Crypto assets and blockchain technology are about to transform every trust-tibanne bitcoin stock interaction of our lives, from financial services to identity to the Internet of Things. Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. Zooko Wilcox, the founder and CEO of the Zcash company, explains why he wanted to create the privacy coin Zcash, why he believes privacy is essential to decentralization, and how encryption is the way censorship-resistance can be created on a technical level.
Arianna Simpson, managing partner of investment firm Autonomous Partners, discusses this week’s news that Cambridge Analytica had used data from Facebook to perhaps manipulate the 2016 election and whether that could create an opening for blockchain-based decentralized social networks. Wyoming now has five blockchain-specific laws. Caitlin Long, cofounder of the Wyoming Blockchain Coalition, describes what these laws are, what they mean, and how our least populous state became a crypto leader. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money.
Tune in to find out how Web 3. 0, the decentralized web, will revolutionize our world. How can I buy a Bitcoin? I am announcing collecting donations for the ddos of mtgox for decreasing exchange rates! A few short days after the above post on the Bitcoin forums, MTGox began to suffer a sustained DDoS attack. Fingers were quickly pointed at BTCex, especially given that much of the attack originated from Russian IP’s.
Bitcoincex denied involemnt with this, commenting that his previous post had only been a joke, but didn’t help his case by commenting that “I welcome this attack”. The problem though may run a little deeper than a clash of cultures. The key issue, as is often the case with the Bitcoin world, is trust, especially in a pseudo-annonymous system. A good way of highlighting this problem is to look at the companies behind the key competitors in this market.
Once a monopoly of this type is established, the risk is the exchange imposing restrictions and rates as a central controlling entitiy might for a traditional currency. Advice on securing the bitcoin wallet has always centred on isolating the wallet. Some users may feel this is no longer neccesary as the upcoming version 0. 4 of the official bitcoin client promises to include encryption for the wallet. However, encrypting the wallet will not stop trojans from accessing the file.
Given that Bitcoin is founded on crptography it would be easy, although incorrect, to assume that an encrypted wallet would be impervious to attacks. The greatest weakness of any passworded system is unsuprisingly the password rather than the encryption. There is a further twist to this story though. When ‘Crack’ was released in 1991, a regular workstation cpu could test about 35 passwords a second, at the time this was a staggering acehivment. It meant if you left your workstation running over a weekend, you could test in excess of 6 million passwords.
Compare that to a recent Tom’s Hardware article which estimated that with a pair of Radeon HD 6990’s you could now expect to check over 3 million passwords per second against AES encryption. All these concerns of course highlight the importance of a strong password, but more than this, they suggest that encryption of the wallet is not enough by itself. There are of course many ways of isolating your wallet from potential theft, from the simple use of encrypted volumes or using online services such as mybitcoin. A final thought is that Bitcoins are in many ways very similar to cash. The implementation of wallet encryption could be viewed as the equivalent of keepying your physical wallet in a zip pocket. Brands or companies named here are only examples, they are not endorsed by Brief Bitcoin news! Bitcoins resistance to double spending stems from the existance of a collectivly maintained list of valid transactions.
3 mining pools, the most popular of these being the Deepbit Pool. However what “compromised” means is often poorly understood. An attack of this type would not give the attacker any access to another persons bitcoins. Counterfeiting within traditional currencies has always been dealt with harshly. Currency printed by Benjamin Franklin carried the pharse “to counterfeit is death” beacuse for many years that was indeed the penalty for counterfeiting. However counterfeiting of physical money within modern economies has a limited effect since paper money accounts for only a small fraction of the total money in circulation.