Fixing Bitcoin's Big UX Problem
The bitcoin market cap is hovering around $10bn, investment in bitcoin and blockchain startups is staggering and everyone wants in on the game, from newly-minted entrepreneurs to banks. But there’s a problem. All the focus and energy is going into determining the right way to rebuild the global financial infrastructure. In the rush to take down banking, and be more like bankers in the process, the core mission of the bitcoin project seems to have been left behind. Many startups have tried selling bitcoin to the masses as an alternative to fiat currency, and they’ve largely failed, pivoting....
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BTC-e was down briefly on Sunday, following a powerful distributed denial of service (DDoS) attack against its servers. DDoS attacks against bitcoin exchanges have gained notoriety since the 'massive and concerted' attack which targeted multiple organisations earlier this year. However, in the current climate of uncertainty even a harmless attack can be misinterpreted, with speculation spreading like wildfire on social media. Luckily BTC-e was quick to confirm the attack and dismiss fears - it was just another DDoS attack, now all too common in the world of bitcoin. DDoS attack on our....
Rumors are circulating on the web that the People's Bank of China website was attacked on Thursday morning via a distributed denial of service attack by those angry at recent orders for payment processing companies to stop working with bitcoin exchanges. "Mr. Shangkong" at the South China Morning Post makes the claim, and apparently, Chinese media outlets are blaming this attack on "foreign bitcoin investors". As for the People's Bank of China - they say the downtime was attributed to "fixing web", which we have no idea what that means exactly, but can only assume fixing a technical issue....
Localbitcoins.com, the websites that allows users to buy and sell the digital currency in person and anonymously, is currently down. It's unclear what is causing the downtime, but for some folks, full-on panic mode has kicked in. As of this writing, we were presented with the following technical problem message: "An unrecoverable technical error has occured. We've got this error logged and will get to fixing this shortly." newsBTC has reached out to Localbitcoins.com for explanation, but did not immediately receive a response - as we guess they're busy getting things up and running again.....
Our fragmented status quo – thousands of tokens, hundreds of dapps – will not work indefinitely without interoperability.
Healing symptoms of widespread societal issues without fixing the underlying cause will lead to more of the same and doesn’t actually solve anything.