CloudFlare’s security concerns with Bitcoin.

cloudflare-logo

Ibinex’s infrastructure uses a proprietary and unpublished secure connection to and from our clients. Most services and sites prefer to utilize a 3rd party to secure their transactions and provide a turn key SSL solution.
CloudFlare Inc. a DNS service based in California, is currently in use by a number of Bitcoin sites; in one capacity or another. Its become known that CloudFlare has access to all HTTPS traffic from multiple bitcoin services. In addition, CloudFlare also manages unencrypted internet traffic from these sites. This can provide internet black hats with the chance to attack all these bitcoin sites from one location.

Disclaimer: Ibinex.com – the site – uses a minimal engagement with Cloudflare’s DNS service, used strickly as a CDN for its web traffic.

The use of one centralized network security company is simply irresistible to hackers and even government agencies looking to snoop around. If CloudFlare was hacked, bitcoin users would risk losing their hard-earned funds, losing access to their accounts or having their private information stolen/leaked.

CloudFlare’s security concerns with Bitcoin.

Bitcoin the Commodity

bitcoin-challenge-dollar-currency2.si_

A new U.S. Commodity Futures Trading Commission ruling is the latest government measure that will try to regulate the crypto currency marketplace.

Here is a link to an article which explains the CFTC’s new position in this agenda and the details around its start and directions of exploration: http://www.eweek.com/cloud/is-bitcoin-a-commodity-that-is-subject-to-regulation.html

Bitcoin the Commodity

Greece, the EU and Bitcoin

eurozone-bitcoin

In our history, when the conventional financial system is experiencing turbulence, alternative currencies such as Gold, Silver or in our case – Bitcoin, could be the solution for the masses. The decentralized nature of the currency means that it’s impossible for any central bank to impose controls on it.

Should Greeks switch to Bitcoin? Lets consider the methods that the Greeks could use at this point. Most of them would involve using their banks, which seem to become just about functionally useless soon. People have been withdrawing their funds at an escalating rate in recent times, perhaps with the goal of getting their money into their hands. While this might be a good idea in the short term, as said earlier, if the Greek Euros were to be broken from the Euro system, then they would lose their value quickly. A new currency would have to be developed.

Just some random thoughts – looking and hoping that the ‘Grexit’ doesn’t cause a major economic event that causes more harm than good.

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/

Greece, the EU and Bitcoin