The key to the current spree of ransomware is the massively improved ability to monetize digital hostage-taking. I don't really understand how financial watchdogs have let this go through, but cryptos have become a massive loophole in kyc and anti-laundering regulations. Recent moves in that sector seem to hint that this party is about to end and, hopefully, will create enough friction to reduce ransomware activity.
There's actually less illicit activity in cryptocurrency than in USD.
> The amount of environmental damage caused by proof of work is massive.
Not even 1% of global energy consumption. When is this FUD gonna stop?
Which... it already has. Coal plants have been spooled up just to mine btc. The idea that we should continue or expand crypto mining is ludicrous, because it already has harmed the environment, even at its small market cap.
The real question is: why do we still allow oil companies to exist when they're the ones responsible for much of the world's pollution? Because the USD is backed by oil.
Probably because attempting to enforce an oil ban overnight would probably involve death counts in the 9-10 digits. That is why any attempt is going to be progressive, and we can all agree that it's not going nearly fast enough.
That question is kind of a diversion from the current discussion, though.
It's really not. Cryptocurrencies have no real impact on the environment so discussing that is not really productive. Better to redirect discussion towards real problems which are actually destroying the planet. Problems which will never be properly solved because powerful people depend on their existence. The petrodollar, trade with China, etc.
> It's really not. [...] Better to redirect discussion
At some points the strings are getting too visible.
People insist on posting this FUD. I get it, they're concerned about the environment. So let's talk about real problems instead. Such as the highly polluting chinese manufacturers which no doubt fabricated the hardware we are using to write our opinions.
The real distraction is this "cryptocurrencies kill the environment" idea.
People should be able to transact freely without some government demanding explanations. If there's more crime as a result then so be it.
This discredits your entire post. Your other points may be valid, but how can anyone be sure if this one is provably false?
My domain registrar does, and it's not exactly a fly-by-night operation.
I think at least one airline does. Though I might be remembering that wrong.
I won't ever get into crypto because I like money that keeps working when the lights go out. But I don't think it's either as fringe, nor as mainstream, as the two sides present.
I personally would be surprised if Tesla made more money from selling those cars than they made by pumping btc with that news line.
Of course, the internet would lose its mass appeal. Maybe it wasn't meant to be.
I’m not sure what the answer is but better security and a rethinking of user authorizations seems to be in order.