Ryan X Charles Backs Binance CEO’s Blockchain Reorg Idea, Says Can Be Beneficial for Bitcoin Protocol
The CEO of Money Button Ryan X Charles has broken the silence on Binance CEO abandoned idea of a blockchain reorg. In a tweet today Monday, Charles said that reorgs are an important component of the Bitcoin protocol, a tweet that attracted responses on Twitter, some of which challenged his view.
According to Ryan X, the reorgs are what keep miners on their toes as reorgs can cause them significant loses while users’ transactions get safely included in blocks on both chains. It is not clear what he meant by the post, but it seems he is on the side of users but not miners.
The reorg idea was first mentioned by Binance CEO Changpeng “CZ” Zhao after Binance exchange got hacked and 7000 BTC were lost which amounted to over $40 million. Out of a strong desire to get back the funds, CZ mentioned that he would like to reorg the Bitcoin blockchain, a statement which did not go down well with the crypto community, first because it would imply market manipulation.
Although the issue had died down and no one spoke about it anymore, Ryan X has just appeared from nowhere to say the reorg would be good for the Bitcoin blockchain. It would seem like Ryan has been off the cryptocurrency space for a while as several key personalities in the space had kicked against the reorg idea, which makes it surprising that he is bringing it up again.
CZ later mentioned that he couldn’t have been able to carry out a reorg even if he wanted to because Bitcoin is the most immutable network ever created. Also in a security update on the exchange’s official blog, he apologised for even mentioning the reorg idea.
The search for the lost Bitcoins that led to the reorg idea is still on as CZ confirmed, but it is not known for how long the security agents will have to keep up the search to get it back. Meanwhile, the exchange has recovered and is fully back in operation with even more users than before.