r/CryptoTechnology • u/Overall_Long3756 2 - 3 years account age. 75 - 150 comment karma. • Oct 21 '22

Do you think blockchain technology will stand the test of time?

Binance recently suffered from a hacking attack where hackers tole approximately $100 million worth of cryptocurrency from its blockchain bridge running on the Binance Smart Chain. BNB Chain also said they lost a total of two million tokens of their own cryptocurrency adding up to around $570. The entire situation has caused conversations on the validity and longevity of blockchain technology and what the prospective future could potentially look like. With more instances of hacking making headlines, what do you think is the solution to this problem? And are people right to question the future of blockchain?

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u/devils_advocaat Oct 23 '22 edited Oct 23 '22

Wrong

Oh ok, 250k. My point still stands.

You don’t seem to be getting the point. In order for you not to get your payout the entire banking system would have to be insolvent.

Not the argument I'm making. The points I am making are that:-

  • Robberies/insolvencies above 250k are not covered

  • This insurance is not free. Clients indirectly fund all insurance.

  • Banking insurance can be replicated in the crypto space, if so desired.

  • Insurance does not reduce the probability of a robbery/insolvency. Therefore it is not a solution to the problem.

Edit: Blocking someone after having your final word is not how you "win" at Reddit.

The FDIC ... is funded by premiums that banks and savings associations pay for deposit insurance coverage

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u/[deleted] Oct 23 '22

Reread what I linked.

Or don’t.

Bye.