Daniel Khesin (Bitfi CEO) and John McAfee sit down for a livestream with Adam Guerbuez and two Independent InfoSecurity pros to openly debate the Bitfi wallet.
John McAfee believes that cryptocurrency will never gain widespread acceptance until there is a secure way of storing user’s funds. This is why he has endorsed the ‘unhackable’ BitFi wallet.
When John says BitFi is unhackable, he is talking to the users of the wallet, the buyers of the system. He assures that BitFi is the most secure wallet to exist in cryptospace. He still maintains the position that the device was not hacked as the objective was never achieved by the hackers. No one was able to retrieve Bitcoins in the wallet. All they were able to do was turn the device into a video player or just got the root access.
Even CEO Daniel Khesin toned down the unhackable rhetoric a bit saying that he wants to apologize to the InfoSec community for saying that the device was not hackable. What he meant by the marketing-buzzword ‘unhackable' was that for ordinary people the device is unhackable, not theoretically unhackable as a cybersecurity expert will want to see it.
Here is the entire hour long plus interview for those that missed it last saturday, August 4:
Below are some prominent parts of the interview if you want the cliff notes:
Q [Adam Guerbuez]: What was your reaction when you heard media reporting about BitFi Wallet hack?
A [John McAfee]: When I saw the headlines, I thought it was great. Why? Because controversies sells. My job is to market the wallet, how better to market is than to create contrevories where everybody is watching the fight.
Q [Adam Guerbuez]: Evidently, this worked. The incident got press everywhere.
A [John McAfee]: Now I have to calm the user base, the people reading the media reports saying the wallet was hacked. What actually happens was that the hacker got no money. The infrastructure of the BitFi’s system doesn’t have any data to be hacked. There is no memory in which anything is stored that will be of any importance to the user. Even though the hacker got root access, there is nothing that can be done with it.
Q [Richard]: To have mass adoption, people should be able to trust your product. What is the foundation of your trust?
A [Daniel Khesin]: This premise applies to every single wallet out there. Other wallets have weekly or monthly updates to the device and you have to trust that there is no malware there. Even if your updates are clean there can be malwares on the computers. Isn’t it better if the manufacturer pushes the updates to you. No matter what you got to trust the manufacturer of the device. To elaborate on the topic of trust, there is only one person, the company’s CTO, who has all the private keys which might be required at the time of the updates.
Q [Richard]: There is a malware. When you are controlling keys and access there is no one person that can be trusted. This is why we have Bitcon, this is why we have decentralization.
A [Daniel Khesin]: This argument would hold ground if this would be any other employee. However, the CTO is a major stakeholder in the company.
A [John McAfee]: This is how we build trust in a system, to make sure that the people in-charge have a self-interest in the success of the company.
Q [Richard]: What can you do to improve people’s trust in the company?
A [Daniel Khesin]: I think people in the ecosystem are forgetting that we are just a 2 month old company and our product is far from perfect. We would love to improve any process. We would never knowingly put our customers at risk ever. One thing most users should be educated about the the security of the device when comes to setting secret phrase. It is vital for the users to not use famous phrases, movie lines and song lyric as their are programs that can break in the systems in an instance.
Q [Richard]: Can you explain the connection of your company with Rockets which works with UPS?
A [Daniel Khesin]: Even though Rocket is a separate company, same people from BitFi are involved. Essentially, we want to integrate BitFi wallet into every scanner that UPS drivers walk around with. UPS is very scared of Amazon right now and they want to look progressive. They think Bitcoin will give them the image of a high tech company.
Q [Richard]: To be a successful company, you have to open up channels of communications with the team. Why doesn’t BitFi have a point of contact where people can direct their criticisms and suggestions?
A [Daniel Khesin]: We have been receiving E-mails and suggestions and sometimes we act within just a day or two. Any suggestion that comes in we sit down and review it with the team.
When talking about the bounties allocated for hackers, Khesin said that there are two reasons for it. First one is to demonstrate that they are very serious about security and second is to find real vulnerabilities.
To end the debate Richard raised some ambiguous philosophical questions relate to the wallet to which Daniel said:
“Exploring philosophical issues is not really important to us. What is important to us is explore real threats. With devices that store private keys on them, theft of the actual unit itself or a paper trail is a huge problem. BitFi gives you the ability to not have a paper backup thus eliminating such risks. It is much more secure environment.”
Also, there was another interview that might have flown under the radar as John McAfee had a very busy Saturday in case any of your crypto enthusiasts care to take a peak at his other livestream of the day:
Let us know your thoughts about John McAfee and Bitfi CEO Daniel Khesin interview and what kind of feedback you guys thought they gave.
It has also come to our attention that there will be another online broadcast airing this Thursday, August 9th, at 5 PM EST with TokenPay CEO Derek Capo. Other panel members will be Craig Neil, CEO of MFchain and Chris Painter, CEO of Omnitude and hosted by Keith Wareing. Stay tuned as we will be covering that entire interview as well as its guaranteed fireworks everytime you bring the crypto solider himself to the forefront of the crypto battlefield.