I got 99 problems but a private blockchain ain’t one.
A look at some private blockchain/centralized disasters…
Thieves have again found their way into what was thought to be the most secure financial messaging system in the world and stolen money from a bank. The crime appears to be part of a broad online attack on global banking.
It took them 12 days to respond to an e-mail saying “Hey, your several billion worth deposits are at risk”
bank accounts simply aren’t set up for how we live today — which is to say, online — and can easily be compromised so that our hard-earned dollars wind up going to pay someone else’s expenses.
A U.S. congressional committee has launched an investigation into the Federal Reserve’s cyber security practices after a Reuters report revealed more than 50 cyber breaches at the U.S. central bank between 2011 and 2015.
2008 Financial Crisis
Why did stodgy pension funds buy such risky assets? They thought they’d be protected from any downside risk because they owned insurance in the form of credit default swaps. A traditional insurance company known as AIG sold these swaps. Unfortunately, as the derivatives went bust, AIG realized it couldn’t honor all swaps.
Too Big To Fail? Now Even Bigger.
Too big to fail? It may turn out that the biggest banks in the U.S. are too big to break up.
The idea that the TBTF institutions were going to get cut down to size after the financial crisis has turned into a giant myth. If anything, the system has gotten even bigger. (CNBC)
Which disaster are we going to discover next?
To be continued…
Last update June 4, 2016.