I agree, I don't get It...Bit coin= fantasy

**CUDA** · 10-11-2021, 08:15 PM

https://www.foxbusiness.com/markets/...rgan-ceo-dimon

JPMorgan Chase CEO Jamie Dimon is no fan of Bitcoin, and he reiterated his feelings on Monday by calling the cryptocurrency "worthless" while likening trading it to smoking cigarettes.

"I personally think that Bitcoin is worthless," Dimon said while speaking at a virtual event hosted by the Institute of International Finance. "But I don't want to be a spokesman for that, I don't care. It makes no difference to me."

JP Morgan Chase CEO Jamie Dimon (Reuters) (Reuters / Reuters Photos)

Ticker	Security	Last	Change	Change %
JPM	JPMORGAN CHASE & CO.	166.64	-3.58	-2.10%
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BARSTOOL'S PORTNOY ON JPMORGAN'S DIMON'S SKEPTICISM OF BITCOIN: ‘IT’S NOT GOING ANYWHERE'
"I don't think you should smoke cigarettes either," the CEO continued before conceding, "Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin – we can't custody it – but we can give them legitimate, as clean as possible access."
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Dimon has been a vocal critic of Bitcoin, previously calling it a "fraud" and "fool's gold," and at one point saying that he would fire JPMorgan traders if they traded in it. But despite his strong skepticism, JPMorgan has begun offering its clients access to a half dozen cryptocurrency products, the New York Post noted.

**JPEROG** · 10-11-2021, 09:12 PM

Crypto solves a lot of issues on the world currency stage but our govt. and its officials will never like it until they can control it. When they do control it, cash will be history....

Joe

**CUDA** · 10-12-2021, 12:08 AM

Hackers steal $600m in major cryptocurrency heist

Published
11 August

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IMAGE SOURCE,GETTY IMAGES

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

Hours after the hack, the attacker started returning the funds - first in small amounts and then in millions.

They started sending back small transfers totalling a few dollars to the online wallets controlled by Poly - but then began making much larger deposits, totalling hundreds of millions.

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

'Biggest in history'

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

"The money you stole are [sic] from tens of thousands of crypto community members, hence the people."

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

**CUDA** · 10-12-2021, 12:14 AM

CNBC GLOBAL CFO COUNCILWhat do companies think when hacker’s demand ransom? Time to pay

PUBLISHED WED, JUN 30 20217:30 AM EDTUPDATED THU, JUL 1 202112:55 PM EDT

Eric Rosenbaum @ERPROSE

KEY POINTS

A majority of chief financial officers say Colonial Pipeline made the only decision it could, rather than a right or wrong decision, in paying bitcoin ransom to hackers, according to the Q2 2021 CNBC Global CFO Council survey.
Most corporate boards have discussed hacking and its aftermath as part of meeting agendas since recent cyberattacks, according to the survey.
The government has stuck to its position that hacking ransom should not be paid, and some experts think banning cryptocurrency is the answer, but others say there is no silver bullet solution that will end the ransomware cyberthreat.

rustedSec CEO on preventing ransomware attacks

When Colonial Pipeline revealed it had paid a $5 million ransom in bitcoin to DarkSide ransomware hackers, its CEO said the company made the right choice for the nation. Most top financial officers at major companies disagree: but only because they say there was no “right” to factor into the decision — paying up was the only choice the company could make.
Ransomware attacks highlighted by the Colonial and subsequent JBS hack, which targeted key providers of energy and food in the U.S., are expected to remain the top threat to individual enterprise networks, and the majority of chief financial officers’ view on ransom is a sign that the standard language from government — that ransom should not be paid — might need to be stated, but will often fall on deaf ears when a C-suite turns into the corporate situation room.

A majority (62%) of U.S.-based CFOs responding to the recent Q2 2021 CNBC Global CFO Council survey said Colonial had “no choice but to pay the ransom.”
Five percent of survey respondents said it was the “right” choice.
“The reality is their hand is being forced to pay,” said Derek Manky, chief, security insights & global threat alliances at Fortinet’s FortiGuard Labs.

‘CEOs literally in tears’

Many board level conversations are taking place, and presumably, include discussion of the ransom decision. In the CNBC survey, conducted during the first half of June, 85% of U.S.-based CFOs said their boards have had a formal discussion about recent cybersecurity incidents and the aftermath of the events.
“It’s a business for the hackers and a business decision on whether to pay for the victims,” said Jim Lewis, senior vice president and director of the Strategic Technologies Program at the Center for Strategic and International Studies. For all of the concern about the critical infrastructure risk, Lewis says the Colonial and JBS hacks didn’t actually pose much of a threat to national security. “Nobody died and GDP wasn’t affected. That suggests that Colonial made the right decision to get it over with. If there was a threat, it was from panicky consumers hoarding gas.”

Ransomware attacks can bring not only companies, but business leaders to their knees, personally.
“I’ve been in board meetings before where CEOs were literally in tears, crying because a 100-year-old family business is completely shut down,” David Kennedy, a former NSA hacker turned founder and CEO of security firm TrustedSec, told CNBC on Monday.

Paying ransom makes hackers more dangerous

One big negative of paying ransom: it effectively funds the efforts of criminal hackers to get even better at what they do, giving the ransomware groups even more capabilities to pursue ever-larger targets.
Kennedy said that is a reason his firm’s general stance to clients is, ’please don’t pay ransom.”
But he added, “I’ve sat in a room with these people whose entire lives and employees lives are ruined and have no other option but to pay the ransom. ... At the end of the day, most of the time it’s the only option they have to recover the business and stay operational.”
Manky, who has worked with Interpol and the World Economic Forum on ransomware, said another reason there is a recommendation — though not a mandate to never pay ransom — is because there is never any guarantee that organizations see a restoration of data after paying ransom, or that the hackers won’t be coming back for more once they’ve been in a network.
The U.S. government helped recover about half of the Colonial ransom in its own cryptocurrency hacking operation, but Manky cautioned, “a big takeaway here is recovery of funds is not always possible, and in fact, is highly unlikely. This is a fairly exceptional case. People can’t have that as a backup plan.”

In this photo illustration, a bitcoin logo is seen displayed on an Android smartphone with a hacker in the background.
Miguel Candela | SOPA Images | LightRocket via Getty Images

The cyber field is divided, though, on whether banning cryptocurrency may be a potential solution to stop the ransomware wave.
“When you look at the rise of ransomware, it absolutely aligns with the rise of anonymous digital currencies,” FireEye CEO Kevin Mandia told CNBC’s “Closing Bell” on Monday.
Kennedy believes banning cryptocurrency would lead to a major reduction in ransomware, but it would be a painful process for companies, as hackers rush to to do even more attacks ahead of any ban.
“That would be a really bad short period of time,” he told CNBC, with the attack surface spreading and many companies having no ability to recover if crypto payment was banned. “You could have 100 companies overnight ...completely shut down,” Kennedy said. “It’s not fair, at least right now, to say that.”

No bitcoin ban, but ‘squeezing crypto’ can help

The crypto ban view is contentious. In Silicon Valley, cryptocurrency firms and venture capital investors like Andreessen Horowitz, which recently raised a $2 billion crypto fund, have pushed back against the argument. And some policy experts agree it goes too far in searching for a silver bullet.
“Banning payment alone won’t make a difference,” Lewis said. He believes any payment ban would have to be part of a package of anti-ransomware measures, including collaborative international actions, insurance regulations, and steps to go after money transfers.
“We could help move things along by finding a way to require victim companies or their insurers to report payments. That would be a good first step towards fixing this. It also wouldn’t hurt to squeeze cryptocurrency venders and exchanges. We need a package of responses,” Lewis said.
The fact that some companies have cyber insurance policies does not mean they are enabled to pay ransom because they will get the money back that way. “Cyber liability insurance is a gray area, with catches and gotchas and gross negligence,” Kennedy said, adding 40% to 50% of reimbursement is much more likely than ever receiving the full amount.

[COLOR=rgba(7, 29, 57, 0)]WATCH NOW

ct defense every day,’ says FireEye CEO of ransomware attacks

Mandia stopped short of suggesting a crypto ban would end ransomware, even as he noted, “Now you can commit crime from 10,000 miles away in a safe harbor.”
The reference to safe harbor points to the multi-pronged approach experts believe will be required, and notably, Russia’s alleged role in allowing these criminal organizations to operate freely within its geographic sphere of influence.
“There is no question organizations need to do more to protect themselves and lots of these companies are unprepared to handle the type of threats out there,” Kennedy said. “Look at Russia and the high-end organized crime groups operating out of Russia. Until we hold them accountable we won’t see a shift and a change in these ransomware groups out there.”
Crippling the criminal sponsor programs like DarkSide that run what is now known as ransomware-as-a-service business models that extend to many affiliates is critical. And that effort should include financial reciprocation efforts such as freezing assets and being able to track and recover funds, which sends a strong message to criminals. But it’s bigger than that, with organizations like DarkSide far from monolithic in organizational design or methodologies used in network attacks.
“At the end of the day, this is about the criminal kill chain,” Manky said.

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**David** · 10-12-2021, 07:13 AM

[QUOTE=JPEROG;3312090]Crypto solves a lot of issues on the world currency stage but our govt. and its officials will never like it until they can control it. When they do control it, cash will be history....

Crypto solves problems for criminals, not so much for regular people. At least not in the first world.

**Turtleherder** · 10-12-2021, 07:32 AM

I’ve always thought crypto was Beanie Babies for really rich guys.

**Lake X Kid** · 10-13-2021, 12:40 PM

I recommend reading this book.

**Lake X Kid** · 10-13-2021, 12:40 PM

Facebook ownership controversy between Zuckerberg and the Twins, leads the Twins to Bitcoins.

**JPEROG** · 10-13-2021, 01:36 PM

As the operating platforms continue to outperform each other they are the place to buy. Much less expensive to get in on and very volatile which offers consistent opportunity fot the small guy.

Joe

**JPEROG** · 10-13-2021, 01:44 PM

[QUOTE=David;3312123]

Originally Posted by JPEROG

Crypto solves a lot of issues on the world currency stage but our govt. and its officials will never like it until they can control it. When they do control it, cash will be history....

Crypto solves problems for criminals, not so much for regular people. At least not in the first world.

Get real, there are over 500,000 bitcoin transactions daily & they are exponentially increasing. The govt. doesn't have their arms around how to properly control it so they are against it (as they are anything they can't control). There is no other that equalizes currency value and can not be manipulated world wide. If you don't understand it then there is no need to comment on it. You can bet that if there is not large government regulation placed on it, it will become a normal method of payment and already is in many areas.

Joe

**David** · 10-13-2021, 02:04 PM

I can buy bitcoin to speculate, which is sort of like gambling. My preference is for less volatility in my investments. There is no advantage to me or a vendor to use bitcoin vs dollars. At the end of the day all money is fiat. Gold has value far beyond it's worth as a metal. Paper or rather electronic money is valuable only because we think it is. Bitcoin is the same. It has no intrinsic value. 500,000 transactions a day could just be a lot of speculators and criminals.

What should I as a 10 percenter be using bitcoin for?

**CUDA** · 10-14-2021, 05:15 AM

Last week I saw a old friend they usually invite me to go with them to the Xmas boat parade 40 ft sail boat now a 50 trawler they plan on doing the the Great Loop Its a 6,000 mile journey up the east coast into the great lakes down the Mississippi to the Gulf of Mexico their thing, She does the Budget for Collier County 1.4 Billion in tax revenue last year I'm told, she said she is retiring in December and hopes they can make it with out Ransomware infection, the city of Naples lost $700,000.00 in 2019, I asked her about her son who is also a CPA she said he's retired at 29 I've known him since he was 2, all he does is Bitcoin he has made 12 Million, CRAZY

Elon on Dogecoins It's a Hustle

https://youtu.be/x5RCfQyTDFI