The inherent risk to the investor of decentralized electronic monetary units is of course the complete lack of a guarantee if the heinous act of fraud or theft occurs. In one fell swoop, a keyboard shortcut executes a hacking program in the time it takes for the entertainment community to brainstorm and fabricate another lost cause in society which Donald Trump is somehow to blame, and “poof”, the money is gone. Tough luck and thanks for investing.
Actually, this is a poor metaphor, as the comedic dimwits responsible for the industrial strength teleprompter inanity spewing from behind the scenes of an intolerable world view, routinely suffer from a detachment with the Miss America belle concept of competency, glowing in a glorious feminine effervescence after acing the swimsuit portion of the pageant. A more apt comparison to the swift and wild west style injustice perpetuated by a bold online fiscal risk, gravitates around the instantaneous destruction of the credibility of LeBron James, as the brand name NBA star vehemently and publicly criticized Trump last week and a possible trip to the White House celebrating a championship, before his team was promptly and savagely deposited under the rug of history by Golden State. The moral of the story being, those hoisting the trophy have every right to make an ass of themselves, just ask the Philadelphia Eagles, and the runner up gets absolutely no voice. While Bitcoin and investors of other mainstream crytocurrencies have routinely prevailed prior to the end of 2017, championship investors are routinely dethroned and disposed of by cyber fraud, as the insidious side of the hacking community liquidates accounts with the blink of an eye.
The ugly side of the light speed volatility of the cryptocurrency world reared its ugly head over the weekend, with prices plummeting on the speculative market, in the wake of a successful hack job on a South Korean offshoot Bitcoin exchange. CNBC reports that reports of the criminal activity sent shock waves of instability through out the entire online investment community leading to Bitcoin shares dropping nearly 10%. Even though the software technology of the actual construct cryptocurrency based on the blockchain developed from research efforts by the National Security Agency is basically impervious to attacks, online crooks simply concentrate pirating efforts on the weak security points of the infrastructure, mainly the online wallets of individuals and online investing exchange platforms. Since there is exists no armored car service or law enforcement presence devoted to policing the secure storage of crptocurrencies, cyber criminals simply enjoy free reign in writing programs to steal billions of dollars, while not having to face any possible consequences for their illegal activities. Of course, the electronic monetary technology was originally developed to allow those lurking on the darkweb to successfully turn dollars into satisfying sinful appetites.
The latest security breach comes just months after a Japanese crypotcurrency marketplace was raided for $500 million, begs the question, why does there exist so much hype for a family of currencies which are nowhere close to being interfaced in major retail outlets and are afflicted by an exploitable vulnerability? We better ask Lebron James for advice on this one.
Read the CNBC story here.