[LINK] BitCoin DDoS and/or Wallet-Hack

[Rick Welykochy]

Karl Auer wrote:

> On Thu, 2013-04-18 at 23:07 +0930, Glen Turner wrote:
>> If you think about it from a monetary economist's point of view, it is
>> inability to readily create new bitcoins which prevents effective
>> management of the money supply. Since bitcoins only work if they are
>> difficult to create then they can't be managed like a currency is, and
>> thus they'll always be prone to rapid inflation and deflation.

Has anyone raised the spectre of a possible back door in
the bitcoin system, coded in by the original designer?
If not, I do so now.


Aside: there is already a "backdoor bitcoin harvesting virus" on
Mac OS X:
http://www.f-secure.com/v-descs/backdoor_osx_devilrobber_a.shtml


> Only in the same way that gold isn't a currency - and we have cold
> coins :-)
>
> And what do people turn to, even today, in times of crisis or distrust?
> Gold.
>
> I think the critical, overwhelming disadvantage of bitcoins is that they
> require an enormous pyramid of high-tech to use. Come the crash - gone.

Comes the crash, almost all of my money ... except a few coins and bills
... gone. They are all bits on mag media somewhere.

That is, if you are talking about a digital crash.


cheers
rickw



-- 
------------------------------------
Rick Welykochy || Vitendo Consulting

On social media, it is easy to mistake popularity for credibility.
      -- Kevin Ashton