Category: Blockchain

A legitimate Bitcoin evolution?

25. October 2018 at 23:00Category:Blockchain

In addition to an extensive bounty program, almost 6% of the total coin supplies should be in the hands of the team behind MoneroV. This represents a significant centralization; accordingly, it quickly came to the accusation that the project primarily wanted to enrich itself. Ryan Hildreth’s endorsement is also sceptical, as he was also involved in BitConnect.

Above all, one point became important: the Bitcoin evolution

Using Monero keys to claim currencies created by a Bitcoin evolution is an attack on privacy. By using the same private key in two different contexts, some information about ring signatures is given to third parties. This can endanger not only their own anonymity, but that of the entire Bitcoin evolution network.

As long as the heads behind MoneroV do not recommend generating new private keys on the fork, participation is not advisable.

This is not only important for lovers of anonymity, but also for the investor. Free money is always great, only it endangers the primary use case of your investment. The crash of BitConnect a few weeks ago showed how low the price can fall with a destroyed use case.

About a Bitcoin evolution

I also know from my own experience that this is a foreign word for some companies. Everyone wants to benefit from the Bitcoin evolution, but no one wants to hear that this also entails dangers.

Spend money on Bitcoin evolution? Some people may frown, but once a network is infected or a crypto-locker takes the database hostage, every effort is made to get the child out of the well.

The virtual world, in my opinion, is seen far too much like a traditional fistfight. Dangerous half-knowledge is coupled with overestimated self-confidence. The result is that one goes into a fistfight with empty hands – and the opponent carries a rifle.

Let’s learn better from the newcomers of our technical scene. Let’s learn better from Blockchain, Bitcoin, Ethereum, Monero and all others. Because one thing is clear: It is more than absurd to think that cybercrime simply disappears into thin air by itself.