Falsely Vilifying Cryptocurrency in the Name of Cybersecurity

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I get frustrated by the shortsighted perceptions which are misleading and dangerous. It is far easier to vilify something people don't fully understand.

Here is another article, titled Bitcoin is Aiding the Ransomware Industry, published by Coindesk, implying cryptocurrency is the cause of digital crime.

This is one of many such pieces which are littering the Internet. I am a cybersecurity expert and have spent over 30 years fighting theft, fraud, and misuse of computers. I find such articles to be shortsighted and lacking the strategic picture that must take into account both benefits and drawbacks of any technology.

Correlation is not causation. One small negative aspect is not the whole picture and shouldn't be used to undermine great innovation (tactics also tried stop the automobile, electricity, and the Internet). Let's think critically about tech and not only focus on skewed statements.

Else...

  • Email is aiding the Phishing Industry
  • Web browsers are aiding Online Fraud Industry
  • Operating Systems are aiding the Malware industry
  • Networks are aiding the Denial-of-Service industry
  • Cash is aiding the whole Crime industry
  • Communications are aiding the Disinformation Industry
  • Credit cards are aiding fraudulent purchasing

Should we really blame digital technology for every society issue? Tech is also beneficial and should not be flatly vilified for only a small negative contribution.

For the record, less than 1% of crypto transactions are related to crime. Cash is MUCH higher and preferred by criminals. If impacting crime is the motivator, then perhaps the conversations should be about eliminating cash. From a cybersecurity perspective, moving to a digital system has far more merits than moving away from cryptocurrency.

Fear of the Unknown is the key to the false-logic being perpetuated. Nobody is advocating the elimination of the Internet, computers, electricity, automobiles, or credit cards because society already understands the value. They are willing to accept the accompanying risks because they want the benefits. Most of the people I encounter, who are quick to shun digital currency, often are unable to describe the long-term benefits to themselves or the global community. I expect it was also the case when people rallied to outlaw emerging automobiles, in favor of a world remaining reliant on animal power. They only saw the obnoxious sound, smell, and dangers but couldn’t see the benefits of a global transportation and logistics network that fueled massive economic growth, social liberties, preservation of freedoms, and expansion of personal independence.

We must all look beyond the hype. Crime, fraud, and theft existed long before cryptocurrency, digital networks, and computers. Crypto and digital currencies also brings a tremendous benefits, including the amplification of innovation, both now and especially in the future.

Tech is a tool and it can be used for good or bad. See both sides before making a judgement.

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