Bits and Bytes

Bitcoin; Ethereum; and the IoT

By Paul Rosenzweig
Wednesday, July 26, 2017, 12:12 PM

Bitcoin is loosing market share. "For the last two years, rival factions have been vying for control of the Bitcoin virtual currency and its global network of computers and supporters. Now, one of the main camps is preparing to break off and create a competing version of Bitcoin. A group of investors and entrepreneurs, most of them based in Asia, have announced a plan to create what they are calling Bitcoin Cash, starting next week."

Good thing they aren't relying on Ethereum. "Yesterday, a hacker pulled off the second biggest heist in the history of digital currencies. Around 12:00 PST, an unknown attacker exploited a critical flaw in the Parity multi-signature wallet on the Ethereum network, draining three massive wallets of over $31,000,000 worth of Ether in a matter of minutes. Given a couple more hours, the hacker could’ve made off with over $180,000,000 from vulnerable wallets." Happily, someone stopped him.

When I say "Internet of Things" nobody knows what it means. "The phrase 'Inerent things' usually references the growing connectivity among sensors, smart devices and people, but a computer scientist at the National Institute of Standard and Technology believes that phrase is useless and doesn’t mean anything."