Home > Business, Design, Institutions, Money, Technology > Now BitCoins are being stolen

Now BitCoins are being stolen

http://arstechnica.com/tech-policy/news/2011/06/bitcoin-the-decentralized-virtual-currencyrisky-currency-500000-bitcoin-heist-raises-questions.ars

Is this a problem intrinsic to computer technology? Someone can design the most sophisticated or elegant system, but all it takes is one hacker to bring it crashing down. And with a decentralized P2P network like bitcoin, you have potentially millions of people trying to game the system, and absolutely no one who is getting paid to keep watch. Look at all the problem’s that Sony is having with its online networks right now, and they have a dedicated staff of professionals and ex-hackers on watch to keep their system secure.

Institutions are never formed within a vacuum, and the Darwinian processes by which they survive necessitates a security apparatus if any degree of longevity and functionality is to be achieved.

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