Attacks/Breaches
3/12/2014
02:38 PM
Connect Directly
RSS
E-Mail
50%
50%

Bitcoin, Meet Darwin: Crypto Currency's Future

First-movers rarely survive, but some experts see a real future for government-issued crypto currency

In five years, might the Bitcoin market be little more than a smoking ruin?

That's the dystopian future facing crypto-currency traders, if the current pace of attacks against Bitcoin exchanges and holders continues. Both could see a never-ending onslaught of distributed denial-of-service (DDoS), hacking, and malware attacks designed to drain their virtual currency coffers.

But the possibility that Bitcoin might burn is good news for anyone who cares about crypto currencies, as well as the future of our monetary system. In other words, just because one cryptographic currency gets pummeled, the odds are that the next "Satoshi Nakamoto" will build an even better one.

Beyond Bitcoin, which has the world's largest virtual currency market capitalization (nearly $8 billion), there are at least 100 other crypto currencies, ranging from Ripple ($1.4 billion) and Litecoin ($453 million) -- also at the high end -- to Deutsche eMark ($106,000) and Grumpycoin ($88,000) at the low end. Even criminals have begun to diversify into homemade crypto currencies, because they see Bitcoins as being too volatile for storing their ill-gotten gains. Meanwhile, a Lakota Indian named Payu Harris is even promoting a new crypto currency called Mazacoin, which he hopes will provide the Lakota nation with greater independence.

When it comes to the prospect of nations minting virtual money, Harris might be on to something. According to former Central Intelligence Agency CTO Gus Hunt, in the future, the dollar could well become a crypto currency. "Government's going to learn from Bitcoin, and all the official government currencies are going to become crypto currencies themselves," he said during a recent panel discussion in San Francisco hosted by information security firm eSentire, for which he sits on the board of advisers.

Read the full article here.

Have a comment on this story? Please click "Add Your Comment" below. If you'd like to contact Dark Reading's editors directly, send us a message.

 

Mathew Schwartz is a freelance writer, editor, and photographer, as well the InformationWeek information security reporter. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Brian Bartlett
50%
50%
Brian Bartlett,
User Rank: Apprentice
3/14/2014 | 4:43:05 PM
re: Bitcoin, Meet Darwin: Crypto Currency's Future
"Did (s)he just say that?" On a serious note, that's definitely in the realm of the probable. However, validation of the blockchains will tell the government exactly who's wallets have been used for every transaction. In the government's eyes that's a huge plus over paper money!
gev
50%
50%
gev,
User Rank: Moderator
3/13/2014 | 1:15:06 PM
re: Bitcoin, Meet Darwin: Crypto Currency's Future
...and all the official government currencies are going to become crypto currencies themselves," he said ...
and pigs will fly
Register for Dark Reading Newsletters
Partner Perspectives
What's This?
In a digital world inundated with advanced security threats, Intel Security seeks to transform how we live and work to keep our information secure. Through hardware and software development, Intel Security delivers robust solutions that integrate security into every layer of every digital device. In combining the security expertise of McAfee with the innovation, performance, and trust of Intel, this vision becomes a reality.

As we rely on technology to enhance our everyday and business life, we must too consider the security of the intellectual property and confidential data that is housed on these devices. As we increase the number of devices we use, we increase the number of gateways and opportunity for security threats. Intel Security takes the “security connected” approach to ensure that every device is secure, and that all security solutions are seamlessly integrated.
Featured Writers
White Papers
Cartoon
Current Issue
Dark Reading's October Tech Digest
Fast data analysis can stymie attacks and strengthen enterprise security. Does your team have the data smarts?
Flash Poll
Video
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2013-0334
Published: 2014-10-31
Bundler before 1.7, when multiple top-level source lines are used, allows remote attackers to install arbitrary gems by creating a gem with the same name as another gem in a different source.

CVE-2014-2334
Published: 2014-10-31
Multiple cross-site scripting (XSS) vulnerabilities in the Web User Interface in Fortinet FortiAnalyzer before 5.0.7 allow remote attackers to inject arbitrary web script or HTML via unspecified vectors, a different vulnerability than CVE-2014-2336.

CVE-2014-2335
Published: 2014-10-31
Multiple cross-site scripting (XSS) vulnerabilities in the Web User Interface in Fortinet FortiManager before 5.0.7 allow remote attackers to inject arbitrary web script or HTML via unspecified vectors, a different vulnerability than CVE-2014-2336.

CVE-2014-2336
Published: 2014-10-31
Multiple cross-site scripting (XSS) vulnerabilities in the Web User Interface in Fortinet FortiManager before 5.0.7 and FortiAnalyzer before 5.0.7 allow remote attackers to inject arbitrary web script or HTML via unspecified vectors, a different vulnerability than CVE-2014-2334 and CVE-2014-2335.

CVE-2014-3366
Published: 2014-10-31
SQL injection vulnerability in the administrative web interface in Cisco Unified Communications Manager allows remote authenticated users to execute arbitrary SQL commands via a crafted response, aka Bug ID CSCup88089.

Best of the Web
Dark Reading Radio
Archived Dark Reading Radio
Follow Dark Reading editors into the field as they talk with noted experts from the security world.