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Crowdsourcing Platform Makes Public Gene Expression Data more Accessible

Source: crowdfunding/images/resized//article_66529_615x0_proportion.png?1466515071

OMiCC aims to use crowdsourcing techniques to harness the expertise of the research community to overcome these challenges. Within the platform, users can create groups of gene expression data and „annotate“ them by assigning parameters, such as sample type and disease, using a standardized vocabulary. OMiCC saves these user-created groups and associated annotations, making them available to others for reuse.

SOURCE LINK to the full article: http://phys.org/news/2016-06-crowdsourcing-platform-gene-accessible.html

Tags: biomedical-researchers, crowdsourcing, gene-expression, niaid, nih

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DAO Soft Fork Revised to Allow Generic “Blacklisting”

Source: bitcoin

soft fork

The soft fork proposed to fix the sticky situation The DAO has dragged the Ethereum community into is here, and is a perhaps disproportionately drastic to the problem. The proposed solution to the DAO attack is to freeze all funds in the contract by blacklisting the hashes that correspond to the stored Ether. Want to withdraw funds from the DAO or “split” from the failed experiment? Be prepared to do so on an alternate Blockchain.

Read Also: Exiting The DAO Legitimately Would Take 67 Steps, 48 Days

Soft Fork Praised Within, Decried by Ethereum ‘Outsiders’

 

The interesting facet of this development is the recent update to the blacklisting methodology being used by the Ethereum devs. It has become a “generic function” as of today. This means that Miners can discriminate against entire regions or groups of Ethereum users, effectively banning them from doing business on the network by freezing their funds:

“This will also allow anyone to make a proposal to the majority of the miners to ask them for help for any future possible soft forks by allowing them to ignore blocks that take certain actions undesirable by the community.”

While this soft fork comes as a boon to the Ethereum Community, as this intervention is certainly better than letting The DAO (and possibly Ethereum, by extension) crash and burn, It continues to be contentious in the wider Crypto community. The fear is that this solution has too much potential for abuse. For example, The blacklisting protocol could be used as an anti-competitive measure against disruptive DAOs, Dapps and Ethereum users by entrenched Ethereum miners and Users with large holdings to leverage.

Another possibility, discussed by Andreas Antonopoulos on Twitter, is that law enforcement or regulatory bodies could split the Ethereum Blockchain by region or along other lines with mandatory “blacklisting” legislation.

The strong measures taken by the Ethereum Devs are a very divisive issue, and while intervention was arguably needed to effect a positive outcome after The DAO’s collapse, the long-term concerns that the soft fork raises cannot be dismissed out of hand. Whether or not this new feature of Ethereum’s infrastructure is abused, or used effectively remains to be seen, and is largely dependent on what the masses involved with Ethereum deem “undesirable actions.” The new realities the resolution presents for DAO and Ethereum Dapp developers, individuals with significant ETH holdings will be complex and far reaching regardless of the outcome.

 

Thoughts on the soft fork? Let us know in the comments!


Images courtesy: The DAO, Ethereum Foundation, Jan Miranda

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DAO Soft Fork Revised to Allow Generic “Blacklisting”

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10 Secrets of Highly Successful Crowdfunding Campaigns

Source: crowdfunding/images/resized//article_66526_615x0_proportion.jpg?1466423622

So how do you ensure that you’ve optimized your campaign for success? We’ve taken a look at a number of recently funded projects in order to identify some of the techniques, strategies, and crowdfunding secrets that will give you the best chance of meeting your goals.

BURN 500 TO 1000 CALORIES A DAY >>>> http://thiniceweightloss.com/r/thin-ice-ks-onion-head-1/

Tags: crowdfunding, fitness, fundraising, indiegogo, kickstarter, wellness

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3 Killer Apps Awaiting Bitcoin This Year

Source: bitcoin

3 Killer Apps Awaiting Bitcoin This Year

For most, bitcoin is used in two ways; it is either held in cold storage as an investment, or used as an alternative payment medium to fiat. Both have their own advantages over their traditional alternatives, but the real driving forces behind bitcoin’s development are rarely discussed – the conversation hangs largely around bitcoin’s price, and whilst that is an exciting topic, it does not inspire those who are truly interested in the power of cryptocurrency.

Internet of Things and the Machine-Payable Web

 

You’ve probably heard of the Internet of Things (IoT) and the disruption that will come once this new technology is realized – machines will be able to communicate with one another, allowing for huge efficiency gains and the removal of human error (think driverless cars). While Ethereum is making the IoT a reality through its distributed computational blockchain, bitcoin is moving the technology closer to what has been dubbed by Balaji Srinivasan of 21 as the Machine-Payable Web.

The Machine-Payable Web takes the IoT a step further, and will allow devices to transact value with one another automatically and trustlessly. The value exchanged in any one device-to-device transaction would typically be incredibly small; perhaps for the payment of a single API call, but thousands of these tiny payments per second could result in large amounts of value flowing between machines. In the past, similar payments have been made of course, but they require credit card details, user account registration and other levels of friction that are destined for redundancy thanks to the Machine-Payable Web. This new technology, which is already in beta at 21.co, will demonstrate a move towards a frictionless digital economy that is run on top of bitcoin.

Decentralized Bitcoin Gambling

 

The gambling market is one of bitcoin’s largest use cases. Players from anywhere in the world can bet at any bitcoin-accepting casino with ease, and in many cases the gambling sites that operate also provide ‘provably fair’ random number generators and extremely low house edge or rake.
But decentralization of bitcoin gambling promises to shift the industry into a new paradigm – one that could not be realized without the use of this cryptocurrency. Through decentralization, a gambling site would operate on the blockchain itself i.e. its code would be distributed across thousands of bitcoin nodes, meaning that the site had no single point of failure. Compare this to the current situation whereby a casino would operate on a single server (or possibly a handful of servers) which are all vulnerable to attacks and maintenance issues.

This level of decentralization would also mean that bitcoin casinos would have very little maintenance costs as their operation would be powered by the blockchain itself. Without the cost of servers and staff, the casino house edge could be reduced to virtually zero, while allowing the operation to scale to enormous heights without any structural or growth issues.

Personal Identity on the Bitcoin Blockhain

 

Our personal identities are held by a central government; one which has access to every available detail about our personal lives and one which we are forced to trust without reason. A horrific situation that could feasibly arise from this is one in which a Nazi-like leader rises to power and commands a genocide based on data they own about us as individuals – just one worrying result of a centralized ID system. Bitcoin can change all of that.

Taking the Syrian refugee crisis as one example, many of those fleeing war torn cities have had their documents lost or confiscated, causing major difficulty in crossing borders. But what if those documents were stored on the blockchain, and anyone anywhere in the world could access the information that you chose to provide by unlocking it with your own private key? And this goes way beyond just personal identities and travelling across borders; this applies to voting systems, ownership rights, criminal records, reputation and any other aspect of our lives that would benefit from such a technology.

Many people ask why a company would use bitcoin’s blockchain and not a private one? Well the answer is that bitcoin offers the largest public blockchain in the world, the network is kept secure and active by the thousands of nodes and miners that operate within it; and business owners can create scalable products on top of bitcoin’s blockchain with this security in mind. Private blockchains simply do not have the number of participants in a network to keep it secure – and they are also extremely expensive to maintain; bitcoin’s is n

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3 Killer Apps Awaiting Bitcoin This Year

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Best Crowdsourcing Job Websites For Freelance Writers

Source: crowdfunding

I feel sorry for writers unaware of crowdsourcing since it offers countless opportunities for both pen wizards and novices. Best crowdsourcing platforms are about self-expression by outperforming other authors, and getting a high-paid contract further. The absence of legal contracts between performers and customers, countless job opportunities, and wonderful spirit of competition – these are only a few features of the new crowdsourcing reality. Enjoy, get a job, and become a real star on the crowdsourcing scene!

Tags: rowdsourcing-websites-for-freelance-writers

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Exiting The DAO is a 67-Step, 48-Day Ordeal

Source: bitcoin

The DAO

In light of certain developments regarding Slock.it’s titanic smart contract-driven project, The DAO, many are left with the question of how to cleanly exit. That’s a good question, though pretty contentious among the heavily staked DAO members. You can’t blame the more small time elements in the community for wanting to jump ship though, seeing as that ship has run over its tugboat (Ethereum) coming out of the harbour, and might be any combination of sinking, on fire, or packed to the brim with Africanized bees depending on how the vulnerability and theft are handled, the proposed Soft Fork and winding-down notwithstanding.

Read also: The Verge Is Clueless About Crypto

Exiting The DAO Uses The Same Functions as the “Hack”

 

The thing is, exiting or “splitting” The DAO didn’t seem to be common knowledge leading up to the attack that removed over 50 million dollars in ETH from the system. There weren’t any easily accessible tutorials or instructions, even from third parties, before the exploit. Granted, their Github has a stub explaining the necessary commands, and  DAO wiki has a tutorial buried under loads of other information, but nothing that an average to low-information investor would have an easy time finding. I slogged through the documentation to find the complete process, and I’m here to tell you that cutting ties to The DAO would not have been easy.

It’s a simple, 67-step process; that only takes 48 days to complete in full. (it’s broken into 12 lengthy sections on the DAO wiki, with 5 out of the 12 offering no elaboration outside of their title) I think I see the reason, now, that it wasn’t made common knowledge among The DAO community. Regardless of how you feel the “fix” to The DAO attack and subsequent failure of the smart contract is shaping up, you have to realize that this lack of liquidity is deemed unacceptable in the vast majority of financial products if it isn’t explicitly stated, especially given the way Slock.It characterized The DAO’s nature and utility. I’m no lawyer, so I can’t characterize it as fraud, but it certainly is misleading.

The icing on the cake, though, is that an attacker could use your legitimate attempt at an exit to drain even more ETH from The DAO — as the exploit being used  takes advantage in a security hole during the splitting process – and get it frozen by the ever well-meaning Buterin, leaving your money and tokens in perpetual limbo until this whole trash fire of a situation is resolved.

For those of you who invested, got burned, and just want to quit while you’re not too far behind, I’ll see you in 48 days. That is, if you successfully complete the 67 easy steps and your split isn’t exploited and frozen. For everyone else involved, there may be no legal recourse because the “hack” was carried out under the terms of the faulty contract governing The DAO’s behavior. Let’s hope Vitalik’s central intervention isn’t too ruinous for DAO investors, Ethereum, and Cryptocurrency as a whole in the long term.

 

Closely Following The DAO’s status? Let us know how you feel in the comments!


Image Source: daohub.org

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Exiting The DAO is a 67-Step, 48-Day Ordeal

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Andrew Vegetabile of Litecoin Association Opposes DAO Fork

Source: bitcoin

Vegetabile

Andrew Vegetabile, Director of the Litecoin Association, came out against a fork of Ethereum/The DAO, Decrying interference with The DAO by outside crypto developers in an open letter to  “Vitalik Buterin, The DAO, future smart contract developers, and the throngs of individuals within the crypto ecosystem” today.

Read Also:  How The Verge’s Russell Brandom Misrepresented the DAO Attack, Bitcoin

Andrew Vegetabile Calls Buterin’s Intervention “Unprecedented”

 

He Cites the widespread negative impact outside of The DAO as significant disincentive:

“…now Ethereum is having to face this very situation. From legal to sociological effects, the direction the leadership of a coin takes can have long outstanding impacts not only to the specific coin, but also to the entire crypto ecosystem by setting a dangerous precedent.”

He calls Buterin’s involvement in affecting an outcome to The DAO attack  “unprecedented” and draws parallels to the bank bailouts of 2008 financial crisis due to the central nature of the intervention. This may seem an extreme comparison, but he isn’t far off here, unfortunately:

“Never in the history of crypto for as far as I can remember has a developer been intimately involved with a third party application in attempting to resolve said applications issues. The best analogy that I can think of at this point is if there was a bug in counterparty code and the Bitcoin core devs got involved.”

Buterin, unlike Satoshi, is a known entity in the crypto community, and the degree of influence he has over the Ethereum community  leads to frequent comparisons of his role to that of a “benevolent dictator.” His mention of a soft fork to “fix” The DAO attack has been overwhelmingly accepted by people with a stake in ETH and The DAO, while other, less invasive solutions have fallen by the wayside.

It is clear that Vegetabile wants the takeaway to be that central intervention is antithetical to the core concepts that make Ethereum and other Cryptocurrencies successful. Furthermore, he posits that the outcome of the DAO attack will not be isolated to Ethereum and smart-contracts.

“My word of advice to all of you is to do absolutely nothing at all.”

 

Vegetabile is also very careful to keep his statements reasoned and civil. It comes off as a level-headed, honest word of warning rather than a vitriolic attack on a competing cryptocurrency. The DAO’s failure will affect the entire cryptocurrency market, after all, and the handling of its consequences by Ethereum and DAO participants will shape how smart contracts and Crypto will be treated by investors, developers, and in court moving forward.

 

How do you think The DAO’s failures should be handled? Leave your thoughts in the Comments below!


Images Credit to: Wikimedia, Litecoin Foundation

 

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Andrew Vegetabile of Litecoin Association Opposes DAO Fork

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Technical Analysis: Bitcoin Price Cycle Nearing a Close

Source: bitcoin

Bitcoin Price Technical Analysis

While fundamental analysts predict a continued rally to $1000 and beyond for the foreseeable future, technical indicators paint a more detailed picture. According to the charts, the ride up to $1000 will be bumpy, with periods of profit taking and resistance, especially around the $800 range. 

Also read: Blockchain as the Matrix: Are We Entering a Virtual Life?

Technical Analysis: Bumps in the Road

Long-Term Analysis

 

Almost at the $820 technical objective level, a distribution zone could take place with a trading box among this resistance and $600.

Indicators reflect fiction prices at this level, with irregular trading volume because of the distribution activity depending on the fresh demand of new holders. However, the less volatility there is in a resistance level allows the contrary opinion theory, and main players should be placing their profit taking with a re-buying strategy at $600.

Major figures have been accomplished, and Fibonacci is getting fulfilled, as well as the Gann Angles Theory, rounded bottom pattern and every mathematical forecast.

Only news and fundamentals support the present climbing, and any of those components have the capability to smash the present scenario for a technical correction that ends the cycle to start another from the $600 level, with a sideways trading box zig-zagging to $820, leading into a rise to 1800 at the end of 2016.

Mid-Term Analysis

Now, prices are rising, reaching the distribution zone at $820 / $790, where a heavy short marketplace is expected.

According to indicators, the up-trend line is strong enough to accomplish this technical objective and to end this mid-term cycle with a short correction to $600, placing the quotes into a trading box among $820 and $600 in a three-month sideways lateral market that zig-zags the chart, ending the present scenario and starting a fresh one from the box to new technical objectives around $1800 at the end of 2016.

Only political data, fundamentals and hot news are sustaining the present rise, adding the wishful thinking of current players whom are anticipating a continued rally to the $1000 level.

Technical analysis points to a different situation introducing the possibility of a short distribution zone around $820 and re-buying area at $600 in a zig-zag movement for the next time period.

Short-Term Analysis

The only support remains at $600, while prices head towards resistance at $820, getting into a trading box with these top and bottom levels.

There are not any minima to take in account as with the mid-term analysis, but volume isn’t thick enough to ensure any of the picks as a technical goal.

If a correction movement takes place, it would be the end of a large cycle from the $1200 high in December 2013, and the start of after a zig-zag sideways lateral box lasting three months with 200 basis points in a trading active range, which can be considered by the direct observation of the volume activity.

As with every trading range, contingent orders will be placed in a pyramid model that recognizes the oscillator signals of slow stochastics and RSI from below $630 and over $790, in an attempt to harvest profits that lowers the main position cost in the forecasting of the new cycle rise to $1800 for the end of 2016.

Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin. Trade at your own risk.

 

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Technical Analysis: Bitcoin Price Cycle Nearing a Close

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Blockchain as the Matrix: Are We Entering a Virtual Life?

Source: bitcoin

The Matrix

“This is your last chance. After this, there is no turning back. You take the blue pill — the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes.” –Morpheus, The Matrix

Also read: Symantec Report Indicates End of Locky Ransomware Threat

Recently, supreme technologist Elon Musk proclaimed his belief that “The odds that we’re in base reality is one in billions.” Skeptics worldwide broke down in grotesque inspection of this claim, as the possibility of living within a grandiose video game challenges society’s collective ability to cope with the deepest questions in life.

Technology today is accelerating towards altering our very existence. Artificial intelligence, deep space exploration, attempts to extend one’s consciousness onto a computer, and advanced robotics puts immense pressure on our economic systems, communities, and lifestyles to adjust to disruption accordingly.

What in the 1990’s simply looked like basic Nintendo video games, fine-grained TVs, and monolithic personal computers has morphed into a rather spooky postmodernist dental dam. Science fiction, quite simply, is finally coming to life.

Delving into our murky, robotic future, The Wachowskis renowned film “The Matrix” features a computer-simulated reality of the universe where agents, code creatures, and mere humans alike dwell. The world itself folded, and software had literally eaten the world in a twisted technological dystopia. Which year the film allegedly occurred in can be thought of as a technological arrival and conflict facing humanity more than a year arbitrarily placed on the calendar timeline humanity created. Within the movie, the participants of this network who awakened had to choose whether or not they wanted to believe a computer god had been their creator.

If the universe itself is really a computer simulation, as both “The Matrix” and Mr. Musk assert, then what is the end goal of our own technological advancement in 2016? Perhaps the most disruptive technologies today are hoarding people like sheep towards manifesting “The Matrix” into reality, our own reality or at least a never-ending attempt towards answering this question.

Blockchain, A Real-Life Matrix?

Among the leaders in the most impactful emerging technologies is the recent advent of blockchain technology, which some claim is the most influential innovation since the Gutenberg Press.

A culmination of 40+ years of research in computer science, blockchains enable strong encryption and independent transactions to exist on a fully decentralized, global network of independent nodes that are community owned and monitored. The blockchain is a perpetual stream pulling the world towards automation of all data tracking and securitization processes, an absurdist Hail Mary to get rid of paper files and paper cash.

Traditionally, every time you use services such as Facebook or Snapchat, they own all of your data that you generate on their platform. Blockchains represent a fundamental shift in the Internet’s paradigms for information stewardship. Now, as smart contracting, DAOs, and functional programmatic distributed storage and identity verification emerge, the technological breakthrough that is the blockchain is continues its ascent. What will blockchains have amounted to as they advance over the next 5, 10, 20, 50, or 100 years?

As traditional players such as Governments, banks, professional services firms, and healthcare providers enter the blockchain space, it is important to ask what the intentions of these groups are. Have incumbent institutions thought deeply through the implications of funding and spearheading advancement of cryptographically sound, distributed Internet protocols that can prove owners to prove digital ownership, enforce contract law, and facilitate trade between disparate parties? Recent hype and fear driven interest in blockchain technology signals that the aforementioned traditional institutions are, quite simply, taking the Blue Pill.

Like “The Matrix,” blockchains themselves have a logical end-point which is mirrored in the way that our perceptions of time and reality themselves function. It is not a coincidence that “Blockchain as reality confirmation” or “the universe is a blockchain” are phrases within the Bitcoin community. This parallelism can be thought of as follows:

Each morning, the sun rises. Events in your life happen, and then are forever frozen within time. There is no altering what has happened in the past and shall now sit as had occurred forever. Our memories of the past are abstractions, words to describe events that are immutable. No matter how hard we may have wanted something to turn out differently, it can’t change. The memories that are ours are ours, and our position within the network among other people is constant throughout our lives.

Blockchains are oddly similar, in that data written to a blockchain is also frozen its own chronology. Just as the entire universe can be perceived as an omnipresent recording of everything that has happened, scarce space on a blockchain (which is what Bitcoin represents) is fascinating because it too is simply data. Like our perceptions of reality itself, the “inherent value” of Bitcoin is based upon a social agreement that labels that piece of data as undertaking meaning, or being “real”. Moreover, just as the universe itself is a collection of matter, anti-matter, and a multitude of states of energy, the inherent value of space within a blockchain for people trying to simply live life day-to-day can be thought of as a form of ‘money as virtual energy’.

Virtual reality already gleefully tricks our brains into recursively thinking that the images behind that glass screen are real. Now, imagine what the world would look like if everyone was hypnotized in VR headset, while thousands of unique blokchchains automated the entire planet’s data tracking, data securitization, data transaction, and money transaction approval needs?

Our world is trending towards a Matrix-like state, and blockchains are acting as a lubricant fuel down an admittedly slippery slope. The internet of things, RFID tags, robotics, augmented reality gaming, and increasingly smooth integration into smart-phone applications will increase our collective reliance on blockchain technology as a backbone storage layer for the internet. Advancement here is accelerating, as projects such as Ethereum, TheDAO, Hyperledger, Ripple, Steemit, and Synereo all demonstrate the growing set of offerings in the blockchain buffet.

Through automating data storage and building within this programmatic infrastructure, we are creating a functional, immensely computationally powerful, decision making platform and digital toolkit for automating nearly any other traditional job function, decision or management procedure that required tracking data, from logistics to accounting to email and social media oversight. As blockchain is combined with artificial intelligence, machine learning, and potentially even quantum computing, it becomes gradually clear that Blockchain truly could be an ancient version of Skynet.

“Arguably we should hope that that’s true, because if civilization stops advancing, that may be due to some calamitous event that erases civilization,” Musk said. “So maybe we should be hopeful this is a simulation, because otherwise we are going to create simulations indistinguishable from reality or civilization ceases to exist. We’re unlikely to go into some multimillion-year stasis,” Mr. Musk remarked.

If blockchains really are this strong, secure, powerful, and even potentially scalable, as the lead blockchain developers have been promising since the release of Bitcoin, then we may be living in “The Matrix” already, without even knowing it.

Perhaps the rise of blockchain technology is a self-awakening towards this reality. Maybe it’s already too late, but that’s collectively up to us to decide.

What do you think of the Blockchain as “The Matrix” analogy? What are the long term technological end-point of this movement? Share your thoughts below!


Images courtesy of “The Matrix.”

The post Blockchain as the Matrix: Are We Entering a Virtual Life? appeared first on Bitcoinist.net.

Blockchain as the Matrix: Are We Entering a Virtual Life?

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How the Verge Totally Misrepresented the DAO, and Bitcoin

Source: bitcoin

Verge DAO

According to The Verge’s Russell Brandom, The recent attack on the DAO is somehow related to the past failings of Bitcoin.

Also read: Technical Analysis: Long-Term Bitcoin Price Corrections to Come?

That’s right: your eyes are not playing tricks on you, I promise that you read that correctly.

I’ve seen my share of tinfoil-hatting on the subject of cryptocurrency and security, but Brandom’s conflation of these two completely different technologies takes the cake. The sheer ignorance required to put pen to paper and excrete a work like his recent article on the subject is astounding, but apparently achievable, as he so readily demonstrates.

For those  of you that aren’t fond of supporting the spread of FUD through ad revenue, I’ve compiled a few highlights:

“To understand how this could have happened, it’s necessary to know a little bit about how Ethereum works. The system is built on the same blockchain that powers Bitcoin.”

Indeed. ETH uses SHA256 based proof-of-work, all ETH transactions are logged transparently on the Bitcoin blockchain, bitcoin miners are rewarded in ETH upon a successful payout, changes to Ethereum need Bitcoin node consensus, and Vitalik Buterin continues to be one of the primary contributors to the Bitcoin specification.

Here’s an example of an equally accurate statement: ammonia is healthy to drink, because it’s a liquid, just like water.

“In hindsight, it’s easy to blame the developers for not spotting the problem early enough, but the nature of the DAO project put them at a disadvantage. A coder building a web database has decades of code and security standards to draw on, but coding on the blockchain is a completely new field.”

Oh, of course! We all know that traditional stores of personal information, financial services and networks are immune to malicious actors, because the technology they rely upon is older!

How naive of me to assume that an open source, frequently audited technology based on cryptography could have ever been secure when it isn’t based on protocols and standards from the early 80’s.

Regardless of the fact that this assumption about blockchain technologies recklessly ignores the scale of theft and fraud in traditional fintech, it also directly contradicts his previous statement about the DAO developers’ awareness of the vulnerability.

He is in effect claiming that not only are blockchain technologies hopelessly insecure because they are new, (because apparently traditional best security practices cannot transfer to new technologies) but also that the DAO developers, who knew about the bug, and decided not to halt trading, unlike several other similar DAOs, were not negligent.

The attack on the DAO clearly wasn’t a failing of blockchain security. Plenty of other DAOs are fine. The attack was a failing of people. The same people that claimed that the titanic Ethereum-based organization was unsinkable. They failed to address a publicly-known vulnerability properly, and there were consequences to their actions.

“Theft is a long-standing problem for cryptocurrency, particularly for any institution large enough to make a tempting target. In 2014, the foundational Bitcoin exchange Mt Gox was revealed as massively insolvent in the wake of a $400 million theft, an event that resulted in permanent damage to the currency’s reputation.”

I honestly don’t have it in me to mock this one.

Theft is a long standing problem with people, and this issue we collectively have applies to anything worth stealing, not just cryptocurrency.

This line of reasoning also dictates that no one should use knives because “Stabbings have been a long standing problem for knives, particularly with any blade large enough to puncture the skin.” But polearms, bayonettes, hatchets, axes, and the like are safer, because they don’t look like knives.

The Verge Doesn’t Know Much About the DAO, or Digital Currency in General

Brandom Could’ve just as easily used the 145 million account PayPal breach that happened the same year as Mt. Gox, or the $21 billion USD of US credit card fraud that occurred in 2014 alone to make his point about security, but he equates two unrelated thefts, on two distinct cryptocurrencies, because they both show up in the buzzword tag-cloud when you search for the term “blockchain.”

Mt. Gox and the DAO attack did not stem from problems with the underlying technology of cryptocurrency, but failings with the people behind them.

In the case of Mt. Gox, it was trusting the people in charge of the exchange to secure the traditional, web-facing elements of their business properly. For the DAO, it was an issue of trusting the developers to respond promptly to security problems, just like every other competently put together DAO did.

Sure, Bitcoin is an easy target, but that doesn’t excuse the lazy and inaccurate comparisons drawn between Mt. Gox, the DAO attack, Ethereum, and Bitcoin, nor the intellectually bankrupt reasoning behind the comparisons.

Whether they stem from ignorance on the subject of cryptocurrency or sheer lack of due diligence, I’d take anything Russell writes related to the field with a grain of salt moving forward.

I genuinely don’t know which is worse: the ignorant and fallacious assertions made by Brandom in his article, or that the Verge saw fit to print his drivel.

What do you think about mainstream coverage of the DAO incident? Is it accurate? Let us know in the comments below!


Image courtesy of Ethereum.

The post How the Verge Totally Misrepresented the DAO, and Bitcoin appeared first on Bitcoinist.net.

How the Verge Totally Misrepresented the DAO, and Bitcoin

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