Hackers get together for HackMiami 2013 Conference in Miami

Hackmiami had its first ever Hackers conference in Miami, Florida. Hackmiami started by a small group of passionate folks since 2008 has grown itself to a full fledged hacking community in Florida with the intention of educating the information security community in staying ahead of the bad guys.

The Hackmiami 2013 conference had a variety of talks and training sessions for the attendees around the Security space . One of the key take away was about the future of digital currencies and hows its operated on global scale.  One of the interesting panel was around Cryptocurrency was headed by Alexander Heid, President of HackMiami and featured an array of white hat hackers and information security professionals, some of whom are operators of cryptocurrency mining operations and merchants that accept Bitcoin as a form of payment.

Here are some of the takeaway from the discussion.  Bitcion is the most preferred currency and Litecoin follows it. However Bitcoin and Litecoin are double edged swords. In the recent years Bitcoin has gained popularity and governments have started to look deeper to check for regulatory requirements.

Ball went on to explain that when a block of transactions is completed, those who assisted in processing the transactions are rewarded for their efforts with transaction fees that are collected along the way by the decentralized network. The peer to peer infrastructure relies on individuals to process transactions ensuring that there is no central authority. The value of Bitcoin, Litecoin, and all cryptocurrencies are determined by marketplace supply and demand.

“In true open source spirit, the original code of both Bitcoin and Litecoin has been forked repeatedly resulting in alt-coins of many shapes and sizes,” stated Travis Tolle. “Most of the newer altcoins have been created as classic pump and dump scams, but a few offer true innovations on an already brilliant concept, such as the use of alternative encryption algorithms.”

“A permanent public record is kept on the transaction network blockchain, and if a user correlates identifiable information with a unique payment address, that person is forever associated with every payment that goes in and out of that address. In the event the US government decides to go cashless and replaces the paper dollar with a cryptocurrency, they will have a much easier time documenting every single transaction over the network, especially as mandated compliance regulations have been incrementally implemented over a long period of time,” stated Bryce Case.

About HackMiami

HackMiami is the premier resource in South Florida for skilled hackers  specializing in vulnerability analysis, penetration testing, digital forensics  and various areas of  information technology and security.

HackMiami seeks to develop and harness the participation of the information security community through regular events, presentations, labs and competitions. These events allow the hacker community a forum to present their research, develop new techniques and methodologies, and at the same time provides valuable a networking resource for contracting opportunities.

HackMiami Media Desk
Twitter: @hackmiami

press to articles can be found here

from Reuters

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