2019-5-20 18:00

Shortly after a major hack cost one of the world’s foremost exchanges, Binance, 7000 BTCs worth $41 million, Changpeng Zhao’s brief consideration of ‘reorgs’ spurred the crypto-verse’s interest. While aimed at recovering a $41 million loss, the idea was quickly dropped since it signaled telltale signs of market manipulation.

While the hunt to find the Binance hackers continues, it has sparked a discussion within the crypto-community to find out the direct implications of a ‘reorg’. While most crypto-analysts, influencers, and entrepreneurs despised the reorg idea, Money Button’s Ryan X Charles created waves when he tweeted,

“Blockchain reorgs are an important part of the Bitcoin protocol.”

Discarding any concerns of “market manipulation by the miners”, Charles argued that the reorg process would “encourage miners to stay on top of their game”. He further supported this claim by saying, “If a miner gets reorged, it’s their loss. Users don’t care because their transactions are included in both chains.” As the tweet gained traction in the crypto-verse, the community exhibited mixed feelings about Charles’ take on the short-lived reorg idea. One crypto-enthusiast went to the extent of disputing Charles’ claim of reorgs not affecting users, responding, “It does affect users. If your chain has high chances of being reorg from time to time, then I cannot trust 1 conf as final. So no matter if your fees are low and Tx come into the first block .. I will still need to wait for more confirmations than a reliable chain.” With the hunt behind the lost BTCs still underway, the community is yet to agree unanimously on the implications of any reorg idea that may be proposed in the future. If the reorg idea were to finally catch fire in the future, experts speculate it to be the fundamental ‘damage control’ strategy for future hacks and thefts of the similar kind.

The post Bitcoin [BTC]: Blockchain reorgs are an important part of BTC protocol, says Money Button’s Ryan X. Charles appeared first on AMBCrypto.

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