be philosophers or even renaissance hackers. When you go to any cryptocurrency conference you will see that there are people who are skilled and even younger people who want somewhere to direct their energy.
There have been so many instances over the last year where people have met with millionaires to try and talk about their project, but a lot of them are not interested at all in putting over $10k into something that is not going to benefit them at all. The only hope to try and save crypto from an uncertain death would be those who are willing to invest thousands without any certainty of success. The problem with some investors is that they are willing to invest thousands into projects that are going to make them profit in a couple of months even if it is nonsense. Cryptocurrency is a sinking ship and now everyone is trying to climb on top of one another just so they can try and get to the top. Imagine for one second that this gift has been given to you, what change could happen? Why should people continually try and think small all the time?
Imagine for one second that this gift has been given to you, and think what kind of change this could bring about. Why do people have to think so small all the time? Bitcoin really is based on the technological consensus, but you have to think at the end of the day, who makes this kind of technology? Bitcoin is more than just a set of rules. It is an ideology, and it is also a movement.
The longer we ignore things like this, the worse that things are going to get. Last year, Bitcoin reached a peak of $20k per coin. This project is heading for failure and ever since that happened, we had the worst crash in the history of cryptocurrency. Ideas have the ability to shape how technology changes and evolves. People are waiting for the next big thing and sure, there may be bumps but if you do not have the content there then you can’t hope to experience any growth at all.
The next thing that you need to think about is what inspires people to create their own ideas. It should be noted that it is not ideas, and it is not money either. It’s actually destiny, vision and even purpose too. This is the fuel behind everything. We have the power to shape the world right now and we have also been given the chance to completely overthrow the idea of global finance. So that being said, why should we waste this moment? We need to think big and we also have to make sure that we put in the work to make what we have something special. The goal here is to try and spread word across the world and we do not need the support of any regulators or even global capital experts to do this. You need to declare the total and you also need to complete the opposition to the old order. This is what it is going to replace at the end of the day.
Second, you need to start exploring the realm of ideas and you also need to take into account global geopolitics too. When you put these together, you will then be able to put these together and you will also be able to paint a vision of how you are going to get there.
Next you need to think beyond your own small place. Not everything is about the present moment and not everything is a step towards the future. If you want to overcome yourself then you need to aspire towards a bigger and better goal. You need to grow strong and you also need to nourish what we have, which is a seed. There is a lot of work yet to come. You have to think about exchanges, the financial instruments that are required and even the political decision making that is to come. The biggest let down is actually the financial crisis that is presenting itself right now. People are just not prepared to try and make use out of it. You cannot move to profit if you don’t do things like this properly, but that being said, the contradictions of the system that is in place right now is growing but it doesn’t have the ability to try and sustain itself.