DuuuncanHadaPigeon
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this
Current Affairs Stocks and shares and stuff
- Thread starter Paris
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The US dollar is in widespread use so the % of illegal transactions are dwarfed by legitimate ones. Even so many things have been put in place to reduce those transactions - for instance reporting of any transactions greater than $10,000.
Crypto currency has in comparison seems to have a much higher % used for illegal transactions, have fewer current guardrails and have opened up new avenues for abuse . Surely it is an issue that needs to be addressed, just as it is with fiat currencies, especially if you are expecting crypto expand its influence more?
The Next Big Gasoline Shortage Is Coming
If the pandemic has taught us anything, it’s that we cannot ignore the warning signs for future catastrophes.
Of course, bitcoin changes this calculus, at least the temptation to try. It’s still not as easy as people might think to use bitcoin to move truly large amounts of money out of the system—to buy things with it, or turn it into cash. Small amounts, sure. The kind of sums that would make large-scale fraud attractive? That would be much harder without being traced. However bitcoin sure makes it more tempting to try, even for small sums. A lot of ransomware attacks aren’t for huge sums, meaning bitcoin and the cryptocurrency ecology have given ransomware a scalable business model, at least in the minds of its “entrepreneurs.”
Paris
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If you're a company and you leave yourself open to cyber attacks then you deserve everything you get. Fact is that a lot of businesses and unfortunately critical infrastructure leave themselves open to cyber attacks, like we saw with that pipeline recently where a weakness in defence left the whole shebang open to attack. We can be thankful that it was only a few guys out for a quick buck and nothing else and in a strange way. we should also be thanking them for pointing out a fatal flaw in their system and they absolutely deserve their reward. Not only will that pipeline be shoring up their defences, but so will everybody else. It was a timely reminder that you should never go cheap on defence.
Of course the US Government won't see it like that, such is their arrogance.
That said if I was a criminal and wanted access to easy money I wouldn't be waiting for someone to open up their crypto app to send me money that way, I'd either be marching them down to an ATM or just straight up mugging them and taking their cash.
Of course the US Government won't see it like that, such is their arrogance.
That said if I was a criminal and wanted access to easy money I wouldn't be waiting for someone to open up their crypto app to send me money that way, I'd either be marching them down to an ATM or just straight up mugging them and taking their cash.
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Even if you think the businesses “deserve everything they get” for not wanting to divert money from productive things to protect themselves from criminals, what about people who aren’t part of the company, getting hit hard by the impacts?
“We should be thanking them“ for causing so much disruption just because it wasn’t worse??? What about the hospital patients who can’t get treatment because of this? “Oh sorry it took you multiple hours to get seen for your cancer treatment but hey the good news is that some of the money that could have been spent on improving your cancer care will instead go to beefing up cybersecurity”.
The last bit is just a nonsense comparison - everyday multiple people are arrested for doing exactly those activities whereas, at least to date, it appears most of the ransomware criminals get away scot free.
nikom court
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iv added "crap hospital treatment" to the list of bitcoin fud!
it might be a better idea to shut the internet down than blaming a currency!
max keiser is the man!
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The point has nothing to do with cryptocurrency. It’s about cyber crime.
You don’t think real people are suffering? That having your cancer treatment delayed is just some minor detail?
The internet provides significant benefits to outweigh its costs, in the cancer case for instance being able to schedule your treatment online and discuss things easily with your doctor - crypto hasn’t proved that it provides the same benefits yet.
nikom court
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people are suffering all over the world,
bitcoin will spark (its already started) a financial revolution
and give the poor a chance of having some control over their finances.
theres a millions in africa and asia who dont even have access to a bank account,governments in places like turkey,venezuala and argentina wrecking peoples lives with their economic policies!
And you believe that all that future potential is worth the current signifiant downsides? I very much hope you are correct but it is a much easier claim to make when you aren’t one of those experiencing the negative impacts.
Paris
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You need to consider the bigger picture. There are crooks out there, that's a fact. There are also terrorists and state actors who will be seeking any advantage and opportunity they can to create chaos and to indeed attack. I was working for the NHS when the Russians attacked in 2017, my first thought, quite rightly, was that we need to shore up our defence. As for companies diverting some of their revenue to ensuring a strong defence, I doubt you need it told that a strong defence protects value, consumer trust and massive fines from government - and potentially jail time - in case of data protection leaks.
nikom court
Player Valuation: £20m
the biggest crooks are the governments,the politicians,
how much has disappeared from the nhs under the guise of covid contracts?
how much has disappeared from the nhs under the guise of covid contracts?
There are crooks and terrorists, I agree that is a fact of life. Where we disagree is that cryto appears to me to provide significant advantages for them to exploit that come with large costs which are not worth the stated overall benefits.
nikom court
Player Valuation: £20m
weren't they around before crypto 2009?
I personally cannot recall a large healthcare system being shut down with ransom demands in fiat currency, perhaps you know of some?
Demanding ransoms of individuals and businesses of course has a long history but ransomware as I inderstand it is a relatively new twist and an escalating issue.
Ransomware - Wikipedia
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