Category Archives: Science & Technology
Science & Technology topics & issues related to education, martial arts, security & risk management
First came Bitcoin, an application level network superimposed on the www internet platform allowing anonymous transactions in cyberspace. According to Wikipedia it is defined as a peer to peer payment system using open source software making it a truly decentralised currency (no controlling central bank), it defies regulation apart from the automatic code written to run it by anonymous coders who have no official authority or regulatory responsibilities. Bitcoins are created as a reward for payment processing work in which users who offer their computing power verify and record payments into a public ledger known as the Block Chain Ledger. Bitcoins are simply entries in the block chain and do not exist outside of it. The only safety valve has been the obstacle of converting Bitcoin credits into real local currency in order to use it in the real world markets. However, The first bitcoin ATM was installed in October 2013 in Vancouver, British Columbia, Canada.
Later variants tunnelled down for an even deeper network of transactional burrows.
We have already had many credit bubbles bursting in the real world of financial exchange even though all monies registered electronically should have a physical counter-part. Bitcoin is simply a logical technological extension of this transaction technology, but without the regulatory hang-ups.
Is their more bubble trouble waiting to burst in cyber-space?
Security, theft, and loss
A Wallet is defined as something “that stores the digital credentials for your bitcoin holdings.
Integral to bitcoin security is the prevention of unauthorized transactions from an individual’s wallet. A bitcoin transaction permanently transfers ownership to a new address, a string having the form of random letters and numbers derived from public keys by application of a hash function and encoding scheme. The corresponding private keys act as a safeguard for the owner; a valid payment message from an address must contain the associated public key and a digital signature proving possession of the associated private key.
It is not without its glitches though:
Bitcoin Network Shaken by Blockchain Fork, on MARCH 12, 2013
The very nature of Bitcoin and other block-chain systems is the risk of opening the internet sup-highways to organised crime, anarchists and terrorism through money-laundering and other clandestine fund raising and transactional activities, including the stealing & pilfering of funds.
Dark Wallet and the Darth eVaders
Now, on the back of all these developments comes ‘Dark Wallet!’ The Darth eVaders have arrived with their own eVersion of the ‘Death Star’ and no doubt will spawn even more nefarious activities.
Read the article: ‘Dark Wallet’ Is About to Make Bitcoin Money Laundering Easier Than Ever .
By encrypting and mixing together its users’ payments, Dark Wallet seeks to enable practically untraceable flows of money online that add new fuel to the Web’s burgeoning black markets.
“This is a way of using bitcoin that mocks every attempt to sprinkle it with regulation,” says Cody Wilson, one of Dark Wallet’s two 26-year-old organizers. “It’s a way to say to the government ‘You’ve set yourself up to regulate bitcoin. Regulate this.’”
Regulators abound, but where are the Jedi !?