Bits and Pieces
Banks starting to hoard tens of thousands of dollars of bitcoin for ransomware attacks – via Business Insider
54% of businesses surveyed by the cybersecurity firm Malwarebytes have come under attack by ransomware in the last 12 months. ‘We see companies from 25 people all the way to 250,000 people getting hit with ransomware.’
Business Insider Article
Ransomware is proliferating at great speed.
Coincenter Smack Down
I’ve ranted about Coincenter on this show in the past, and here we have a smack down laid on Coincenter by Bruce Fenton. My take is that Coincenter is a huge negative for bitcoin and it’s run by a bunch of government apologists. There is no such thing as good regulation. All regulation retards innovation and business. Coincenter should be opposed.
Bruce ‘Foundation’ Fenton
The Epicenter Bitcoin podcast has been fielding heat from the community which rightfully claim that the show is an altcoin pump fest. Of course, they defend themselves saying they ‘aren’t journalists’ and that they do filter their content of the worst projects. They still call it the ‘Blockchain Space’ when it is obvious that it is the Bitcoin Space. That alone tells you they aren’t worth their salt. I use them as way to get a read on the scams in the space, and I recommend you do the same.
Reddit comments Hooray
Open dime is a very interesting one use hardware wallet. It’s kind of the gold coin of bitcoin. If you put private keys on a coin, it can be drained of the btc value. Opendime is worthless without the bitcoin within, which it carries securely. To get at the bitcoin you have to break a part of the chip away, which can be seen by anyone that would accept it for payment.
Bonus: Money Laundering is a Made Up Crime
A group of attackers are going after Ethereum based blockchains (kind of like side chains in bitcoin). The group simultaneously puts their mining power toward the coin while DDOSing other nodes. Krypton and Shift have recently come under attack. This could be a warm-up for Ethereum Classic, but that is a stretch.
Notice all the attacks happening everywhere in the bitcoin space right now. They are all side shows, because bitcoin is rolls on and is starting to rally again. That is where to look.
I learned about Zcash a few weeks ago and at first glance liked it. I knew there is growing demand for ultra privacy and fungibility in the community, which Monero seems to have grabbed the lion share of for now. So I decided to watch it and maybe mine some Zcash. As it turns out, they are buddy buddy with Ethereum, so that seals the deal for me. The fact that they are saying Zcash + Ethereum = <3 means that they have ability to evaluate the economics or viability of an idea. Developers will dig through the code and learn about the fungibility tech, but as a coin it’s dead. Some Ethereum heads might buy into it, but it’s future is limited by the relationship with the sinking ship of Ethereum.
This article was sent to me by a listener. I really appreciate you guys out there that send in links to me. This is a big one via CNN Money about the Wells Fargo farce that just went down.
From listener, CNNMoney finally reported on this
The most under reported story in the world of finance and economics is the Hanjin Shipping bankruptcy story. As my listeners will know the Baltic Dry Index is a measure of international shipping and it’s been at all time lows in the last year, Hanjin’s troubles are just an extension of the larger slowdown in international trade. Hanjin is the one of the largest shipping lines in the world and the largest in South Korea. They carry approximately 8% of world trade. They declared bankruptcy at the end of August and since then, most of their ships haven’t been able to unload at their destinations because the ports don’t know if they will be paid. We have seen global trade and GDP numbers declining over the last few years, and shipping lines could act as a canary in the coal mine here. The age of expansionary monetary policy has led to perverted levels of globalization and consumerism. It makes sense that this would be one of the first shoes to drop.