Gresham, Thiers And Demanding Payment In Bitcoin
Two laws describe the economic incentives given two forms of competing money in restricted or unrestricted markets.There is a widely held belief among Bitcoiners that a hyperbitcoinized future, one in which bitcoin fulfills the three characteristic functions of money for our global society (store of value, medium of exchange and unit of account), is inevitable. All that remains to be seen is how and when this will occur. In this piece I will contribute to the discussion regarding hyperbitcoinization by examining Gresham’s and Thiers’ laws as they relate to the global adoption of bitcoin as....
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Yesterday, there were several reports of Hashnest and Bitmain services having abnormal intermittent outages. It so happens that earlier in the morning, an unidentified group of hackers sent the company a threatening email demanding a great deal of money to avoid a series of severe DDOS attacks. Of course, that several customers started complaining about not being able to access the mining pool and their profile accounts. Soon after this the company informed their customers through email what was happening: "This morning we received a concerning email from a group of hackers threatening....
We know the idea of Gresham's law — but it cannot be applied directly to bitcoin without some modification.
BleepingComputer claims to have evidence that the ransomware gang DoppelPaymer is demanding 404 BTC from the car firm.
The economic rule discussed in a previous article doesn’t take these two factors specific to bitcoin’s situation in El Salvador into account.
CryptoCoinsNews and sister-site Hacked have both been targeted in a DDoS attack by extortionists demanding a bitcoin payment. The extortionists also claimed further threats in exchange for a ransom. CryptoCoinsNews, a prominent resource and news outlet for readers looking into bitcoin-, alternative currencies-, block chain-, and fintech-related news was the target of a DDoS attack earlier this morning. One of the extortionists, going by the name 'Jon', sent in an email demanding 2 Bitcoins to reveal 'fatal security vulnerabilities' on the website while threatening to contact our....