[LINK] BitCoin DDoS and/or Wallet-Hack

[Kim Holburn]

On 2013/Apr/19, at 2:49 AM, Rick Welykochy wrote:

> 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.

It's open source.  All the code is right there, available for view.  I'm pretty sure you wouldn't be the first to think that nor the first to look for such a thing.


> 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
> 
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-- 
Kim Holburn
IT Network & Security Consultant
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