Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

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 served as the InformationWeek information security reporter from 2010 until mid-2014. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Threaded  |  Newest First  |  Oldest First
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
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!
NSA Appoints Rob Joyce as Cyber Director
Dark Reading Staff 1/15/2021
Vulnerability Management Has a Data Problem
Tal Morgenstern, Co-Founder & Chief Product Officer, Vulcan Cyber,  1/14/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win an Amazon Gift Card! Click Here
Latest Comment: This is not what I meant by "I would like to share some desk space"
Current Issue
2020: The Year in Security
Download this Tech Digest for a look at the biggest security stories that - so far - have shaped a very strange and stressful year.
Flash Poll
Assessing Cybersecurity Risk in Today's Enterprises
Assessing Cybersecurity Risk in Today's Enterprises
COVID-19 has created a new IT paradigm in the enterprise -- and a new level of cybersecurity risk. This report offers a look at how enterprises are assessing and managing cyber-risk under the new normal.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-1067
PUBLISHED: 2021-01-20
NVIDIA SHIELD TV, all versions prior to 8.2.2, contains a vulnerability in the implementation of the RPMB command status, in which an attacker can write to the Write Protect Configuration Block, which may lead to denial of service or escalation of privileges.
CVE-2021-1068
PUBLISHED: 2021-01-20
NVIDIA SHIELD TV, all versions prior to 8.2.2, contains a vulnerability in the NVDEC component, in which an attacker can read from or write to a memory location that is outside the intended boundary of the buffer, which may lead to denial of service or escalation of privileges.
CVE-2021-1069
PUBLISHED: 2021-01-20
NVIDIA SHIELD TV, all versions prior to 8.2.2, contains a vulnerability in the NVHost function, which may lead to abnormal reboot due to a null pointer reference, causing data loss.
CVE-2020-26252
PUBLISHED: 2021-01-20
OpenMage is a community-driven alternative to Magento CE. In OpenMage before versions 19.4.10 and 20.0.6, there is a vulnerability which enables remote code execution. In affected versions an administrator with permission to update product data to be able to store an executable file on the server ...
CVE-2020-26278
PUBLISHED: 2021-01-20
Weave Net is open source software which creates a virtual network that connects Docker containers across multiple hosts and enables their automatic discovery. Weave Net before version 2.8.0 has a vulnerability in which can allow an attacker to take over any host in the cluster. Weave Net is suppli...