Showing posts with label Bitcoin. Show all posts
Showing posts with label Bitcoin. Show all posts

January 11, 2018

Bitcoin conference stops accepting Bitcoin?

This is how you know that the Bitcoin bubble is about to burst. As reported by Bitcoin.com:
Next week the popular cryptocurrency event, The North American Bitcoin Conference (TNABC) will be hosted in downtown Miami at the James L Knight Center, January 18-19. However, bitcoin proponents got some unfortunate news this week as the event organizers have announced they have stopped accepting bitcoin payments for conference tickets due to network fees and congestion.
[...]
“Due to network congestion and manual processing, we have closed ticket payments using Cryptocurrencies — Hopefully, next year there will be more unity in the community about scaling and global adoption becomes reality,” explains the TNABC ticketing page.
Yikes.

It's no wonder that Forbes had this take on Bitcoin, about a week ago:
My opinion about Bitcoin – and now its johnny-come-lately imitators and competitors – remains largely unchanged. In accordance with Carl Menger’s subjective theory of value, the market prices of “cryptocurrencies” still will depend on how much value individuals choose to attach to it. Also, Bitcoin and the others still have the speculative potential to produce mind-boggling profits.
On one crucial fundamental point, though, I now disagree with my earlier assessment of Bitcoin and its cousins: I no longer believe that one can legitimately call them “currencies.” That is a fallacy, a falsehood, or an inaccuracy, and I’ll let you debate the proper semantics. My point is this: The primary definition of a currency – “money” – is that it serves a society as the generally accepted, routinely used medium of exchange.  Neither Bitcoin nor any other so-called “cryptocurrency” does that or is capable of that in its current stage of development.
Bitcoins are not coins, and they're rapidly becoming useless as a medium of monetary exchange. If you're already playing the Bitcoin market, or have joined the Bitcoin "gold rush," then I wish you luck. I have the feeling you'll need it. For those that were slow to jump in, though, or who simply thought better or chasing the latest tech industry "bubble" trend... good for you, for having learned the lessons of history.

September 26, 2017

Has corporate greed reached an all-new low?

Much like AAA videogame companies, who have taken to stuffing full-price games with the microtransaction monetization systems formerly only found in free-to-play titles, it looks like the greed is contagious and spreading, with Showtime's paid-subscription service sites sporting bitcoin-mining scripts... until someone started asking questions, at which time the script (but not its evidence) very quietly vanished. You know, because that's not suspicious at all.

From Gizmodo:
Over the weekend, a user on Twitter pointed out that two of Showtime’s websites had a script running in the background that’s used to hijack visitors’ CPUs to mine cryptocurrency. Other users and outlets later confirmed that the code was present. Now it’s gone, and Showtime refuses to answer questions.
Cryptocurrency miners have been in the news recently because The Pirate Bay caught some flak about a week ago for testing out a new service called Coinhive without informing users. The Coinhive miner uses the website visitors’ extra CPU power to generate a cryptocurrency called Monero (it’s like bitcoin but more private).
This isn’t necessarily a nefarious thing to do. Coinhive is trying to present itself as a novel and legitimate way for websites to make some money from visitors. The company takes 30 percent of the Monero that’s mined by users’ CPUs and the website keeps the rest. It could be a nice way to avoid advertising—but it’s not cool to do this without getting users’ permission.
[...]
We reached out to Showtime earlier this afternoon to ask if this script was included intentionally or if an outside actor had perhaps hacked its website. After multiple attempts to get an answer, a spokesperson for Showtime bluntly replied, “We decline comment.”
If Showtime intentionally included the script, it would be a less worrisome situation. As we said, this code isn’t necessarily bad, it just takes up some of your processing power. But even though Coinhive is just a couple of weeks old, researchers have found that malware developers have quickly begun to add it to their toolbox of scams. Coinhive doesn’t endorse that kind of usage and has explicitly voiced its disapproval for using its service without notifying users.
Now, it could be that Showtime are being overly cautious about commenting on this situation for fear that it would create additional legal liability for them; after the Equifax hack (and the obvious negligence that first made it possible, and then made it worse), companies might just be walking on eggshells, so to speak.

Coinhive isn't necessarily harmful, in and of itself, and if Showtime were willing to let people stream content from their site for free, while monetizing with bitcoin mining, I'd be totally down with that. A deal where I "pay" for content with "work" (in the form of excess CPU cycles making money for the content provider) is an eminently fair alternative to advertising support... if they've let me know that it's happening.

But the lack here, not only of informed consent, but of any kind of information at all, is a real problem. If Showtime want to make a deal in which we pay for content by mining bitcoin, then that's fine, but they have to tell us they're doing that... and it looks very much like someone at Showtime decided to use their customers as a bitcoin-mining resource without asking their permission, or even telling them that it was happening. 

And this is when I remind you that Showtime is a premium cable channel (i.e. subscriber-only), while Showtime Anytime is a paid subscription service... both of them owned by CBS, who have another paid-subscription streaming service  that they're prominently bundling together with the latest Star Trek series. These were paying customers from whom extra value was being secretly extracted in the form of bitcoin, a situation about which Showtime is now refusing comment. That's several different levels of next-level bullshit.

The good news is that you're not defenceless: Gizmodo also posted a helpful how-to guide (How to Stop Pirate Bay and Other Sites From Hijacking Your CPU to Mine Cryptocoins) after the Pirate Bay's use of Coinhive drew attention and criticism over the weekend, and blocking this new bit of bullshit is actually really, really easy.