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This is BSC we're talking about here. All Binance needs to do is blacklist those funds, after-all, they control the consensus of their network.

tiku 6y ago
Can they blacklist addresses/funds directly on the blockchain itself with smart contracts?
- qqii 6y ago
  Since it is assumed that Binance owns the validator they could simply blacklist the address from ever making transactions.
  - londons_explore 6y ago
    I assume that before they can do that these funds will go through a bunch of other smart contracts, be swapped for monero, mixed a bunch of times and eventually cashed out.
    - leppr 6y ago
      You seem to mix-up "smart contracts" and the platform on which they run. On BSC, Binance effectively controls all smart contracts, since they control the chain itself. And given that all bridges with the outside world are also centralized in a way, the only way for the scammers to cash out would have been to swap before anyone notices.
    - qqii 6y ago
      If you're interested you can follow the funds yourself: https://bscscan.com/address/0x9542966f1114eaa5859201aa8d34358bfedbfa79 https://bscscan.com/address/0x9542966f1114eaa5859201aa8d3435... As far as I know BSC doesn't have any mixers, nor aomtic swaps exchanges.
  - suifbwish 6y ago
    Sooo what’s to stop them from doing this anytime they want for any reason. I’m out.
    - qqii 6y ago
      Financial incentives, lost of trust? Ethereum once rolled back their blockchain for the DAO hack. The price dropped 25% and ethereum was forked into ETC.
gruez 6y ago
What's the point of difi when it's running on a centralized ledger?
- intotheabyss 6y ago
  Exactly
- leppr 6y ago
  Changpeng Zhao himself called it "CeDeFi", "Centralized Decentralized Finance" while talking about it on Clubhouse. As to the point of it, it's mostly about recycling the existing Ethereum ecosystem of dApps and allowing less wealthy people to play with it, even if the original motivation for it is lost. Kind of like a testnet network, except people put real money on it, and influencers mislead people about its real nature.

tiku 6y ago

Can they blacklist addresses/funds directly on the blockchain itself with smart contracts?

qqii 6y ago
Since it is assumed that Binance owns the validator they could simply blacklist the address from ever making transactions.
- londons_explore 6y ago
  I assume that before they can do that these funds will go through a bunch of other smart contracts, be swapped for monero, mixed a bunch of times and eventually cashed out.
  - leppr 6y ago
    You seem to mix-up "smart contracts" and the platform on which they run. On BSC, Binance effectively controls all smart contracts, since they control the chain itself. And given that all bridges with the outside world are also centralized in a way, the only way for the scammers to cash out would have been to swap before anyone notices.
  - qqii 6y ago
    If you're interested you can follow the funds yourself: https://bscscan.com/address/0x9542966f1114eaa5859201aa8d34358bfedbfa79 https://bscscan.com/address/0x9542966f1114eaa5859201aa8d3435... As far as I know BSC doesn't have any mixers, nor aomtic swaps exchanges.
- suifbwish 6y ago
  Sooo what’s to stop them from doing this anytime they want for any reason. I’m out.
  - qqii 6y ago
    Financial incentives, lost of trust? Ethereum once rolled back their blockchain for the DAO hack. The price dropped 25% and ethereum was forked into ETC.

gruez 6y ago

What's the point of difi when it's running on a centralized ledger?

intotheabyss 6y ago
Exactly
leppr 6y ago
Changpeng Zhao himself called it "CeDeFi", "Centralized Decentralized Finance" while talking about it on Clubhouse. As to the point of it, it's mostly about recycling the existing Ethereum ecosystem of dApps and allowing less wealthy people to play with it, even if the original motivation for it is lost. Kind of like a testnet network, except people put real money on it, and influencers mislead people about its real nature.