Interpol Builds Their Own Digital Currency

BitmoreCoin

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Quote from: turvarya on April 22, 2015, 09:13:40 AM

I am wondering, what exactly they can do in this crypto zoo, they couldn't do directly with Bitcoin.
It's all in the open, open ledger, open source, and it would be much cheaper to buy some BTC to play around with, than making a own cryptocurrency.

They can a few internal nodes and experiment with their own altcoin. It is not too expensive.

In the meanwhile, they can attack/destroy some altcoins and we will not know it is their work.

turvarya

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Quote from: medUSA on April 22, 2015, 01:56:02 AM

The interpol crypto is a "zoo crypto" (like "zoo viruses" developed by antivirus corporations) for studying potential crypto crimes. The crypto is not for trade and will remain as a case-study example. NO need to panic, they are not creating a crypto to replace bitcoin.

I am wondering, what exactly they can do in this crypto zoo, they couldn't do directly with Bitcoin.
It's all in the open, open ledger, open source, and it would be much cheaper to buy some BTC to play around with, than making a own cryptocurrency.

Snail2

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Perhaps they want find out/practice how to track transactions. For Interpol such experiments can be useful.

pawel7777

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Quote from: gogxmagog on April 22, 2015, 02:56:26 AM

I'm actually ok with this. I've lost btc to scams and hacks in the past. Seeing your coins vanish and knowing you can't do anything about it is a real deterant to adoption. Srsly if they can figure out how to catch theives I might start liking these 3 letter agencies

I seriously doubt helping the victims of scams/hacks will be their priority. The purpose of their experiment will likely be to identify/prevent threats on higher (national/international) level rather than to catch the common crooks.

Agestorzrxx

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Quote from: magic ice on April 21, 2015, 11:28:43 PM

Interpol might be thinking that they should be fighting fire with fire as Global Complex for Innovation, Interpol's cyber-crime facility, are set to build their own digital currency in an attempt to battle crimes that involves cryptocurrency.

Is this the best idea coming from international police authorities to fight crypto-related crimes?

To build their own digital currency?
it is totally meaningless. who will use these crap?
bitcoin is enough.

NeuroticFish

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It's a good news and a good idea. Let them do that.

It's normal to learn if you want to protect.
If I would have my own coin, would it be a big news? I don't think so.
Would you prefer them to pollute bitcoin blockchain with their tests? I don't think so.

So, again: it's a good news. Also, brings more attention to this direction and gives a better sense of safety.

Lauda

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Terminated.

Quote from: medUSA on April 22, 2015, 03:50:24 AM

Quote from: Slark on April 22, 2015, 03:14:31 AM

Quote from: medUSA on April 22, 2015, 01:56:02 AM

The interpol crypto is a "zoo crypto" (like "zoo viruses" developed by antivirus corporations) for studying potential crypto crimes. The crypto is not for trade and will remain as a case-study example. NO need to panic, they are not creating a crypto to replace bitcoin.

Didn't they have enough case study already? I am not sure that wasting money of taxpayers on something like creation of their own bitcoin clones is advised. I bet they drown multimillion dollar in that project and came to conclusion that bitcoin needs to be controlled in the end. Waste of time and money.

It doesn't cost them anything to compile a crypto from source code and mine their own crypto with cpu with preset zero difficulty. Experimenting and analysing crypto mixers and anonymous wallets are probably high on their todo list. It's not a total waste of time and money.

Indeed. Anyone can create their currency in less than an hour (while learning how and what to modify). Even if they wanted to make something more advanced it shouldn't take too long.
The question is why would anyone use this? The point of such currencies is decentralization and pseudo-anonymity.

Q7

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Are you serious? They are not a money making enterprise so what makes you think they are going to create a coin for that matter? Oh wait, if you are saying about creating a crypto which is under their control for the sole purpose of tracking criminals, that would be possible but shouldn't the project be done by the feds or the people at nasa who has the technological resource? We are talking about an agency tasked to track down criminal activities

medUSA

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Quote from: Slark on April 22, 2015, 03:14:31 AM

Quote from: medUSA on April 22, 2015, 01:56:02 AM

The interpol crypto is a "zoo crypto" (like "zoo viruses" developed by antivirus corporations) for studying potential crypto crimes. The crypto is not for trade and will remain as a case-study example. NO need to panic, they are not creating a crypto to replace bitcoin.

Didn't they have enough case study already? I am not sure that wasting money of taxpayers on something like creation of their own bitcoin clones is advised. I bet they drown multimillion dollar in that project and came to conclusion that bitcoin needs to be controlled in the end. Waste of time and money.

It doesn't cost them anything to compile a crypto from source code and mine their own crypto with cpu with preset zero difficulty. Experimenting and analysing crypto mixers and anonymous wallets are probably high on their todo list. It's not a total waste of time and money.

Slark

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Quote from: medUSA on April 22, 2015, 01:56:02 AM

The interpol crypto is a "zoo crypto" (like "zoo viruses" developed by antivirus corporations) for studying potential crypto crimes. The crypto is not for trade and will remain as a case-study example. NO need to panic, they are not creating a crypto to replace bitcoin.

Didn't they have enough case study already? I am not sure that wasting money of taxpayers on something like creation of their own bitcoin clones is advised. I bet they drown multimillion dollar in that project and came to conclusion that bitcoin needs to be controlled in the end. Waste of time and money.

turvarya

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Quote from: Kprawn on April 22, 2015, 01:21:44 AM

[snip]

There are already pictures of Nelson Mandela in the Blockchain... so it is possible to add things that may cause damage to huge amounts of people using Bitcoin... IF they manage to execute it externaly.
[/snip]

If you already have a program that does things, that make only sense in a malicious way: What do you need the blockchain for?
That's like sending you malicious code in an E-Mail(in the body). wouldn't make sense at all.

oxiyusuf

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Quote from: gogxmagog on April 22, 2015, 02:56:26 AM

I'm actually ok with this. I've lost btc to scams and hacks in the past. Seeing your coins vanish and knowing you can't do anything about it is a real deterant to adoption. Srsly if they can figure out how to catch theives I might start liking these 3 letter agencies

im agree with you, but if the agency was able to see the data transaction, this would lead to loss of privacy bitcoin

gogxmagog

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Ad maiora!

I'm actually ok with this. I've lost btc to scams and hacks in the past. Seeing your coins vanish and knowing you can't do anything about it is a real deterant to adoption. Srsly if they can figure out how to catch theives I might start liking these 3 letter agencies

medUSA

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The interpol crypto is a "zoo crypto" (like "zoo viruses" developed by antivirus corporations) for studying potential crypto crimes. The crypto is not for trade and will remain as a case-study example. NO need to panic, they are not creating a crypto to replace bitcoin.

S4VV4S

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And what makes anyone believe that Bitcoin is not an NSA project or any other 3 letter agency project?

Because Satoshi said so?

Kprawn

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They are working with Kaspersky Labs to counter hackers who have developed ways of embedding malicious code into the transactions.

This might become a much bigger problem in future, if people can somehow execute this embedded code with every Bitcoin transaction using external programs.

There are already pictures of Nelson Mandela in the Blockchain... so it is possible to add things that may cause damage to huge amounts of people using Bitcoin... IF they manage to execute it externaly.

The motivation to do this on a large scale seems crazy. {Why pay transaction fees and small amounts to create transactions to distribute malicious code, with no guarantee for success?} Would the creating of a normal worm virus not be cheaper and more effective?

bitcoin_bagholder

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Quote from: TheButterZone on April 21, 2015, 11:34:17 PM

LMAO source?

It's not a hoax. They're doing it to study the blockchain to find out how it can be used and exploited.

On my phone, no link for you. Google the subject matter.

magic ice

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Further reading: http://bitforum.info/t/digital-currency-will-be-used-by-interpol-to-study-crypto-crimes/846

TheButterZone

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RIP Mommy

LMAO source?

magic ice

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Interpol might be thinking that they should be fighting fire with fire as Global Complex for Innovation, Interpol's cyber-crime facility, are set to build their own digital currency in an attempt to battle crimes that involves cryptocurrency.

Is this the best idea coming from international police authorities to fight crypto-related crimes?

Topic: Interpol Builds Their Own Digital Currency (Read 942 times)