Friday, November 17, 2017

Coming Vulnerability of Cyrptocurrencies, Cash, Prepaid Vouchers #Bitcoin

News
An unnamed developer working to find exploitable vulnerabilities inadvertently took possession of hundreds of multi-signature wallets ranging in value between $150 to 300 million; multi-signature wallets usually contain large sums of money, since they are used primarily by startups or large groups looking to prevent any one member from running off with the money. Corrective actions intended to reverse the developers mistake eventually triggered a bug planted by hackers that recently stole $42 million froze the 'money'.  Frozen money cannot be retrieved.  Ethereum latest misstep, lets not forget about Bitcoin, supports Snowden's assertion that cyrptocurrencies - blockchain technology is vulnerable and safe haven investment for inexperience investors and criminals.  The focus on criminal activity, right or wrong, will intensify during the next economic and financial crisis. Legislation (Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017) against cryptocurrencies, cash, prepaid vouchers has been drafted not because these options are inherently evil but rather because they circumvent their control.  The legislation suggests they know a crisis is near. Why draft the bill when nobody is complaining?

Headline: Code bug freezes $150m of Ethereum crypto-cash

More than $150m (£115m) of a crypto-currency called Ethereum may have been permanently frozen after a code bug was accidentally triggered.

The bug was in code written by Parity Technologies to create digital wallets holding virtual coins - called Ether.

It let someone hunting for bugs become the joint owner of hundreds of wallets.

However, when the unidentified person tried to reverse their mistake they stopped the original owners of the wallets getting access too.


more

----------------------------------

Market-driven money flow, trend, and intermarket analysis is provided by an Insights key.