Ep. 37 Open Networks Always Win

In this episode of The Unhashed Podcast: I am gone one more time - will that ever stop me from appearing at the beginning of every episode? I don’t think so! The stolen Bitfinex loot is now on the move! Did the hackers just lose their private key and recently discover it or are they just extremely patient? And...Adam Back spoke at the G20 summit. Do open networks always win as he claims or is there more to the story?

Weekly News Wrap Up:

  1. Our very own Ruben Somsen published a medium article about Statechains, “a novel layer two scaling protocol for Bitcoin with some unique features.”  And, since he’s our very own, he’s here to talk more about it!

    1. Video of Ruben’s talk on Statechains

  2. The stolen Bitfinex loot is now on the move!  172.54 BTC or about $1.37 million moved from a wallet that had previously held funds taken in the 2016 Bitfinex hack.  At the time, the hack cost Bitfinex $60M, but the 119,756 BTC is now just under $1 Billion. Since its been 3 years since the hack, I assume the coins had been destroyed by the hacker, perhaps by mistake, but it appears they are just very patient.

  3. There was a G20 summit over the weekend with many of the finance ministers from around the world.  Adam Back was invited to speak at a discussion panel, where he stated “"Open Networks always win".  He later went onto twitter to clarify “Publicly auditable blockchains will win over permissioned private blockchains aka DLT. I also consider mining based finality and decentralisation are important.”  What are you guy’s thoughts? Do open networks always win?

  4. Twitter was abuzz this week because the man everyone either loves or loves to hate, Justin Sun, has pulled another publicity stunt.  This time, paying $4.5 Million for a dinner with Warren Buffet. So, the question is, does this matter at all and is this bad for Bitcoin?

  5. In what is sure to give every Hodler chills, a seed extraction technique for Trezor was discussed at Breaking Bitcoin.  While it does require physical access to the device, it can be done in 2-3 minutes with $100 of hardware.  

One Final Note:

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Colin aulds