Binance just transferred 6B Tethers to an unknown address
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The cost of a transaction also includes the probability of making a mistake times the cost of that mistake. The probability of making a mistake here is not zero.
If they wired me 6 billion dollars, I would not get to keep it.
And this is why Crypto is unlikely to see wide use for large, legitimate transactions.
The legal concept of ownership is based on the intent and understandings of real humans amongst each other, and with each other's consent. It is technology independent. There are legal remedies to fix mistakes and unwind transactions. This is critically important for people feeling comfortable engaging in these transactions. If a typo can cost you your life savings, you're going to have a tough time moving forward.
Crypto does not have this. It would be like paying for something with a briefcase full of cash that you leave behind the third trashcan on the right. Or was it the second one on the left?
The extra risk that crypto carries is a risk of “black hole” transactions—your mistake causes the money to be vaporized. There are many ways to avoid such a mistake, and I’d argue that the rate of accidental unspendable transactions is vanishingly low which would imply that this is basically a solved problem.
https://tronscan.org/#/address/TV6MuMXfmLbBqPZvBHdwFsDnQeVfn...
You might think this rate will change, but 0% up/down is the current rate.
There are also parallels found in other frauds like Bernie Madoffs Ponzi Scheme to the tether fraud.
Also fees are based off of data/processing not percentage wise so 0.03 really doesn't matter that much in terms of blockchain.
I mean probably not since they control the blockchain and they can fork it to undo the transaction, but still. That's a lot of money to move in one go.
I agree with your reasoning but it assumes facts not in evidence.
Do you have anything to back that claim up? I don't understand, since the whole fuss behind decentralized cryptos is that they are, you know, decentralized.
I doubt Binance has the influence to convince anyone to fork just to save them. They have no outsized control over Tezos afaik.
They could probably convince Tether to blacklist and refund the stolen/lost coins though, which is maybe what GP meant. That should not be confused with forking the underlying chain though.
Of course you can still just send to the wrong address entirely.
Then the transaction itself to move those 6 bn has probably been prepared offline, on a fully airgapped computer, signed with a HSM and then later one broadcasted (once it's been carefully inspected).
The amount is 6 billions: I think that the precautions taken here are beyond many's imagination.
You can get your Tethers back if you're moving 10-figure sums. Let's leave it at that.
when a large amount of cryptos are moved off of an exchange, it is seen as a bullish signal because it means that they will be chillin' for a bit and not actively traded.
a bunch of weird Tether IOUs being moved off exchange might mean they plan to redeem these for dollars (idk how this even works) or they might be doing a bunch of OTC trades, or stackin NFTs or something
Is there any other kind of NFT?
It's an open blockchain. You can see transactions. That's not news in itself.