Just last Sunday, a Washington man filed a lawsuit against T-Mobile for failing to protect his phone number, which eventually led to thousands of dollars’ worth of his Cryptocurrency being stolen.
Back in November, Carlos Tapang was faced with a grim situation in which his phone number was compromised by malicious actors. The hackers were able to port his number to an account under their control on AT&T, and reset his account passwords most likely though SMS-based two-factor authentication.
According to a recent report from Law360, Tapang’s complaint involves targeting T-Mobile for their inability to provide adequate security measures to protect his account. The failure on the carrier’s end allowed malicious actors to port Tapang’s number out, and steal his cryptocurrency by gaining access to associated accounts.
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The official called on the government to introduce measures to manage the cryptocurrency sector after underlining the soaring gains and development of cryptocurrencies in recent years.
Shih was speaking at the Taiwan Academy of Banking and Finance when he elaborated on bitcoin, specifically, noting its market capitalization of $160 billion dollars (with bitcoin price pegged at $10,000) would be more than twice the entire financial budget of Taiwan’s government. Having done home work, the official also added that the valuation of bitcoin, at $160 billion, would be equal to the total assets of all Taiwanese banks and onone-thirdf the country’s foreign exchange reserve. Put simply, the impact of bitcoin and other cryptocurrencies.
Pointing to regulatory moves overseeing the cryptocurrency industry in Japan and the United States among other countries in Europe, the Vice Premier ultimately stressed the importance of proactively planning policies to “safeguard the financial environment” of Taiwan.
The official’s remarks for caution, while not specifically hostile against the cryptocurrency sector, is in contrast to those offered by Taiwan’s financial regulator who have taken a more embracive approach to cryptocurrencies and initial coin offerings (ICOs).
Speaking in a joint session attended by members of Parliament and the country’s cabinet in October, Taiwan’s Financial Supervisory Commission chairman Wellington Koo ruled out an outright ban – ala China and to a certain extent South Korea – of crypto-related activity to instead foster the development and adoption of botch cryptocurrencies and blockchain technology in Taiwan.
The process involves calling up the targeted party’s mobile provider and asking to port their number to a device in the hacker’s possession. The hacker will pose as the targeted party, and provide any answers to security questions that they might have access to through a variety of means.
The process invol ves calling up the targeted party’s mobile provider and asking to po to a device in the hacker’s possession. The hacker will pose as the targeted party, and provide any answers to security questions that they might But that’s not true. They are backed by one thing: confidence. If you and I have confidence that something is money and we agree that it’s money, then it’s money. I can call something money, but if nobody else in the world wants it, then it’s not money. The same applies to gold, dollars and crypto-currencies. Any particular computer server hosting a crypto-currency ledger or register could be destroyed, but the existence of the currency would continue to reside on other servers all over the world and could quickly be replicated.
Lack of Awareness & Understanding
- Fact is many people are still unaware of digital currencies and Bitcoin.
- People need to be educated about Bitcoin to be able to apply it to their lives.
- Networking is a must to spread the word on Bitcoin.
- Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.
- Companies like Tigerdirect and Overstock accepting Bitcoin as payment is great. However, if they do not have a knowledgeable staff that understands digital currencies, how will they help customers understand and use Bitcoin for transactions?
- The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?
The second feature in common is encryption, which gives rise to the “crypto” part of the name. It is possible to observe transactions taking place in the so-called block chain, which is a master register of all currency units and transactions. But, the identity of the transacting parties is hidden behind what is believed to be an unbreakable code. Only the transacting parties have the keys needed to decode the information in the block chain in such a way as to obtain use and possession of the currency.