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What a Bitcoin ‘Reorg’ Is and What Binance Has to Do With It

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What started with a single tweet quickly turned into an escalating debate Wednesday when the CEO of one of the world’s largest cryptocurrency exchanges appeared to entertain the idea of encouraging revisions to the bitcoin blockchain.

Following Wednesday’s revelation that crypto exchange Binance was robbed of 7,000 BTC (worth about $40 million), a proposal was floated to conduct a transaction “reorg” on the bitcoin blockchain, sparking a fiery debate and community uproar.

The idea was suggested a few hours after the world’s largest crypto exchange by volume was hacked when developer Jeremy Rubin, who has worked on bitcoin and Stellar’s core code, tweeted to the founder and CEO of Binance:

“[Changpeng Zhao] if you reveal your private keys for the hacked coins… you can decentralized-ly at zero cost to you coordinate a reorg to undo the theft.”

Rubin essentially suggested that by getting a majority of miners onboard, the transaction history could be adjusted so that the funds are instead broken up and sent to them instead. This “reorganization” would come at some cost, but it would prevent the 7,000 BTC from staying in the hands of the hackers. Further, it wouldn’t have constituted a pure rollback, or a reversal of the transaction history writ-large.

The idea was subsequently raised during an ask-me-anything session held by Binance CEO Changpeng Zhao, sparking a round of speculation that ended with Zhao ultimately dismissing the idea.

As the tweet caught attention, the conversation quickly boiled over given the topic of discussion – there have been very few changes to the bitcoin blockchain’s transaction history in its 10 years of operation, as doing so has been reserved for dire emergencies in which there may be critical consensus failures.

“To clarify, the proposal by [Rubin] and [James Prestwich] is to construct a [transaction] that would keep all other transactions and just distribute the hacker coins to miners,” tweeted Zhou. “It’s not: a rollback of any transaction, nor is it reverting funds back to Binance.”

The proposal caused an uproar on social media. As developer Udi Wertheimer tweeted in response:

“The idea that this rollback of days would even be practical at all for anyone involved is insane. A day of mining costs 1800 BTC. Rolling back four days costs more than the hack itself.”

Others seemed to agree that the sheer financial incentives for such a feat would simply be infeasible.

“The losses are still at a minimum [7,250] BTC,” wrote developer Jimmy Song about rough costs for Binance to sufficiently incentivize miners to rewrite part of the transaction history of the bitcoin network.

At the same time, infeasibility and impossibility are two separate matters. When explaining why Binance would ultimately not be pursuing a chain reorganization or “reorg” as suggested by Rubin, Zhou listed four separate reasons none of which had anything to do with the monetary cost.

“1. We may damage credibility of BTC. 2. We may cause a split in both the bitcoin network and community…3. The hackers did demonstrate certain weak points in our design and user confusion that was not obvious before. 4. While it was a very expensive lesson for us, it is nevertheless a lesson,” listed Zhou on Twitter.

Zhou’s reasoning highlighted a key concern many have voiced in the past when it comes to blockchain immutability not just on bitcoin but all proof-of-work (PoW) blockchains.

A thought experiment?

“If you bribe 51 percent of the miners, they will change the ledger for you. [This] tells you just how little irreversibility there is in PoW coins,” tweeted Cornell University professor and researcher in blockchain consensus protocols Emin Gün Sirer.

A 51% attack on the blockchain network is not a new attack vector for PoW blockchains. However, as highlighted by Gün Sirer, it’s also not really an attack vector. On very special instances, the majority of self-interested miners on PoW blockchains have voluntarily agreed to alter a transaction history to undo critical situations.

While the situation isn’t entirely the same, in the past, blockchain networks have seen their histories altered in the wake of critical moments. This happened on the ethereum blockchain back in 2016 when over $60 million worth of coins were siphoned off from the now-defunct smart contract The DAO. It also happened on the vericoin blockchain back in 2014 after $8 million worth of coins were hacked.

While controversial, both decisions were supported by the primary developer community who launched system-wide upgrades or hard forks to enable otherwise infeasible amendments to the blockchain transaction history.

Yet those choices weren’t without their repercussions; the resulting ethereum fork resulted in two distinct chains, ethereum and ethereum classic, respectively.

A resounding no

Still, many in the bitcoin community took to social media to deride the idea as both infeasible as well against the philosophical underpinnings of the technology.

In Binance’s particular case, prominent members of the bitcoin community point out that bitcoin being the world’s largest blockchain is a particularly unique case with a reputation to uphold.

“Talk of forking or reorganizing the blockchain is close to heresy,” tweeted billionaire bitcoin investor Michael Novogratz. “When the ethereum community did it the project was like 5 months old. A baby. Bitcoin now has $100bn market cap and is a legitimate store of wealth.”

It would also be unfair according to Adam Back – CEO of bitcoin development startup Blockstream – given that the latest Binance hack is nowhere near as severe as previous hacks suffered on the bitcoin blockchain.

“A Bitcoin reorg is just not happening, and I doubt any Bitcoin industry, miners nor developers considered it either. Recall 2014 $473mil, 2016 bitfinex hack $72mil, 2019 binance $40mil etc. #NotHappening,” tweeted Back.

Binance image via Shutterstock

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Top 10 Best Paving Companies In Daytona Beach FL.

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Best Paving Companies In Daytona Beach

Here are the 10 best paving companies servicing Daytona Beach FL.

  1. Rockwell Construction Services
  2. P&S Paving
  3. Halifax Paving
  4. D & W Paving
  5. Duval Paving
  6. Pavemax
  7. E & H Paving
  8. M & S Asphalt Paving
  9. ACET Recycling
  10. The Alternative

Rockwell Construction Services

Rockwell Construction Services (RCS) is based out of Daytona Beach, Florida. Provides professional paving and construction services throughout the Volusia County area, they make quality workmanship their number one priority.

With a full-service approach to construction and paving, Rockwell has it all. The scope of their work includes:

  • Asphalt paving / Repair
  • Sealcoating
  • Sitework
  • Parking Lots
  • Driveways
  • Millings
  • Heavy construction projects

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P & S Paving

P&S Paving, Inc. has grown to the point where they work major highway construction and earthwork projects. They’re also at home onsite for small driveways and parking lots, producing large amounts every hour, in a cleaner, more efficient manner.

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Halifax Paving

Halifax Paving, Inc. has construction experience building roads, airports, and highways. Their portfolio is big enough to offer most services, from bike paths to highway work, subdivisions and apartment complexes.

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D & W Paving

D & W provides asphalt paving, patching and site work in central Florida’s Volusia, Flagler, St. Johns, Seminole and East Marion Counties. With GradingExcavating and FillingBase WorkAsphalt Paving, and Asphalt Patching in their portfolio, they’re one not to miss.

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Duval Paving

Duval Paving, LLC has been in operation since 2011. Paving new driveways and parking lots, repaving, and sealing commercial and residential properties is right there in their wheelhouse.

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Pavemax

PaveMax uses industry best practices and green technology to use in their projects. With a focus on meeting their customers’ needs, their work doesn’t suffer in spite of their relatively quick pace.

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E & H Paving

E & H Paving LLC brings more than 35 years of experience in the state of Florida to the table in their outstanding asphalt services. Look out for them in residential and commercial spaces.

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M & S Asphalt Paving

M&S Asphalt Paving is a full-service asphalt paving company offering quality services, driveway work, parking lots, roads, businesses, and commercial parking for a range of operations.

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ACET Recycling

ACET Recycling offers recycling services to site development projects across the state of Florida. Consider it a sort of one-stop-shop for site services of different types and sizes.

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The Alternative

The Alternative provides paving services in Daytona Beach FL.

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Pave The Way In 2020

For your paving and construction projects, the businesses listed in today’s article offer a range of great consultations and full service portfolios. Reach out to a few of them, make a connection with one, and happy paving!

For more great articles like this, make sure to check out some of our other blogs, as well!

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What is TikTok Good For?

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TikTok Benefits

TikTok is great for entertainment, getting famous, making sales, staying connected with current trends, networking with brands and influencers, and encouraging creativity.

The app was originally called Musicl.ly and didn’t experience much success until late 2017, when technology development company, ByteDance, acquired the app for $800 million. They launched it the same year and made huge modifications, turning the original app that was basically for teens to edit their videos of singing, dancing, and lip-syncing into a social platform that racked up over 500 million active users within just two years.

The app has surpassed the daily downloads of all the big guys in the field and was the most downloaded app in the AppStore in 2018. While this app is not showing any signs of slowing down, it’s time to take advantage of the momentum and benefit from its outstanding features.

TikTok Is Great For Killing Time

The one thing every social media platform struggles with, eventually, is boring content. This is the same reason why many people are “Team Facebook” or “Team Snapchat” or “Team Grindr”…you know. Those who get on Facebook don’t really go on Snapchat, and those who get on Snapchat don’t really get on Instagram or Facebook. This applies to most other social media platforms, as well.

All of these platforms are losing engagement, while TikTok focuses specifically on engagement. There is no boring content, here. It’s all entertainment.

Let’s say you are scrolling through the homepage and you find a boring video. You can just scroll once more and there will be a video you find enjoyable. When you are on a lunch break or trying to kill time, TikTok is the only app you need for your daily entertainment. Videos between 15 and 45 seconds long, and content is super engaging.

Almost Anyone Can Get Famous

This app has made more people’s dreams come true than Disneyland. You see, back in the day, when you wanted to get famous, you had to network, take acting classes, do some modeling, go through dozens of interviews and, most importantly, you had to know someone in the industry.

Now, things are different and as the world progresses forward with technology it is easier to be discovered than ever. Other giant social media platforms like Facebook, Snapchat, Instagram, Facebook, and Twitter did a great job giving ordinary people the ability to get noticed. And a lot of people did but, eventually, it got harder and harder for new talents to rise up.

TikTok, on the other hand, took things to a-whole-nother level. They created a new culture on the platform with trendy challenges anyone can do, hashtags that let everyone be discovered, and so much more. You could have no talent and still go viral. You could be the most boring person on the earth and still trend. Trust me: I’ve seen plenty of dead boring TikTokers.

I mean, why not look at my 70-year-old grandfather? Grampa Charles ended up racking up 1.3 million followers in just a few months, and his posts are…well, they’re special.

TikTok Tips
Grandpa Charles!

If he can do it, trust me: you can too. Charles barely knows how to use his iPhone 6, and he’s more famous than you. Think about that for a second.

TikTok Is Great For Making Sales

Not only is TikTok great for killing time during that 10-minute smoking break, but how about turning those 10 minutes into creating a 30-second TikTok video that could potentially reach 1,000,000 views?

Ok, let’s keep it real now…

…maybe 50,000. Which is not so far fetched, with TikTok’s algorithm. That is another topic, though (specifically how to get more followers on TikTok). Take Gary Vela, for instance: this online marketer recently shared tips on how he generated over $7,000 in sales using TikTok, in his article “How to use TikTok to generate more sales“.

So, next time you are on your break, make it productive and remember: if you are wondering what TikTok is good for, it could potentially be one of the newest ways to increase your bottom line or make that extra cash to pay that insurance bill.

TikTok Keeps You Up-To-Date With Current Trends

From time to time, there are a lot of things that trend on other social media platforms and, sometimes, we only find out about those trends long after they were a thing.

Ladies and gentlemen: TikTok has changed that. You now no longer have to feel left out. When something is trending, you know, because it’s the first thing you’ll see on your home page. Not ten days later, once all the cool kids have had their fun already. Right now, where all the not cool kids can get in, too.

You’ll see your buddy doing it, right there in your feed, where you can quickly catch up with everything. TikTok keeps you relevant in today’s world.

Awakening The Creativity Within

There are many people online who think they have no talent. Go through Quora or Reddit or any social media platform, and you will see many people saying they “just can’t do it”. What they actually mean is that they don’t know how to do it. Yet.

Luckily for them and you and everyone else, anyone can “do” TikTok. Anyone can make a TikTok video. Anyone can pick a song. Most importantly, the great thing you will love about this app is that it gives you a creative framework you can play around with.

You make a video you think might not is all that good and, next thing you know, the final result after edits and everything else, is a whole new animal. This application truly inspires a new character inside you, even after just one video. You can easily develop the motivation to make a second, and then a third, and fourth. Before long, it’s game over: you are officially a TikTok master.

Connect With Brands and Influencers

This is especially good for businesses. You can easily connect with other brands and reach out to influencers to collaborate. It has never been easier, and the playing field has never been more level.

Think you’re just getting started out on TikTok, so who would want to speak to you? Some of the biggest names in the world are “just getting started out”, here. They’re all discovering this exciting new thing at the same time as you, and they’re looking at what you’re saying.

Reach out to influencers. Do duets with celebrities. If Twitter was the start of the rich and famous rubbing shoulders with everyday people, TikTok is the next step in that evolution. Don’t be scared. The world is waiting to hear from you.

Previous Article: How to Become a Legal Citizen of the United States? Spoiler Alert: It Involves A Baby.

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Snake Safety While Hiking – How to Protect Yourself

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Snake Safety Tips

Hiking is a great way to exercise, get out into nature and breathe the clean air and take in an adventure. But when this adventure stops you in your tracks, and it will, if it’s a snake, you had better be prepared.

While a snake encounter is highly unlikely, and a snake bite is even more unlikely, there are some things you should know before stepping into those woods.

DIY Research

If you’re in unfamiliar territory, especially in certain times of the year, you may want to do your research on what native snake species you may encounter. While there are venomous and nonvenomous kinds of snakes, you’ll want to find out what lurks in your neck of the woods. The most common venomous snakes in the United States include coral, water moccasins, copperheads, and rattlesnakes. A park ranger or local guidebooks should easily tell you what to look out for.

Hiking Times Matter

Snakes are cold-blooded animals and seek heat typically during early morning and late evening. During the day, they are typically found under rocks, leaves, and timber trying to seek protection from the midday hottest heat.

If you hear or see a snake, remember, they are just as afraid of you as you are to them. Step away and do not engage to get any closer. They will be set to defend themselves however they see fit to.

Safety Tips For Your Safety:

Give snakes space. 

Allow space between you and the snake. Do not startle it by moving quickly. If the snake doesn’t move, give it a few minutes and walk around it slowly. If you must on a narrow path, stomp your feet to get the snake to move. Rule of thumb, stay at least twice the body length away, as striking distance is half its body distance.

Watch where you step in the wild.

Just always be aware of your surroundings and your footing. Snakes are very good at hiding under things, camouflaging them from the naked eye.

Use protective clothing.

Feet, ankles and lower legs are the most bitten areas on the body from a snake. Wearing long pants and having good hiking shoes should always be a prerequisite to a good, safe hike.

Use trekking poles to maneuver overgrown trails.

These come in very handy when you approach an overgrowth area of greenery. You never know what may be in that so using your trekking pole to comb through first is highly recommended. Never poke or prod a snake with anything, especially these poles.

Also Read: 6 Awesome Camping Hacks Explained

If Case Of A Snakebite:

First and foremost, do not panic. Try to determine the species of snake that bit you. If possible, take a picture for identification. If nonvenomous, usually the most that you will need to do is wash the site and put an antiseptic on it. If you have a first aid kit handy, the alcohol wipes would suffice. If in fact a venomous bite, do not make a tourniquet or try to suck out the venom from the wound. Instead, relax to slow the blood flow and heart rate from spreading the venom to other parts of your body. Getting to the nearest medical facility as soon as you can, with an accurate description of what kind of snake it was, is crucial.  

Much of snake safety is common sense. Never hurt or harm nature unless in a dire event that would call for it. Nature should be looked at, admired, and be left alone. Enjoy your hike!

Attention: If you are into hunting you might want to check out E2 Armory, they carry some of the highest quality AR 15 Parts in the market.

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