World’s biggest ever digital currency ‘theft’

I don’t know. Who is to say what provides value to people? If someone is
willing to pay for it, it’s valuable therefore I wouldn’t say its a waste
just because it doesn’t provide value to me personally. Could that energy
be put to better use? Perhaps.

On 29 January 2018 at 11:45, Adam Lane <adam.lane@huawei.com> wrote:

> That energy has a purpose, and provides value to a consumer somewhere. The
> energy used in “mining a currency” provides no value at all, but is
> calculating sums for no reason other than to control supply of such
> currencies. It’s not to say that banks, data centers or ATMs should not be
> more energy efficient, but it is important to question why a process is
> designed to waste resources.
>
>
>
> *Senior Director, Public Affairs*
>
> *Huawei Southern Africa*
>
> Mobile: +254-7909-85886
>
>
>
> *From:* Sidney Ochieng [mailto:sidney.ochieng@gmail.com]
> *Sent:* Monday, January 29, 2018 10:37 AM
> *To:* KICTAnet ICT Policy Discussions <kictanet@lists.kictanet.or.ke>
> *Cc:* Adam Lane <adam.lane@huawei.com>
>
> *Subject:* Re: [kictanet] World’s biggest ever digital currency ‘theft’
>
>
>
> I find numbers like this thrown around without context mean nothing. How
> much of the worlds current energy is used on other financial transactions,
> running banks, credit cards, atms etc? Would anyone say that energy is
> wasted?
>
>
>
> On 29 January 2018 at 09:41, Adam Lane via kictanet <
> kictanet@lists.kictanet.or.ke> wrote:
>
> Let’s not forget the biggest flaw of all with crypto currencies is that
> they depend on basically wasting energy (Which may or may not be
> sustainably produced, even so it could be better used than on crunching
> pointless numbers):
>
>
>
> · *In 2017:*
>
> – *42.67 TWh: The annual energy consumption of Bitcoin and Ethereum
> combined*
> – *0.19%: The percentage of the world’s electricity used by Bitcoin
> and Ethereum*
> – *8.49: The number of U.S. households that could be powered for a
> full day with the same energy as single bitcoin transaction*
>
>
>
>
>
> *Senior Director, Public Affairs*
>
> *Huawei Southern Africa*
>
> Mobile: +254-7909-85886
>
>
>
> *From:* kictanet [mailto:kictanet-bounces+adam.lane=huawei.com@lists.
> kictanet.or.ke] *On Behalf Of *Admin CampusCiti via kictanet
> *Sent:* Sunday, January 28, 2018 6:12 PM
> *To:* Adam Lane <adam.lane@huawei.com>
> *Cc:* Admin CampusCiti <info@campusciti.com>
> *Subject:* Re: [kictanet] World’s biggest ever digital currency ‘theft’
>
>
>
> Lesson:-
>
>
>
> That we are not safe anywhere from thieves? 🙂
>
>
>
> Seriously though one of the fundamental flaws of cryptocurrencies is that
> once you have been liberated from your cryptos you have no recourse. This
> is a design flaw that we are all hoping will be resolved. Sooner rather
> than later.
>
> *Ali Hussein*
>
> *Hussein & Associates*
>
> +254 0713 601113
>
>
>
> Twitter: @AliHKassim
>
> Skype: abu-jomo
>
> LinkedIn: ke.linkedin.com/in/alihkassim
>
> Blog: www.alyhussein.com
>
>
>
> “Discovery consists in seeing what everyone else has seen and thinking
> what no one else has thought”. ~ Albert Szent-Györgyi
>
>
>
> Sent from my iPad
>
>
> On 27 Jan 2018, at 8:53 PM, Victor Kapiyo via kictanet <
> kictanet@lists.kictanet.or.ke> wrote:
>
> Dear Listers,
>
>
>
> One of Japan’s largest digital currency exchanges says it has lost some
> $534m (£380m) worth of virtual money in a hacking attack on its network.
>
>
>
> Coincheck suspended deposits and withdrawals for all crypto-currencies
> except Bitcoin as it assessed its losses in NEM, a lesser-known coin. If
> the theft is confirmed, it will be the largest involving digital
> currency. Another Tokyo exchange, MtGox, collapsed in 2014 after admitting
> that $400m had been stolen from its network.
>
>
>
> Read more: www.bbc.com/news/world-asia-42845505#
>
>
>
>
> What lessons can we learn from this?
>
>
>
> Regards,
>
>
>
>
>
> *Victor Kapiyo*
>
> Partner | *Lawmark Partners LLP*
>
> Advocate of the High Court of Kenya, Commissioner for Oaths & Notary Public
>
> *Suite No. 8, Centro House, Westlands, Nairobi | **Web: www.lawmark.co.ke
> *
>
> ====================================================
> *“Your attitude, not your aptitude, will determine your altitude” Zig
> Ziglar*
>
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> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
> for people and institutions interested and involved in ICT policy and
> regulation. The network aims to act as a catalyst for reform in the ICT
> sector in support of the national aim of ICT enabled growth and development.
>
> KICTANetiquette : Adhere to the same standards of acceptable behaviors
> online that you follow in real life: respect people’s times and bandwidth,
> share knowledge, don’t flame or abuse or personalize, respect privacy, do
> not spam, do not market your wares or qualifications.
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