Dec 9, 2017.
News and politics.
Hackers reportedly steal $70 million worth of bitcoin.
NiceHash company ang investigates a potential attack that
shows hackers steal about 4,700 bitcoins from the address the NiceHash user
uses in December, 2017.
The security of the encryption was questioned, because the
bitcoin value of nearly $ 70 million was hacked, making it very
worrying,bitcoin started trading on two U.S. exchanges in recent days.
Although NiceHash has a countermeasures approach, it
publishes all major bitcoin exchanges and mining sites for violations to track
and possibly recover stolen coins, but security holes are still the biggest
worry.
This latest hack only helps to prove arguments against the
cryptocurrency.
However, the opposite reaction took place. People think
security is a barrier for investors, but some people still support bitcoin and
they think bitcoin is really useful. It's a safe and useful payment method.
Moreover even if bitcoin is stolen, it can not be spent twice.
Also you should know that cryptocurrencies are classified as
a subset of digital currencies and are also classified as a subset of
alternative currencies and virtual currencies.
Most cryptocurrencies are designed to gradually decrease
production of currency, placing an ultimate cap on the total amount of currency
that will ever be in circulation, mimicking precious metals.
Compared with ordinary currencies held by financial
institutions or kept as cash on hand, cryptocurrencies can be more difficult
for seizure by law enforcement. This difficulty is derived from leveraging
cryptographic technologies.
A primary example of this new challenge for law enforcement
comes from the Silk Road case, where Ulbricht's bitcoin stash "was held
separately and ... encrypted." Cryptocurrencies such as bitcoin are pseudonymous,
though additions such as Zerocoin have been suggested, which would allow for
true anonymity.
Some cryptocurrencies use a combined
proof-of-work/proof-of-stake scheme. The proof-of-stake is a method of securing
a cryptocurrency network and achieving distributed consensus through requesting
users to show ownership of a certain amount of currency.
It is different from proof-of-work systems that run
difficult hashing algorithms to validate electronic transactions. The scheme is
largely dependent on the coin, and there's currently no standard form of it.
Finally, we need to know that the average daily value of the
Bitcoin market value is over $ 2 billion. This shows that the liquidity of
Bitcoin is very high and attracted many investors. Bitcoin fever is hotter than
ever when the value has reached $ 70 billion, up to millions of times even
though it was born less than 10 years.
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DECEMBER , 2017.
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