Kvaka-22 legal implementation of cryptocurrency hacking

The other day I was discussing cryptocurrencies with an acquaintance at our local Starbucks and he told me he was working with several entrepreneurs who were previously academic IT security experts. Of course, cryptocurrencies are about secure data transmission and trust in the intrinsic value of these units and zeros, or Q-bits. Maybe I could look at their business plan, even though these digital currencies had some imbalances on the way to the future, I’m sure that will be the future norm – that’s how the world seems to go.

Does this mean that we will have a distribution currency such as distribution energy on a smart grid or distribution information such as the Internet? Well, people usually do what works, and there are good and bad things in centralization and distributive redundancy strategy.

Now, what’s the latest thing you’re asking? Well, there are two articles that I read no more than an hour after that meeting, while cruising the information, which I had previously saved to write on this topic later; Marginally useful – Bitcoin itself may collapse as a currency, but the underlying technology is starting to suggest valuable new applications, ”Paul Ford (February 18, 2014) and keep in mind that this article was written just days before Bitcoin was stolen from one of their top stock market.

Another article was written by Naette Byrnes the day after the revelations hit the news on February 25, 2014. “Bitcoin on the hot seat – The main bitcoin exchange is shutting down, which raises the question of cyber currency.” Are you surprised? No, neither do I.

The second article further states; “Tokyo-based Mt. Gox, once one of the largest bitcoin cyber currency exchanges, stopped working on Tuesday due to rumors that millions may have been stolen from the company and growing concerns about the long-term prospects for unregulated digital currency. Other bitcoin exchanges quickly moved away from Mt. Gox and confirmed that they are still open for business. The value of the currency itself fell sharply to just over $ 500 by mid-afternoon. It reached a record $ 1,100 in November. “

How about that? Alas. Does this prove that the conspirators who call it the Ponzi scheme were right? Are they the last to laugh, or is this just an expected evolutionary process of disorder while all the problems are worked out? Well, consider this thought experiment I had.

Let’s say it was hanky-panky, let’s say someone hacked the system or stole digital currency. Currently, digital currency is flying under the radar because it is not recognized even with all the new Too Big To Fail regulations on banks, etc. How can digital currency have value? It’s hard to say how fancy printed $ 20 paper can be worth anything, it isn’t, but it’s worth what it represents if we all agree with it and have confidence in the currency. What’s the difference, it’s a matter of trust, isn’t it?

Okay, let’s say regulators, the FBI or some other branch of government intervenes and file charges – if they file criminal charges that someone cheated on someone else, then how much is cheating? If the government’s enforcement and justice department puts the amount in dollars on it, they inadvertently agree that the digital currency is real and has value, so it recognizes it. If they don’t get involved, then every scam that may or may not have happened takes the whole concept backwards, and the media will continue to diminish confidence in all digital or cryptocurrencies.

So it’s a doorknob-22 for government, regulators and officials, and they can no longer look the other way or deny this trend. Is it time for regulations. Well, I personally hate regulation, but doesn’t that usually start. When it is regulated, the concept is given credibility, but its concept of digital currency could also undermine the whole strategy of one world currency or even the paradigm of the US dollar (petro-dollar), and it could be hell for that. Can the global economy withstand that level of disruption? Stay with us, I guess we’ll see.

In the meantime, what happens next will either make or break this new change in the way we look at monetary value, wealth, online transactions, and how the real world will fit into our future blurred reality. I just don’t see a lot of people thinking here, but everyone should, one wrong step and we could all be in the world of the injured – all of humanity. Please consider all of this and think about it.