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I understand that this was flagged because there have been many, many articles on the connection between ransomware and bitcoin. However this article is not du
by btilly 5y ago
I understand that this was flagged because there have been many, many articles on the connection between ransomware and bitcoin.
However this article is not duplicative. It adds the history of exactly how Viagra spammers got shut down, from the perspective of one of the researchers who did it. And the technique by which that happened is a technique that can shut down bitcoin as well.
It is one thing to say, "We have to get rid of cryptocurrency! We're serious!" It is quite another to say, "Here is the method by which a similar past problem was solved." And lay out something that could actually kill the utility of cryptocurrency today. Namely shut down all bank accounts that are willing to exchange large amounts of cash for cryptocurrency. Just as we shut down all bank accounts that were receiving affiliate payments for Viagra spam.
So yes, it is possible to do this. We know how to do this. The question is whether the dangers of ransomware are such that we should do this. Cryptocurrencies have legitimate uses. For example they enable a variety of kinds of smart contracts, which NFTs are but one example of.
However ransomware is a big and growing problem. What happens when a ransomware attack gone bad winds up killing patients in a hospital? Crashes airplanes? Cuts off people's ability to access credit cards or banks?
If we keep seeing random services in a complex world get shut down by ransomware, it is just a question of time until the wrong service gets shut down with disastrous consequences. So far we have had minor inconveniences. But how will people feel after something bigger goes wrong?