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John McAfee: Wiping off doubts regarding the recent Bitfi Wallet-hack claims

Priyamvada Singh

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John McAfee: Wiping off doubts regarding the recent Bitfi Wallet-hack claims
Source: Pixabay

On 4th August, Nick Hellmann of the YouTube crypto-channel Learn Crypto broadcast an interview with the Founder of the McAfee Associations and a famous crypto influencer, John McAfee. Recently, much controversy has surrounded the cryptocurrency wallet as a bounty of $250,000 was set as a reward for anybody that could hack the wallet.

John McAfee has made claims that the wallet is ‘unhackable’. Bitfi Wallet is founded by Daniel Khesin, the former President of D.S. Healthcare Group. During the interview, both crypto-enthusiasts also discussed McAfee’s upcoming cloak phone, which has features such as air gap switches and stingray detector.

Bitfi: The Unhackable Wallet

Following the bounty, various parties claimed to have hacked the wallet; some by modifying the wallet to play a video, some via finding root access to it. According to McAfee, these are not the activities that include hacking the wallet as the coins could not be accessed. He furthered the dialogue:

“There is no memory on the device… Root access through the device with no memory is like having, you know, all the condoms in the world with nobody to fuck. It’s meaningless.”

McAfee also stated that the hacking he referred to was for the coins in the wallet. He also said that nobody can steal the coins and explained the reason behind it. In his words:

“We have done something unique, we have used the blockchain for what it was intended for. It is a distributed, immutable ledger. Immutable meaning unchangeable… We’ve used the blockchain as our memory.”

Moreover, the pioneer in security software believes that it is pointless to have the memory that duplicates the blockchain. Rather, what makes more sense is to access that blockchain with a set of keys and passphrases. This gives birth to the concept that the blockchain is the memory and the security of the wallet is independent of the software. The passphrase is simply converted into C-case and the wallet is activated, stated McAfee.

The Bitfi proponent also shared his general viewpoint on the blockchain technology. McAfee believes blockchain, in conjunction with the smart contracts, to be extremely useful in solving problems in the supply chain field.

According to him, applying the same functionality, blockchain can be used in security. He said:

“What does it mean to have no memory? It means there’s nothing to hack. If you hacking something, you’re hacking data. Are you not? If you steal data from the Office of Personnel Management like someone did two years ago and took every single record of every employee of the US government of the past 50 years, you took data.”

Here, through his understanding, Hellmann stated the distinction between the Bitfi wallet and others. He said that while other wallets, such as Ledger Nano S or Trezor assign their users a passphrase on paper, Bitfi wallet allows its users to create one and store it in their memory.

Cloak Phone: The Ultimate Private Cell Phone

Cloak phone is the upcoming device by John McAfee’s team and Blockout Mobile that is claimed to be ultra-secure, providing complete privacy to the users. During the interview, McAfee mentioned that smart-phones are vulnerable to hacking as they are software-controlled devices that consist of ‘soft-switches’ such as Wi-Fi and Bluetooth. More so, this feature has given hackers a chance to delude the smart-phone users.



McAfee mentioned the air-gap switches as a solution to this problem. He explained that air-gap switches are buttons, which on being pushed, create an air gap that cuts off the vulnerability factor of the device. He further elaborated:

“…I designed this phone while I was at MGT. …have created air gap switches that, you press a little button for something and there’s a switch that actually has an air gap… You cannot take an electron and they could jump across this gap. So if you turn off your camera, the camera is off.”

The latter part of the interview was a general discussion on the cryptocurrency space, Bitcoin and suchlike.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon

Yash Rajan

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Bitcoin [BTC]: Fidelity has a 'room full of ASIC miners' at its Texas office, claims Justin Moon
Source: Pixabay

Bitcoin [BTC] had become the center of discussion in the crypto-verse after its meteoric rise recently. BTC is considered to be the digital gold with huge growth potential. As the interminable discussions continued for a long time, individuals associated with this discourse exhibited legitimate reasons both ‘for’ and ‘against’ the validity and acknowledgment of digital forms of money.

Enthusiasts around the globe believed that the big names of the market and hotshots in the corporate space were complacent about BTC. As Bitcoin is increasingly gaining recognition on a daily basis, Fidelity has emerged as the newest member to validate and diffuse BTC in its business operations.

Fidelity Investments, the multinational financial services corporation based in Boston, USA, offered services encircling investing, brokerage and retirement plans.

According to Bitcoin developer Justin Moon, Fidelity Investments has been interested in Bitcoin for a long time. He tweeted,

“Fidelity has a room full of Bitcoin Miners [ASICs] at their Texas office.”

This tweet, from a broader perspective, pointed at the interest of big wagons in the market in BTC mining. Apart from this, it also showed that they were actively participating in public blockchains.



This is not the first instance where Fidelity has openly accepted its interest in cryptocurrencies. Ari Paul, founder and chief investment officer of BlockTower Capital, had tweeted earlier this year,

A majority of Fidelity’s clients seems to believe that digital assets are the next big thing in the economy and the debate has been going on for a while. However, Fidelity’s statement rested the speculations of BTC being adopted by big league members. In other adoption news, three days ago, AT&T announced that it would start accepting payments in Bitcoin for its services.





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