> What's funny about this is it's a fine metaphor for what ails crypto as a whole. The technology is cryptographically secure, but not at all robust to much simpler betrayals, hacks, etc. If you trust overmuch in the tech and don't focus on less technically interesting but more fundamental threats, you're apt to get rekt.
That applies to all things within technology, OPSEC/INFOSEC is the very study of how to mitigate those very leaky channels, which are impossible tasks to accomplish entirely because of Human nature. I recall a post here some time ago that says that most non-leak related hacks are mainly due to social engineering, as that is the most viable way to take down an asset/target.
Honestly, CZ will likely brush this off; the US is being incredibly hostile to all things that threaten the USD; it make sense, and those that thought the USD and BTC could co-exist in the US were disillusion because of things like this.
Even that scrub Armstrong is starting to see why his pursuits to cozy up to the VC crowds and US regulators only prolonged the inevitable wherein this will return to a regulatory nightmare that favours other nations; mainland China under the CCP will continue to ban it (for nth time) in order to stifle the immense amount of capital flight out of China but it will remain legal in Hong Kong with favourable and relaxed regulations. Once again favouring the afflurent and political;ly connected who can incorporate in an absurdly HCL safe-haven like HK
and excluding the poors from utilizing financial services that could help them from the exposure to the collapsing banking sector.
And thus proving again that unless its a situation like El Salvador where it becomes a national currency there is nothing to indicate that politicians have the will or ability to actually put clear regulation in place for Capital and innovation to progress in Fintech.
Which would be obvious if you have any semblance of why Cypherpunks and renowned economist like Hayek considered a free-floating, non-state issued currency the most critical thing for a free Society.
National Fiat currencies have a limited life-span, typically 35-40 years, and this always leads to economic turmoil and inevitably war; which always favours nations who can impose their neo-bondage via entities like the IMF and World Bank when the dust settles and then gain access to cheap resources, and Human capital.
Anyhow, I'm not surprised this happened, but it's a nothing-burger that will be good for those DCA there way back into this market (myself included).
That applies to all things within technology, OPSEC/INFOSEC is the very study of how to mitigate those very leaky channels, which are impossible tasks to accomplish entirely because of Human nature. I recall a post here some time ago that says that most non-leak related hacks are mainly due to social engineering, as that is the most viable way to take down an asset/target.
Honestly, CZ will likely brush this off; the US is being incredibly hostile to all things that threaten the USD; it make sense, and those that thought the USD and BTC could co-exist in the US were disillusion because of things like this.
Even that scrub Armstrong is starting to see why his pursuits to cozy up to the VC crowds and US regulators only prolonged the inevitable wherein this will return to a regulatory nightmare that favours other nations; mainland China under the CCP will continue to ban it (for nth time) in order to stifle the immense amount of capital flight out of China but it will remain legal in Hong Kong with favourable and relaxed regulations. Once again favouring the afflurent and political;ly connected who can incorporate in an absurdly HCL safe-haven like HK and excluding the poors from utilizing financial services that could help them from the exposure to the collapsing banking sector.
And thus proving again that unless its a situation like El Salvador where it becomes a national currency there is nothing to indicate that politicians have the will or ability to actually put clear regulation in place for Capital and innovation to progress in Fintech.
Which would be obvious if you have any semblance of why Cypherpunks and renowned economist like Hayek considered a free-floating, non-state issued currency the most critical thing for a free Society.
National Fiat currencies have a limited life-span, typically 35-40 years, and this always leads to economic turmoil and inevitably war; which always favours nations who can impose their neo-bondage via entities like the IMF and World Bank when the dust settles and then gain access to cheap resources, and Human capital.
Anyhow, I'm not surprised this happened, but it's a nothing-burger that will be good for those DCA there way back into this market (myself included).
[0]: https://cointelegraph.com/news/china-gains-from-strict-us-cr...