sumokoin

Starbucks Starbucks

The other day, I had been talking crypto-currencies having an acquaintance in our regional Starbucks, and he let me know he was working with a couple of entrepreneurs who had previously been academic experts in IT Security. Obviously, for crypto-currencies it’s all about secure transfer of the data, along with the trust at the inherent value of these one’s and zero’s, or Q-bits. Maybe, I might have a look at their business strategy, although these digital monies have experienced any bumps in the road to the future I am sure will be the upcoming norm – that is how the world is headed it seems.

Does this mean we are going to have distributive currency like distributive energy onto the smart grid, or distributive info like the net? Well, humans do what works and there is both good and bad with centralization and with a distributive redundancy strategy sumokoin.

Now then, what’s the latest you ask? Well, there are two articles I read more than an hour after that meeting, as I was cruising through the advice, I had previously saved to write on this subject afterwards; Marginally Useful – Bitcoin itself may fail as a money, but the underlying technology is beginning to suggest precious new software,” by Paul Ford (February 18, 2014) and mind this informative article was written just days ahead of the Bitcoin theft from one of their top trades.

Another article was written by Naette Byrnes the afternoon following those findings hit the newswires on February 25, 2014″Bitcoin on the Hot Seat – A significant bitcoin exchange shuts down, raising questions about the cybercurrency.” Are you surprised?

The second article went on to say ;”Tokyo-based Mt. Gox, after one of the biggest exchanges of this bitcoin cybercurrency, stopped operating Tuesday amid rumors that countless might have been stolen in the company and increasing concerns about the long-term prospects to its unregulated digital money. Other bitcoin exchanges quickly moved to distance themselves from Mt. Gox and assert that they were still open for business. It struck an all-time high $1,100 in November.”

What do you say to that? Ouch. Can they get the last laugh, or is that just an expected evolutionary process of disruption as all of the kinks are worked out?

Let’s say there was hanky-panky involved, let’s say someone hacked the machine or stole the digital money. Right now, digital currency flies under the radar since it’s not recognized even with all the new Too Big To Fail regulations on banks, etc.. How can a digital money have worth? Hard to say, how do a fancily printed piece of paper marked $20 be worth anything, it is not, but it is worth what it represents if we all agree to that and also have trust in the currency. What’s the difference, it is an issue of confidence right?

Okay so, let’s say that the regulators, FBI, or another branch of government interferes and documents charges – should they file criminal charges that someone defrauded someone else then how much defrauding was involved? If the government enforcement and justice department place a dollar amount number to this, they’re inadvertently agreeing that the digital money is real, and it’s a value, thus, acknowledging it. When they don’t get involved, then any fraud which might or might not have occurred sets the entire notion back a ways, and the media may continue to drive down the confidence of all digital or crypto-currencies.

So, it is a catch-22 for your authorities, authorities, and enforcement folks, and it is impossible for them to look another way or deny this trend any longer. Could it be time for regulations. I personally hate regulation, but is not how it usually starts. Once it’s regulated credibility is given to the concept, however his electronic currency theory may also undermine the whole One World Currency plan or perhaps the US Dollar (Petro-Dollar) paradigm, also there might be hell to pay for that as well. Can the international market handle that level of disturbance?

Meanwhile, what happens next will either make or break this new shift in the way we see monetary price, wealth, online trades and the way the real world will mind-meld into our prospective blurred reality. I simply don’t see a lot of people believing here, but everybody should, one misstep and we could be in a world of hurt – all of humanity who is. Please consider all this and consider it.