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RE: Lead Fraudster Of Fraudulent JP Morgan Says Bitcoin Is A Fraud?

in #bitcoin7 years ago (edited)

The Equifax data breach will get really interesting next year when 143 million records get percolated into the dark web and people start losing all their money. They will of course try to shore it up with the collection of more info and more centralization of PII (Personally Identifiable Information). It is the wrong approach to cyber security. But they don't want to lose control of using PII because that's the business model that makes FB (and others) so successful.

Hopefully they will learn their lesson to decentralize PII before they start using biometrics directly (which would be extremely foolish). Biocryptics using biometrics as inputs to generate a unique hash would be much safer in the event of a data compromise. If they compromise biometrics, then the technology itself becomes unusable which is a far greater loss. Compromised biocryptics can be countered by changing the algorithms used to generate the hash. But it's impossible to change the biometrics.