While banks are increasingly evaluating the merits of Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term technology, they are typically not mentioned in the same sentence as Bitcoin XT, the controversial proposal to increase Bitcoin's block size.
Today, however, they have the unfortunate privilege of sharing at least one thing in common: both have reportedly become targets of DDoS (distributed denial of service) attacks. These involve an attacker, from distributed points of origin, attempting to overwhelm a central server with enough requests to knock it out of service.
In the wilder days of 2013 -14, and to an extent, even today, such attacks were a common problem faced by bitcoin exchanges and other services. In those cases, the strategy was to overwhelm the system so as to break down its defenses that protect precious assets, such as bitcoin wallets.
The elementary damage is simply the downtime experienced by the website. According to Neustar, cited by Bloomberg in a piece on the latest wave of attacks hitting banks, large enterprises stand to lose as much as $100,000 per hour. There is also reputational damage inflicted when customers begin to question the service's reliability.
Indeed, at least two companies- a bitcoin gambling business and an unnamed bank- have caved in during the latest 'DD4BC' attacks. An acronym for "DDoS for Bitcoin", the gang threatens to take down websites if a bitcoin ransom isn't paid by a certain time. Demands range from 25 BTC ($6,150) to 100 BTC ($25,000).
And the attackers are not forgiving. After an initial attack to prove their capabilities, the victim is warned that a full-scale version will be unleashed if payment is not received within 24 hours. "But if you ignore us, and don't pay within 24 hours, long term attack will start, price to stop will go to 100 BTC and will keep increasing for every hour of attack," say the attackers, via e-mail.
Once payment is made, the victim is ostensibly off the hook. "Remember this: It's a one-time payment. Pay and you will not hear from us ever again! We do bad things, but we keep our word."
DD4BC is one of the latest weapons in an arms race between cybercriminals and cybersecurity. A popular iteration reported earlier this year was ransomware such as CryptoLocker that locks a victim's files, threatening to render them permanently encrypted if a bitcoin ransom isn't paid.
In all cases, Bitcoin is the trusted agent for payment, leaving the attackers practically anonymous and not apprehendable, and the payment irreversible.
Bitcoin XT Gets Its Turn
The heated, at times ugly issue of Bitcoin's block size may have stooped even lower. MIT Technology Review reports that several supporters of Bitcoin XT were DDoS'ed. Satoshilabs, which operates Slush Pool, was reportedly hit. It received a message that the attack would only end once it turns off its support for Bitcoin XT. Support for the implementation is expressed by miners, but it is believed that the number has dwindled lower due to such attacks.
ChunkHost, a web Hosting
Hosting
Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Since most forex infrastructure is located at a couple of locations globally, it is wise for the broker to co-locate its infrastructure. The industry’s hotspots are London’s LD4 and LD5, New York NY4 and NY5, Tokyo’s TY3 and Hong Kong’s HK1.Hosting services can be handled internally directly with the datacenter or by using one of the available hosting solutions providers servicing the industry. The world’s most advanced data centers offer specialized products that support evolving equipment standards and technology requirements. This is essential for brokers or exchanges, many of which require a blend of physical security and power usage with turnkey relocation services and support globally.In addition to overall speed, such connections are also very helpful in minimizing security threats. Many companies even outside the finance industry prefer to rely on these types of advances hosting services.The advent of cloud hosting has also led to efficiency improvements, especially for execution and operations. This technology also gives banks a greater opportunity to drive out complexity. Hosting through the cloud also helps develop and launch new and bundled products and services, either on a stand-alone basis or in partnership.
Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Since most forex infrastructure is located at a couple of locations globally, it is wise for the broker to co-locate its infrastructure. The industry’s hotspots are London’s LD4 and LD5, New York NY4 and NY5, Tokyo’s TY3 and Hong Kong’s HK1.Hosting services can be handled internally directly with the datacenter or by using one of the available hosting solutions providers servicing the industry. The world’s most advanced data centers offer specialized products that support evolving equipment standards and technology requirements. This is essential for brokers or exchanges, many of which require a blend of physical security and power usage with turnkey relocation services and support globally.In addition to overall speed, such connections are also very helpful in minimizing security threats. Many companies even outside the finance industry prefer to rely on these types of advances hosting services.The advent of cloud hosting has also led to efficiency improvements, especially for execution and operations. This technology also gives banks a greater opportunity to drive out complexity. Hosting through the cloud also helps develop and launch new and bundled products and services, either on a stand-alone basis or in partnership.
Read this Term company, reportedly had a client who was attacked for switching Bitcoin ATM software to Bitcoin XT. Several others reportedly complained online after experiencing such attacks.
Bitcoin XT supporters have alleged censorship on forums such as reddit, and have proposed various measures to get around it.
While banks are increasingly evaluating the merits of Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term technology, they are typically not mentioned in the same sentence as Bitcoin XT, the controversial proposal to increase Bitcoin's block size.
Today, however, they have the unfortunate privilege of sharing at least one thing in common: both have reportedly become targets of DDoS (distributed denial of service) attacks. These involve an attacker, from distributed points of origin, attempting to overwhelm a central server with enough requests to knock it out of service.
In the wilder days of 2013 -14, and to an extent, even today, such attacks were a common problem faced by bitcoin exchanges and other services. In those cases, the strategy was to overwhelm the system so as to break down its defenses that protect precious assets, such as bitcoin wallets.
The elementary damage is simply the downtime experienced by the website. According to Neustar, cited by Bloomberg in a piece on the latest wave of attacks hitting banks, large enterprises stand to lose as much as $100,000 per hour. There is also reputational damage inflicted when customers begin to question the service's reliability.
Indeed, at least two companies- a bitcoin gambling business and an unnamed bank- have caved in during the latest 'DD4BC' attacks. An acronym for "DDoS for Bitcoin", the gang threatens to take down websites if a bitcoin ransom isn't paid by a certain time. Demands range from 25 BTC ($6,150) to 100 BTC ($25,000).
And the attackers are not forgiving. After an initial attack to prove their capabilities, the victim is warned that a full-scale version will be unleashed if payment is not received within 24 hours. "But if you ignore us, and don't pay within 24 hours, long term attack will start, price to stop will go to 100 BTC and will keep increasing for every hour of attack," say the attackers, via e-mail.
Once payment is made, the victim is ostensibly off the hook. "Remember this: It's a one-time payment. Pay and you will not hear from us ever again! We do bad things, but we keep our word."
DD4BC is one of the latest weapons in an arms race between cybercriminals and cybersecurity. A popular iteration reported earlier this year was ransomware such as CryptoLocker that locks a victim's files, threatening to render them permanently encrypted if a bitcoin ransom isn't paid.
In all cases, Bitcoin is the trusted agent for payment, leaving the attackers practically anonymous and not apprehendable, and the payment irreversible.
Bitcoin XT Gets Its Turn
The heated, at times ugly issue of Bitcoin's block size may have stooped even lower. MIT Technology Review reports that several supporters of Bitcoin XT were DDoS'ed. Satoshilabs, which operates Slush Pool, was reportedly hit. It received a message that the attack would only end once it turns off its support for Bitcoin XT. Support for the implementation is expressed by miners, but it is believed that the number has dwindled lower due to such attacks.
ChunkHost, a web Hosting
Hosting
Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Since most forex infrastructure is located at a couple of locations globally, it is wise for the broker to co-locate its infrastructure. The industry’s hotspots are London’s LD4 and LD5, New York NY4 and NY5, Tokyo’s TY3 and Hong Kong’s HK1.Hosting services can be handled internally directly with the datacenter or by using one of the available hosting solutions providers servicing the industry. The world’s most advanced data centers offer specialized products that support evolving equipment standards and technology requirements. This is essential for brokers or exchanges, many of which require a blend of physical security and power usage with turnkey relocation services and support globally.In addition to overall speed, such connections are also very helpful in minimizing security threats. Many companies even outside the finance industry prefer to rely on these types of advances hosting services.The advent of cloud hosting has also led to efficiency improvements, especially for execution and operations. This technology also gives banks a greater opportunity to drive out complexity. Hosting through the cloud also helps develop and launch new and bundled products and services, either on a stand-alone basis or in partnership.
Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Since most forex infrastructure is located at a couple of locations globally, it is wise for the broker to co-locate its infrastructure. The industry’s hotspots are London’s LD4 and LD5, New York NY4 and NY5, Tokyo’s TY3 and Hong Kong’s HK1.Hosting services can be handled internally directly with the datacenter or by using one of the available hosting solutions providers servicing the industry. The world’s most advanced data centers offer specialized products that support evolving equipment standards and technology requirements. This is essential for brokers or exchanges, many of which require a blend of physical security and power usage with turnkey relocation services and support globally.In addition to overall speed, such connections are also very helpful in minimizing security threats. Many companies even outside the finance industry prefer to rely on these types of advances hosting services.The advent of cloud hosting has also led to efficiency improvements, especially for execution and operations. This technology also gives banks a greater opportunity to drive out complexity. Hosting through the cloud also helps develop and launch new and bundled products and services, either on a stand-alone basis or in partnership.
Read this Term company, reportedly had a client who was attacked for switching Bitcoin ATM software to Bitcoin XT. Several others reportedly complained online after experiencing such attacks.
Bitcoin XT supporters have alleged censorship on forums such as reddit, and have proposed various measures to get around it.
