There are many things in the world that engage my well-known automatic body response of a slight cocking of my head, a furrowed brow and a whisper of the word “really?”. But today, I fear that minor automatic response stepped aside as I threw my head into my hands, dropped my elbows down onto my desk and exclaimed, rather loudly in my empty house, “REALLY?”
A Bitcoin account was hacked last week. Who didn’t see that one coming?
For those of you that don’t know what a Bitcoin is, it’s an open source financial currency. Sounds safe, right? According to WeUseCoins.com’s Bitcoin introductory video, “Bitcoin is the first decentralized digital currency. Bitcoins are digital coins you can send through the internet. Compared to other alternatives Bitcoins have a number of advantages. Bitcoins are transferred directly from person to person via the net without going through a bank or clearing house. This means that the fees are much lower, you can use them in never country, you account cannot be frozen and there are no prerequisites or arbitrary limits…The Bitcoin software is completely open source and anybody can review the code. Bitcoin is changing finance the same way the web changed publishing. When everyone has access to a global market, great ideas flourish.”
Do You Have a Question You'd Like Steve to Answer? Click Here.
Apparently, a hacker (or as I like to consider them, a digital bank robber!) flourished a “great idea” gained access to one user’s account and stole 25,000 Bitcoins which equates to nearly $500,000. The user has absolutely no way to get his money back. – Source.
I wonder if the hacker still felt the need to wear a black ski-mask while sitting on his mom’s paisley couch crouched in front of his Dell Laptop stealing this users’ Bitcoins. (Please note: this is a humorous statement, I do not know the hacker’s gender, if the hacker used a dell laptop, if they were at their mother’s or if their mother even a paisley couch – but with $500,000 she could now).
These coins have been compared to SecondLife’s Linden Dollars and Facebook Credits that continue to take the digital world by storm. Why? I’m still not sure.
Democratic Senators Charles Schumer and Joe Manchin are pushing for the federal goverment to crack down on the Bitcoin digital currency – Source.
It’s been reported that Bitcoins are being used to buy illegal drugs and of course the fear of using the coins as a step in money laundering as has been suggested with SecondLife Linden Dollars.
While it’s an innovative and novel idea for a digital currency I give this five thumbs down if I had five thumbs.
There’s only one word that springs to mind when I think of this entire ordeal…. REALLY?!?!?