There needs to be a way to roll back and undo theft, especially on blockchains when all transactions are recorded. It sounds like there was a possible mechanism here, that wasn't used, but such mechanisms should always be used in case of theft. Crypto's culture seems to be unrealistic in these cases.
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Right. I think that is what CZ was actuallty talking about. The time to discuss it is before the hack, not immediately after when panicking.
I think on some of the more centralized chains it will be possible. And insured chains like this should exist.
Also insurance is an option. If you allow Binance to keep your bitcoins, they are insured until they aren't.
Unfortunately since it wasn't actually a problem with the chain, the chain itself isn't responsible so miners won't agree to a rollback. Besides, people will just say they were hacked when they lost stuff. Who will pay and what will the obligations of thebaccused be? What kinds of conditions, etc. There is a lot of discussion that needs to happen.
Then there is the key issue. The current price of BTC is a reflection of the current amount of bitcoins in circulation divided by the 23 million possible bitcoins. Then all the bitcoins know to be lost, burned and useless because stolen, etc. Is subtracted from that.
If all of those were recovered, it wouldn't really be fair to those who paid a premium.
It is nice that the blockchain keeps track of everything, but at the same time for the rest of existence, CZ will know where his stolen money is and will never be able to do anything about it. It's similar to these people who lost their private keys, they simply cannot forget and cannot pretend something else may have happened.
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