Second Bitcoin Hack Highlights Challenges, Resilience of Anarchic E-Currency

Second Bitcoin Hack Highlights Challenges, Resilience of Anarchic E-Currency -- Society's Child -- Sott.net

sott.net 26 Sep '12, 4pm

Second Bitcoin Hack Highlights Challenges, Resilience of Anarchic E-Currency

Hack occurred due to exchange operator leaving his keys unencrypted Originally conceived of by science fiction writers -- most notably Neal Stephenson's cult science-fiction novel Snow Crash -- peer-to-peer cryptocurrency has been all over the headlines, following its leap to the real world, in the form of the Bitcoin. Created by a shadowy individual known as "Satoshi Nakamoto ", bitcoins are an inherently anarchic construct looking to free a key piece of the global economy -- specifically, currency -- from the grip of any one nation. They're also difficult to trace, making them a popular mode of purchasing quasi-legal items. But over the year the flowers and sunshine surrounding Bitcoin has been slightly diminished. Last June, there was a massive devaluation, letting off inflationary steam and costing late adopters large amounts of real-world dollar value. Later that sam...

Full article: http://www.sott.net/articles/show/251701-Second-Bitcoin-H...

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@AryehsSharings » 26 Sep '12, 5pm
Second Bitcoin Hack Highlights Challenges, Resilience of Anarchic E-Currency: Hack occurred... [link] via @Signs_of_the_Ti
@ISCOSEU » 26 Sep '12, 4pm
Second Bitcoin Hack Highlights Challenges, Resilience of Anarchic E-Currency: Hack occurred due to exchange oper... [link]
@NBTWT » 26 Sep '12, 4pm
Second Bitcoin Hack Highlights Challenges, Resilience of Anarchic E-Currency [link]
@spiral_one » 27 Sep '12, 6am
Second Bitcoin Hack Highlights Challenges, Resilience of Anarchic E-Currency - [link]