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Cryptocurrency & Bitcoin

Cryptocurrency & Bitcoin
Blockchain in BusinessBlockchain in Business

Blockchain technology is in the headlines but what’s the business case? Benchmark your opinions against your peers.

What are some common misconceptions about blockchain?

Top Answer: I'm not sure I would say it's a misconception but the skills gap still exists, especially on the enterprise IT front. Until we can overcome the skills gap around blockchain, we’re unlikely to see mass adoption in the enterprise IT space.

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What do you think of the current applications of blockchain technology?

Top Answer: Theoretically, there are things that we could do but as I've talked to the co-founders, it seems like saying we're using blockchain is just adding one more buzzword. If you're already doing AI and you already have big data, etc., do you really need to add that? Or is it just chasing the latest buzzword rather than proving that there's going to be additional value in the solution? You have to distinguish the marketing hype from the real potential to add value.

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RansomwareRansomware

What is the future of cybersecurity and what changes are organizations making? Should the government implement more defined rules to protect businesses from cyber attacks?

How might blockchain regulations evolve in the future?

Top Answer: Right now, if you leave the US to go to India and you have $20K USD, you have to declare it. A friend told me that at some senior levels in government, they were considering a mandate in which you would have to declare any cryptocurrency you move across international borders. The thinking is that if you know the key, then you're technically moving money. It was a cool conversation to be a part of, but it's terrifying to think that you could be guilty of money laundering just because you had your 24-word passphrase memorized while you traveled between countries and didn't declare all of your Bitcoin assets.

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What are your thoughts on SaaS management platforms (SMP)?

Top Answer:

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What are some advantages to cloud mining for cryptocurrency?

Top Answer: With cloud mining, you don’t buy the hardware. We import the hardware, we set up the mining, the farm, and we build out the software for the algorithm, which it will run on and the optimization on it.  Then we try to keep it as such that it doesn’t require a lot of manual intervention. You can just close down this facility and you don’t have to visit it. Maybe once a month you have to go there but you can see everything online. So all the machines that are running you just see at one place as well as how much revenue you’re making.  Where electricity costs are low, then that would be the place for you. Because in India there are union territories where the electricity bills are the lowest where you can mine at low costs. The market was booming in 2017 through to 2019 and it’s again on the uptrend right now. With us we could get our entire money back in eight months and then make some money on top of that. So it was kind of a best deal. It was better than keeping the money in your bank as the interest isn’t as high in banks. Right now people are like jumping into it. The only hurdle is regulatory uncertainty in India. It’s a gray area where it’s neither legal nor illegal.

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What are some of the main vulnerabilities when using public key cryptography?

Top Answer: The main vulnerabilities are not generally attacks via cryptanalysis (cracking keys or encrypted traffic via cryptographic analysis).  Typically, instead the main risks are due to errors in applications using public key cryptography and cryptographic libraries based on bad design mistakes and/or implementation errors.  Also such common application security software bugs such as a stack overflow due to a lack of bounds checking (e.g. the HeartBleed vulnerability) can lead to the compromise of cryptographic operations or credentials.