Cryptocurrency platform Poly Network hack steals $600 million | #government | #hacking | #cyberattack | #cybersecurity | #infosecurity | #hacker

We’re in early days.  Nine out of 10 cryptocurrencies won’t survive adolescence due to insufficient security and verification processes.  With every breach like this they will lose public trust.  The few that can get it right will flourish.

But what is “it” that they need to get right?

What does crypto offer (aside from anonymity — but governments will squash that — there’s already a bill to enhance tax enforcement of it).

‘They’ sing it’s praises as currency where anybody can send money to anybody instantly.

But I do that now with AppleCash for my unbanked grandson.   i don’t need no stinkin crypto for that!

“It.”  Ask 10 people and get 10 different answers.

My view is that a worthy cryptocurrency will not be tied to any nation state but will be considered a trustworthy currency with which one can exchange goods and services in any country.  The key benefit here is that transactions will be direct between two parties bypassing the loathsome bank and exchange rate tax.

A cryptocurrency should be secure and it is the blockchain that is the truly revolutionary component of cryptocurrencies.  It will revolutionize finance in general.

Each transaction should be fully transparent to government entities so that they are not used to avoid taxes or law enforcement agencies.  Not everyone will be pleased with this, but in my view it is a requirement for a long-term viable non-national currency that nation states can tolerate.  And really, that’s the best you can hope for because governments see cryptocurrencies as a potential threat to their power and sovereignty.

At the same time, governments should not be able to limit exchanges on private transactions that are otherwise legal.  They can observe and levy taxes where appropriate, but they should not be able to interfere.  That’s a tall order I know.

A cryptocurrency can be a great hedge against inflation driven by government spending (we’re seeing a lot of that right now).  If cryptocurrency‘s become dominant then at some point governments will not be able to run deficits anymore because they won’t be able to sell debt.  In my view that is a very good thing.

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