Well there is NOW Monero Ransomware and i wonder who will be sniffing around now ?
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:
Thats because slapping a pile of encryption on top of a bearer token thats 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.
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 thats 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.
Several points to make:
1) I don't believe in public indications of how one can make extra money. If you know how to do so, for sure you're not going to tell the world, but exploit it for yourself, no ? If I knew how to make extra monero by an exploit, for sure I would do it, and not tell anyone. Who is crazy enough to divulgate that ? Not very credible.
2) A crypto currency is not a store of value. It is a means to transact value. Yes, it is a store of value between the moment of obtaining it (selling stuff) and the moment of spending it (buying stuff). It only matters what happens in between.
If you think you can long term store value in crypto, you're deluded.