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Earlier quoted context omitted.
You can make it illegal to transact crypto. That would devastate the price and ruin it as a currency. The network would still exist, but it'd be useless as a medium for criminal payments due to the low value.
Bitcoin was wildly popular on darknet markets even when it was worth less than $10. It's still tied to a dollar value, so it can be used for payments without issue.
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.
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…
Before cryptocurrency it was iTunes giftcards or money transfer services to a 3rd world country. Cryptocurrency is not the only way to transfer money that’s relatively hard to trace.
Is it possible to ban cryptocurrency traffic in general? How would that even work?
Once violence on main street can be bought with crypto a ban will soon follow.
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…
Before cryptocurrency it was iTunes giftcards or money transfer services to a 3rd world country. Cryptocurrency is not the only way to transfer money that’s relatively hard to trace.
Never understood why ransomware didn’t use more anonymous crypto currencies like Monero or ZCash. Doesn’t that better protect the scammers from law enforcement?
I thought you can easily wash the money by converting it through an anonymous cryptocurrency and then out again anyways.
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…
Cash enables muggings so we must ban cash?
"This means that cryptocurrencies are the only tool left for ransomware purveyors. So, if governments take meaningful action against Bitcoin and other cryptocurrencies, they should be able to disrupt this new ransomware plague and then eradicate it, as was seen with the spam Viagra industry." This is the totally incorrect approach. Imagine banning Polaroids because they led to an explosive growth in underage pornogra…
While I mostly agree with you about cryptocurrencies, the idea that companies don't invest in security is a lazy argument. It's not that simple. Companies can't secure themselves against bugs in software that no one knows about (zero days) no matter how much they invest.
Earlier quoted context omitted.
Before cryptocurrency it was iTunes giftcards or money transfer services to a 3rd world country. Cryptocurrency is not the only way to transfer money that’s relatively hard to trace.
As the article points out, it's the only way to reliably transfer the 7 figure sums that make large-scale ransomware attacks workable.
Is it possible to ban cryptocurrency traffic in general? How would that even work?
You can make it illegal to transact crypto. That would devastate the price and ruin it as a currency. The network would still exist, but it'd be useless as a medium for criminal payments due to the low value.
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.