Monday, 20 June 2011

Bitcoin Asset Market in Panic

For anyone watching BitCoin on the sidelines, we all knew that something would eventually scare the speculators. link

BitCoin is a peer-to-peer token transfer system, that seems to be totally independent of any central banking authority. But if you can't trust our own digital wallet to manage your BitCoins, you go to a broker to help you store and transact with others.

But alas one of these institutions had their users' password hashes stolen. So anybody with a weak password, like 'password' or '123456', will likely have lost their BitCoin Stash. The administrators are rolling back transactions, and alerting those involved in any transfer in BitCoins of the occurrence. Plus they have initiated a password reset for all their users.

You never hear about this shit from the Banking system, not because it doesn't happen, but because a loss in faith of the system could be devastating.

Anyway, I still have faith my PC will generate me a BitCoin, one day!

No comments:

Post a Comment