• Latest
Mark Karpeles: Bitcoin Security Tech Needs an Update

Mark Karpeles: Bitcoin Security Tech Needs an Update

June 5, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Mark Karpeles: Bitcoin Security Tech Needs an Update

coinnewsdaily by coinnewsdaily
June 5, 2019
in Business
0
Mark Karpeles: Bitcoin Security Tech Needs an Update
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Disgraced Mt. Gox manager Mark Karpeles is looking for a second act.

Karpeles, the author of the new book “Cryptocurrency 3.0“, has come out as vocal proponent of improved security on the blockchain and bitcoin. “It is dangerous that Bitcoin will continue to exist with the current encryption technology,” he said in a wide-ranging interview with CoinDesk Japan.

In February 2014, hackers stole 850,000 bitcoin from Mt. Gox. The site, originally a “Magic: The Gathering” trading site, morphed into a bitcoin exchange and was one of the first places many crypto luminaries bought and sold bitcoin. The firm went bankrupt. He admitted fault and Japanese police arrested him. The hack was, in short, the definitive moment for cryptocurrency. In a heartbeat the industry went from clever toy to a serious – and expensive – business.

“Although I was able to win my case in March 2019, I am very sorry that I caused a great deal of damage to customers and caused inconvenience to the people involved,” he said.

In the interview, he described the difficulties of running a popular exchange from his office in Japan.

“When I took over the management of Mt. Gox in 2011, I worked with the members of the field and a team of lawyers from various countries in order to cope with the system issues that will be discovered one after another and the rapidly increasing transaction volume,” he said. “I was monitoring on a 24-hour basis. At that time, it would be nice if I could sleep for 2 hours. Dealing with time difference between foreign countries meant I sometimes had a conferences scheduled for 2 or 3 o’clock in the morning.”

“Perhaps now, the people in charge of operating the virtual currency exchange centers have learned to manage this pressure. However, human error can not be prevented as long as risk is covered manually,” he said.

Karpeles now believes that administrators must rebuild the entire bitcoin security infrastructure.

“There is still the risk of the virtual currency being stolen as a PC or hardware wallet may be hacked. In other words, with the current mechanisms and technologies, it is still impossible to eliminate risk. Innovation of cryptographic technology is a must,” he said.

“The point is encryption technology. Bitcoin itself has been using a technology called ECDSA from the beginning, and has never been hacked,” he said. “However, as it is difficult to eliminate hacking damage, you will have to think that there is also no permanently safe cryptographic technology. It is dangerous that Bitcoin will continue to exist with the current encryption technology.”

Karpeles wants security to be as simple – and visible – as the move from standard “http” to web sites secured by Secure Socket Layer (SSL) or Transport Layer Security (TLS).

To that end, he’s announced the creation of a new startup called Tristan Technologies Co that aims to build this new tech.

He said he still finds the cryptocurrency space magical, however, and there is still a whisper of the young man that took over a gaming site and created a worldwide sensation.

“As I wrote in my book ‘Cryptocurrency 3.0,’ I love Japanese animation, but one of the most impressive movies I’ve seen recently is ‘The Promised Neverland,’” he said. “It is a story in which children escape from a place where they are trapped. How will each child deal with harsh and unfriendly reality? I watched the anime with great interest.”


Image via Neverland Anime

“The reality surrounding cryptocurrency is severe,” he said in the interview. “However, I do not think that a powerful organization decides to do it this way, but I think that a system that can provide choices to each participant ‘everyone’ is ideal. If it works, even if there are security issues, it may not be possible for everyone to shift in the direction of solution without waiting for a big decision.”

Karpeles image courtesy of CoinDesk Japan.

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Former Mt Gox CEO Karpeles Launches Startup to Build a Blockchain OS

Next Post

Japan’s Crypto Traders May Face Closer Scrutiny Over Tax Avoidance

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Japan’s Crypto Traders May Face Closer Scrutiny Over Tax Avoidance

Japan's Crypto Traders May Face Closer Scrutiny Over Tax Avoidance

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,577.001.71%
  • ethereumEthereum(ETH)$1,622.031.92%
  • tetherTether(USDT)$1.00-0.01%
  • binancecoinBNB(BNB)$311.200.55%
  • rippleXRP(XRP)$0.410843-0.30%
  • cardanoCardano(ADA)$0.3885190.47%
  • dogecoinDogecoin(DOGE)$0.088190-0.73%
  • matic-networkPolygon(MATIC)$1.15-0.07%
  • okbOKB(OKB)$38.26-3.06%
  • solanaSolana(SOL)$25.264.72%
  • polkadotPolkadot(DOT)$6.45-0.63%
  • shiba-inuShiba Inu(SHIB)$0.0000120.18%
  • litecoinLitecoin(LTC)$93.61-1.40%
  • tronTRON(TRX)$0.062954-0.83%
  • daiDai(DAI)$1.000.03%
  • cosmosCosmos Hub(ATOM)$13.571.81%
  • chainlinkChainlink(LINK)$7.19-2.03%
  • moneroMonero(XMR)$186.051.49%
  • leo-tokenLEO Token(LEO)$3.55-4.94%
  • ethereum-classicEthereum Classic(ETC)$22.581.56%
  • bitcoin-cashBitcoin Cash(BCH)$134.77-0.71%
  • stellarStellar(XLM)$0.0933000.24%
  • crypto-com-chainCronos(CRO)$0.081036-0.15%
  • filecoinFilecoin(FIL)$5.32-0.09%
  • algorandAlgorand(ALGO)$0.253552-1.66%
  • vechainVeChain(VET)$0.023927-2.44%
  • internet-computerInternet Computer(ICP)$6.070.44%
  • aaveAave(AAVE)$84.97-1.30%
  • eosEOS(EOS)$1.10-0.61%
  • elrond-erd-2MultiversX(EGLD)$44.65-0.10%
  • theta-tokenTheta Network(THETA)$1.08-2.09%
  • tezosTezos(XTZ)$1.14-4.07%
  • paxos-standardPax Dollar(USDP)$0.99-0.76%
  • bitcoin-cash-svBitcoin SV(BSV)$43.43-0.78%
  • huobi-tokenHuobi(HT)$5.120.14%
  • havvenSynthetix Network(SNX)$2.43-0.50%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.071.27%
  • iotaIOTA(MIOTA)$0.236335-0.43%
  • dashDash(DASH)$57.01-0.18%
  • makerMaker(MKR)$668.390.77%
  • zcashZcash(ZEC)$45.72-2.78%
  • neoNEO(NEO)$8.21-1.62%
  • zilliqaZilliqa(ZIL)$0.028502-2.29%
  • basic-attention-tokenBasic Attention(BAT)$0.263093-2.99%
  • compound-governance-tokenCompound(COMP)$55.44-2.16%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.038599-2.82%
  • kusamaKusama(KSM)$36.07-1.32%
  • bitcoin-goldBitcoin Gold(BTG)$17.44-0.57%
  • qtumQtum(QTUM)$2.720.46%
  • wavesWaves(WAVES)$2.62-2.81%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,638.281.28%
  • sushiSushi(SUSHI)$1.30-0.34%
  • golemGolem(GLM)$0.244420-1.09%
  • omisegoOMG Network(OMG)$1.47-1.63%
  • ontologyOntology(ONT)$0.2193151.09%
  • digibyteDigiByte(DGB)$0.0107630.47%
  • umaUMA(UMA)$2.101.45%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%