5/08 ANDY HOFFMAN (CryptoGoldCentral.com): The Biggest Winner From The Binance Hack Will Be MWC!
After yesterday’s catastrophic hack of Binance, one of the “best, most prestigious” exchanges, I said the most important issue would be whether the “Hoffman Line” holds; i.e., the $100 billion market cap level Bitcoin recently recaptured, after having fallen below it during November’s vile BSV attack. The reason being, that if it holds, it means the crypto industry has matured enough to realize that neither Bitfinex, Tether, nor Binance are necessary for cryptocurrency market development.
https://twitter.com/Andy_Hoffman_CG/status/1125952787613868032
However, MWC Lead Dev focused on another aspect of the hack, which has equally powerful ramifications. It will take a bit more time for the crypto investment community to understand – but ultimately, may serve as THE catalyst for the inevitable push toward MimbleWimble incorporation. The reason being, that the hack GROSSLY exposed Bitcoin’s lack of privacy, fungibility, and decentralization.
https://www.mwc.mw/mimble-wimble-coin-articles/what-the-binance-hack-means-for-bitcoin-fungibility
@CZ_Binance has become one of the most powerful people in crypto – clearly, too much so for the good of Bitcoin…particularly when his all-powerful exchange doesn’t have enough security to thwart a hack. In the below Tweet, which got much crypto-press, he speaks of trying to build support for rolling back the BTC blockchain – like Ethereum did after the DAO hack. And would you look at who he consulted with? None other than disgraced former Bitmain CEO, Jihan Wu!
https://twitter.com/cz_binance/status/1125996194734399488
That said, it’s comical that he’d even think consensus for a chain split would be possible for such an inconsequential event. No, the real issue is THIS Tweet, where he acknowledged that the exchange community agreed to blacklist all BTC addresses used by the hackers to withdraw. In other words, showing how Bitcoin is NOT private or fungible!
https://twitter.com/cz_binance/status/1125956814720253952
No, he can’t get the BTC blockchain rolled back – and frankly, the fact he reached out to “leaders” like Wu is an embarrassment to Bitcoin. But YES, he got exchanges to blacklist the hackers. This may be the biggest argument yet for MimbleWimble incorporation – as with it, there is no way for BTC addresses to be blacklisted.
Not to mention, the FACT that BTC can’t scale with current blockchain protocols. While Segwit and Lightning network increase the throughput of the Bitcoin network, they don't do anything do address the ever growing size of the blockchain due to the fact that spent transactions can't be deleted and spent transactions can be deleted in Mimblewimble.
MimbleWimble incorporation into Bitcoin – via a hard fork, unless a miracle “soft fork” fix is invented – is inevitable, and it’s only a matter of time before the crypto investment community focuses on it.
Actually, it did when Grin and Beam were launched in January. However, investor losses on these coins, since their initial pump, have been huge – mostly, in my view, due to their exponential supply growth.
Conversely, MWC, which will be distributed via an airdrop to Bitcoin investors, will not only be scarce, but pay a dividend. Moreover, it’s dev team is upgrading MimbleWimble technology as rapidly as Grin’s and Beam’s – and doing so, in a manner that directly benefits Bitcoin holders.
Do NOT underestimate the privacy/fungibility ramifications of the Binance hack. I ASSURE you, the crypto community will eventually understand them!
The MWC airdrop registration for Bitcoin holders will continue until the July 19th snapshot. For more information, please check out the MWC website, Discord room, and
Twitter feed, and Telegram Forum.
https://discordapp.com/invite/eUNwqf3
https://www.mwc.mw/mt-content/uploads/2019/03/mwc_whitepaper.pdf
Already registered and waiting, thanks for the continued coverage.