NEWS AND VIEWS FROM THE NEFARIUM DEC 7 2017

12 Comments

1. basta on December 8, 2017 at 6:53 am

   Bitcoin, in millennial parlance, is the perfect “thing” for the iPhone-hypnotised hipsters, it’s the perfect monetary expression of the moment, the tulip bulb of the digital age.

   I think though that crypto-currencies are here to stay and in the end they are no more or less secure than any other currency; it’s just a question of how careful one is in holding them. Leave them lingering on a public exchange website is the equivalent of leaving your bearer bonds with your accountant. Bad things are very likely to occur eventually and you have only yourself to blame.

   Otherwise, what culture? The US has no culture; it has no rule of law. Period. It has only corporate-generated sludge and ruthless thuggery imposed by the various mafias and gangs vying to roll and extort the public.

   
   
   
   • OrigensChild on December 8, 2017 at 9:02 am

     basta, I agree. Well said. It’s not without coincidence that people across the globe think of American’s as cowboys. We think it’s because of the western movie tradition from Hollywood. They may actually think we are lawless, wreckless, hedonistic, arrogant and immature. I mean, come on! We can even sell rocks as pets–and get away with it!

     
     
     
2. WalkingDead on December 8, 2017 at 1:08 am

   I fail to understand why anyone would think anything digital is even remotely secure. This has been proven from the very beginning of the digital age through the present, every day.
   If you just want to gamble with your money, go to Las Vegas.

   
   
   
3. Robert Barricklow on December 8, 2017 at 12:02 am

   Fraud R Us
   This is the closed/private banking system.
   Benjamin franklin nailed it in his summary discussion of the king’s gold vs Colonial script.
   The PRIMARY reason for the American Revolution was to get the issuance of currency[gold from nothing] back into the Peoples’ hands as a tool to craft a self-governance the envy of the world. But those who had established power long before Christ kicked them out of the temple; those merely had to threaten the American blue-bloods w/counterfeiting, and other frauds to win the day. After all, loosing meant the blueblood would game the system over the 99%.

   Now enter the crypto-digital Magicians to work their magick from a structure “they” basically designed. Software is an acknowledge weakness to be exploited everywhere/anywhere. Normally, the time factor to bring the product online adds to the discrepancy; but even w/time to craft a “unbreakable” code – the other can, through time-trial-error-technologies[yet unknown] Break it open[w/o telling a soul]
   W/ the criminal syndicate in charge; Fuhgeddaboudit!
   An uneven playing field; until an open field brings back an even playing field.

   Until that time…
   it’s a crap shoot.

   
   
   
4. TRM on December 7, 2017 at 11:43 pm

   Never keep your bitcoins on the exchange!! NEVER. Use it as a temporary exchange then get your coins off. Yes it is inconvenient because every time you want to do something you need to put them back on the exchange but at least you minimise your risk.

   
   
   
   • foggygoggles on December 8, 2017 at 3:17 am

     Not only should you NEVER leave any cryptos on an exchange, but they should be immediately transferred to a hardware wallet, e.g., Ledger Nano S, Trezor or KeepKey. Safer still, is to transfer your cryptos to a paper wallet. Private keys to wallets should also be kept under lock and key.

     
     
     
   • OrigensChild on December 8, 2017 at 8:32 am

     TRM and foggygogles: Thank you for the insight. I appreciate your advice with respect to these “currencies”. But I have to say, this reminds me of the early days of “virus” infections and the advent of the anti-virus. This has the same signature of those whose advice to prevent virus infestation of Windows based systems as a tiered system of protection:

     1. run anti-virus all the time
     2. turn off the computers when not in use
     3. disconnect the computer from the internet when not in use

     etc. Again, I’m not a Luddite, but we’ve seen this all before. The Emperor has new clothes. Its the same as his old clothes. The only difference is the Emperor is older now and has far more wrinkles than before.

     
     
     
5. goshawks on December 7, 2017 at 11:07 pm

   I can’t help but think the following is pertinent to bitcoin’s ‘security’. After all, one is sitting at a keyboard and typing-in one’s codes (or the equivalent):

   extremetech.com/computing/259426-intel-patches-major-flaws-intel-management-engine
   “Intel Patches Major Flaws in the Intel Management Engine”
   by Joel Hruska – November 22, 2017

   “According to Intel, attackers could impersonate the Intel Management Engine, Server Platform Services, and/or the Trusted Execution Engine, load and execute arbitrary code without the user or OS being aware of it, and destabilize or crash a system altogether.

   Intel’s admission of multiple vulnerabilities is likely to raise eyebrows, given the company’s previous conduct regarding IME. Intel goes to great lengths to hide exactly how IME works and there’s no way for the main x86 chip to even snoop on what the IME is doing (the IME has previously run on an embedded 32-bit Argonaut RISC core, though it’s not clear if this is still the case). This means there’s effectively a second operating system running on every single Intel processor, and there’s no way for the user to control it or shut it off (disabling the IME on a motherboard with IME enabled will result in a non-booting system until the capability is re-enabled). While a research team did find a way to turn the function off by setting a single bit, they note that actually doing so could permanently brick a system. Also, it doesn’t work until the system has actually booted and the main CPU has started. As of this writing, Intel has not offered a safe, reliable method for anyone to disable the Intel Management Engine.

   We’ve actually been finding out more about the IME in the past year than in the last half-decade. A Google software engineer recently confirmed that the system runs the MINIX 3 operating system. Google has reportedly been trying to replace proprietary firmware in its own servers, and the Intel IME has been a stumbling block to that process. Intel has released a detection tool so you can check to see if your system is affected by these issues. Updates will have to be issued by firmware vendors, however, so even if your system is impacted it may not receive a fix in the near future.”

   (Spook-ware…)

   
   
   
6. Yiannis Katospiti on December 7, 2017 at 2:29 pm

   http://www.zerohedge.com/news/2017-12-07/what-money-yes-were-talking-about-bitcoin

   Had comment disappear, so I’ll summarize points:
   -I have had cash (money in bank account digital) taken out used to buy all sorts of things even airline tickets to Mexico!
   – more than once and without a gun and it was all through bank accounts holding my didgital us fiat FED promissory notes.
   – would blockchain help avoid money missing 21 trillion in just two govt. agencies? Hmm, maybe?
   – Would block chain help with getting rid of hush money to the sexual abuse victims paid by congress 15 mil+ and growing?
   – what is the other option(s)?
   Bitcoin now $17,650 ?heading higher

   
   
   
   • DanaThomas on December 7, 2017 at 3:43 pm

     Quite apart from patent errors and the looming threat of bail-ins, the banking system has, in fact, been robbing us blind. Besides the “charges” openly listed on bank statements, there is a covert charge in most of the purchases we make (for vendors to pay THEIR overdrafts, charges etc.) plus a hefty amount charged to vendors for transactions with various plastic instruments; and amount they basically pass this on to customers, who are under the illusion that digital transactions using central bank currency are “free” …

     
     
     
7. OrigensChild on December 7, 2017 at 1:13 pm

   When the idea of digital banking first started I knew there was a tremendous risk involved. I never really jumped on that bank-wagon in a large scale way but I also noticed an odd interest in my private network’s security configuration only after some activity occurs. It’s already a system where theft is now easy enough to do without walking into a person’s home or bank. But wait until its ALL digital! I’m not a Luddite and I have plenty of experience in this industry. It only takes meeting a few clever programmers to give you the idea that this environment may be impossible to police and possess immeasurable dangers. Unlike many I DO understand the difference between technical prognostication and propaganda. The former may not come true, and if it does its related to real insight and the conclusions are sometimes impossible to refute. The latter is hardly ever right, but when it is, it’s usually too late with thousands of people experiencing suffering in its wake and others making huge profits–some from security and some from piracy. I remember saying there was nothing to the Y2K issue way back then, but this one will make the absolute worst Y2K predictions appear to be nursery crimes in comparison. On that note, I give you the following:

   https://www.youtube.com/watch?v=tS23C4EGCQs

   
   
   
   • OrigensChild on December 7, 2017 at 1:20 pm

     (The link is from Jamie Dupuis performing Pink Floyd’s “Welcome to the Machine”. This is an instrumental, but it is one of the best reproductions of that piece I have seen in years. IMHO, it just seem to fit this N&Vs topic quite neatly.)