I don’t have much comments in this article simply because I think the youtuber Josh Madakor does a smashing job explaining how CrytoCurrency works and why it’s not ready for the mainstream. I fully stand behind his analysis, specially the part about rubber hose cryptanalysis. Ah tech-humour !
If your central bank (Example: Bank of Canada) is researching crypto-currency, they are in for a shock and assured failure because it’s too complex to manage for the average citizen. I’m not saying that crypto-currency will never see the “mainstream” light of day, I’m saying that it just won’t happen in your lifetime and most are mot ready for it. Using nanotechnology on current fiat currency is a much better avenue to combat fraud and control the flow of bank notes.
See, if each physical dollar bill is tracked, then an AI algorythms can be used to find patterns and track down fraudulant usage and establish a connection back to criminals. It’s not perfect, but it will scare off any criminals from wanting to accept “Cash” as payment if tracking nanotech is imprinted on this method of payment. But what is likely to happen are governments forcing the hand of merchants and distributers to stop accepting “Cash” as a method of payment, forcing consumers to use the only available alternative, virtual money, which is much easier to track because it leaves traces, a lot of traces.
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