[kictanet] World's biggest ever digital currency 'theft'

[Adam Lane]

Let’s not forget the biggest flaw of all with crypto currencies is that they depend on basically wasting energy (Which may or may not be sustainably produced, even so it could be better used than on crunching pointless numbers):

·        In 2017:

     *   42.67 TWh: The annual energy consumption of Bitcoin and Ethereum combined
     *   0.19%: The percentage of the world’s electricity used by Bitcoin and Ethereum
     *   8.49: The number of U.S. households that could be powered for a full day with the same energy as single bitcoin transaction


Senior Director, Public Affairs
Huawei Southern Africa
Mobile: +254-7909-85886

From: kictanet [mailto:kictanet-bounces+adam.lane=huawei.com at lists.kictanet.or.ke] On Behalf Of Admin CampusCiti via kictanet
Sent: Sunday, January 28, 2018 6:12 PM
To: Adam Lane <adam.lane at huawei.com>
Cc: Admin CampusCiti <info at campusciti.com>
Subject: Re: [kictanet] World's biggest ever digital currency 'theft'

Lesson:-

That we are not safe anywhere from thieves? :-)

Seriously though one of the fundamental flaws of cryptocurrencies is that once you have been liberated from your cryptos you have no recourse. This is a design flaw that we are all hoping will be resolved. Sooner rather than later.
Ali Hussein
Hussein & Associates
+254 0713 601113


Twitter: @AliHKassim

Skype: abu-jomo

LinkedIn: http://ke.linkedin.com/in/alihkassim
Blog: www.alyhussein.com<http://www.alyhussein.com/>


"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought".  ~ Albert Szent-Györgyi


Sent from my iPad

On 27 Jan 2018, at 8:53 PM, Victor Kapiyo via kictanet <kictanet at lists.kictanet.or.ke<mailto:kictanet at lists.kictanet.or.ke>> wrote:
Dear Listers,

One of Japan's largest digital currency exchanges says it has lost some $534m (£380m) worth of virtual money in a hacking attack on its network.

Coincheck suspended deposits and withdrawals for all crypto-currencies except Bitcoin as it assessed its losses in NEM, a lesser-known coin. If the theft is confirmed, it will be the largest involving digital currency. Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.

Read more: http://www.bbc.com/news/world-asia-42845505#<http://www.bbc.com/news/world-asia-42845505>

What lessons can we learn from this?

Regards,


Victor Kapiyo
Partner | Lawmark Partners LLP
Advocate of the High Court of Kenya, Commissioner for Oaths & Notary Public
Suite No. 8, Centro House, Westlands, Nairobi | Web: www.lawmark.co.ke<http://www.lawmark.co.ke>
====================================================
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