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

The other day, I was talking about crypto-currencies with an acquaintance at our local Starbucks, and he informed me that he was working with a couple of entrepreneurs who were formerly academic experts in IT Security. Of course, for crypto-currencies it’s about secure data transfer, and relying on the intrinsic value of those one and zero, or Q-bits. Maybe, I can look at their business plan, even if these digital currencies have some bumps on the road to the future I’m sure the future will be ethical – that’s the way world leadership looks.

Does this mean we have a distributive currency like distributive energy on the smart grid, or distributive information like the Internet? Well, people usually do what works and there is good and bad with centralization and there is a redundancy distribution system.

Now, what’s the latest you’ve asked? Well, there were two articles I read no more than an hour after that meeting, while I was reviewing the information, I used to save to write on this topic later; Useful Benefits – Bitcoin itself may fail as a currency, but underlying technology is starting to offer valuable new applications, ”by Paul Ford (February 18, 2014) and consider that this article was written just a few days before the Bitcoin theft from one of their top exchanges.

Another article was written by Naette Byrnes the day after the findings hit newswires on February 25, 2014 “Bitcoin in the Hot Seat – A major bitcoin exchange is closing, raising questions about cybercurrency.” Are you surprised? No, me too.

The second article goes on to express; “Tokyo-based Mt. Gox, formerly one of the largest bitcoin cybercurrency exchanges, ceased operations on Tuesday amid rumors that millions may have been stolen from the company and rising concerns about the long term. prospects for unregulated digital currency.Other bitcoin exchanges quickly moved to distance themselves from Mt. Gox and declared that they were still open for business.The value of the currency itself declined- os sharply to over $ 500 in the middle of the afternoon. It hit an all-time high of $ 1,100 in November. “

What would you say to that? Aw. Does this prove the naysayers right to call this the Ponzi Scheme? Did they get the final laugh, or was it just an expected evolutionary process of disruption while all the kinks were working? Well, consider this my mind experiment.

Let’s say someone hanky-panky is involved, let’s say someone hacked the system or stole digital currency. Right now, digital currency is flying under the radar because it’s not even recognized by all the new Too Big To Fail banking regulations, and so on. How does a digital currency have value? It’s hard to say, how an imaginary printed piece of paper marked $ 20 is worth anything, isn’t it, but it’s worth what it represents if we all agree with that and have confidence in money. What’s the difference, it’s a matter of trust right?

Okay so, let’s say the regulators, FBI, or another branch of government intervene and file lawsuits – if they file criminal charges that someone cheated on another person then how big of a scam is that? If government enforcement and the justice department put a number on the dollar value, they don’t intentionally agree that digital currency is real, and it has value, thus, recognizing it. If they are not involved, then any fraud that may or may not have occurred puts the whole concept in a way, and the media will continue to undermine trust in all digital or crypto-currencies.

So, it’s a catch-22 for the government, regulators, and people who enforce it, and they won’t look the other way or deny this trend. Is it time for regulations. Well, I personally hate regulation, but doesn’t it usually start. Once this regulated credibility is given to the concept, but its digital currency concept could also weaken the entire One World Currency strategy or even the US Dollar (Petro-Dollar) paradigm, and there could be hell to pay for as such. also. Will the global economy manage that level of disruption? Watch out, we might see.

In the meantime, what happens next can make or break this new shift in how we view the amount of money, wealth, online transactions and how the real world will blend into our future dimness. truth. I don’t see a lot of people thinking here, but it all has to be, a wrong move and we could all be in a world that hurts – that’s all human. Please think about it all and think about it.