The Ransomware Problem Is a Bitcoin Problem

Post by emodendroket » Fri, Jun 04, 2021, 8:36 PM UTC

Miner49er wrote: post #41

SavantIdiot wrote: post #3

I'd like to hear how cryptocurrency advocates address this without deploying a fallacy. Cryptocurrency makes ransomware possible, without the former, the latter cannot thrive. The defenses I usually hear come in the form of "current banking facilitates bad stuff, too," which is a fact, but doesn't absolve cryptocurrencies central role in ransomware. As the article states, there is simply no way to pay a ransom withou…

I don't think you'll ever be able to fully ban cryptocurrency. Also, I'm not even sure ransomware is a net bad thing in the first place. It encourages better security and makes companies less likely to store my private information.

Post by 6foot4_82iq » Fri, Jun 04, 2021, 8:45 PM UTC

emodendroket wrote: post #63

lancemurdock wrote: post #34

Earlier quoted context omitted.

car accidents account for 38K deaths a year in the US alone. If we ban cars, we'd be saving 38K lives every year. Why do people continue driving knowing this statistic? The conversations around ransomware and climate are both slippery slopes. We should be focused on better security to prevent attacks as well as facilitating more renewable energy instead of stifling innovation.

Is the claim that cryptocurrency is providing a societal benefit comparable to the automobile then?

Post by Workaccount2 » Fri, Jun 04, 2021, 8:51 PM UTC

thehappypm wrote: post #83

px43 wrote: post #53

Earlier quoted context omitted.

Heh, what? Ransomware existed long before cryptocurrencies. Money laundering via ACH, SWIFT, stolen credit cards, gift cards, and all sorts of online payment systems like PayPal are still huge, no cryptocurrencies required. Cryptocurrencies are used today because they're the most efficient way to make online payments, which is a net positive for everyone. It's just as easy to hunt down criminals using cryptocurrencie…

I deeply disagree that crypto is the easiest way to make online payments. Have you ever used Venmo? Or even Facebook pay? Or Zelle? Sure, it might be the easiest way to send money cross-border, but that's an edge case, the vast, vast majority of transactions are same-country.

Post by Workaccount2 » Fri, Jun 04, 2021, 8:56 PM UTC

thehappypm wrote: post #88

fighterpilot wrote: post #30

Earlier quoted context omitted.

Low value won't change its criminal utility. A criminal looking for a $50k ransomware payment doesn't care if the market cap is $50M or $50B. Outlawing it will make a difference though since it'll make it less likely that victims will pay, meaning the endeavor has a lower success rate.

This misses a big point though. If Corporation A needs to pay $1M in crypto to Hacker B, Corporation A needs to acquire $1M in crypto (whether that's 20 BTC or 20,000). If it's illegal for them to acquire the crypto they can't make the payment. The bottom falls out.

Post by madhadron » Fri, Jun 04, 2021, 9:11 PM UTC

Dah00n wrote: post #15

SavantIdiot wrote: post #3

I'd like to hear how cryptocurrency advocates address this without deploying a fallacy. Cryptocurrency makes ransomware possible, without the former, the latter cannot thrive. The defenses I usually hear come in the form of "current banking facilitates bad stuff, too," which is a fact, but doesn't absolve cryptocurrencies central role in ransomware. As the article states, there is simply no way to pay a ransom withou…

I'm not a cryptocurrency advocate but as arberx points out in another comment this is avoiding the real problem. The problem isn't cryptocurrency or ransomware. The root cause is what needs to be fixed: Software publishers and software owners are to blame for insecure systems. Software development is like the wild west with absolutely no accountability. This need to change.