The Bitcoin Cult: where is the truth?

Oracles, tambourine dancing and rituals are few of many things, with which we typically associate our ancestors. God, it was so long ago… There seems to be the twenty first century outside, high tech is ruling. Still, there are as many faithful people and atheists. After the apocalyptic prophecy of Maya hadn’t come true, lots of individuals ceased making loud announcements and turned to more logically explained matters. The Cult of Its Majesty Bitcoin that already hits the headlines of internet magazines at times is now in their focus, and it is quite predictable. Is this phenomenon of our time really that great and terrible?

Virtual currency adepts want to hear everything but bad news. They like what BTC China CEO Bobby Lee has recently said with clear enthusiasm. He reserves a 25-year period to let bitcoin evolve and mature. When the internet just originated, users were also skeptical about it (that’s what we observe with bitcoin), and now most world’s population can’t imagine its life without it.

Certain people, whose minds are in a mental fog because of speculations and abrupt changes of decorations, have reached farmers in Kenya, saying they will easily ask purchasers to pay for maize and potatoes with the bitcoin currency. And the final touch runs that soon cryptocurrency algorithms will cardinally modify our attitude to virtual money and help to put up with trivial cash.

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Often forecasts are a thankless initiative, especially if one is forced to look for an excuse when they collapse. Karpeles made a heavy contribution to the Bitcoin Cult by slamming access to accounts in clients’ face and giving a cold shower to all who somehow trusted BTC exchanges. Governments of large countries shared this act of generosity as well: they constantly change their minds in respect of the cryptocurrency as if juggling with an awl in a bag. A real part of truth is that none actually knows what is going to happen to “electronic gold” in the near future.

Being on the same page with the “Oracle of Omaha”, I can say that bitcoin lives and prospects until investors believe in its value. If tomorrow somebody decides out of the blue that the cryptocurrency founder needs to be replaced with some fresher copycat, ardent bitcoin collectors will wake up to realize they possess merely nothing. While everything remains as it is, we have time to take care of more real concerns, which, if overseen, will surely alter the course of this story.

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146 true threats behind bitcoins

Nearly one and a half breeds of bitcoin malware are the figure revealed by computer security company Dell SecureWorks. It is protection of coins kept online or on computers that has to be thoroughly considered now. As users are getting more involved into the Cult of Bitcoins, an amount of malicious items grows too. Just compare, last year there were 45 worms, with the peak of activity when one BTC cost over $1,000.

Cyber thieves don’t care about predictions built by fans and opponents of the virtual currency. They secretly crash privacy of people and don’t ask whether they are allowed to do that. It takes almost nothing for fraudsters to break into any PC, find a wallet and steal money.

Among the most popular methods is uploading a wallet to a remote server, where they can read keys and steal funds. Also they install keyloggers to get user’s credentials when he/she logs in. A more sophisticated approach is the use of a fake bitcoin address. When a sender carries out the transaction, a clipboard adds the address pasted by cyber criminals. This type of malware can function autonomously and its success is already well-known: Pony Botnet Virus steals $220,000 from 30 types of digital wallets, says one of CoinDesk’s headlines.

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Even two-factor authentication may not help because thieves know how to replace a real PIN code with their own. Windows OS suffers from them more than others as it is the most popular with customers, but fraudsters won’t stop. They can skilfully penetrate Linux or master Android-based devices.

Alternatively, Dell SecureWorks suggests to use other wallets like Electrum or Armory, but their security is relative too. And if we get back to our searches of the truth, in today’s circumstances I see the doomsday will come. According to Business Insider, less than 1000 people hold 50% of all 13 million bitcoins to be ever issued. It won’t be difficult to guess what will be with the Bitcoin Cult once there is nothing left to mine…

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