The Ransomware Problem Is a Bitcoin Problem
lawfareblog.com
The Ransomware Problem Is a Bitcoin Problem
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Re: The Ransomware Problem Is a Bitcoin Problem
#2"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 pornography.
These exploits are happening not because of crypto but because of insecure systems that public, money making companies haven't invested in making secure.
Re: The Ransomware Problem Is a Bitcoin Problem
#3I'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 without cryptocurrency. Maybe they could do b2b or cash, but that would be sooooo bold (but not impossible?)
EDIT: See link from user 'px43' below about the history of ransomware. Good read. Predates cryptocurrency, but I think banking technology would make most payment strategies of the past impossible, like the original article argues (e.g., PO Box in Panama is quoted as a 1989 payment plan, but GP article explains that is harder due to extradition of data and logs).
Re: The Ransomware Problem Is a Bitcoin Problem
#4Is it possible to ban cryptocurrency traffic in general? How would that even work?
Re: The Ransomware Problem Is a Bitcoin Problem
#5"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…
The difference is that polaroids are useful for legitimate purposes.
Every conversation I've ever had with a crypto purveyor, even as a person who has worked for crypto companies before, always comes down to "crypto is a good thing because it helps people commit financial crimes". There are no other benefits.
Re: The Ransomware Problem Is a Bitcoin Problem
#6Never understood why ransomware didn’t use more anonymous crypto currencies like Monero or ZCash.
Doesn’t that better protect the scammers from law enforcement?
Re: The Ransomware Problem Is a Bitcoin Problem
#7I'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…
The answer is that sometimes progress comes with a cost.
Whether or not you consider cryptocurrencies "progress" is irrelevant, because it's an emerging technology that exists whether you (or I) like it or not.
The cold, hard, unavoidable truth is this: Ransomware may be a Bitcoin problem, and it may not be. Either way, tough shit.
Re: The Ransomware Problem Is a Bitcoin Problem
#8Is it possible to ban cryptocurrency traffic in general? How would that even work?
You ban it at the point of interaction with the existing financial system. You don't have to ban or block the technology.
A gov't can (has) made it illegal to mine or hold them as well. Most people won't and the value will evaporate if there is no market
Re: The Ransomware Problem Is a Bitcoin Problem
#9"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.
Re: The Ransomware Problem Is a Bitcoin Problem
#10Is 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.