Bitcoin

“We cannot rely on centralized platforms”

Scott Melker, the “wolf of all roads”, More than 24 hours after the mass hacking of verified accounts, the only thing he could do on Twitter was read or retweet.

In a live interview with Cointelegraph on July 15, the cryptocurrency trader said in the middle of the attack that he couldn’t verify his account with two-factor authentication. So Melker briefly had full access to reading, retweeting and posting for about an hour before his account was restricted after the interview.

Twitter support reported that the platform “blocked the compromised accounts” and restores access when needed. At the time of this issue, all major verified accounts, including those of Joe Biden and Binance, were back online, but Melker and others are still prohibited from posting.

Centralization risks

“We cannot rely on centralized platforms”
“We cannot rely on centralized platforms”

The last Twitter hack, which caused the platform to restrict the publication of all verified accounts for hours, highlights the dangers associated with leaving a single platform. Melker said that anyone who relies on a central service runs the risk of removing it immediately.

“”We cannot rely on centralized platforms no matter how good your intentions are“Melker said in his newsletter:” These are points of failure that cannot be controlled. “

The cryptocurrency trader said that The same circumstances apply to “being your own bank”, ie storing private keys in another safeand don’t keep all of your assets on one central exchange.

As if the universe wants its point of view to sink Youtube -a centralized platform, if there ever was one- Shortly after speaking, he interrupted Cointelegraph’s live stream and said the content violated his terms of use.

“The weakest attempt at hacking in history”

Hacked Twitter accounts have posted messages trying to get millions of followers to send Bitcoin (BTC) or cashand promises a 2: 1 return. Melker said this was a rather weak attempt given the seriousness of the gap.

“”They could literally have started a world war, and they’re trying an old scam that probably failed every time history tried.“said.

What happens to bitcoin?

Crypto Trader sees hacking as a “Twitter problem” and not a “Bitcoin problem”.and said that the market had already seen a “super instinct response” to BTC’s price fairly quickly. Bitcoin fell 1.4% from $ 9,191 to $ 9,058 a few hours after the initial attack, but saw no noticeable increase or decrease during the attack.

A possible consequence, according to Melker, would be a greater likelihood that the general public will associate Bitcoin with fraud.

“It’s just another obstacle to overcome when trying to explain to someone why Bitcoin should be taken seriously.”said the cryptocurrency trader.

Twitter is sinking?

Twitter stock fell from $ 35.60 to $ 34.70, a decrease of 2.5% in just 15 minutes outside of business hours.

“”Imagine the most powerful people and companies in the world were immediately mad at you“” said Melker posted one of his last tweets on July 15th before access to his account was restricted.

He told Cointelegraph that The company would likely be “forgotten” by those affected, but most users “will forget about it in a week”.

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