Austin on why a billion dollars could leave Binance instantly: unlike TradFi, crypto has no circuit breakers "Crypto never built itself for security outside of the tech vertical…
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Austin on why a billion dollars could leave Binance instantly: unlike TradFi, crypto has no circuit breakers "Crypto never built itself for security outside of the tech vertical, and I think it's rel…
Austin on why a billion dollars could leave Binance instantly: unlike TradFi, crypto has no circuit breakers "Crypto never built itself for security outside of the tech vertical, and I think it's related to not understanding finance. You can see this with the Binance hack." "That amount of money can move instantly across networks with no double checking anywhere. Nobody building any protocol that says if you're gonna move a billion dollars, there's a 24-hour clock on that." "Part of why the hacks have been so bad is that you built a system that was optimized around the tech concerns without ever thinking about the financial risk concerns." "This is a case where AI is an enemy, purely because it lets people poke holes in all these things faster." "It also lets you patch them faster. But so far, in the classic attacker-defender ladder game, the attackers are ahead."
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