Ever since BitCoin appeared, I've been waiting for two security experts to venture detailed opinions on it: Dan Kaminsky and Ben Laurie. Dan has now weighed in, with a long, thoughtful piece on the merits and demerits of BitCoin as a currency and as a phenomenon.
Bitcoin’s fundamental principle of fraud management is one of denial. If we drop our wallet on the street, the U.S. government is not going to compensate us for our lost cash. Bitcoin attempts to make the same deal, to the point where it calls its stores of keys, “wallets.” If we drop our wallet on the street — heck, if someone picks it out of our pockets — the money’s gone.
There have been bitcoin thefts. A few years ago, I tried to break Bitcoin, and failed quite gloriously. The system and framework itself is preternaturally sound. But it too is built on the foundation of buggy technologies we call the internet, and so Bitcoin must experience failures from the code around it. Hackers don’t care whose code they broke on their way to bitcoin, any more than pickpockets care that they’re exploiting the manufacturer of one’s jeans or leather wallet. So they break the server below the money, or the web interface above it. They still win.
At least, that’s the theory. Reality is more complicated. Of all the millions of dollars of purloined bitcoin that’s floating around out there, not one Satoshi of it has been spent. That’s because while most other stolen property becomes relatively indistinguishable from its legitimate brethren, everybody knows the identity of this particular stolen wealth, and can track it until the end of time.
Bitcoin Is Not as Secure, Unregulated, or Lucrative as You Might Think
• Hoan Ton-That, founder of facial recognition tech firm Clearview AI, previously connected to Trump world figures and online hate extremists, reports Buzzfeed News • Chuck Johnson, Mike Cernovich, and Rudy Giuliani are among the linked figures named in Buzzfeed report • NYPD disputes facial recognition firm Clearview AI’s claim that it identified a terrorism […]
Clearview AI app used by 600+ law enforcement agencies, from local police departments to FBI, DHS Twitter told law enforcement app maker Clearview AI that its scraping of Twitter images for facial recognition databases violated Twitter policies.
“I think absurd is exactly the right word,” said Saudi Prince Faisal
Laptops are great when it comes to getting work done on the move, but sometimes you need a better and more responsive keyboard in order to get your work done away from your desktop. Here are six top-rated Bluetooth keyboards that will help you power through your tasks both at the office or while you’re […]
The life of an entrepreneur is rarely easy, regardless of whether you’re running Google or have yet to get your first idea off the ground. So why not make your life easier with a lifetime subscription to Zuitte 50+ Tools for Entrepreneurs while it’s over 90% off? With over 50 powerful tools that help everyday […]
When it comes to top-quality kitchen gadgets that won’t break the bank, nothing beats Gourmia. These eight best-selling Gourmia tools will help you take your culinary prowesses to the next level, and each one is available for an additional 15% off when you enter the coupon code COOKSAVE15 at checkout. 1. Gourmia GTF7350 6-in-1 Multi-Function […]