Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies

GoldCore's picture

Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies

- Cyberattacks expected to spread today in "second phase"
- UK intelligence says scale of threat significant
- Microsoft slams NSA for letting hacking tools cause global malware epidemic

- Ransomware attack already crippled more than 200,000 computers in 150 countries
- 1.3 million computer systems believed to be at risk
- Europol warns many computer systems simply won't start
- Businesses, banks and government agencies around world told to prepare
- Renault, FedEx among companies affected by cyber-attack
- Banks in China including ATMs were affected

- Hackers could shut down banks and cut off power and water supplies
- "Biggest threat to civilisation" since the Second World War - Cyber security expert
- Risks posed to digital deposits and digital wealth are the "new case for gold"

The threat posed by cyber attacks, cyber terrorism and cyber war to our increasingly complicated, technologically dependent financial system is something we have covered numerous times and becomes more clear by the day.

British and US agents have carried out mock cyber attack or ‘cyber war games’ on the Bank of England and commercial banks in the City of London and on Wall Street as part of tests on critical, but vulnerable financial infrastructure.

Should banks be hacked and customers deposit accounts compromised then the vista of potential bail ins becomes a real one. In June of 2015, JP Morgan Chase were hacked by unknown parties who stole the personal details of 83 million customers.

In July of 2014 Bloomberg reported that malware had been detected in the system of the Nasdaq exchange. Its purpose was unclear but it was believed to have been embedded there by Russian hackers.

There is also the alleged hacking of Sony Pictures by North Korea and the alleged hacking of Facebook, Instagram and Tinder. In 2012, Iran is alleged to have devastated the computer network of Saudi Aramco in a similar attack.

We can see a panorama of human activities which grow more vulnerable as hackers and cyber-warfare grow more sophisticated.

Banks have been hacked, stock exchanges have been hacked and critical infrastructure have been hacked in recent years. It is likely that many of these small scale attacks have been merely testing of  defenses.

A concerted attack on the western financial system would likely include attempts at disabling various exchanges including stock markets and foreign exchange markets. Banks could be attacked in such a way that ATMs and wire transfers are disabled and bank balances, which are merely digital figures, could be erased.

In such an environment, our modern world, which is so dependent on technology and the monetary system, would be economically paralysed. The primary wealth would longer be primarily digital - cash, stocks and bonds - and tangible wealth would become more important.

Tangible assets include gold and silver bullion, agricultural land, water and property. We are not predicting such an outcome. We are simply looking at the facts as they are, in the context of intense geopolitical tensions, and surmising that it would be prudent to take necessary precautions and diversify into physical gold.

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Gold Prices (LBMA AM)

15 May: USD 1,231.50, GBP 952.32 & EUR 1,124.61 per ounce
12 May: USD 1,227.90, GBP 955.06 & EUR 1,129.55 per ounce
11 May: USD 1,221.00, GBP 945.66 & EUR 1,122.95 per ounce
10 May: USD 1,222.95, GBP 944.61 & EUR 1,124.99 per ounce
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08 May: USD 1,229.70, GBP 948.71 & EUR 1,123.45 per ounce
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04 May: USD 1,235.85, GBP 958.15 & EUR 1,131.05 per ounce

Silver Prices (LBMA)

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12 May: USD 16.30, GBP 12.68 & EUR 14.99 per ounce
11 May: USD 16.37, GBP 12.70 & EUR 15.06 per ounce
10 May: USD 16.29, GBP 12.59 & EUR 14.99 per ounce
09 May: USD 16.22, GBP 12.55 & EUR 14.88 per ounce
08 May: USD 16.38, GBP 12.64 & EUR 14.96 per ounce
05 May: USD 16.27, GBP 12.58 & EUR 14.85 per ounce
04 May: USD 16.50, GBP 12.80 & EUR 15.09 per ounce

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. . . _ _ _ . . .'s picture

Cryptos are too easy to crash. Levy a charge of fraud on the company, even without evidence, and watch billions evaporate.

Even cash is better, and PMs better still.

PumpherDumper's picture

Meanwhile China shuts down its bond market for currency basket valuation models and dictates that the US dollar is shit.  Diversification is now essential.  Gold and silver will soon become "no offer."  If you don't diversify into cryptocurrencies which are up over 550% this year, then who's the idiot?

U4 eee aaa's picture

It could just as easily be argued this shows the resiliency of the web where it bent but did not break. And the only people that suffered harm were people who had 16 year old unsecured computer systems.

I don't think your point is valid

East Indian's picture

Gresham's Law. If a good money and a bad money are treated equal, then the bad money will drive good money out of circulation.

Earlier, the gold money was the gold coin, and bad money was the paper receipt issued by the bankster. Eventually gold disappeared out of circulation. 

Now the good money is the paper issued by the central bankster, and the bad money is the digital zeroes and ones issued by the credit card companies and commercial banskters. We are treating them equal, without understanding that there is a physical limit on the production of one, but the other is unlimited. And anything unlimited is worthless as money. But we treat them as equal. Soon, paper money will disappear out of circulation... 

And then we will wake up to the fact that some people can pull these "money" out of their anatomy without doing any work, and we are treating it as money! 

And then the fun starts...

gregga777's picture

The NSA may have deliberately allowed the "theft" of their suite of hacking tools. It is certainly not a coincidence that the US Moron Agencies, I mean Intelligence Agencies, have used the global Internet ransomeware attacks to further ratchet up their war of words against Russia.

ebworthen's picture

Yes.  Odd how a U.K. malware dude with the help of a U.S. malware dude in Indiana "protected" the U.S. with a last minute soluition.

Stinks to high heaven of a shadow ops "accident".  BTW - to cash out the Shitcoin the hackers could be tracked in the block-chain.

FIAT CON's picture

Got Gold! If the fiat system crashes this will be a lesson the the world, this hopefully be the rebirth of gold!

perkunas's picture

I find it amazing that people have any faith in Microcrap. They spend money and time trying to defend against attacks. Meanwhile microcrap sends all your data to hundreds of companies encrypted, so you have no idea what they stole or why. Every time you update they take snapshots of your system, all of your keystrokes saved. Why would any company with more then 1 employee use it.

Racer's picture

Ah yes, time to test the ATH of course, no worries out there,  it is all scaredy cats putting out scaremongering fake news so must bye ATH

Creepy_Azz_Crackaah's picture

My computer froze and so did my Bitcoins.


a Smudge by any other name's picture

I buried a bag of bitcoins in my back yard.

FIAT CON's picture

I have purchased some 1oz Silver coins they are called "Bitcons." I guess they are sold out of the silver coins just copper "Bitcons" left. products