alt Hacker NewsStopping Ransomware is trivial if governments knew where the money goes. But cryptocurrencies and lax capital control pushed by the uber-rich makes it impossible.
The technology is there and it is used to track the average citizens every move. But when it comes to rich people then the money goes and comes without control (and without taxation).
Cryptocurrencies are a great solution to enable criminal activity. Their only use and highly appreciated by terrorists, criminals and dictatorial governments around the world.
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Crypto is such a net negative for society.
What cracks me up is how much crypto is emblematic of Libertarianism. Sounds promising if you think about it a superficially, but is obviously bad if you actually think about it in any real world terms.
And not just abstractly - they both fall apart for the exact same reasons. Libertarianism is essentially "But, what if we scaled up the failures of crypto to all of society?"
It is far from trivial. What are you going to do if the money goes to an enemy country?
And while cryptocurrency are certainly popular with criminals, it is far from the only option for hiding transactions. As for the technology, if it exists, it is not very effective. The shadow economy is going strong even among average citizens, from drug trade to babysitting.
If governments can't stop even the most trivial kind of unreported work in their own country, how to you expect them to stop well organized international gangs, sometimes backed by nation states.