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How does a nefarious team of hackers trickle crypto coins back into circulation in exchange for USD, or Yuan, or Yen, or Great British Pound, or any other global or regional classic currency?
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First Subtitle
Hint. Mt Gox, an Internet bitcoin exchange operating out of Tokyo, Japan got clipped for 700,000 BTC from the year 2011 till its demise in Feb 2014.
More to come …
Two Coins
One of the coins expected to hit the market in 2025 via Initial Coin Offering or ICO is our Medcoin™ Tangerine Copper coin patterned against our federally registered Medical Marijuana Initiative USPTO Trade Mark Logo Badge.
Tangerine Copper
Gold Badge
The other coin expected to hit the market in the year 2025 is our Medcoin™ Gold coin also patterned against our federally registered Medical Marijuana Initiative USPTO Trade Mark Logo Badge, as well.
As follows,
Hack Worth
Answer: They either launder the coins in return for the proceeds ( tax free ), or they purchase goods and services with their “anonymous” coins, or the developers at bitcoin “fork” the block chain at the point of attack.
700,000 BTC x $4,000 USD = $2,800,000,000
Got enough zeros in your calculator window for that?
That’s eight (8) zeros behind four (4) times seven (7).
The total = $2,800 million.
In British terms, that is two-thousand eight-hundred million dollars USD.
Because the Mt Gox hack was ongoing, where to “fork” the block chain became problematic for the original bitcoin developers.
As a result, 700,000 KNOWN bitcoin still roam the earth looking for a home from the Mt Gox catastrophe of #2014.
Some have surely made their way into the block chain.
If you want to stoke a little inflation in the capital markets, give a couple of well connected people a couple of billion dollars worth of bitcoins to spend.
What other than the mathematical computational work performed by a bitcoin Miner that originally gave rise to the coin in batches of (25) coins, just to be able to “win” permission to write a batch of transactions to the block chain, directly consuming ever growing huge amounts of electricity and computer infrastructure in the process, all at a detriment to the environment through the release of copious amounts of damaging entropy …
What is there in terms of goods and services, in terms of “sweat equity”, that justifies even the single conversion of one bitcoin as payment for any viable good or service performed?
Now, THAT’s inflation.
Too many bitcoins, converted to dollars, chasing too few goods and services.
Up goes the price.
Should you buy, hold, sell?
When in doubt, “Hodl …!”
Hardware Wallets
Address management is the key to holding a Hardware Wallet.
You’ll have more than one bitcoin address.
Many more bitcoin addresses if you wish to keep your activity semi-anonymous.
When a transaction hits the mined block of the block chain, the bitcoin address of “where from” to “where to” is always recorded.
Tip. Use a different bitcoin address every time you receive coin and never reuse an old bitcoin address.
Why? Because as soon as you receive a bitcoin at a specific address, the transaction enters the block chain.
Receive and disburse from the same address over multiple transactions and a pattern has been established.
Hackers love patterns.
Block Chain Size
How much does the bitcoin block chain currently weigh in at?
Answer: Less than a terabyte of data.
A terabyte consists of a 1,000 gigabyte(s).
The bitcoin block chain weighs in at around 120 GB as of #2017.
Last Subtitle
More to come …
Note. The above synopsis was derived from an article written by Eric Morse [1] and The Medium [2].
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Medium: Building A Block Chain In Less Than An Hour. Published by © 2017 FreeCodeCamp.com
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