TechWorld

Yapizon the Bitcoin exchange of South Korea suffered from a massive data breach earlier this week. Hackers stole about 3816.2028 Bitcoin (about US$5 million) which is nearly 37% of total user funds. According to official statement from exchange in Korean language, this attack took place on the Saturday, April 22, 2017, a hacker has compromised four of the total exchange’s hot wallets. A hot wallet means a Bitcoin wallet that is online and is connected to the Internet in some way. As if this data breach was not enough to annoy the users, exchange has decided to make use of 37 percent of the user balances to accommodate the loss of 37 percent in the incident. But to compensate all this loss, the exchange is planning to issue the ‘Fei’ tokens to the “priority members.” Fei is the service product which exchange has been trading eversince 2014. “After so many discussions, the legal and accounting consultations and reviews, has come to the conclusion that this losses incurred in this case sh...

In the year 1976, F.A Hayek, in his book “The Denationalisation of Money,”  propagated the establishment of competitively issued private money. In the mid-70s, what seemed like a farfetched idea was conceived by yet another Economist  in the year 1999. Milton Friedman, an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences, predicted of time where the internet, (still in a nascent stage then) would help abolish the role of a government and evolve a currency free from the shackles of the government control. Less than ten years later the prophecy came true when Satoshi Nakamoto, a Japanese, invented a form of cryptocurrency called “Bitcoin.” The origin of Bitcoins can be traced to the aftermath of the global recession and money crisis of 2008 that shook the whole world economy. What is bitcoin?  How does it work? In the simplest form, Bitcoins can be described as a “Peer to Peer Electronic cash system.” Bitcoins can be used as a method of payment for numero...