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Debian Weekly News -

The Ruby team posted a report on their recent meet at IRILL in Paris from April 8 to 10 for the 2015 Debian Ruby Sprint. Pre-Jessie a large part of the results were sent to experimental; post-release the changes are being sent to unstable. The team triaged and/or fixed almost all of the important bugs in Ruby library packages, and while doing so discovered that the popular text-with-markup parsers bluecloth and redcloth were unmaintained upstream; the team would like to encourage anyone to work on these projects upstream. Obsolete packages were identified and requests for removal filed and/or prepared. The obsolete githubredir service has been removed, and a long-standing issue with the handling of the /var/lib/gems/$VERSION paths resolved: for Stretch and beyond, they will be shipped with the interpreter itself. The team also worked on improving the support for Reproducible builds, porting work for Ruby 2.2, whitelisting Ruby Packages in Debian CI, and packaging improvements.

The newsletter for the Debian community

Debian Weekly News -

Niels Thykier updated the status of experimental ddeb support which aims to automatically produce debugging symbols for everything in the archive, without developers needing to add -dbg packages. Currently a consensus has been reached on using the ".deb" extension for ddebs for Automatic Debug Packages. Debhelper has the necessary patches to produce compliant ddebs with the .deb extension. Work is ongoing on support in dak, as well as progress in debhelper toward removing and reverting patches. Niels kindly included an FAQ and outlined the most recent changes.

A challenge to improve reproducibility

Debian Weekly News -

GSOC student Eduard Sanou updated his status on Reproducible builds in Debian. Many packages in Debian are built with a fair amount of unique data, such as build machine names, unique IDs, and timestamps that may unfortunately produce different results when they are built on different machines. The project goal is to achieve the same binaries independently of what machine builds the package for production. Eduard introduces himself with some of his background, motivation, and separately the benefits of this coding work.

An official mirrors redirector

Debian Weekly News -

Raphael Geissert announced the availability of an official Debian service, httpredir.debian.org, acting as a Debian mirrors redirector. This service, known as http.debian.net before it was hosted on Debian infrastructure, "allows many of the nearly 400 Debian mirrors to be available via a single address, adapting to your network location, IP family connectivity, and service availability", says Raphael. To use this service with Debian Jessie, just put deb http://httpredir.debian.org/debian jessie main in your /etc/apt/sources file.

Privacy Advocates Resign in Protest Over U.S. Facial-Recognition Code of Conduct

The Intercept -

Technology industry lobbyists have so thoroughly hijacked the Commerce Department process for developing a voluntary code of conduct for the use of facial recognition technology that nine privacy advocates involved withdrew in protest on Monday.

“At a base minimum, people should be able to walk down a public street without fear that companies they’ve never heard of are tracking their every movement — and identifying them by name – using facial recognition technology,” the privacy advocates wrote in a joint statement. “Unfortunately, we have been unable to obtain agreement even with that basic, specific premise.”

The Commerce Department, through its National Telecommunications and Information Administration, brought together “representatives from technology companies, trade groups, consumer groups, academic institutions and other organizations” early last year “to kick off an effort to craft privacy safeguards for the commercial use of facial recognition technology.”

The goal was “to develop a voluntary, enforceable code of conduct that specifies how the Consumer Privacy Bill of Rights applies to facial recognition technology in the commercial context.”

But after a dozen meetings, the most recent of which was last week, all nine privacy advocates who have participated in the entire process concluded that they were totally outgunned.

“This should be a wake-up call to Americans: Industry lobbyists are choking off Washington’s ability to protect consumer privacy,” Alvaro Bedoya, executive director of the Center on Privacy & Technology at Georgetown Law, said in a statement.

“People simply do not expect companies they’ve never heard of to secretly track them using this powerful technology. Despite all of this, industry associations have pushed for a world where companies can use facial recognition on you whenever they want – no matter what you say. This position is well outside the mainstream.”

Ben Sobel, a researcher and Google Policy Fellow at the Center on Privacy & Technology, wrote last week for the Washington Post about the extraordinary advances in facial-recognition technology that have gone largely unnoticed by the public. “Being anonymous in public might be a thing of the past,” he wrote.

He noted that while there are no federal laws that specifically govern the use of facial recognition technology, some states do. “Both Illinois and Texas have laws against using such technology to identify people without their informed consent. That means that one out of every eight Americans currently has a legal right to biometric privacy,” he wrote.

(This post is from our blog: Unofficial Sources.)

Photo illustration: Chris Jackson/Getty Images

The post Privacy Advocates Resign in Protest Over U.S. Facial-Recognition Code of Conduct appeared first on The Intercept.

Bitcoin Advertising Platform BitMedia.IO Receives $100 000 Investment Offering Professional Bitcoin And Cryptocurrency Ad Options

Bitcoin Magazine -

Bitcoin Press Release: Founded by former CEX.IO executive officer Matvey Dyadkov, professional Bitcoin advertising platform BitMedia.IO is pleased to announce launch after receiving a $100 000 investment.

London based Bitcoin advertising network BitMedia.IO was co-founded by former executive officer of CEX.IO Matvey Dyadkov in 2014. BitMedia.IO was created to not only fill the need for a professional advertising service in the Bitcoin ecosystem, but also to expand the Bitcoin community and become its integral part. The project was made possible owing to a $100 000 investment made by the CEO of BitMedia.IO and a private angel investor. BitMedia.IO’s advertising engine has been coded from scratch and the team has extensive experience in working with Big-Data and High-Load technologies. They have applied their knowledge to build an unparalleled Bitcoin advertising network and continually optimize algorithms as much as possible.

The company can be proud of its professional and enthusiastic team, who successfully collaborate even though located in different parts of the world. Moreover, they have announced that new job opportunities are opening up shortly for skilled members of the digital currency community. Core members of the team include professional programmer and developer Matvey Dyadkov – BitMedia.IO CEO. Core developer and former Apple employee Paul Getta is responsible for the elaboration of the client side applications. Experienced senior marketer Donna Peterson manages the development and implementation of marketing strategies.

The professional Bitcoin advertising network offers good advertising and high quality traffic, complete anonymity, unique knowledge of the audience, fast and convenient settlements and application of brand new and powerful traffic analysis technologies. BitMedia.IO also offers effective ads at affordable prices with minimum bid price starting as low as 0.0001 BTC per click.

The main difference between BitMedia.IO and other Bitcoin advertising networks is that BitMedia.IO has been built from scratch by the passionate and experienced team. They have many years of professional experience in both advertising and Bitcoin industries. The team has successfully integrated this key knowledge and experience to produce a digital currency advertising network that is unprecedented in the world of Bitcoin. The team offers the highest quality service for their clients, and the platform has the most detailed analytics among all Bitcoin advertising networks.

BitMedia.IO’s algorithms automatically choose the most effective advertising space, taking into account the history of the impressions, and the interests of each visitor. By running multilayer advanced traffic analysis and proprietary algorithms to supply real and checked visitors only, BitMedia.IO thoroughly choose websites, focused on cryptocurrencies and Bitcoin in particular to place ads on.

BitMedia.IO’s experienced team has many plans for the future. One of them is to enter the RTB market. They are now working on the software that will enable them to exchange traffic with other ad agencies. The tech focused team is also exploring disruptive options like decentralised traffic exchange systems, with more details to come soon.

BitMedia.IO’s team strongly believes that the main factors holding Bitcoin back is that it is unknown, and misunderstood by many people. Through developing a custom built, cutting edge professional Bitcoin advertising network BitMedia hopes to play a key role in the mainstream adoption of Bitcoin and digital currencies.

Having received a $100 000 investment, BitMedia.IO is on the cutting edge of Bitcoin advertising with many plans to expand in the future. The company’s mission is to provide Bitcoin users with up to date information regarding new services and facilities, committed to the growth of Bitcoin as a fundamentally disruptive technology.

To learn more please go to: http://BitMedia.IO

Media Contact

Name: Donna

Email: donna@bitmedia.io

Media Kit link: https://goo.gl/Hd4y4z


About Bitcoin PR Buzz:

Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

The post Bitcoin Advertising Platform BitMedia.IO Receives $100 000 Investment Offering Professional Bitcoin And Cryptocurrency Ad Options appeared first on Bitcoin Magazine.

After Two Years of Development, Bitcoin Alternative Diamond Coin (DMD) Offers 50% Annual Interest

Bitcoin Magazine -

Bitcoin Press Release: Backed by the Diamond Foundation and an array of price stability mechanisms and professional services, long term valuable digital currency DMD is a stand-out in an increasingly crowded digital currency space. DMD is soon to celebrate its second birthday.

With almost 2 years of ongoing development, Diamond Coin’s philosophy is to create long term stability through sensible management and an ever expanding network of supporting services. Diamond Coin strives to be a stable and secure digital currency with 50% interest annually and advanced security protocols and algorithms.

The team’s unique approach overcomes challenges like inflation control, price volatility, security and sustainability by incentivizing holding rather than spending. Diamond Coin’s future plans involve an entire ecosystem of Bitcoin 2.0 decentralized services with an increasing spectrum of digital currency financial instruments.

DMD stake holders are automatically eligible for 50% interest per annum in a straightforward process known as “minting”. When minting the DMD adopter obtains some coins, and holds them in the Diamond Wallet for a given period of time which in turn generates new coins. Minting withdraws the DMD from the supply chain for staking, contributing to price stability, as well as securing the network through improved Proof-of-Stake technology.

In order to control DMD inflation and bring it in line with the annual rate of physical gold extraction, minting rewards will be successively reduced over the coming decades. The early adoption period for Diamond Coin has been set to last for a few years; a time frame that is uncommon in the digital currency industry. This requires a long term commitment that will translate into a slow but cumulative effect of organic growth. Such a model is also a pledge on behalf of the DMD developers to think strategically and long term.

To deal with price volatility the Diamond Coin ecosystem currently has two key mechanisms to help ensure the value remains stable. The first is the Diamond Multipool that allows participants with their own computer hardware to mine currencies with almost any algorithm and receive DMD in return. The second service Diamond Cloud Mining enables anyone to collectively mine BTC in the cloud and convert this into DMD payouts. The system has proven to be adaptive, sustainable and rewarding for its participants.

The Diamond Coin Foundation developers treat network security as a continuous challenge that needs to be addressed and developed to remain a step ahead of potential security threats. Improvements in protocols and software optimizations provide a streamlined client for the end user. Employing a Hybrid Security of two separate protocols working in tandem is the cornerstone of Diamond Coin’s security. To further strengthen security Diamond Coin implements ‘Reactor’, a protection tool that provides the benefit of additional safeguards along with the price stability mechanism of Diamond Cloud Mining.

Visit the official DMD website for more information: https://bit.diamonds/

To trade DMD with Bitcoin please go to: https://www.cryptsy.com/markets/view/DMD_BTC

Trade DMD on Bittrex: https://bittrex.com/Market/Index?MarketName=BTC-DMD

Visit Diamond Coin on bitcointalk: https://bitcointalk.org/index.php?topic=580725

Follow DMD on twitter: http://twitter.com/dmdcoin

Media contact

Name: Aleksander Ray

Email: contact@bit.diamonds

City and Country Location: Manchester, UK


About Bitcoin PR Buzz:

Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

The post After Two Years of Development, Bitcoin Alternative Diamond Coin (DMD) Offers 50% Annual Interest appeared first on Bitcoin Magazine.

Digital Currency DNotes to Present at NASDAQ in New York – Builds on Bitcoin’s Shortfalls

Bitcoin Magazine -

Bitcoin Press Release: Bitcoin alternative DNotes’ co-founder Alan Yong will be joining the “Innovation Spotlight: Digital Currencies” panel at Silicon Dragon, to be held at the NASDAQ on June 22nd, 2015. DNotes is a second generation digital currency focused on long-term adoption, scalability, and solving real-world issues.

DNotes co-founder Alan Yong is pleased to be joining the Innovation Spotlight: Digital Currencies panel at this year’s Silicon Dragon event, to be held in New York at the NASDAQ on June 22nd. Alan Yong is an experienced tech entrepreneur having founded personal computer company Dauphin Technology in 1989. Francesco Rulli, President of bitLanders and bitCharities, will also be part of the panel, along with Sarah Martin, VP at Digital Currency Council. The panel will be moderated by Porter Bibb, Managing Partner at MediaTech Capital Partners.

Stable Bitcoin alternative DNotes is focused on long-term adoption and solving real-world issues for the unbanked and people worldwide from all walks of life. DNotes’ ecosystem includes the world’s first Cryptocurrency Investment Savings Plans (CRISPs) for retirees, employees, students, and children worldwide. CRISPs include a 100% deposit guarantee and bonus interest for retirement CRISPs participants. DNotes also funds cryptocurrency neutral site CryptoMoms in order to aid women’s participation in cryptocurrencies.

Bitcoin has correctly been credited as the most disruptive technology in the monetary system since the debit card. However, Bitcoin has been hit with countless negative headlines and has arguably settled with a very limited purpose as a speculative trading vehicle. Some believe Bitcoin is failing to meet the full function of money and gain mass acceptance as it is too costly to acquire, and too volatile as a store of value and medium of exchange.

But Bitcoin’s ground-breaking technology laid the foundation for improved and more advanced cryptocurrencies that have a real chance to make it into the mainstream and revolutionize the monetary system just as the debit card once did. The main innovation stemming from Bitcoin is trustless transactions, meaning transactions are fully decentralized and do not rely on a central bank or government. Bitcoin also introduced the primary innovation of blockchain technology; a public ledger where all Bitcoin transactions are recorded indefinitely together with all Bitcoin ‘blocks’ that have been mined to secure the network.

DNotes is the second generation Bitcoin alternative digital currency taking full advantage of the pioneer Bitcoin’s innovation while avoiding the pitfalls. It was clear early that DNotes strives to maintain reliable long-term appreciation building stability, trust, and currency value in line with fundamental value.

DNotes is a currency with a purpose with global initiatives to help solve global problems. There are currently 2.5 billion people worldwide that do not have a bank account, insurance, or are under-served by banks and financial service companies. DNotes is beneficial for the unbanked as it does not require a stable government, includes inexpensive transactions, minimal exchange fees, and near zero remittance costs for sending money to any country. No ID is required for people who do not have one or do not trust their governments. DNotes has the potential to change the wealth of nations and their citizens by enabling anyone, anywhere to tap into the emerging wealth creation opportunities provided by digital currency.

Bitcoin will most likely go down in history as one of the greatest technology revolutions in history. Bitcoin as a currency is an integral part of the technology pack, powered by the Blockchain as the most innovative protocol of decentralized distributed consensus ledger ever conceived. DNotes, designed from the ground up with a purpose as the stable trustworthy digital currency for everyone, is destined to possibly become the global Digital Currency of the future with lasting value. With an ecosystem that currently consists of DNotesVault, Cryptocurrency Investment Saving Plans and CryptoMoms, DNotes is the currency with the highest potential for mass global acceptance. The DNotes ecosystem consists of highly scalable buildings block to expand rapidly on a global scale at the most opportune time.

About Alan Yong:

DNotes Co-Founder Alan Yong is a well -regarded visionary since the early days of personal computers. He founded Dauphin Technology in 1989, which had contracts with the US Department of Defense, and is best known for creating the Dauphin DTR, the most powerful window-based miniature computer that competed head-on with Apple’s Newton computer that became the Apple Iphone as we know it today. In 2007, Yong co-founded Smokeys Daylily Gardens, one of the largest daylily growers in the world. Smokeys Daylily Gardens is the first merchant to accept DNotes as payment for its products.

About DNotesVault and CRISP:

DNotes is a currency for everyone – unborn to most senior, rich or poor. Over the last year DNotes successfully launched the world’s first Cryptocurrency Investment Savings Plans (CRISPs) for employees, children, students, and retirement. CRISPs provide a 100% guarantee matching fund verifiable on the transparent blockchain and embedded in DNotesVault.com infrastructure. For the first time, DNotes’ CRISPs and DNotesVault allow anyone worldwide to take advantage of the unprecedented opportunities provided by digital currency.

About CryptoMoms:

In 2014 DNotes founded Cryptomoms.com, an online community to encourage and assist women to participate in the emerging world of cryptocurrencies overwhelmingly dominated by men. Surveys from 2014 show that 95% of cryptocurrency participants are male even though women account for 50% of the buying power. CryptoMoms is a platform fully equipped with a forum, chat, information pages and a full guide on how to store, buy, and sell digital money. It is clear that in order for digital currencies to become truly mainstream the gender imbalance must be corrected.

About Silicon Dragon:

Silicon Dragon is a news, events, and research group covering innovation and investment hubs in the Silicon Valleys of the world, and provides insights to strategize and profit in the world’s top tech innovation centers. The next Silicon Dragon event will be held on the 22nd of June at the NASDAQ in New York where Alan Yong will be attending as a panelist on the Innovation Spotlight: Digital Currencies Panel.

For more information please visit: http://dnotescoin.com

To trade DNotes with Bitcoin please go to: http://poloniex.com/exchange#btc_note

To learn more about DNotesVault and CRISPs please go to: http://dnotesvault.com

Follow DNotes on twitter: http://twitter.com/dnotescoin

Media contact:

Name: Alan Yong

Email: Contact@DNotescoin.com


About Bitcoin PR Buzz:

Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

The post Digital Currency DNotes to Present at NASDAQ in New York – Builds on Bitcoin’s Shortfalls appeared first on Bitcoin Magazine.

Living Room of Satoshi Launches ‘Pay Anyone’ Bitcoin Payment Service to Any Australian Bank Account

Bitcoin Magazine -

Australian Bitcoin payment company Living Room of Satoshi announced that its new “Pay Anyone” service allows Australians to pay bitcoin directly to any bank account.

“Bitcoin users can now pay their friends, tradesmen and anyone else; even if the recipient has no knowledge about bitcoin,” says Living Room of Satoshi CEO Daniel Alexiuc. “This is a vital piece of payment infrastructure that is now available to all Australians.”

Living Room of Satoshi is a payments company that enables payment of any bill that uses the BPAY system using bitcoin. Customers can spend bitcoin to pay phone bills, electricity bills, school fees, credit cards, tax payments and more. Founded in 2014, the company has processed more than $500,000 of Australian bills using bitcoin.

BPAY is an electronic bill payment system in Australia which enables payments to be made through a financial institution’s online, mobile or telephone banking facility to organizations which are registered BPAY billers. BPAY is a registered trading name of BPAY Pty Ltd, a wholly owned subsidiary of Cardlink Services Limited. Cardlink is owned equally by the four major Australian banks: Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation.

“Today BPAY offers fast, secure and convenient bill payments through over 150 Australian financial institutions, such as banks and credit unions, covering over 95 percent of the consumer banking market,” states the BPAY website. “That means most Australians can now enjoy the convenience of paying their bills with BPAY. And with BPAY offered on over 44,000 bills (via 22,000 billers and more than 22,000 Sub Billers), these businesses cover a spectrum of industries with over 354 industry (ANZSIC) codes represented in the BPAY biller file. We now accept more payments than ever. In fact, each month we help process more than 30 million bills worth more than $24 billion – with around 92 percent of these paid through a customer’s online or mobile bank.”

“All of our customers find Bitcoin a fast, secure and convenient way to pay bills,” said Alexiuc in a recent interview published on the Australian edition of CIO Magazine. “You can see from our graphs page that our customers are paying all sorts of everyday bills, from toll road charges to tax bills. Many use Living Room of Satoshi to pay off their credit cards with Bitcoin, which opens up an even greater range of places to spend bitcoin.”

He added that, in Australia, by far the biggest impediment to the adoption of Bitcoin is the recent GST (Goods and Service Tax) ruling. According to Alexiuc, Bitcoin is a nascent and unprecedented technology that regulators are still struggling to comprehend, and therefore the software developers in Australia need to continue to innovate and demonstrate the utility of bitcoin, which will in turn shape regulation. It needs to be easy for businesses to transact completely in bitcoin – to sell products in bitcoin, pay their staff in bitcoin and purchase supplies in bitcoin.

The post Living Room of Satoshi Launches ‘Pay Anyone’ Bitcoin Payment Service to Any Australian Bank Account appeared first on Bitcoin Magazine.

Blockchain Workshop to Educate Financial Industry About Digital Currency

Bitcoin Magazine -

Today’s Blockchain Workshop will attempt to bring financial industry executives, regulators and digital currency entrepreneurs together to learn about the impact and potential of decentralized ledger technologies.

Blockchain Workshop runs June 15-16 at the Millennium Hotel in London and hosts a series of talks covering emerging blockchain payment networks, regulatory challenges, financial inclusion and more. The event is organized by Constance Choi, founder of blockchain law firm Seven Advisory, as well as two Harvard law professionals: Law Lab Co-director John Clippinger and Berkman Center for Internet & Society Research Fellow Primavera De Filippi.

“We believe that the rapid emergence of blockchain technologies presents revolutionary opportunities and challenges to the future of modern society as we face the 21st century,” Choi told Bitcoin Magazine. “The fundamental lack of understanding of these complex technologies has impaired exploration, innovation and deployment. We started this initiative to address blockchain policy issues through a multi-stakeholder approach.”

Demystifying the Blockchain

The conference’s location in London is not by accident. The city recently has been recognized as the world’s leading hub for financial technology and Bitcoin startups. The region’s financial focus is represented in the event’s partners and sponsors. Deutsche Bundesbank, the University of Oxford and the European Commission’s Startup Europe are some of the event’s partners, and sponsors include Barclays Bank, international law firm Bryan Cave and Swedish Bitcoin exchange Ecurex.

The conference will kick off with an introduction to digital currency and blockchains, covering Ripple, Ethereum, Eris, Bitcoin and others. Then talks get into the nitty gritty of the economics behind these emerging platforms with a keynote by Houman Shadab of New York Law School.

The event then transitions into one of the most talked about finance topics of the decade: financial inclusion. Yussar A.F. Abar, former governor of Central Bank of Somalia and vice president at Citigroup, will lead a talk about how blockchain technology could help those without bank accounts in Africa and beyond.

The next day starts with a keynote by IBM database programmer and Ethereum developer, Henning Diedrich, who will show how blockchains could be used to secure and facilitate transactions between the Internet of Things. The event will then go on to explore who and what will be regulated under new decentralized schemes for corporations and financial institutions. BlockchainWorkshop will end by going over existing or potential use cases, such as supply-chain payments, crowdfunding and monetization of art.

The post Blockchain Workshop to Educate Financial Industry About Digital Currency appeared first on Bitcoin Magazine.

Lloyd’s Report Analyzes Bitcoin Risks for Insurers

Bitcoin Magazine -

More and more Bitcoin businesses are adopting mainstream practices and seeking insurance for their operations. A report by top insurance market operator Lloyd’s, published on June 12 and targeted at insurance service providers, highlights the key risk factors for the insurance of Bitcoin operations.

Lloyd’s, an insurance market located in London, is one of the best-known names in the insurance sector. It operates as a marketplace within which multiple financial backers come together to pool and spread risk. Lloyd’s itself does not underwrite insurance business, leaving that to its members. Instead, the society operates as a market regulator, setting rules under which members operate and offering expert advice and centralized administrative services to members.

The report suggests that the technology, procedures and practices that underpin Bitcoin are maturing. “Nevertheless, legitimate concerns remain over security risk and the potential for criminal exploitation,” notes the report. Lloyd’s does not, therefore, endorse the insurance of Bitcoin operations, but rather “aims to contribute to the assessment of these risks for insurance purposes.”

Lloyd’s shares a positive assessment of the benefits of Bitcoin, now widespread in the mainstream financial sector.

“In essence, Bitcoin offers a low-cost, relatively fast means to transfer value anywhere in the world; the only real constraint is the availability of an Internet connection. As such it offers a lower-cost alternative to established banking and money transfer systems, which require a bank account and/or the payment of fees,” states the report, adding that Bitcoin can bring global payment technology to populations unable to access or afford conventional banking methods.

These benefits could be significant for a wide range of users around the world. Insurance, according to Lloyd’s, can be a component of responsible risk management to enable the next phase of Bitcoin’s evolution.

At the same time, Lloyd’s is persuaded that the security risk of Bitcoin operations will never be reduced to zero. It can, however, be mitigated by the use of professional security measures and the adoption of recognized standards for secure bitcoin storage. The security measures required for Bitcoin should include both the physical and personal protection measures routinely applied for cash, and the cybersecurity measures required for sensitive data.

Lloyd’s also invites the Bitcoin community to cooperate with law enforcement to prevent Bitcoin from becoming “synonymous with crime” in the public perception.

The Lloyd’s report includes a thorough description, by Jerry Brito and Peter Van Valkenburgh of Coin Center, of operational risks associated with theft. Brito and Van Valkenburgh cover both local risk – the risk that thieves steal bitcoin from specific users or operators, and global risks – for example, 51 percent or Sybil attacks.

In conclusion, Coin Center advises that insurers and industry observers keep tabs on whether a business is employing modern controls such as multi-sig, cold storage and hybrid wallets.

Garrick Hileman, of the London School of Economics, and Satyaki Dhar analyze risks not related to malicious intent, including market volatility and regulatory uncertainty, which should be factored in when assessing the overall risks of Bitcoin operations. For example, European authorities have discouraged banks from transacting with bitcoin or interacting with Bitcoin companies, which has limited the ability of Bitcoin businesses to connect with the broader financial system and grow. The conclusion of Hileman and Dhar is that there are no clear solutions on the horizon for these risks.

It’s to be hoped that the publication of this report by a leading insurance expert will facilitate the consolidation of best practices in risk assessment, and help Bitcoin businesses in obtaining insurance for their operations.


Image via Lloyds.com

The post Lloyd’s Report Analyzes Bitcoin Risks for Insurers appeared first on Bitcoin Magazine.


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