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IDCOIN

10/04/2021 10:47 AM

I recently read about a new security/privacy application called"IDCOIN".

Is it just another gimmick,or does it offer un-hackable security?

I am dubious of any program that claims it cannot be hacked.

IMHO:If humans can write the code,humans can hack the code.

All constructive comments are always welcome.

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#1

Re: IDCOIN

10/04/2021 10:21 PM

I think this whole bitcoin industry is a house of cards, a ponzi scheme that has run it's course and now is just flapping in the wind....

https://www.cnbc.com/video/2018/01/11/trader-says-theres-one-cryptocurrency-that-could-be-the-next-hot-coin.html

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#3
In reply to #1

Re: IDCOIN

10/05/2021 4:12 AM

I have never understood bitcoin. I get that you have to invest a lot of power & computing time to create bitcoin but how is the value of that bitcoin then underwritten. They only have value if someone else in the chain is willing to buy it which, as you say, is very 'pyramid' like.

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#2

Re: IDCOIN

10/05/2021 12:06 AM

I tend to agree with you (for a change).

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#4

Re: IDCOIN

10/05/2021 6:07 AM

The problem with writing "secure" computer code is that if the language you use to write the code is in itself insecure a hacker can use those insecurities to compromise your "secure" code. My daughter writes software for one of the crypto currencies (not IDCOIN or Bitcoin). About every six months they release an update to their software to keep it ahead of the hackers. To make it as secure as possible they only write code in subsets of standard computer languages. So that avoids the security bugs that exist in all writing languages like Javascript. But it is a clunky way of writing software. If you can't use the convenient shortcut that exists in Java but has suspect security, you have to write a usually long winded work around that is secure. Next they write on especially constructed "vertual" operating systems to avoid the security problems that exist in Windows, Linux and every other commercial operating system. Next they update all their hardware every 6-9 months. Finally they test to see if it works correctly on all possible operating systems and use external auditors to look for bugs before they release an update.

Despite all the safety precautions built in to the currencies they are used in the real world. MtGox was a currency exchange, where 70% of all Bitcoin was traded, that in 2014 fell foul of a massive fraud involving $450 million of dollars, most of which has never been recovered. (The Wikipedia entry for MtGox provides a short overview of the fraud) So no matter how safe your software is, when it is used in conjunction with other software the level of the whole falls to the level of the lowest security in the set.

Now for those who don't understand crypto currencies. Back in the dim and distant past all currencies were based on the equivalent of the gold standard. That means that any note issued by a government was backed by that value of gold held in the governments central bank or depository. (i.e. Fort Knox, The Bank of England) Now governments issue money depending on their need. Terms like Quantative Easing are used to make this process more palatable to the general public. Provided the public (and more importantly the currency markets) believe that the extra money won't disrupt things too much the value of the currency remains the same against a basket of all other currencies. Often a government will print new banknotes to get itself out of a hole of it's own making, so the value of the currency may fall, not because there is more in circulation but because the system does not trust the issuer. So the value of modern currencies, conventional or crypto, relies not on asset backing but on trust and belief of a relatively small number of money men. A situation mirrored by modern stocks and shares trading which are another form of privately issued currency. Crypto is the name applied to privately issued money. Provided the market believes it has value, then it has value. Will it fail, the German Papiermark did, the Argentinian Paso did, The Zimbabwe Dollar did, the Peruvian Sol did, the Chilean Escudo did. Some will fail (or have already) some will survive and thrive. The longer a crypto currency lasts, the more vested interest there is in it's survival, the more secure it becomes.

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#6
In reply to #4

Re: IDCOIN

10/05/2021 9:11 AM

The bigger the prize,the more desirable it is to hackers.

I can empathize with your daughter,I wrote code for a proprietary operating system back in the 80's when the hottest chip was a Z80.

It was a control system for industrial controls.

It had a one-way compiler--if the program did not run,it did not tell you why,it just failed.

You had to go over every line meticulously till you found your error,then try again.

It was a hard teacher,but it rewarded accuracy.

With the increased complexity of programs today,it is nearly impossible to find all weaknesses in the system.

Programmers are up against a time limit:"First to the market"

Programmers have the clock.

Hackers have the time.

I don't think that even quantum computers and entangled photons will ever be ultimately secure.

It will be an infinite battle of one upmanship.

https://www.peterkuper.com/spy-vs-spy-2

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#7
In reply to #6

Re: IDCOIN

10/05/2021 9:47 AM

The only way to win is not to play....

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#5

Re: IDCOIN

10/05/2021 8:56 AM

IDCOIN is not a bitcoin,it is an"Unhackable" security code for personal information,supposedly built on the basic theory of Bitcoin for privacy,but for personal privacy instead of purchasing BitCoin.

Check this link for more info:

https://github.com/IDCoin/IDCoin

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#8
In reply to #5

Re: IDCOIN

10/05/2021 10:06 AM

What is Idcoin? IDCOIN will be designed to be an 80/20 Proof of Stake / Proof of Work based blockchain that will establish both Identity as well as Reputation in a public ledger. ... Reputation will be leveraged through transactions, whereby Transaction Fee's will be used to "vote with your coins."

What is the price of ID coin?

MYID Price Statistics

MY IDENTITY COIN Price

$0.001779

24h Low / 24h High$0.001028 / $0.002281
Trading Volume24h$11,293.23 66.65%

It's a scheme to charge for secure transactions based on previous transaction success....anybody that has dealt in bitcoin knows that to make transactions you need to give them every aspect of your identity, they do facial scans, voiceprints, and every piece of your personal information you can imagine...It's a little like selling your soul to the devil, at least what you would think it would be like....

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