Years ago, a Swiss bank account was the way the rich and powerful concealed their wealth, dodged tax and laundered funds.
That was until the US and EU tax coffers got low and they decided to go after the Swiss accounts to shore up their income tax revenue.
Cryptocurrency is the new Swiss bank account.
Like the secret Swiss bank accounts, cryptocurrency is shrouded in secrecy.
I don’t have an issue with that.
I do not work with the internal revenue service.
My only problem is, cryptocurrency is facilitating and even encouraging hacking.
Making things difficult for cyber security experts like myself.
Hackers are demanding ransom payment in bitcoin, making it difficult to track them.
There is a concept called ‘coupling’. Coupling is a used to describe dependency.
One thing happens as a result of something else.
Hackers have become brazen because of the anonymity provided by cryptocurrency.
Remove the anonymity associated with cryptocurrency and hacking will drop by about 98%.
Hacking can never be completely eliminated because there are different motives for hacking.
However, the majority of nuisance hackers hack for financial gain.
Therefore, by simply decoupling cryptocurrency from hacking we can reduce the noise, enabling us to chase after the real hackers.
I am hoping now that high profile figures like President Obama, Bill Gates and Jeff Bezos have fallen victim to hacking, they might persuade their friends in high places to decouple hacking and cryptocurrency.