The trick-22 of the legal application of cryptocurrency hacking

The other day I was discussing cryptocurrencies with an acquaintance at our local Starbucks, and he told me that he was working with several entrepreneurs who had previously been academic IT security experts. Of course, for cryptocurrencies, it’s all about secure data transfer and trust in the intrinsic value of these units and zero, or Q-bits. Maybe I could look at their business plan, although these digital currencies have had some inequalities on the way to the future, I’m sure it will be the future norm – that’s the way the world moves, it seems.

Does this mean that we will have distribution currency as distribution energy in the smart grid or distribution information as the Internet? Well, people usually do what works and has both good and bad with centralization and a distribution reduction strategy.

And now, what is the last thing you ask? Well, there are two articles that I read no more than an hour after this meeting while flipping through the information I had previously saved to write on this topic later; Slightly useful – bitcoin itself may fail as a currency, but the core technology is starting to offer valuable new applications, ”by Paul Ford (February 18, 2014) and keep in mind that this article was written just days before the theft of bitcoin by one from their top exchanges.
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The other article was written by Nate Burns on the day after the findings hit the headlines on February 25, 2014. “Bitcoin on the Hot Seat closes, raising questions about cybercurrency.” Are you surprised? No, me too.

The second article continued to read; “Tokyo-based Mt. Gox, once one of bitcoin’s largest cybercurrency exchanges, stopped working on Tuesday amid rumors that millions may have been stolen from the company and growing concerns about the long-term prospects for the unregulated digital currency. Other bitcoin exchanges are quickly distancing themselves from the Gox Mountains and claiming 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 high of $ 1,100 in November. ”

What do you say to that? oh Does this prove that the skeptics who call it the Ponzi scheme were right? Are they getting the last laugh, or is it just an expected evolutionary process of disturbance, since all the refractions have been worked out? Well, think about this thought experiment I did.

Let’s say a punk is involved, let’s say someone hacked the system or stole the digital currency. Right now, the digital currency is flying under the radar, as it is not recognized even with all the new regulations for banks, etc. How can a digital currency have value? It’s hard to say how a fantastically printed piece of paper labeled $ 20 can cost something, it’s not, but it’s worth what it is if we all agree and trust the currency. What’s the difference, it’s a matter of trust, isn’t it?

Well, let’s say that the regulators, the FBI or another state branch intervene and bring charges – if they file criminal charges that someone cheated someone else, then how much fraud is involved? If the government’s law enforcement and justice department indicates the amount in dollars, they inadvertently agree that the digital currency is real and has value, thus recognizing it. If they do not get involved, then any fraud that may or may not have occurred takes the whole concept back and the media will continue to reduce the credibility of all digital or cryptocurrencies.

So, this is a trick-22 for the government, regulators and law enforcement 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 that’s how it usually starts. Once regulated, the concept is trusted, but its concept of digital currency can also undermine the whole strategy of one world currency or even the paradigm of the US dollar (petro-dollar), and there may be hell to pay for that. Can the global economy cope with this level of disruption? Stay tuned, I guess we’ll see.
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Meanwhile, what happens next will either make or break this new change in the way we look at money, wealth, online transactions, and how the real world will merge into our future blurred reality. I just don’t see many people thinking here, but everyone has to, one wrong step and we could all be in a world of the wounded – that’s all of humanity. Please consider all this and think about it.

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