shopify analytics tool

vDice Crowdsale(ICO) Ethereum Gambling and Betting Games. Gamble with Ether at vDice. The most popular Ether gambling games in the universe. BetChain Bitcoin Casino

0 Members and 1 Guest are viewing this topic.

*

BitcoinMagazine

Bitcoin Researcher Has Bitcoins Stolen From Private Key on Shirt
« on: November 14, 2015, 01:33:58 AM »
Bitcoin Researcher Has Bitcoins Stolen From Private Key on Shirt

The rising trend of bitcoin and substantial growth of investments in the digital currency space has increased the awareness of bitcoin across major cities in the United States.

Since early 2015, an escalating number of mainstream media outlets, international government agencies and law enforcement agencies have exclusively featured bitcoin in various publications and reports.

Such coverage brought bitcoin one step closer to mainstream awareness and adoption, as more people began to understand and notice bitcoin as both an alternative currency and an innovative financial network.

Seeking to explore the awareness of the digital currency in the country’s largest cities, including Chicago, business strategist and consultant Tal Newhart and his small team of researchers conducted a social experiment in the suburbs of the city.

Newhart’s experiment was divided into two main phases: During the first part of the experiment, Newhart’s team wore a t-shirt with a QR code embedded at the back of the clothing which led to a bitcoin address for a donation to Bitcoin research.

In a few days, the short-term campaign generated about $68 in donations. Newhart then used the same bitcoin address and QR code to see if anyone would try to steal the money generated from the Bitcoin research campaign in the streets of Chicago.

During the second phase of the experiment, Newhart’s team printed a QR code of the private key corresponding to the bitcoin address and included the word “SHA-256” on the bottom of the shirt, as a reference to the hashing algorithm used for bitcoin.

In less than five minutes of wearing the shirt in the suburbs of Chicago, Newhart received an automated text notification that the bitcoin address used for Bitcoin research campaign was emptied. Some individual used a mobile phone to import the private key printed on Newhart’s shirt and used it to transfer the funds to a personal account.

"While the first part of our experiment showed that people can be generous, phase two proved that Bitcoin thieves can be lurking anywhere," said Newhart.

Newhart and his team then devised this experiment to explore the vulnerability of bitcoin wallets and the awareness of the digital currency.

"A recruiting client, the CEO of a financial services company, had previously had some personal bitcoins stolen when he left his private key in plain view in the back seat of his Mercedes when he had it valet parked. We devised this experiment to see if this was a one-in-a-million event," Newhart said.

Based on the results of the experiment, Newhart advices all bitcoin users to keep private keys secure and stored in an encrypted format.

The post Bitcoin Researcher Has Bitcoins Stolen From Private Key on Shirt appeared first on Bitcoin Magazine.


Source: Bitcoin Researcher Has Bitcoins Stolen From Private Key on Shirt



Tags:
 

Bitcoin Price vs Litecoin Price

Started by CCN

Replies: 0
Views: 166
Last post October 21, 2015, 07:01:58 PM
by CCN
Digital CC Abandons Bitcoin, Rebrands to Digital X

Started by CoinTelegraph

Replies: 0
Views: 105
Last post October 29, 2015, 12:15:06 PM
by CoinTelegraph
Classic Bitcoin Price Not Happy About Classic(TM)

Started by CCN

Replies: 0
Views: 125
Last post January 22, 2016, 07:03:05 PM
by CCN
BitFury CEO: “There Is One Blockchain. The Bitcoin Blockchain.”

Started by CCN

Replies: 0
Views: 136
Last post March 11, 2016, 07:03:49 PM
by CCN
Bitcoin Price Analysis: Is Volume Preceding Price?

Started by CoinTelegraph

Replies: 0
Views: 107
Last post October 14, 2015, 07:04:30 PM
by CoinTelegraph
Genesis Mining Launches First Bitcoin Mining Fund

Started by CCN

Replies: 0
Views: 148
Last post March 06, 2016, 01:01:29 AM
by CCN
Genesis Mining Files With SEC for Bitcoin Mining Fund

Started by BitcoinMagazine

Replies: 0
Views: 137
Last post March 08, 2016, 07:01:52 PM
by BitcoinMagazine
21 Inc Unveils Plan to Make Every Computer a Bitcoin Computer

Started by CoinDesk

Replies: 0
Views: 110
Last post May 04, 2016, 07:02:25 AM
by CoinDesk
Op-Ed: Imagine if Gold Exchanges Were Treated Like Bitcoin Exchanges

Started by BitcoinMagazine

Replies: 0
Views: 153
Last post September 13, 2016, 01:05:05 AM
by BitcoinMagazine
Coinbase and Shift Payments Introduce a Visa-branded Bitcoin Debit Card That Works Everywhere Visa is Accepted

Started by BitcoinMagazine

Replies: 0
Views: 157
Last post November 25, 2015, 01:00:59 AM
by BitcoinMagazine
From Bitcoin Wallets to Time Wallets: A Community-Focused Currency

Started by CoinTelegraph

Replies: 0
Views: 86
Last post September 24, 2015, 11:00:58 PM
by CoinTelegraph
Coinbase on Bitcoin Patents: ‘Don't Hate the Player, Hate the Game’

Started by CoinTelegraph

Replies: 0
Views: 106
Last post September 25, 2015, 07:02:14 PM
by CoinTelegraph
Bitcoin Price Hits $300 Amid Continuing Price Rally

Started by CoinDesk

Replies: 0
Views: 102
Last post October 28, 2015, 12:17:59 PM
by CoinDesk
Digital CC Rebrands As Digital X, Switches Focus From Bitcoin To Software

Started by CCN

Replies: 0
Views: 101
Last post October 29, 2015, 06:03:26 PM
by CCN
2015 Year In Review: A Banner Year For Bitcoin And The Blockchain

Started by CCN

Replies: 0
Views: 204
Last post December 29, 2015, 01:00:56 PM
by CCN