Category Archives: Tech News

Former NSA Employees Blame Hack on “Rogue Insider”

The NSA’s special operations team, an organization called the “Equation Group,” has just become the victim of a cyberattack by a potentially Russian-based hacking group called “The Shadow Brokers”. According to some former employees of the US National Security Agency, this troubling interception may be an inside job, similar to that which was carried out by exiled American whistleblower Edward Snowden.

nsa2“My colleagues and I are fairly certain that this was no hack, or group for that matter,” said one former NSA employee. “This ‘Shadow Brokers’ character is one guy, an insider employee.”

The source of this opinion, who chose to remain anonymous, said it would way easier for an employee to obtain the data that the Shadow Brokers put online than it would be for any elite hacker, Russian-based or not. He went on to argue that “naming convention of the file directories, as well as some of th scripts in the dump are only accessible internally” and that “there is no reason” for those files to exist on a hackable server. According to the former employee, the files that were exposed were kept on a physically separated network that had no connection to the internet.

In response to this theory, Matt Suiche, CEO of Dubai-based cybersecurity company Comae, posited another: perhaps a member of NSA’s elite hacking team, Tailored Access Operation or TAO, made a major mistake by leaving the hacking tools on a server that was connected to the internet.

That said, the former NSA employee is sticking to his guns:

“We are 99.9 percent sure that Russia has nothing to with this and even though all this speculation is more sensational in the media, the insider theory should not be dismissed… We think it is the most plausible.”

nsa3“Now seeing that’s being paraded in the media like the wildly speculative attribution to Russia, I feel a personal responsibility to propose the more plausible theory on behalf of the rest of the guys like me,” the source explained, stating that he was getting “a little nervous” about the fact that major politicians were already accusing Russia of taking part in the hacks based on little to no evidence. “I think it’s dangerous to point fingers when they shouldn’t be. That could have real implications that affect real people.”

The source, who provided a military award as proof of his employment in which his role was described as “Cyber Intrusion Analyst.” The source went on to say that while he was not a member of TAO, he did work with TAO operators and analyze the data that TAO operators received.

Another NSA source who was contacted independently and also wishes to remain anonymous said that the insider theory is definitely “plausible” as it was much easier to walk out of the NSA with a USB drive or a CD than it was to hack its servers.

Michael Adams, an information security expert who worked for US Special Operations Command for over 20 years, also confirmed the viability of the theory.

“It’s Snowden Junior,” he explained. “Except he doesn’t want to end up in virtual prison in Russia. He’s smart enough to rip off shit, but also smart enough to be unidentifiable.”

It’s worth noting that there is as much information attributing responsibility to an insider as there is to Russia; in other words, there’s no evidence whatsoever.

The Hidden Cost of Your Tech Products

No matter which way you slice it or no matter how much you consider yourself a virtuous or believer in the rule of law and justice if you live in the United States and use almost any kind of tech product the reality is that you are participating in an industry that exploits the use of child labor and slave labor like conditions to mine to precious materials that enable your product to work. Even the most food justice hipster vegan who has a raised bed garden, if you are using your macbook to post your outrage of the injustice in the world, you are a hypocrite. The device you’re using to read this story has roots in child labor and its something the Tech Industry needs to take action about and address if they are going to step up to the plate and their false sense of morally upstanding. “These Children are suffering life long problems that are just astounding. And it has to stop. “there is gold inside your phone. There is cobalt inside the lithium battery. There’s colt an that used in the miniature circuitry in your phone. These are minerals that are being mined in areas where law enforcement and government oversight is very weak. and what you find is that a lot of children end up going to work in these regions.” A startling reality is that children usually work in mines because they’re small, and able to squeeze into tiny tunnels to harvest minerals. This is extremely dangerous work due to the unsafe conditions like tunnel collapse and toxic chemicals in the air.

“its not just that its children labor and that these are missing school and they are missing childhoods. These children labor advocacy and coordinators for child labor coalition. These are suffering life long neurological damage and health problems that are just astounding and it has to stop.”

So this seems all very overwhelming but there are things you can do to become an informed consumer and if this problem ever has a chance of being reversed wide action has to be undertaken. One way is look up what your favorite tech companies are doing and demand transparency if they are not. “if even half the people who own smartphones spoke up and said, ‘you know I’m really worried about these kids mining these minerals in my cellphone, ‘ I really think that would get companies attention. If there were enough evidence of consumers concern the company would then be forced to take the lead on that.” 

Another thing you can do is to donate to organizations that are aimed towards working to end child labor. This again like anything requires that you do your research and make sure you are giving to the right ones, but they are out there and they really do make a difference. There is going to be a huge. and really we need to see that this problem is so much larger than tech. The U.S. department of Labor leis identified 136 products from 74 countries that are made by forced child labor.

 

 

Mobile Ransomware Gains Speed

Since the internet went mainstream, malware has existed in ever-changing reiterations. In the past year, phishing scams, Trojan viruses, and a variety of other kinds of malevolent software have given way to ransomware, the most common type of malware currently circulating the web. Ransomware poses a threat not just to personal computers and corporate systems; according to a report published by Kaspersky Lab, now more than ever, ransomware targets people’s mobile devices.

mob2Kaspersky software was able to protect over 135,000 users targeted by ransomware spanning from April 2015 to March 2016. That’s up from 35,413 in the year prior, meaning the amount of mobile ransomware victims quadrupled last year.

“The growth curve may be less than that seen for PC ransomware, but it is still significant enough to confirm a worrying trend,” it reads in the report.

How and why did this trend come about? The software firm attributes the spike in ransomware targets to the fact that people are willing to pay ransoms and that the value of information stored on digital devices is high enough that paying that ransom is actually the most cost-effective way to recover the data. In addition, law enforcement has been incapable of effectively responding to the problem and new payment tools and anonymous currencies are making it easier than ever for hackers to collect their fees.

“The problem for criminals is that legitimate payment systems, reacting to the rise in fraudulent payments, have started to track and block suspicious transactions, making money transfer a far more risky business for cyber crooks,” the report states. However, it goes on to explain that criminals have found new payments systems that allow them to work around this.

“With underground and semi-legal payment systems the problem is that no guarantees are given to the users of such systems (no refunds, no protection from other criminals) and the privacy of these transactions is also questionable.”

Then cryptocurrencies like bitcoin made it fundamentally easier for criminals to obtain money made illegally:

“Criminals have started to exploit the advantages crypto-currencies offer over other types of e-currency: anonymity and a distributed nature, which both allow them to hide fraudulent transactions and make it possible for a law enforcement agency to do anything… These features help to support individual privacy rights but, unfortunately also give cybercriminals a very reliable and secret payment tool. The main outcome of this is that ransomware has become the new black in the underground.”

mobWireless extortionists approach hacking mobile devices differently than they would approach hacking a personal computer:

“With a PC, the ransomware encrypts your files, encrypts your backup and leaves everything as garbage on our machine and then [demands] a ransom payment,” explained Ryan Naraine, global research and analaysis team head at Kaspersky Lab.

“On mobile, in some cases they’re doing encryption, but in most cases, they’re just locking the screen and not allowing you to get into the phone at all… It’s the same model. You make the end user completely desperate to get access to his files, and that desperation leads to paying the ransom.”

Hewlett-Packard’s New Machine

Larry Page was recently outed in terms of his attempts to build a flying car with a couple of startups and the enormous $100 million worth of cash he’s invested. However, in the media tumult that the story created, a perhaps more significant and less pie-in-the-sky step was taken towards real developmental change in the tech industry.

Just over a week ago, Hewlett Packard Enterprise announced its decision to open-source the plans for The Machine, its most notable research project in history. The Machine is an attempt to reinvent the architecture underlying basically all computers built by old tech firms over the past six decades; the new design involves a switch to a memory-driven computing architecture.

Martin Fink announces The Machine project at HP Discover 2014, Las Vegas, USA

HP’s decision to open source the designs its come up with so far represent an effort to spur development and excitement regarding its fledgling, and rather ambitious project. HP hopes to aid in the development of the components of The Machine from the ground up by bringing in open source developers early in the software development cycle; perhaps the more eyes they get on their new machine now, the smoother it will run in the future.

For the time being, it’s probably a little early to call whether HP’s move will be enormously significant in the longterm or a last-ditch effort that ultimately fails to spur the project into existence.

Charles King, principal analyst at Pund-IT, explained that The Machine is “not a commercial platform or solution. As such, I’m not sure how many commercial independent software developers outside of close HPE partners will want to spend time on it.”

“IBM’s decision to open source its Power processor architecture has attracted a sizable number of developers, silicon manufacturers and system builders,” King continued. “It would not surprise me if HPE found some inspiration in OpenPOWER’s success.”

It’s important to note that the open source community is unlikely to be able to lend much of its efforts or insights until The Machine is more widely available and at a more reasonable price. According to Rod Cope, CTO of Rogue Wave Software, “The broader community will wait and see how powerful it is. Over time, however, there is no doubt that it will enable entirely different kinds of databases, proxies, security scanners and the like.”

the machine2Cope went on to explain that issues such as virus scanning, static code analysis, detecting the use of open source software, and grand challenges like simulating the brain and understanding the human genome will be changed forever by massive amounts of persistent memory and high bandwidth in-machine communication.

“Large project communities around Hadoop and related technologies will swarm on the potential game-changing capabilities,” he predicted. “This will be a big win for HPE and competitors working on similar solutions.”

King went on to state that any new computing architecture must face a fair amount of hurdles in terms of attracting industry supporters and interested customers. That means that if HPE’s efforts are going to be a success, they’re going to end up lowering substantially many of the barriers that The Machine is likely to encounter on the market.

Big Tech Firms are Hedging Their Bets on Old Technology

Its an interesting thing to notice when you look through any popular tech blog or news source is the battle within the tech industry and their place in the future. For a long time it has been that they have been seeking supremacy of the smartphone market or the so called platform wars, however today they are concerned with a product that isn’t really a the new kid on the block. In fact it shaped the 19th century and the worlds infrastructure there after.  You are probably familiar with this technology, in facts its probably sitting out front of your house right now. What I refer to is of coarse the automobile. 

This war has been so prevalent that it is not drawing the worlds 2 largest technology companies (Apple and Alphabet) to enter the race full steam ahead. More over, the worlds most valuable privately held tech company or start up is defined by this, and I am referring to Uber Technologies. This is all not to mention the most celebrated entrepreneur on the planet at this point in history Elon Musk is hedging his bet that his Tesla Motors will change the world, not only the way it moves around but the way it powers itself, which is an exciting proclamation.

When you look around the market you can see that Musk’s Tesla Motors is leading the way to build a mass market electric car, but the auto industry establishment is hot on his tail and is coming to market with cars like the Chevy Volt or the Nissan Leaf, which is exciting but they really don’t come close to performance or popularity in this regard. Not to mention Musk’s cars are capable of driving themselves.

When we look at the ride sharing market we see that the clear leader in this arena, Uber announced last week that it has revealed its self driving car service and is available if you live in the Pittsburgh area. The CEO Travis Kalanick explains, “the reason Uber is expensive now is because you’re not just paying for the car, you’re paying for the other dude in the car.” If uber rides were a lot cheaper the idea the ride sharing could replace car ownership is a very real possibility. Uber as we know does not exist in a vacuum and their competitor Lyft is hot on their tail with their own partnership with GM and has a fleet of cars that are due some time in the next 14 months. 

So it is an interesting place for the auto industry as well as the tech industry because everyone is trying to make a play in this new disruptive medium for transportation. What many of the smarter companies are doing is partnering up to get the most out of their infrastructure in creating a truly inspired product. What remains to be seen is who is going to take the top spot, which will really tell us whose prediction for the future of travel is most accurate. This is a very exciting time to be alive.

What is the Tech Bubble?

The rise of Silicon Valley and the companies that comprise it has been well documented by economists and the media alike. However, many have come to question whether these tech powerhouses can sustain the incredible rates of growth that they have enjoyed over the past few years. There has been plenty of talk regarding a “tech bubble” that’s ready to burst, so here’s a little background information about exactly that.

tech bubbleUp until recently, talk of the tech bubble was isolated among Wall Street analysts and venture capitalists, and received little to no interest from other entities. However, recent investors have valued companies like Uber at $50 billion and Airbnb at $25 billion, and that kind of valuation is generally cause for more general attention.

There are some general concepts to keep in mind when deciding whether these valuations are indicative of a healthy economy or one on the brink of collapse. One is the definition of a bubble.

“I define a bubble as something where assets have prices that cannot be justified with any reasonable assumption,” said Jay Ritter, professor of finance at the University of Florida’s Warrington College of Business Administration. Ritter studies valuation and IPOs.

In general, bubbles tend to occur when an economic sector’s development creates a situation in which the most recent money to be inputted is extremely unlikely to realize a return that justifies the risk it has taken. This circumstance tends to be helped along by new companies with new products claiming that they should not be subjected to conventional P/E-based valuation analysis, especially if and when those companies keep their earnings a secret.

So back to Uber: Uber’s $50 billion alleged worth was only made possible by the company being valued at a multiple of 100 times its sales. Many other companies are valued at high integers of their actual sales (Airbnb is a 28x multiple, Slack is at 90x, Zipcar was at 6x during its peak, etc.). The ruling logic behind these valuations is that so many tech companies have become so large so fast, that it’s silly to set a ceiling to how valuable a company with real promise may become. Many economists have an issue with that.

tech bub3“Private valutations have become disconnected from public reality,” explained Jules Maltz, a general partner at Institutional Venture Partners. Many other higher-up partners at investment companies have seen reason to warn partenrs of an “extreme end of a cycle” due to the increasing trend of late-stage investors having “essentially abandoned traditional risk analysis” and pouring money into totally unsustainable companies.

Many believe that the question is not if, but when the bubble will pop, and how bad it will be. Some say that it shouldn’t be too bad, but others expect unpredictable results due to the fact that this bubble has been caused almost entirely by private companies backed by private money. That means the only people who stand to get hurt are those that privately invest.

However, some are pointing to the fact that when private deals get too big for VCs to underwrite, public money gets involved through direct investments from mutual funds like Fidelity, Janus, and T. Rowe Price, and indirectly through pension-backed hedge funds and private equity. These funds state that only 1 to 2 percent of their assets are going to private tech firms, so that no one’s 401(k) or IRA is overly dependent on the firms’ success, but this percentage may have increased over the past few years due to the longevity of the tech boom’s success. In fact, the give mutual funds that are the most active startup investors have made 45 tech investments in 2014 compared with 18 in 2013.

The Creation of Online Space

Internet cookies enable corporations, online social media and search engine providers, and even government entities to track a private internet user’s browsing history and manage or adjust the content that the user sees accordingly. In addition to this online-space revising power done basically without consent by these entities, internet users can themselves mold the internet that they come into contact with; they can download certain search extensions (like the one that replaces all instances of “Donald Trump” with “Donald Drumpf”) that block certain content, revise some content, or emphasize certain kinds of content based on theinternet cookies2 user’s preferences.

Although privacy advocates have taken issue with the non consensual use of internet cookies or selling of private internet browsing history to major corporations for advertising purposes, little to nothing has been said about an internet user’s ability to mold his or her own internet space, be it the news that he or she receives, the filters he or she employs, etc.

This lack of conversation constitutes a major absence in the discussion of contemporary politics and philosophy; now more than ever people are navigating an internet space that to them represents the exploration of wider scope of reality than is accessible to them physically. However, due to factors both in and outside of their control, this space is warped, limited, and invisibly tied into a feedback loop that relies on the user’s own habitual use of the internet. This of course does not apply to those using proxies, VPNs, cryptocurrencies, and the like. 

In other words, despite the unlimited breadth of information that the world wide web represents to our culture, people are much more likely to find what they’re looking for more often and in greater proportions than how that information exists in reality. A power crystal enthusiast will find power crystal products and articles pop up all the time in side margins of web pages and news articles, even outside what that enthusiast seeks out on his or her own.

internet cookies3To continue with this hypothetical situation, the power crystal believer may not only continue in his or her hobby, but become increasingly polarized as a result of being constantly bombarded with this information and with confirmation of its validity. Where there might have once been doubt or at least the feeling of being part of a fringe spirituality (if this person was to navigate the nonvirtual world espousing his or her beliefs in power crystals), there may instead be an assuredness in numbers that could only be felt by use of the internet.

This is relatively harmless, if somewhat sad, for the power crystal believer. However, there are other fringe cultures and non-universally-held radical belief systems that this aspect of the internet feeds into an increasingly polarized status. Take the tragic massacre in Charleston that occured in 2015. The shooter was polarized by white supremacist websites and likely found support in white supremacist chatrooms. Perhaps gun advertisements lined the shooter’s web pages.

All in all, it’s important to consider that while the web can be an unlimited source of new and ground breaking information, it can be used to further the momentum of a person’s worldview, as opposed to destabilizing that world view. In fact, in most cases, the former is more common than the latter.

Tech Giants See New Investment Opportunity

Remember the Bitcoin gold rush? That may be happening again, but this time there’s a new digital currency challenger on the block.

Called Ethereum, the alternative digital currency uses a similar blockchain system as its older and more successful counterpart, but has a slightly more sophisticated set of applications due to the smart payment system that can be written directly into its blockchain.

What does that mean? It means that with Ethereum, it’s possible to program binding agreements into the blockchain that enable people to, for example, place bets on a sports game and then set a mandatory pay out to whoever becomes the victor is before the results are known. The system is called a “smart contract” system and could be used for anything from gambling to online banking to Ponzi schemes.

italikThis capability was precisely what 21-year-old Russian-Canadian Vitalik Buterin had in mind when he dropped out of Waterloo University in Ontario to create the software in question. Ether has since become one of the only alt-coins to present serious competition to the Bitcoin; the price of Ether has risen from $1 to $12 over the course of the last three months and JPMorgan already has set up its own private Ethereum network and blockchain.

The total value of all Ether currency has been toggling back and forth across the $1 billion line, putting it at second place to Bitcoin’s $6 billion value.

Bitcoin has been perilously close to losing the momentum ever since a rift was created among users regarding certain software developments. The dispute has caused many foundational creators to wash their hands of what some of them call a “failed experiment,” and many potential investors and banks have developed an ear for other digital currency  opportunities.

The Ethereum system can be described as a single shared computer that is run by a network of users and on which resources are parceled out and paid for by Ether. Similar to Bitcoin, Ethereum’s success can be largely attributed to its ability to attract a dedicated network of users who have supported the software in hopes that their efforts will increase the value of the Ether they purchased.

ethereum2Although Ethereum’s overall currency value may be well under that of Bitcoin’s, its network of supporters rivals that of Bitcoin by much closer margins. Last week it was recorded that just under 6,000 computers (called nodes in this context) are helping to support the Ethereum network. The Bitcion network has somewhere around 7,400 nodes.

One Ethereum co-founder, Joseph Lubin, is currently running a company called ConsenSys out of Brooklyn. ConsenSys has hired over 50 developers to aid in the construction of applications on and for the Ethereum system, one of which enables music distribution and another that makes it possible to perform a revolutionary kind of financial auditing. All of these efforts represent the rapid growth and hungry culture behind Ethereum, and perhaps explain its quick rise to 2nd place in the digital currency game.

“Bitcoin presented the broad strokes vision, and Ethereum presented the crystallization of how to deliver that vision,” said Lubin in explanation of his decision to throw himself into Ethereum’s development.

That said, computer science researcher at Stanford Joseph Bonneau has studied crypto-currencies for years and has stressed that Ethereum is far from a “sure thing.”

“Bitcion is still probably the safest bet, but Ethereum is certainly No. 2, and some folks will say it is more likely to be around in 10 years,” Bonneau stated. “It will depend if any real markets develop around it. If there is some actual application.”

 

The Volunteer Techies Behind Bernie Sanders

Bernie Sanders has amassed more individual contributions towards his campaign than any US Presidential hopeful in the history of American elections. However, his grassroots support is more multifaceted than monetary contributions; his unexpected and monumentally competitive campaign against Hillary Clinton owes a significant proportion of its success the work of volunteer coders from all around the country.

Take Jon Hughes, for example. Hughes is a 29-year-old father and computer programmer operating out of southern Oregon. He hadn’t been very impressed by the last few rounds of presidential candidates, but he saw Bernie Sanders as a beacon of hope long awaited in the depressing and corrupt American political system. Despite his lack of affiliation with the Sanders campaign, he built a webpage at the URL voteforbernie (.org) that performs a very simple very important service: when you click on your location, the website instructs you on where and when to vote in your Democratic primary or caucus.

techbernieThe site has amassed over 2 million unique views since its launch last June, and has earned for itself the title of top search hit not only for Sanders supporters, but for anyone interested in how to vote in the primaries. That means all across America, anyone interested in voting in their primary for the first time will be asked in large florid lettering, “Will you be able to Vote for Bernie?”

Sanders has also likely become the biggest beneficiary of the rise in importance of apps in the 2016 election. His anti-establishment independent-turned-Democrat status appeals to the many young, code-savvy voters that he inspired to be come politically active for the first time. His volunteer coders tend to be under-30 political neophytes who first heard of him through his supporters’ Reddit page. The page has over 188,000 subscribers and the SandersForPresident subReddit has become more popular than a variety of big-name pages featuring cars, beer, and porn.

“It’s been a great resource for us,” stated Kenneth Pennington, the Sanders campaign’s digital director and one of many Sanders officials who regularly communicate with tech volunteers. “It speaks to the ethos of the entire campaign. The volunteers are running the ship here.”

An attendee holds a campaign sign of Senator Bernie Sanders, an independent from Vermont and 2016 Democratic presidential candidate, not pictured, as he speaks at the Iowa State Fair Soapbox in Des Moines, Iowa, U.S., on Saturday, Aug. 15, 2015. The Iowa State Fair is expected to host 18 presidential candidates and runs until Aug. 23. Photographer: Andrew Harrer/Bloomberg via Getty Images

The breadth of Sanders-related apps is somewhat astounding- some are free and built for anyone with access to the Apple and Google Play stores. Others are made specifically as internal tools for Sanders’ campaign volunteers. For example, techie volunteers helped create an app called “Ground Control” that helps to organize volunteer phone-bank hosts and helps campaign staffers improve grass-roots events. Another app is called Bernie BNB and has about 1,000 Sanders-supporting members either seeking a place to spend the night or offering a free spare bed. There are websites that compile Sanders’ stances on a variety of policies, helping potential voters to see if they truly align with the candidate.

“I’ve heard of superPACs building crappier websites with full-time staff for $1 to $2 milllion,” said Daniela Perdomo, a tech volunteer who spearheaded the creation of the feelthebern (.org) website. She apparently spent more than five weeks of all-night shifts in her home in Brooklyn to create the url.

Bitcoin Schism Remains Chaotic

Ex-Googler and bitcoin software co-creator Mike Hearn stated last month that the bitcoin was “a failed experiment” and promptly divorced himself from the bitcoin community and sold all of his bitcoin.

Among his complaints regarding the anarchic, unregulated internet currency was that it was “completely controlled by just a handful of people” and “on the brink of technical collapse.”

Hearn has started out trying to avoid this technical collapse, but then ran into issues with that handful of people at the heart of the bitcoin community, who were also core bitcoin developers and who had their own visions for the future of bitcoin. Thus began the dispute Hearn refers to as the bitcoin “open civil war.”

bitcoinf ork“When parts of the community are viciously turning on the people that have introduced millions of users to the currency, you know things have gotten really crazy,” Hearn stated in response to the company Coinbase being banned from the bitcoin website and removed from discussion groups.

The New York Times reported that some bitcoin developers had received anonymous death threats, and hackers allegedly carried out denial-of-service attacks against Coinbase and other bitcoin companies with controversial bitcoin opinions.

However, some of the very people that Hearn opposes state that there is no opposition; the civil war is in his head, and bitcoin is not splitting up.

CEO of Coinbase Brian Armstrong believes that the debate over software is a normal part of the democratic process integral to the development of the bitcoin system:

“Bitcoin is not having a crisis. It’s having an election,” he claimed “The [prevailing] mental model for what’s going on is a split, a divide in the community. But the right model is an election.”

Of course, Armstrong runs one of the world’s largest bitcoin exchanges. He has a lot to lose from the belief that bitcoins have failed, especially since the only thing that attributes value to a currency is human belief in the first place; especially when there’s no government to regulate and enforce its use.

So what exactly is this ideological issue? It all comes down to the size of something called “blocks” which identify transactions on the network. Armstrong and his camp believe that the community must increase block size to accommodate the increasingly large number of transactions on the network.

bitcoin mining“Assuming the transaction volume keeps going up, transactions will get increasingly unreliable at random times. That’s just not a good situation,” explained Gavin Andresen, a software developer of the big block camp. As Bitcoin scales up, these people just believe that their software’s infrastructure will need to as well.

That means changing the software responsible for the miners, or computers specialized n the art of running bitcoin software and harvesting bitcoin. However, those of the Hearn camp believe that this could make it so that bitcoin’s original mission (to keep large businesses and government agencies from regulating money in such a way that they always have a disproportionate amount of it) fails.

It may be relevant here to say that bitcoin’s successful creation owes itself in large part to its response as an alternative to the fraudulent banking practices that caused the financial crisis in 2008.

 

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