All about Blockchain, Cryptocurrency, Digital Transformation

Discussion in 'Off Topic' started by Dr. AMK, Jan 7, 2018.

  1. Dr. AMK

    Dr. AMK The Strategist

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    Welcome to BIoT: The Benefits Offered by the Marriage of IoT and Blockchain
    IoT security is set to be a big priority for 2018 and beyond — and blockchain could be the answer.

    IoT (Internet of Things) technology comprises networks of connected devices embedded with sensors and software that enable them to transfer data. This emerging area of innovation is
    gradually redefining a wide range of industries from manufacturing to healthcare. The ability to gather real-time data brings a number of benefits for businesses, enabling them to automate processes, boost productivity and improve customer experiences. The number of IoT devices in action continues to grow, with Gartner* forecasting that there will be an astonishing 20.4 billion connected devices in use by 2020.1

    “Using blockchain as the basis for IoT devices cuts the risk of hacking by reducing the potential points of entry”

    However, one of the biggest challenges for those working with IoT technology is security — with every IoT device acting as a potential entry point for hackers. A breach could give away sensitive information on a massive scale, or leave IoT devices vulnerable to hijacking by hackers. This is what happened in 2016 when the infamous Mirai botnet took down numerous high profile sites including Twitter*, Airbnb* and Netflix*, by harnessing the power of around 100,000 unsecured IoT devices to carry out a DDoS (Distributed Denial of Service) attack.
    [​IMG]
    The answer to IoT’s security problem could be blockchain. This transformative technology is a type of shared ledger, also known as a distributed ledger, and is probably best known as the basis for cryptocurrency Bitcoin. Blockchain technology automatically stores data across multiple locations, rather than keeping it in one central repository, making it more secure.

    The result of combining these two influential technology trends is known as Blockchain Internet of Things or BIoT (though the term BIoT has previously been used to refer to Building Internet of Things or smart building technology). Using blockchain as the basis for IoT devices cuts the risk of hacking by reducing the potential points of entry. By scrapping a central authority in IoT networks, blockchain could enable these networks to protect themselves. IoT devices in a common group could automatically cease working or alert the user if they are asked to carry out any tasks that appear suspicious because they are outside of their usual remit. This would greatly reduce the risk of IoT devices being hijacked by hackers.

    Along with reducing potential entry points for hackers, BIoT also offers an indisputable, tamper-proof record that makes it easy to track anything in the chain. Using encryption and distributed storage means that humans cannot overwrite records so it’s well-suited to businesses involved with finance, auditing or tracking a supply chain. This kind of transparency also makes blockchain ideal for smart contracts where an agreement can be automatically executed as soon as certain conditions are met, such as when a shipment is delivered. Blockchain technology could also be used in smart cities to secure devices such as connected streetlights.












    [​IMG]











    There are already a number of initiatives aimed at developing blockchain for business. As well as offering hardware that can support blockchain technology, Intel has teamed up with JP Morgan* and Microsoft* along with dozens of other companies as part of the Enterprise Ethereum Alliance* (EEA). The aim is to develop standards and technology to make it easier for businesses to use Ethereum*, a blockchain-based platform that enables businesses to use smart contracts.

    And in 2016, Intel contributed its distributed ledger platform, Sawtooth Lake*, to the Hyperledger* project. Started by The Linux Foundation*, the project is a collaborative effort to advance blockchain technology in business and one of the key components of the initiative is a new Intel-powered modular platform called Hyperledger Sawtooth* which is designed to build, deploy, and run blockchain-based shared ledgers.

    “Intel is committed to accelerating blockchain adoption through collaborations with industry thought leaders like Hyperledger and The Linux Foundation,” said Rick Echevarria, Vice President, Software and Services Group and General Manager, Platforms Security Division at Intel. “We are proud of our contributions and the advancements Hyperledger Sawtooth is making in privacy, security, and scalability which are critical enterprise requirements that will enable faster adoption of distributed ledger technology.”












    [​IMG]











    While Intel technology is helping to prepare businesses for the blockchain revolution, it’s also likely that we’ll see more companies offering blockchain APIs (Application Programming Interfaces) in the near future. Designed for developers, APIs enable businesses to concentrate on fine-tuning their services, rather than spending time building the back-end technology that they run on. By making use of blockchain APIs, businesses can ensure the security of their IoT-based systems.

    IoT security will be a major focus for businesses in 2018 and beyond. In fact, global spending on IoT security will reach $1.5 billion in 2018, a 28 percent increase from 2017, predicts Gartner.2 BIoT is likely to feature heavily in IoT security strategies in the coming months and years. The combination of blockchain and IoT could enable the latter to reach its full potential by minimising its inherent security risks, allowing organisations to explore innovative new business models.
     
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  2. hmscott

    hmscott Notebook Nobel Laureate

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    Mt. Gox: Solving the Mystery of Bitcoin’s Biggest Disaster I Fortune
    Fortune Magazine
    Published on Apr 26, 2018
    Mt. Gox’s Mark Karpelès is dedicating his life to righting the wrongs of his company’s collapse in 2014.
     
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  3. hmscott

    hmscott Notebook Nobel Laureate

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    ‘OK, I’ll say it: bitcoin is a scam,’ says the former CEO of PayPal and Intuit
    ‘I’ll say it: Bitcoin is a scam,’ says Bill Harris
    SHAWN LANGLOIS
    Published: Apr 25, 2018 10:45 a.m. ET

    "Bitcoin has enjoyed a nice stretch lately, breaking through the $9,000 level earlier this week and leading a broad advance in the crypto space, which, before Wednesday’s dip, had seen a $100-billion surge in market cap to $425 billion in a matter of days

    So, Bill Harris, are you warming up to bitcoin as an investment?

    ‘It’s a colossal pump-and-dump scheme, the likes of which the world has never seen... the losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters.’
    - Bill Harris

    We’ll take that as a no.

    Clearly, Harris, the founder of Personal Capital Corp. who served as CEO at both PayPal PYPL, +4.00% and Intuit INTU, +5.13% is not a fan, and he laid out the reasons why Tuesday in a piece for Recode.

    “I’m tired of saying, ‘Be careful, it’s speculative.’ Then, ‘Be careful, it’s gambling.’ Then, ‘Be careful, it’s a bubble.’” Harris continued. “Okay, I’ll say it: bitcoin is a scam.”

    He went on to refute all the reasons promoters claim it has value. It’s not a means of payment since it’s accepted almost nowhere, he said.

    Bitcoin’s BTCUSD, -2.96% extreme volatility makes it undesirable as a store of value. And finally, he said its perceived value is merely an example of the Greater Fool Theory.

    “Cryptocurrency is best-suited for one use: Criminal activity,” Harris said, pointing to the likes of Silk Road and WannaCry ransomware. What’s more, even the regular users are flouting the law, he says, by avoiding paying taxes on every sale.

    “All of this would be a comic sideshow if innocent people weren’t at risk,” he said. “But ordinary people are investing some of their life savings in cryptocurrency.”

    In conclusion, he called on the SEC and other regulators to step in. “It’s time we gave them the legislative authority to do their job,” he said.

    At last check, bitcoin was down more than 4%, while Ethereum ETHUSD, -1.26% Ripple XRPUSD, -1.96% were off more than 13% each. The Dow DJIA, +0.73% and the S&P SPX, +0.76% were also pulling back in Wednesday’s session."


    Bitcoin Is a Massive Scam, Former PayPal CEO Bill Harris Claims

    He doesn't like it one bit.
    By Oscar Gonzalez on April 24, 2018
    https://www.inverse.com/article/44114-bitcoin-massive-scam-says-former-paypal-ceo
     
    Last edited: Apr 26, 2018
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  4. Dr. AMK

    Dr. AMK The Strategist

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  5. hmscott

    hmscott Notebook Nobel Laureate

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    That doesn't make his comments any less accurate.

    ‘It’s a colossal pump-and-dump scheme, the likes of which the world has never seen... the losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters.’
    - Bill Harris

    “I’m tired of saying, ‘Be careful, it’s speculative.’ Then, ‘Be careful, it’s gambling.’ Then, ‘Be careful, it’s a bubble.’” Harris continued. “Okay, I’ll say it: bitcoin is a scam.”

    “Cryptocurrency is best-suited for one use: Criminal activity,” Harris said

    And finally, he said its perceived value is merely an example of the Greater Fool Theory.


    "The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price."

    "In other words, one may pay a price that seems "foolishly" high because one may rationally have the expectation that the item can be resold to a "greater fool" later."

    https://en.wikipedia.org/wiki/Greater_fool_theory
     
    Last edited: Apr 26, 2018
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  6. Dr. AMK

    Dr. AMK The Strategist

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    I didn't say what he said is wrong, I said he is greed :)
     
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  7. hmscott

    hmscott Notebook Nobel Laureate

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    BeatCoin 2: Leaking bitcoin private key from air-gapped wallet, in 3 seconds.
    Cyber Security Labs @ Ben Gurion University
    Published on Apr 23, 2018
    Full paper: http://cyber.bgu.ac.il/advanced-cyber...
    By Dr. Mordechai Guri


    BeatCoin: Leaking bitcoin's private keys from air-gapped wallets
    Cyber Security Labs @ Ben Gurion University
    Published on Apr 23, 2018
    https://cyber.bgu.ac.il//advanced-cyb...


    BeatCoin: Leaking Private Keys from Air-Gapped Cryptocurrency Wallets
    Dr. Mordechai Guri
    Ben-Gurion University of the Negev, Israel
    Cyber-Security Research Center
    https://arxiv.org/pdf/1804.08714.pdf
     
    Last edited: Apr 26, 2018
  8. Dr. AMK

    Dr. AMK The Strategist

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    MIT: 3 Part Plan to "DESTROY BitCOiN"
     
    Last edited: Apr 27, 2018
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  9. hmscott

    hmscott Notebook Nobel Laureate

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    Last edited: Apr 27, 2018
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  10. Dr. AMK

    Dr. AMK The Strategist

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    IMG_20180415_055250.jpg
     
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