Bitcoin radio waves transactions: future or dream?

Nick Szabo, possible creator of Bitcoin, proposed to conduct Bitcoin transactions using the radio waves
09 November 2017   1091

Cryptographer and specialist in the theory of computers and systems Nick Szabo, together with researcher Elaine Ou from Stanford University, presented a project in which they test the conduct of transactions in the network of bitcoins using radio waves. The presentation took place last weekend during the Scaling Bitcoin conference in San Francisco, Bitcoin.com reports.

According to the authors of the concept, despite the fact that at the moment the bitcoin network is sufficiently secure to protect, there are fears that in the future it will be attempted to attack or block through firewalls, network blocks or other means that may be used by governments or monopolists in area of ​​telecommunications.

Bitcoin radio wave transaction
Bitcoin radio wave transaction

To solve this problem, Szabo and Ou suggest using Skywave communication tools that use the ionosphere, a layer of the Earth's upper atmosphere, which serves as a kind of mirror for radio waves of a certain length, including those that can be used to carry out bitcoin transactions.

To do this, we are going to propose using skywave communication using the ionosphere where the sun hits the upper atmosphere of the earth near space with ultraviolet radiation — the layer it ionizes particles and creates this layer that acts as a mirror for certain radio wavelengths like the kind we want to use. The radio community — the two regimes we are interested in, in the radio community it’s near-vertical incidence skywave, this is the 70 degree angle there, it’s nearly vertical. You get a range of about 5 or 600 km. The most reliable frequency are 40-80 m. That’s what we’re targeting.
 

Nick Szabo
Bitcoin reasercher

Using the GNU Radio software tool to demonstrate the modulator involved in the testing, Szabo and Ou conducted a loop test with 70 cm antennas for the transmitter, using also the HackRF-1 device and 21 Bitcoin Computer.

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   53

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.