Could Counterfeit BitCoins and Alternative Cryptocurrency be on the Horizon?
Among any BitCoin Community, the love for BitCoin for those involved, seems to never fade. Recent developments and commentaries, such as Jamie Dimon, CEO of JPMorgan Chase, may actually have some relevancy. While many, just like us, we may feel that calling Bitcoin "a scam" was instead a ploy to drop the price, followed by purchases by JPMorganChase Securities, and other financial institutions, one thing stands out, in my mind.----Fake Bitcoin.
What do I mean by Fake Bitcoin? Well, irregardless of the Blockchain ledgering, the nodes, and the voters and several authenticity measures, could it be possible that a wallet transaction code could, in fact, bring in a Seller with fake BitCoin?
There are several reasons, why, in fact, many people could have grave concern about the "trading", "buying and selling" of BitCoin, among other virtual currencies and altcoins. That is, ask yourself this simple question: What would it take to employ and generate the same mechanics, such as QR codes, random passwords, and both, a receiving channel and sending channel to send and receive a coin or token?
It doesn't take a rocket scientist to know that the sending and receiving of "something" that looks and seems the same, is in fact possible. While some wallets and websites promote earning BitCoin, have you ever asked yourself, "could it be possible that because the BitCoin or other coins were not in fact done by mining, but instead another method, mean a coin, sotashi, or alt coin, could in fact be illegitimate? And, an even more popular question should be: "who has access to the actual ledger to determine its authenticity?"
In the former years that Ive spent as a certified fraud examiner, I also spearheaded a forensic auditing company, and my personal experience spans over 20 years in the financial sector and international banking law. Don't get me wrong, I love and share the passion of blockchain, smart contracts, and a finite digital currency. That, of course, is continually forward thinking.
However, think about who actually put these wallets, coins, tokens, and programs together? Will the CTO's and programmers expose themselves and EVERY source code, put into their entire infrastructure, even if they have used or offer open source? Could it be that the many of the same miners having something great in common; That of a technology driven mind, and even moreover, programming and hacking skills, a skill that may be more concerning than we think? Don't get me wrong, but do programmers have the upper hand in the cryptocurrency space?
After 20 years of observing and spearheading core information architecture, the developers and programmers I've had relationships with certainly have the very same things in common; a passion to make something great, be part of something exciting, many knowledgeable of making algorithms, and the knowledge and know-how to make sure their coding has certain methods to which can protect themselves. I have to wonder -----is the same thing happening with the generation of actual bitcoin miners, programmers and developers?
Lets discuss the facts:
1. It is a well known fact that the Bitcoin's inventor is a pseudo-name "Satoshi Nakamoto", and yet no one publicly has admitted to be that party.
2. By the 1980's over 80% of the trading volume of the stock exchanges were algorythmic/robotic trading.
3. The launch of Bitcoin mining, was conveniently started towards the end of 2008, during the mortgage crisis.
4. Several bitcoins have been hacked.
5. Several wallets have been hacked.
6. Several exchanges, including the NYSE and even the Credit Reporting Agency, and the largest retail stores, and data storage facilities have been hacked.
7. Several Cryptocurrency Exchanges have been hacked.
8. Several companies are offering Bitcoin without the need to mine anything.
9. ICO's have been halted in China, and the Securities and Exchange Commission is further examining these potentials, as well as other Countries.
10. Pump and Dump schemes are ever rising.
11. People are able to simply purchase Bitcoins with a Credit Card, and other payments at a swipe.
12. Several exchanges and wallets, continue to emerge, and show different prices for Bitcoin.
13. Let's not forget that even the ever popular and original Ethereum blockchain was also limited and hacked, as well as several alt coins too.
14. Many Debit cards and other Wallets offering storage of Bitcoins have failed, and many are discontinuing.
15. Some exchanges and programs have admittedly provided that they allow the Selling of Bitcoin without owning it ( a term known as "Shorting"), though the Sellers position has yet to be proven if he/she/it had Bitcoin to cover their short; nor is it regulated to know if the Shorter can and/or will make the position available. This means the rise for price manipulation and phantom volume is every apparent, regardless of the finite number of Bitcoins.
With the masses of people now entering the market place, trying to find the best bitcoin wallet and top cryptocurrency exchanges are rising rapidly. These same people are turning wondering how to buy bitcoin, and what to do exactly to get started. These are the masses, the same people who are seeking the best investment for 2017. With all the the given technology messes and the current environment, one may ask:
"What's in Your HOT/COLD Wallet?"™
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Disclaimer: Nothing in this post is intended nor is to be construed as legal nor investment advice.
Copyright 2017 By Shawn Aaron, CEO and Founder of KushPay™. All Rights Reserved. [Dis]Claimer: Users and members of Steemit, Facebook, and Social media platforms may use, boost, reply, upvote, re-distribute this post among other platforms, and media channels provided that the entirety of this post is shared, and not just partially. KushPay is a registered trademark of KushPay Ltd. and it's respective owner(s) and assign(s).