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.

Comments
Bitcoin Thefts Surge, DDoS Hackers Take Millions
Newest First  |  Oldest First  |  Threaded View
<<   <   Page 2 / 3   >   >>
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
11/27/2013 | 9:50:38 PM
Re: Technical chops needed on both sides of currency
@cbabcock: Reminds me of a saying my dad has: "It's easy to make the money; the hard part is keeping it."

In Bitcoin's case, that seems to be literally true.
Joe Stanganelli
100%
0%
Joe Stanganelli,
User Rank: Ninja
11/27/2013 | 9:49:27 PM
Re: Virtual Highway Robbery
Actually, the US dollar isn't really backed by anything other than trust and faith.  (This is why some people want to return to a gold or silver standard.)  It's earned a lot more trust and faith than Bitcoin has, but the value of the US dollar can (and, sometimes, does) easily plummet.

I remember when we Americans used to joke about the value of Canadian dollars because they were worth so much less.  Now we are eating crow.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
11/27/2013 | 9:46:32 PM
Bitcoin Banking
It is absolutely ridiculous to me that people would entrust their wealth to these companies without any meaningful vetting, security, insurance, qualifications, etc..

I mean, I get that the whole movement behind Bitcoin is to have a decentralized anti-establishment monetary system, but this is the reason why other monetary systems are "establishment."

Until digital currency has a real, trustworthy, effective banking system, this is going to continue to happen, and Bitcoin and its brethren will continue to be fringe monies.
Brian.Dean
75%
25%
Brian.Dean,
User Rank: Apprentice
11/27/2013 | 5:23:29 PM
Re: Virtual Highway Robbery
Bitcoin is too small, it has $5 billion of bubble wealth however, and the dollar is backed by $15.5 trillion of real wealth, not mentioning all the foreign economies that treat the dollar as gold. If bitcoin ever gets $15+ trillion of wealth under its name, I guess we could call it primetime.
Shane M. O'Neill
100%
0%
Shane M. O'Neill,
User Rank: Apprentice
11/27/2013 | 4:43:24 PM
Re: Virtual Highway Robbery
Bitcoin's volatility and insecurity are big turn offs. I'll stick with the dollar. When, if ever, will bitcoin be ready for primetime?
Brian.Dean
100%
0%
Brian.Dean,
User Rank: Apprentice
11/27/2013 | 4:29:14 PM
Re: Virtual Highway Robbery
Agreed, governments or the population of the world should be controlling money. Bitcoin is not safe because its value is speculative, never mind organized crime getting to wallets, what happens if they reach the blockchain? And never mind personal computers needlessly solving algorithms to mint new money, what happens if a large Big data Cloud deployment decides to quit real business and gets into the mint business?

Some benefits are there in developing economies to rely on bitcoin, if bitcoin gains mass, bitcoin can be used to safeguard from inflation, having said that, first technology would have to be available throughout the economy.

Basically, I like the old paper form, at least that way I will be able to use it as fire fuel, or maybe we can go back to the barter system.
ChawChaw
50%
50%
ChawChaw,
User Rank: Apprentice
11/27/2013 | 4:05:55 PM
Bitcoin is bad
The author mentions MtGox as a source for the valuation of a Bitcoin, but fails to mention that in 2011 MtGox was hacked and Email addresses and un-encrypted passwords were posted on the net.

Bitcoins compete with the dollar. Why would any American want more competition in their lives?
cbabcock
50%
50%
cbabcock,
User Rank: Apprentice
11/27/2013 | 3:59:55 PM
Technical chops needed on both sides of currency
BitCoin had the technical chops to generate a credible currency. But BitCoin vaults and wallets haven't had the technical chops to store it safely. A rapid gain in value lead to too many  rapid and successful cyber assaults 
David F. Carr
100%
0%
David F. Carr,
User Rank: Strategist
11/27/2013 | 3:36:38 PM
Re: Virtual Highway Robbery
This is why I'm sticking with Monopoly money as my currency of choice.
Tom Murphy
100%
0%
Tom Murphy,
User Rank: Apprentice
11/27/2013 | 2:54:44 PM
Re: Virtual Highway Robbery
Off-the-wall ideas are the seeds of innovation, but Bitcoin is just the kind of project that really should die an early death for many, many reasons. I'll cite three: 1) crime. (Read the article. As Bitcoin grows, crime problems will grow exponentially.) 2) Valuation. Do you really want to accept a currency that might be worth $800 today and $3 tomorrow? You might as well accept Cabbage Patch Dolls as currency.  3) Government. We (and I'm speaking for almost the entire human race here) actually want governments to control currencies instead of some enterprise. It's one of the main reasons we HAVE governments.

I say: Render unto Caesar what is Caesar's, and that includes coin of the realm.
<<   <   Page 2 / 3   >   >>


Edge-DRsplash-10-edge-articles
I Smell a RAT! New Cybersecurity Threats for the Crypto Industry
David Trepp, Partner, IT Assurance with accounting and advisory firm BPM LLP,  7/9/2021
News
Attacks on Kaseya Servers Led to Ransomware in Less Than 2 Hours
Robert Lemos, Contributing Writer,  7/7/2021
Commentary
It's in the Game (but It Shouldn't Be)
Tal Memran, Cybersecurity Expert, CYE,  7/9/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Enterprise Cybersecurity Plans in a Post-Pandemic World
Download the Enterprise Cybersecurity Plans in a Post-Pandemic World report to understand how security leaders are maintaining pace with pandemic-related challenges, and where there is room for improvement.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-39229
PUBLISHED: 2021-09-20
Apprise is an open source library which allows you to send a notification to almost all of the most popular notification services available. In affected versions users who use Apprise granting them access to the IFTTT plugin (which just comes out of the box) are subject to a denial of service attack...
CVE-2021-41083
PUBLISHED: 2021-09-20
Dada Mail is a web-based e-mail list management system. In affected versions a bad actor could give someone a carefully crafted web page via email, SMS, etc, that - when visited, allows them control of the list control panel as if the bad actor was logged in themselves. This includes changing any ma...
CVE-2021-34650
PUBLISHED: 2021-09-20
The eID Easy WordPress plugin is vulnerable to Reflected Cross-Site Scripting via the error parameter found in the ~/admin.php file which allows attackers to inject arbitrary web scripts, in versions up to and including 4.6.
CVE-2021-41082
PUBLISHED: 2021-09-20
Discourse is a platform for community discussion. In affected versions any private message that includes a group had its title and participating user exposed to users that do not have access to the private messages. However, access control for the private messages was not compromised as users were n...
CVE-2020-16630
PUBLISHED: 2021-09-20
TI&acirc;&euro;&trade;s BLE stack caches and reuses the LTK&acirc;&euro;&trade;s property for a bonded mobile. A LTK can be an unauthenticated-and-no-MITM-protection key created by Just Works or an authenticated-and-MITM-protection key created by Passkey Entry, Numeric Comparison or OOB. Assume that...