Blockchain digital currency risk

1.

Yin Zhentao, deputy director of the law and Finance Research Office of the Financial Research Institute of the Chinese Academy of Social Sciences, said that digital currency faces two risks. The first is the technical level. Digital currency relies on blockchain technology and a system, which will make it suffer from security impact, such as hacker attacks on computer systems. We have seen many practical problems in this process

Zhao Zhanzhan, a special researcher of intellectual property research center of China University of political science and law, believes that digital currency has anonymity, quickness and irrevocability. In addition, bitcoin and other digital currencies have high circulation in the world, so many criminals use digital currency as a new money laundering channel. Moreover, there are many different ways to realize money laundering through digital currency. Generally speaking, the probability of new money laundering being found and investigated is lower than before. Many countries have no effective means and technology to combat money laundering through digital currency. These factors lead to criminals prefer this way of money laundering

2. Digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English. It is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy
digital currency is a kind of unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
according to the notice on preventing the financing risk of token issuance, there is no approved digital currency trading platform in China. According to China's digital currency regulatory framework, investors have the freedom to participate in digital currency transactions at their own risk

warm tips: the above information is for reference only. Before investing, it is recommended that you first understand the risks existing in the project, and understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
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3. The following is for reference only:
very large
in the field of blockchain and virtual currency, such cases of losses caused by the security of exchanges occur frequently, causing great economic losses to users. The security experts of Juhui ggfx also gave a hint: there are still many loopholes in the current digital currency trading platform, for example, the most common are the following six kinds:
the first kind: denial of service attack
denial of service attack is the most important attack against the digital currency trading platform at present. Through denial of service attack, the attacker makes the trading platform unable to access normally, Because users can not accurately distinguish the degree of attack, it often causes panic asset transfer, which brings some loss
the second kind: phishing
even the best technical measures at present can not make the digital currency trading platform avoid phishing attacks. Some hackers and outlaws can confuse digital currency investors by means of fake domain names or fake pages, while ordinary investors can't identify the authenticity, so it's easy to cause asset losses
the third: Hot wallet protection
many digital currency trading platforms use a single private key to protect the hot wallet. If hackers can access a single private key, they can crack the hot wallet related to the private key. For example, in the attack on yapizon of Seoul stock exchange in 2017, the attackers stole hot wallets from the trading platform twice in a year, resulting in a total loss of nearly 50% of the assets of the trading platform and eventually leading to the bankruptcy of the trading platform
Fourth: internal attack
e to the lack of perfect risk isolation measures or ineffective supervision on the authority of employees, the digital currency trading platform also has employees' self-monitoring and stealing, and some employees with operating authority of the platform use internal trust to seek ill gotten gains for themselves. For example, in 2016, the event of employees stealing bitcoin on shapeshift caused a total loss of US $230000 to the trading platform by stealing and reselling sensitive information to others
the fifth: software vulnerability
the software vulnerability of digital currency trading platform includes single sign on vulnerability, OAuth protocol vulnerability, etc. At present, all countries have laws requiring banks or other financial institutions to implement information security measures to protect customers' deposits. However, e to the fact that the blockchain field is still in its infancy, there is a lack of such specifications for encrypting digital assets. Therefore, it is not accidental that many trading platforms have a large number of loopholes in the absence of security constraints
sixth: transaction malleability
Technical supporters of blockchain often think that blockchain transactions are highly secure because they are recorded on records that are said to be unchangeable, but each transaction needs to have a corresponding signature, and the records can be temporarily forged before the final confirmation of the transaction. Mt. GOx, which once accounted for 80% of the world's total transactions, was hacked to submit code changes to the public ledger before the initial transaction was released, resulting in a loss of 473 million US dollars< br /> &# 160;

4.

As of May 2020, blockchain and digital currency are illegal in China

according to the announcement of the people's Bank of China Central Network Information Office, Ministry of instry and information technology, State Administration for Instry and commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on preventing the risks of token issuance and financing, Article 2 no organization or indivial shall illegally engage in token issuance and financing activities. Organizations and indivials that have completed the token issuance and financing should make arrangements such as refund, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with the activities of token issuance and financing that refuse to stop and the illegal behaviors in completed token issuance and financing projects

Article 3 strengthen the management of token financing trading platform

from the date of this announcement, any so-called token financing trading platform shall not engage in the exchange business between legal currency and token and "virtual currency", and shall not buy or sell token or "virtual currency" as a central counter party, and shall not provide pricing for token or "virtual currency" Information intermediary and other services

extension data

"illegal financial institutions and illegal financial business activities ban" stipulates that:

eleventh, the criminal suspect, funds and property involved in illegal financial institutions and illegal financial activities, and the public security organs shall take compulsory measures according to law to prevent suspect from escaping and transferring funds and property. p>

Article 12 the people's Bank of China shall, after investigation and confirmation, make a decision to ban the illegal financial institutions and financial business activities, declare them illegal, order them to stop all business activities, and make an announcement

Article 13 if the people's Bank of China discovers that a financial institution opens an account, handles settlement and provides loans for an illegal financial institution or illegal financial business activities, it shall order the financial institution to stop the relevant business activities immediately. No unit or indivial may use the relevant funds without authorization

5. If it's true, I think it will have a good impact on the development of the blockchain instry. I've been in the coin circle for several months, and I've seen many projects cutting leeks in the name of "blockchain". In fact, the essence is air money. If the blockchain is legislated, the atmosphere of the coin circle will become more formal, and many projects like SEC's social e-commerce chain will work hard, More people will find out.

6. Swiss Institute of mathematics, network plus V certification, the information inside, easy to understand, the system completely answers your question. There are many other basic knowledge, including trading knowledge and skills.

7. There is also risk, but the risk is not as big as the stock investment, and it will not fluctuate as the stock. It is a popular investment now. I'm now investing in Tianyuan currency in Jiujiu trading network. This is digital currency. It's quite stable

8. All underground mines utilize resistance grounded neutrals on their intermediate transformers, and relay protection is set to access circuit breakers on ground fault current levels low by five amperes
facing the use of voltage generally 480 V, although one installation uses 4160 V, shielded cable end. Many textile mills and processing plants use 480 V distribution, with 2300 fifth very large delta often connected, so that plant action may continue, even if a stage becomes grounded, but these systems are equipped with ground display lights, and usually have special fault tracking equipment, so that the first stage to ground fault can be detected and isolated
other plants use a solidly grounded or resistor grounded circuit to trip with a selective earth fault. Heavy copper chains extend from the construction of steel frames, each motor providing grounding in most plants. In addition, the 480 V line is usually run on a metal conctor, which is often used as an additional ground conctor, which is ultimately bonded to the substation ground bed. Conctor ground command can be good for low resistance paths, if continuity is guaranteed in each union and flex coupling vibration, if not a problem. However, in some installations using shake head screen size separation, especially in sand and gravel or dredge plants, vibration may be so severe that the wire can literally be unshakable into pieces. In these cases, the conctor did not make enough frame grounding conctors
most surface mine visits also utilize resistance grounded system circuits to feed portable and mobile devices powered by trailing cables. However, at least one facility uses a floating delta secondary if there is no grounding conctor. Theoretically, the ground fault current cannot flow in a delta system, but in reality it does because of the stray capacitance circuit. In addition, if two nearby devices have progressively failed to frame at different stages, a person who involves both machines at the same time will be shocked with a full range of line to line voltages. Ungrounded systems pose a significant risk to personnel unless they are equipped with a very sensitive GFI type trip, which is not available except for 120 volt circuits. All rake access utilizes shielded trailing cables, and their power system is equipped with resistance

9. Blockchain currency investment is basically deceptive, and it is at the research stage at home and abroad, and other companies cheat money for the purpose.

10. Blockchain is decentralized. This technology has been applied in many places, such as medical treatment, finance, schools, etc. there are many blockchain landing projects. It depends on which aspect. Although blockchain and digital currency are OK, they can't stand it. Some people use them to cheat people, right? At this time, it still depends on your discrimination.