Post
Topic
Board Announcements (Altcoins)
Re: [ANN][DASH] Dash (dash.org) | First Self-Funding Self-Governing Crypto Currency
by
toknormal
on 18/02/2017, 16:50:16 UTC

1.0 To Transparent Blockchains. (i.e. The greatest antidote to "Backdoored Crypto" is to get rid of the walls).

A couple of years ago I wrote of encryption-based obfuscated blockchain technology:

a swiss bank account for rich people except without the "trusted third party auditor” (which in bitcoin is the eyes of the world - not an algo) and therefore a breeding ground for scams, heists, deceptions and (ironically) corruption

Thats because slapping a pile of encryption on top of a bearer token that’s already decoupled from any off-chain identity simply gives cover to attackers and hides their exploits from the view of those who have to back its value (the general public).

Not only that, it adds a whole new layer of fertile, human generated “crap code” in which to harvest those exploits. Now that harvest is starting to be reaped…





...only as long as eagle-eyed geeks keep coming along and saving your bacon.





In other words, Obfuscated blockchain technology is flaky as f*k. Ok as the SSL of crypto but in terms of a store of value, about as secure as investing in time bombs.

(P.S. All the above exploits have been "fixed". So nothing to worry about Wink )