The Catch-22 Of Legal Enforcement of Crypto-Currency Hacking

The other day I was discussing cryptocurrencies with an acquaintance at our local Starbucks, and he informed me that he was working with a couple of entrepreneurs who had previously been academic experts in IT security. Of course, for cryptocurrencies, everything has to do with secure data transmission and confidence in the intrinsic value of these and zero, or Q-bits. Perhaps I could take a look at their business plan, although these digital currencies have suffered misfortune on the way to the future, I’m sure that will be the norm in the future – this is what the world looks like.

Does this mean that we will have a distribution currency, such as distribution energy in an intelligent network, or distribution information like the Internet? Well, people usually do what works, and it happens both good and bad with centralization and with a distribution backup strategy.

Now, what’s the latest you ask? Well, there are two articles that I read no later than an hour after this meeting when I was making my way through the information I had previously saved to write on the subject later; It’s easy to use – bitcoin itself may fail as a currency, but the underlying technology is starting to offer new valuable additions, “- Paul Ford (February 18, 2014). Note this article was written a few days before the theft of bitcoin from one of their top -exchanges.

Another article was written by Naeth Bynes the day after the results hit the news on February 25, 2014. “Bitcoin is in a hot spot – a major bitcoin exchange is stopping, raising questions about cybercurrency.” Are you surprised? No, me too.

The second article went on to say; “Tokyo’s Mt. Gox, once one of the largest bitcoin cybercurrency exchanges, closed on Tuesday amid rumors that millions could be stolen from firms, and growing concerns about the long-term prospects of an unregulated digital currency. the Hawks and claim they are still open for business. The currency itself has fallen sharply by the middle of the day to just over $ 500. In November, it reached a record high of $ 1,100. “

What do you say to that? Oh. Does this prove that the disbelievers who call it the Ponzi scheme were right? Are they the last to laugh, or is it just an expected evolutionary process of failure, since all the inflections are worked out? Well, consider this thought experiment.

Let’s say there was a hacker in it, let’s say someone hacked the system or stole digital currency. Now digital currency is flying under the radar because it is not recognized even by all the new rules about banks “Too big to refuse” etc. How can digital currency have value? It’s hard to say how indifferently a printed piece of paper with a $ 20 mark can be worth something, it’s not, but it’s worth what it represents if we all agree with it and trust the currency. What’s the difference, it’s a matter of trust, isn’t it?

Okay, let’s say regulators, the FBI, or other industry authorities intervene and bring charges – if they file criminal charges that someone cheated someone else, then how much of that cheating was that? When the State Department of Internal Affairs and Justice set the figure in dollars for this, they involuntarily agreed that the digital currency is real and therefore has value in recognizing it. If they don’t get involved, any fraud that may or may not happen rejects the whole concept, and the media will continue to lower confidence in all digital or cryptocurrencies.

So it’s an insult to the government, regulators and law enforcement, and they can no longer look the other way or deny the trend. Is it time for rules. Well, I personally hate regulation, but isn’t that how it usually starts. Once the concept is regulated, trust is given, but its concept of a digital currency can also undermine the entire strategy of the single world currency or even the paradigm of the US dollar (Petro-dollar), and it can also be paid for. Can the global economy withstand such a level of disruption? Stay tuned, guess what we’ll see.

At the same time, what happens next will either make or disrupt these new changes in the way we view monetary value, wealth, online transactions and how the real world will enter our future blurred reality. I just don’t see many people thinking here, but everyone should, one wrong step, and we could all find ourselves in a world of resentment – of all humanity that is. Please consider all of this and think.