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Tushar Jain of Multicoin Capital discusses how hackers likely obtained $40 million worth of Bitcoin in a hack on Binance, how the leading crypto exchange could have incentivized miners to reorganize the blocks, and what the possibility says about the game theory of Bitcoin. We talk about why Binance ultimately decided against trying to go this route, and whether or not exchanges should, in the future, try to use reorgs immediately after exchange hacks in order to both undo the hack as well as deter future hackers. Plus, we discuss how this idea would have differed from the Ethereum hard fork after the DAO and whether or not this suggests that fast finality is preferable to probabilistic finality.

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Episode links:

Tushar Jain:

Multicoin Capital:

Binance’s announcement about the hack:

Bitcoin core contributor Jeremy Rubin’s suggestion to attempt the reorg:

CZ’s Periscope AMA after the hack:

CZ’s decision not to do the reorg:

CZ tweeting about the controversy that resulted:

Jeremy’s statement after the controversy over his suggestion of a reorg:



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