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

Affected person, I was discussing¬†ICO News crypto-currencies with an acquaintance at our area Starbucks, and he let me know he was working with a couple of company who’d previously been academic experts in IT Security. Naturally , for crypto-currencies it is all about safe transfer of the facts, and the trust in the intrinsic value of those one’s and also zero’s, or Q-bits. Perhaps, I might take a look at their strategy, although these digital currencies have had some bumps during the road to the future I am sure will be the future norm aid that’s the way the world is headed it appears.

Does this signify we will have a distributive currency like distributive energy in the smart grid, or distributive information like the Internet? Good, humans usually do what works and there is both good and bad by using centralization and with a distributive redundancy strategy.

Now next, what’s the latest you ask? Well, there are two articles I just read not more than an hour after that meeting, as I was driving through the information, I’d previously saved to write on this subject matter later; Marginally Useful – Bitcoin itself may crash as a currency, but the underlying technology is beginning to advocate valuable new applications, ” by Paul Ford (February 18, 2014) and mind you this article was written simply just days before the Bitcoin theft from one of their top geneva chamonix transfers.

The other article was written by Naette Byrnes the day after those people findings hit the newswires on February 25, 2014 “Bitcoin on the Hot Seat – A major bitcoin substitute shuts down, raising questions about the cybercurrency. ” Are you pleasantly surprised? No, me either.

The second article went on to state; “Tokyo-based Mt. Gox, once one of the largest exchanges of the bitcoin cybercurrency, stopped operating Tuesday amid rumors that plenty of may have been stolen from the firm and rising concerns around the long-term prospects for the unregulated digital currency. Other bitcoin exchanges quickly moved to distance themselves from Mt. Gox and assert that they were still open for all the buinessmen. The value of the currency itself dropped sharply to just in excess of $500 by mid-afternoon. It hit an all-time most of $1, 100 in November. ”

What do you tell you to that? Ouch. Does this prove that the naysayers calling that a Ponzi Scheme were right? Do they get the past laugh, or is this just an expected evolutionary process of of your as all the kinks are worked out? Well, consider this idea experiment I had.

Let’s say there was hanky-panky involved, let’s say another person hacked the system or stole the digital currency. Now, digital currency flies under the radar as it is not regarded even with all the new Too Big To Fail regulations on bankers, etc . How can a digital currency have value? Hard to express, how can a fancily printed piece of paper marked $20 often be worth anything, it’s not, but it is worth what it represents when we all agree to that and have trust in the currency. Specifically the difference, it’s a matter of trust right?

Okay so , imagine that the regulators, FBI, or another branch of government interferes along with files charges – if they file criminal charges of which someone defrauded someone else then how much defrauding was needed? If the government enforcement and justice department put your dollar amount number to that, they are inadvertently agreeing that the electronic digital currency is real, and it has a value, thus, acknowledging the idea. If they don’t get involved, then any fraud that may may possibly have occurred sets the entire concept back a ways, as well as media will continue to drive down the trust of all a digital or crypto-currencies.