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Cryptocurrency can facilitate crime just like cash, but with scale come new and unknown implications. Same with information security, surveillance, and more: ph
by goblin89 7y ago
Cryptocurrency can facilitate crime just like cash, but with scale come new and unknown implications. Same with information security, surveillance, and more: physical vulnerability in a door lock vs. remotely exploitable vulnerability in Wi-Fi router firmware; standalone CCTV vs. a connected network of cameras with centralized storage that allows tracking the movements of a given person throughout the day—the latter cases inevitably create potential for less obvious, more insidious exploitation not restricted by physical barriers.
- louwrentius 7y agoBut what value does it provide?
- goblin89 7y agoAlso same as cash, amplified by scale and lack of geographic/political barriers.
- louwrentius 7y agoIs there any actual evidence that this is true, taking the exchange rates in cryptocurrency exchanges into account?
- goblin89 7y agoWhat is in doubt here, value provided by cash? A friend of mine uses (used?) cryptocurrency for transferring/receiving money to/from a sibling across the ocean. Converting to/from local currency is apparently cheaper relative to PayPal rates. (Plus, in some countries PayPal et al. restrict accounts not associated with a bank, making it even less attractive to unbanked.) What is unclear to me personally is whether benefits outweigh other implications, once everything gets amplified by scale.
- louwrentius 7y agoThis is a very uncommon esoteric situation.