Big Bitcoin heist, hype entering the criminal scene... 'The Powers of Nothing...'
Iceland, December 8, 2017
Great computer heist on Iceland where criminals stole nearly 600 computers from data centers, that where mining bitcoins. Mining bitcoins demands not sole a 'heavy duty' computer, that subsequently is demanding quite some energy. The amount of energy can be so severe that mining in some countries, can become less and less lucrative. In Iceland however, there is an never ending supply of free electricity hence quite cheap, making mining bitcoins over there most lucrative.
Joint effort criminality smart the heist can't be called. Since a heist of this magnitude is demanding a 'movie like' scenario and execution, it mus have been a joint effort and preparation. The computers on itself are valued approximate € 2 million but if they continue to operate as designed, the value will multiply many times over. At the moment of this article one bitcoin values €9,303.50. It still isn't clear how many bitcoins the joined stolen computers are resembling.
On and off...
On and off articles are published of people throwing computers or hard disks in the dustbin forgetting the codes for bitcoins still are on the IT equipment with all kind of sorry and loss consequences. At the same time there are huge similarities with the older 'wind like trades' as we have seen in history like all kinds of worthless stock sells in mines, railroads, all kinds of commodities and today the latest commodity is called Bitcoin.
Many have jumped in the slipstream of the hype Bitcoin by trading all kinds of Bitcoin trade products like socks and options and even very respectful names, trades houses, investment companies and banks even world wide are joining the hype. It's like a contagious bush fire fever spreading like wild fire where basically put, and that is a universal principle, that if one wasn't there the start and early days, one simply is to late. Joining the hype now simply put is that the majority will lose investment since there is no active or tangible collateral or value covering the digital bitcoin.
Basically put ...
Basically put crypto currency is empty digital air although those having grave financial interest in the matter will do and say anything to make you believe otherwise. There are however some spin offs of this hype in IT technical sense, that have become overrated hypes on themselves.
As in normal IT software development programming, the fintech sector, or software for banking, also is undergoing a fast developing hype on itself. The gravest danger here, and we already have seen quite some damaging outcomes already, is that digital automation, in this instance, developing software, has an old universal principle chain of act to follow which in the hypes and it's development, by far are neglected by many very eager software makers of investors that the vast majority of the produced software isn't even come close to secure and stable productivity with all forthcoming consequences. More and more professionals in IT, because of the many hypes, ignore the basic required principles of digital automation with as a predictable outcome will be grave damages at the cost of all those investing blindly in fintech.
That huge losses of many already are on the horizon by the entirely predictable collapse of the hypes, often less than 5% of the development will remain as real and steady development and progress. Question here is, there isn't a tool or method that can pinpoint or differentiate which of all the hypes in the end will be there to stay. Up to then, one better is to take a very healthy step back and stay away of frantic panicking hypes that in 99% will make you lose.
Have a great and prosperous endeavor, wherever it may lead you....