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The Big Bitcoin Hole

Unca Walt

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#1
School district pays $10,000 Bitcoin ransom to hackers after cyberattack


Police: "There will be no investigation. Tracing is impossible."

Perfect crime.

Repeatable as many times as desired.

ANYONE with an absolutely needed-for-survival computer system is vulnerable.

This could spell the end of Bitcoin unless:

1. A solution can be found to protect ANYONE from ransom cyberattacks.

1a. Doesn't have to be your computer. It could be your daughter (kidnapping paid for in Bitcoin), or your house "accidentally" catching fire. Or... any threat-ransom reason.

2. Bitcoin transactions are made traceable**


**This, also, is a death-threat to Bitcoin... one of equal danger to the concept.


I've got no schadenfreud here. Too many good folks I know have a lot tied up in Bitcoin. Frankly, now that the "virginity" is forever gone with Bitcoin, I am surprised it lasted as long as it did before some warped prick devised a perfect way to fuck his fellow man.

Anybody here have any ideas to save Bitcoin? With this staggering loophole uncovered, there will be copycat shit all over the planet.

http://cdn.abclocal.go.com/content/ktrk/images/cms/automation/vod/2713959_800x450.jpg

The gummint WILL leap in... guaranteed. And the logo will have to be changed to have those bar made into an "equal" sign:

B=Ransom

B=Extortion
 
Last edited:

newmisty

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#2
School district pays $10,000 Bitcoin ransom to hackers after cyberattack


Police: "There will be no investigation. Tracing is impossible."

Perfect crime.

Repeatable as many times as desired.

ANYONE with an absolutely needed-for-survival computer system is vulnerable.

This could spell the end of Bitcoin unless:

1. A solution can be found to protect ANYONE from ransom cyberattacks.

1a. Doesn't have to be your computer. It could be your daughter (kidnapping paid for in Bitcoin), or your house "accidentally" catching fire. Or... any threat-ransom reason.

2. Bitcoin transactions are made traceable**


**This, also, is a death-threat to Bitcoin... one of equal danger to the concept.


I've got no schadenfreud here. Too many good folks I know have a lot tied up in Bitcoin. Frankly, now that the "virginity" is forever gone with Bitcoin, I am surprised it lasted as long as it did before some warped prick devised a perfect way to fuck his fellow man.

Anybody here have any ideas to save Bitcoin? With this staggering loophole uncovered, there will be copycat shit all over the planet.

http://cdn.abclocal.go.com/content/ktrk/images/cms/automation/vod/2713959_800x450.jpg

The gummint WILL leap in... guaranteed. And the logo will have to be changed to have those bar made into an "equal" sign:

B=Ransom

B=Extortion
Digital money is bad mmmk.

Hard assets have survived since the dawn of civilization. I personally tend to put faith in something that has stood the test of time, virgin's excluded.
 

Buck

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#3
Wait a minute

Bitcoin is NOT anonymous, the block chain stores lots of information, it stores ALL the information it can gleen from all transactions, and that informations remains, forever, as a link in that chain

Tracing is NOT impossible
 

Unca Walt

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#4
Wait a minute

Bitcoin is NOT anonymous, the block chain stores lots of information, it stores ALL the information it can gleen from all transactions, and that informations remains, forever, as a link in that chain

Tracing is NOT impossible
OK.

I believe you. But the cops/gummint doesn't.

That makes Bitcoin the perfect extortion/ransom vehicle. No change to the problem.
 

Joe King

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#5
It's no different than not securing any of your other chit. Leave home? Lock your doors and secure your home or you might come home to find some of your stuff missing. Walking through a big crowd? Don't make sure your wallet is secure, and you might get pickpocketed.
Have important stuff on your computer? Make back ups that are stored off line and keep your AV updated or you might fall victim to an online scam.

BTC is just like cash, but for the internet.
 

Buck

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#6
OK.
I believe you. But the cops/gummint doesn't.
That makes Bitcoin the perfect extortion/ransom vehicle. No change to the problem.
I missed class that night
LOL
 
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#7
Bitcoin is NOT anonymous, the block chain stores lots of information, it stores ALL the information it can gleen from all transactions, and that informations remains, forever, as a link in that chain

Tracing is NOT impossible
Sure, but it's not all that easy when all you see is a list of things like "1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 transferred 0.123 BTC to 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy". You can trace 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 and 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy all you want and see exactly what they did, but unless you can somehow figure out who's behind them, that's all you can do.
 

Joe King

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#8
Sure, but it's not all that easy when all you see is a list of things like "1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 transferred 0.123 BTC to 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy". You can trace 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 and 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy all you want and see exactly what they did, but unless you can somehow figure out who's behind them, that's all you can do.
Which is why they don't like it. Ie: some bureaucrat can't just click a mouse button and instantly see a "who's who" of all btc transactions. They have to do it the old fashioned way (so to speak) that requires lots of detective work in order to maybe be able to figure out each individual transaction. In this day and age, with everything built from the ground up to be able to accommodate one-click eavesdropping and/or the gathering of large amounts of data at one time from groups of people, they've become used to having everything be that way.
BTC wasn't designed to be friendly to "officer friendly" who is on a fishing expedition. Can it be done at all? Yea, sometimes. If it's important enough to justify expending the resources to do so.
 

goldielox1

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#9
The reason the US used to never negotiate with terrorists is because if we EVER gave in to their demands it would put all American citizens around the world in danger. The first time a terrorist gets a payday from holding one of our citizens hostage, it would spur countless copycat kidnappings and ransoms.

If no one paid these digital pirates a penny ever, it would quickly end the stupidity of malware, ransomware, etc. Quit bending over for these crooks and we won't get raped anymore.