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This time you'll have hundreds of billions of BTC that will be hacked by someone who will probably instantly unload it. In that scenario it's hard to see the pr
by weakened_malloc 6mo ago
This time you'll have hundreds of billions of BTC that will be hacked by someone who will probably instantly unload it. In that scenario it's hard to see the price of it not dropping >90%, so you'd have to think people would prefer a roll back.
That said, I don't know how you could even do a roll back, you're not rolling back to a 'safe' state since the keys aren't safe at that point.
- pants2 6mo agoVery good point on the roll-back. However in terms of the hack, Bitcoin is slow - most exchanges require a few confirmations so it's 30+ minutes to land a deposit in Coinbase/Binance at minimum, and a transfer that huge would instantly set off alarms. Seems unlikely that they would be able to unload that much.
- wmf 6mo agoCoinbase would definitely go into buy-only mode during a major crash but that just means people would scream while they watch futures/perps go to zero. "If you're first out the door, that's not called panicking."
- extraduder_ire 6mo ago"Instantly" being at least ten minutes (average) in this case.