Rise of Internet Enables Bitcoin to Compete With Fiat, Researchers Find
A new research paper co-authored by an economics advisor at the Federal Reserve Bank of Philadelphia explores whether private currencies, such as digital currencies like bitcoin, can compete with government-issued alternatives. “Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work?” the paper, published on 3rd April, asks. “Only sometimes. To show this, we build a model of competition among privately issued fiat currencies.” The paper, co-authored by Jesús Fernández-Villaverde of the University of Pennsylvania and Philadelphia Fed researcher Daniel....
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Bitcoin has re-introduced the idea of money as a competitive good. It has done so in a meaningful way. This idea has been conspicuously missing from the economic debate for too long. I, for one, am pleased to welcome it back. We've always had competitive 'private' monies, centrally managed and lacking global reach. A current example would be the Brixton pound. These monies could never effectively compete with money by fiat decree. If these monies existed on the Internet, they were promptly shut down. If they existed outside the Internet, they could never scale to threatening levels. The....
Bitcoin ransomware threats are once again making the headlines these days. Albeit they are now popular than screen-blocker ransomware, this is not news to be proud of by any means. Malware used on such a large scale will continue to give Bitcoin a bad reputation, even though the cryptocurrency is not at fault for these problems. There is nothing more annoying than dealing with malware that locks users out of their own computers or networks. Bitcoin ransomware has targeted individual users, enterprises, and health care networks over the past few years. Despite best efforts by security....
Researchers from ETH Zurich and the Hebrew University have found how “internet routing attacks” and “malicious Internet Service Providers (ISPs)” can attack the Bitcoin network. In their research paper entitled “Hijacking Bitcoin: Routing Attacks on Cryptocurrencies”, they describe the attacks as well as countermeasures against them. The paper will be....