Easy wealth, easy bankruptcy

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Of course we ALL know what bankruptcy entails, that lane to financial instability or although trying to avoid this more harsh word 'poverty'. We have seen the poor become rich and the rich becoming poor. Either overnight or through processes, the facts remain; "times and seasons hold a lot and those who know how to will it always prevail"---dani-asi.

The emergence of Internet and online activities has provided a channel to mint new millionaires. We have seen or at least heard of millionaire authors, online vendors, service providers, influencers and the rest of the likes. The most prominent one has been the rise of blockchain technology which birthed cryptocurrency. A pizza worth 10,000 Bitcoin later became a life changer. developers and enthusiast investors who were involved in early accumulation had a new and better life to live. That thought of 'I wish I was earlier involved' always pops up from here. Technology is moving at a fast pace and just as earlier said, understanding times and seasons is key.

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That said, as online activities and presence continue to grow, it presents both opportunity and threats. It is analyzed that more than 5 billion people globally use the internet. Considering this in an estimated 8 billion people, it shows that the internet has grown beyond a fish pond to an open ocean. The follow up question is this; 'how secure is the ocean? Trust me, this is home of the wild, the big jaws, the venoms, the shockers, stranglers and other life threatening acts you can think of. We have heard of internet security over and over again with improvement on tech and infrastructures on the rising. Nevertheless, there remain and will always be illicit actors who try to milk every mistake, error or ignorance made by others.

How much money was lost to internet theft in the past couple of years? Looking at the United States, release from FBI's IC3 (Internet crime Complaint Center) shows as follows; 2020 had an estimated $4.8 billion, 2021 followed with $6.9 billion and 2022 showed an estimated $10.2 billion dollars. The release of 2023 is yet to be out so we should assume what it will look like. The thing to note is the appreciating nature yearly, this is something very concerning. If actually much effort is put then why the loss hikes? The flexibility and virtuality of the internet comes at a cost, you know it would be much difficult or impossible for a thief to uproot your building. Think less of such when talking about the internet.

Frankly speaking, these figures look too unrealistic to me so I had to do a global analysis to get at least near accruable figures. Sit tight, these figures will shock you. Did you know that a global loss to internet cyber crime exceeded $6 trillion dollars in 2022? Adding to that, although the release for 2023 is not yet out, the numbers are expected to be on the rising due to much ransonware, phishing and other online fraud attacks that took place in 2023. From here, we are looking at an estimate of $8 trillion plus. I hope you are not thinking of returning offline? Funny yet I must say the facts these numbers are presenting are very concerning.

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We keep most of our documents online, not to even talk of keeping them under the custodian of web2 platforms. How safe are our online emails? Or you've never for once thought of that?. Waking up to see an empty portfolio is one we should never dream of yet this assumptions can be possible no matter the small percentage to it. When I hear of TOP security adoptions especially by web2 platforms I mostly just look off, if I pass through all this stages is it mostly to get something done and nothing much. The internet is a dangerous water, seeking that top security will remain a very difficult thing. A friend of mine told me everything has its backdoors and it's a saying you should not doubt much.

Even with the rise of blockchain tech, we are still seeing cybercrime penetrations. How many exchangers have gone bankrupt in the last decade? How many investors have been stripped of lifetime investments? There is much money to be made from internet and tech and there is also much to be lost. This is a playing field and as long as illicit humans exist, never expect safety. You should remember that my old saying, 'Humans spoil things and they've become so good at it'---dani-asi. While pursuing financial freedom, one needs to take heed, internet wealth is a two edged sword. As we speak the cost of cyber security curbing when putting infrastructure, manpower and skills is very high and expected to reach over $10 trillion by 2025.

To conclude, let me add, we need to be both conscious and cautious when approaching internet opportunities. The world is moving at a fast pace and those who understand trends will prevail. Nevertheless, being overdependence on what online has to offer comes with high risk. Whether you are keeping your fingers crossed against the unexpected, asset class diversification accross structures will be a hedge, risk is everywhere.

Posted Using InLeo Alpha