Cryptocurrency Security Is a Cat-And-Mouse Game – TechCrunch Josh ConstineSeptember 25, 2018
Josh Constine, a media heavyweight, from TechCrunch has been covering cryptocurrency right from the days it has been under heavy scrutiny.
“When people hear blockchain, a lot of them think of stolen wallets, giant hacks, Mt. Gox, and these kinds of flameouts.”
With every founder of digital currency talking about linking it to the blockchain, CCN asked Josh Constine about the idea of “Every company is an AI company.” “Every company is a blockchain company.” trend.
In response, Constine stated that it is a trend that we need not worry about. He remarked that it seems to be one of the easy ways to add up the extra millions.
Constine opined that there are not really too many blockchain companies in the mainstream. He stated, “I think it’s going to be a few more years before we get real mainstream applications for blockchain usage, and I think the main barrier to that is the usability.”
He added that the usability is way too complicated by saying, “No, you’re going to have to remember this super long private key. If you type something in wrong, you’re going to end up sending money to the wrong person.”
When discussing the security parameters, Constine stated that it takes just one bad breach for people to name the whole thing crazy. He stated that several mainstream investors in cryptocurrency have backed away from cryptocurrency fearing the recent depression in prices.
Since medium-sized companies are the actual ones who will be giving away a fair amount of tokens and money is concerning, because the best security talent is not something that medium-sized companies will be able to fund for.
With AWS, Constine stated, “there are definitely opportunities for decentralized storage systems and ways of assigning and doing accounting for storage space. Actually, the big company that I’m most bullish on in the blockchain space right now is Facebook.”
He also remarked that the term blockchain is not going to establish trust anymore. In a couple of years from now, the trend is likely to change to “Oh, my Gosh, how much is the Ethereum price? How much is the Bitcoin price?” to “What are the utilities that can be built on the blockchain?”
The media heavyweight also warned about the fact there is “lack of legitimacy and proper signaling” in the cryptocurrency industry. With too many coins out there, most of them are giant scams. People tend to put money into these tokens to get rich. He stated that “people should really be focusing on those primary, fundamental coins like Bitcoin and Ethereum rather than worrying too much about speculating on all these random old coins.”
A majority of them might not want to use these coins until the custodianship and the bubbles related to this problem has been taken care of.
He concluded by stating, “Hey, this is a volatile market. Never invest more than you’re willing to lose 100% of.”