Good Read ETHDONUTBTCNOTETH 2mon ago by r/ethtrader

🚨 The Bybit Heist: The Largest Crypto Hack in History & the Death of the Altcoin Decentralization Myth 🚨 A staggering $1.46 billion in ETH was just stolen by the Lazarus Group from the Dubai-based Bybit exchange. First of all, this is a painful reminder to all those who did not listen: do NOT let your cryptoassets on exchanges. Or, for that matter, at the mercy of any third party (I am looking at you, ETF holders 👀 ). Self-custody is a breakthrough feature that Bitcoin introduced and that you should finally get your head around. Your keys, your coins. Not your keys, not your coins. Secondly, please pay attention to the Ethereum community debating a hard fork to undo the damage. Allegedly, Ethereum's CEO, Vitalik Buterin, announced that the Ethereum Foundation is going to vote tonight on a chain rollback (a hard fork), deleting the hacker's ETH from circulation. This isn’t just pointless, it’s proof that Ethereum is not, and never was, decentralized. 🤦🏻‍♂️ First, why a leadership-led hard fork would be useless: The stolen ETH is already being exchanged at market price for other assets. Even if Ethereum hard forks following the instructions from their foundation, the attacker keeps the real value they stole. A rollback wouldn’t fix the theft, it would only expose Ethereum’s centralization. 🔍 What is becoming increasingly obvious: If a few people (Vitalik Buterin, the Ethereum Foundation, or other major players) can decide to rewrite the blockchain, then it proves (again) that Ethereum was never decentralized in the first place. That’s the brutal truth altcoin communities refuse to admit. 👉🏻 Blockchain’s only purpose is decentralization: If you can reverse transactions or undo hacks, you don’t have a blockchain, you have a corporate database. And if you have a corporate database anyway, then using a blockchain is a ridiculous idea because there are other databases that are faster, cheaper, and more modular than a blockchain. The only point of having a blockchain is to strive to achieve decentralization. 📉 The market is waking up: Bitcoin dominance is rising because more people are realizing that Bitcoin is the only blockchain that matters. The only one that is decentralized. Possibly the only one that will ever be decentralized. Every time an altcoin community bends the rules, it further proves why Bitcoin is the only true decentralized money. ⚠️ Takeaway 1: Not Your Keys, Not Your Coins Bybit was hacked, their users paid the price. Never trust a third party to custody your assets. Be self-sovereign, use a hardware wallet. Secure your Bitcoin like your financial future depends on it, because it does. ⚠️ Takeaway 2: Bitcoin only The rules of Bitcoin cannot be changed. The supply cannot be inflated. The ledger cannot be rewritten. People tried to rewrite the Bitcoin blockchain (see The Blocksize War), and they failed. Because Bitcoin is actually decentralized. That’s why Bitcoin wins. Every. Single. Time. submitted by /u/Hbarwiseman [link] [comments]