Fixing Bitcoin's shaky exchange infrastructure
September 14th will be a big day for Jered Kenna. The former Marine knows a thing or two about hard sprints, which is exactly what he's facing this summer. Kenna is CEO of Tradehill, a bitcoin exchange focusing on high net worth individuals. Based in California, it calls itself the "single most secure and reliable major bitcoin exchange platform". It has never been hacked, it says. Indeed, the site, which launched on March 18th, hired tech staff from Google and Cloudflare (which specialises in mitigating DDoS attacks). When you're dealing with professional investors, you don't want to make....
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The recent Shapeshift security breach may have been an inside job, says Eric Voorhees. Shapeshift.io, the cryptocurrency exchange was recently faced with a security breach, forcing it to temporarily suspend its operations. The security breach on April 7, 2016, had compromised the platform’s server infrastructure which threatened the fate of future transactions on it. In order to fix the system and be sure that nothing is amiss, the company decided to replace the server infrastructure instead of fixing the issues on the existing setup. In order to completely revamp the platform’s backend....
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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To put this into perspective, implementing BGP would require significant hardware upgrades. The United Kingdom is planning to set a very dangerous precedent when it comes to Internet traffic. Various ISPs are asked to protect computers from falling victim to hackers. That in itself is a positive development, but they want to achieve this by rewriting internet traffic standards. Disguised as an effort to reduce spoofing, it could be used to censorship particular internet topics as well. DDoS attacks are a legitimate threat to internet infrastructure all over the world. Attempting to block....