- cypherpunks - lists.cpunks.org

Linux kernel rootkit Reptile supports Linux 5.8 for Vault Range
by ROOT＠HardenedVault 27 Jul '23

27 Jul '23

https://github.com/hardenedvault/Reptile https://hardenedvault.net/blog/2023-07-16-vault-range-resilience-weaponized… regards R@HardenedVault

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1984: Oppenheimer - Untold Inconvenient Nuclear Truths, MKULTRA, COVID, BioWeapons, Anti-War
by grarpamp 26 Jul '23

26 Jul '23

1984: Oppenheimer - Untold Inconvenient Nuclear Truths, MKULTRA, COVID, BioWeapons, Anti-War Among the Inconvenient List Of Ongoing US Atrocities... https://www.youtube.com/watch?v=MokJgWqlar4 Truth About Oppenheimer https://www.youtube.com/watch?v=_U3lEc-IFr8 Who are the Dangerous ones? https://libertarianinstitute.org/donate/ https://libertarianinstitute.org/news/study-trinity-nuclear-test-fallout-im… https://libertarianinstitute.org/patrick/empire-of-death-americas-moral-ban… https://www.vitaldissent.com/oppenheimer https://libertarianinstitute.org/patrick/the-truth-about-oppenheimer-part-o… Christopher Nolan's new film #oppenheimer appears to humanize J. Robert Oppenheimer as an eclectic genius who was haunted by the profound consequences of the weapon he created. However, another story lurks beneath #Oppenheimer. A secret story. One that saw Manhattan Project scientists conducting clandestine medical experiments on unwitting and innocent American citizens. The true story is that, while the United State led the prosecution of Nazi war criminals, Manhattan Project scientists secretly injected American citizens with lethal doses of plutonium without the subjects' knowledge or consent. If the Manhattan Project was meant to protect America, why would its scientists be injecting American civilians with radioactive material? Christopher Nolan describes "Oppenheimer" as "a horror film," stating that the film will leave viewer contemplating dark and unsettling questions. The information in "The Truth About Oppenheimer" will leave you disgusted. About Patrick Macfarlane Patrick MacFarlane is the Justin Raimondo Fellow at the Libertarian Institute where he advocates a noninterventionist foreign policy. He is a Wisconsin attorney in private practice. He is the host of the Vital Dissent at www.vitaldissent.com, where he seeks to oppose calamitous escalation in US foreign policy by exposing establishment narratives with well-researched documentary content and insightful guest interviews. His work has appeared on antiwar.com, GlobalResearch.ca, and Zerohedge. He may be reached at patrick(a)libertarianinstitute.org

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Court Filing: JPMorgan Chase “Actively Participated in Epstein’s Sex-Trafficking Venture”
by Gunnar Larson 26 Jul '23

26 Jul '23

https://wallstreetonparade.com/2023/07/court-filing-jpmorgan-chase-actively… Court Filing: JPMorgan Chase “Actively Participated in Epstein’s Sex-Trafficking Venture” By Pam Martens and Russ Martens: July 26, 2023 ~ Jamie Dimon Sits in Front of Trading Monitor in his Office (Source -- 60 Minutes Interview, November 10, 2019) Jamie Dimon Sits in Front of Trading Monitor in his Office (Source: 60 Minutes Interview, November 10, 2019) The Attorney General of the U.S. Virgin Islands, armed with highly effective legal talent from the law firm, MotleyRice – which stakes its reputation on its “boldness” – has filed new documents in its federal lawsuit against the largest bank in the United States, JPMorgan Chase. The new documents are, indeed, breathtakingly bold. The U.S. Virgin Islands’ attorneys have clarified to the court that they plan to show in a trial scheduled for October that JPMorgan Chase not only facilitated the sex trafficking of underage girls by Jeffrey Epstein but that the bank “actively participated in Epstein’s sex-trafficking venture from 2006 until 2019.” That is a very explosive assertion. For starters, it throws up a giant red flare as to why the American public has heard nothing from the criminal division of the U.S. Department of Justice about a criminal case against the bank for laundering money for Epstein. The case brought by the U.S. Virgin Islands is a civil case. The U.S. Virgin Islands filed hundreds of pages of new court documents on Monday and Tuesday. Most of the exhibits have been filed under seal. A Memorandum of Law arguing for partial summary judgment in the case, however, is only lightly redacted and makes the following points: “Even if participation requires active engagement…there is no genuine dispute that JPMorgan actively participated in Epstein’s sex-trafficking venture from 2006 until 2019. The Court found allegations that the Bank allowed Epstein to use its accounts to send dozens of payments to then-known co-conspirators [redacted] provided excessive and unusual amounts of cash to Epstein; and structured cash withdrawals so that those withdrawals would not appear suspicious ‘went well beyond merely providing their usual [banking] services to Jeffrey Epstein and his affiliated entities’ and were sufficient to allege active engagement.” The U.S. Virgin Islands has previously alerted the court to the unfathomable sums of hard cash that Epstein was able to take from the accounts he maintained at JPMorgan Chase without the bank filing the legally mandated Suspicious Activity Reports (SARs) to law enforcement. In the new filing, it has tallied up the giant pile of cash, writing as follows: “Between September 2003 and November 2013, or approximately ten years, JPMorgan handled more than $5 million in outgoing cash transactions for Epstein — ignoring its own policy discouraging large cash withdrawals….” The U.S. Virgin Islands’ attorneys cite to internal emails at JPMorgan Chase showing that employees at the bank were aware of Epstein’s “[c]ash withdrawals … made in amounts for $40,000 to $80,000 several times a month” while also being aware that Epstein paid his underage sexual assault victims in cash. JPMorgan Chase’s active participation in the Epstein sex trafficking ring was also alleged in a separate class action lawsuit against JPMorgan Chase brought by lawyers David Boies and Bradley Edwards on behalf of Epstein’s victims. At a March 13 court hearing in the case, Boies argued in open court that JPMorgan Chase had used a private jet owned by the bank’s hedge fund, Highbridge Capital, to transport girls for Epstein’s sex trafficking operation. A January 13, 2023 amended complaint filed by Boies’ law firm provided the following details on that allegation: “As another example of JP Morgan and [Jes] Staley’s benefit from assisting Epstein, a highly profitable deal for JP Morgan was the Highbridge acquisition. “In 2004, when Epstein’s sex trafficking and abuse operation was running at full speed, Epstein served up another big financial payday for JP Morgan. “Epstein was close friends with Glenn Dubin, the billionaire who ran Highbridge Capital Management. “Through Epstein’s connection, it has been reported that Staley arranged for JP Morgan to buy a majority stake in Dubin’s fund, which resulted in a sizeable profit for JP Morgan. This arrangement was profitable for both Staley and JPMorgan, further incentivizing JP Morgan to ignore the suspicious activity in Epstein’s accounts and to assist in his sex-trafficking venture. “For example, despite that Epstein was not FINRA-certified, Epstein was paid more than $15 million for his role in the Highbridge/JP Morgan deal. “Moreover, Highbridge, a wholly-owned subsidiary of JP Morgan, trafficked young women and girls on its own private jet from Florida to Epstein in New York as late as 2012.” With the criminal division of the U.S. Department of Justice sitting on its hands in this matter, and the Boies/Edwards lawsuit on behalf of victims now settled for $290 million by JPMorgan Chase – with victims’ lawyers getting $87 million in legal fees and $2.5 million in expenses while victims are guaranteed nothing other than a requirement to release their claims – there is no assurance that the American people will ever hear the hard facts about sex trafficking via a corporate jet owned by the largest bank in the United States. Thus, it is becoming critically important that the U.S. Virgin Islands actually bring its case to trial in a public courtroom and not fold like another cheap suit by accepting a pile of tainted money from JPMorgan Chase. If the U.S. Virgin Islands wants to make good on its promise to serve the public interest, its hundreds of sealed documents need to get unsealed during the trial instead of serving as an incentive on the court docket for JPMorgan Chase to pay up to keep the documents sealed. In its latest filings, the U.S. Virgin Islands also note that JPMorgan Chase didn’t just bank Epstein’s accounts but it also banked “all the girls and women publicly alleged in 2006 to be recruiters, accomplices, or victims…” and regularly transferred monies into these accounts from Epstein to buy everyone’s silence. In the case of Epstein’s accomplice-in-chief, Ghislaine Maxwell, who is now serving a 20-year prison sentence for her role in the sex trafficking ring, the new filing notes that JPMorgan Chase “made over $25 million in payments to Maxwell from Epstein….” What was the bank getting out of all of its sleazy dealings with Epstein? The U.S. Virgin Islands makes a very credible case that the bank was getting lots of profits – both from trading in Epstein’s own accounts as well as his referrals of rich clients to the bank. The Memorandum of Law filed on Monday notes that Epstein “was “bringing in over $8 million in revenues to the Private Bank — the top revenue and nearly double the amount of the next highest client….” As for the client referrals that Epstein made to the bank, the U.S. Virgin Islands writes as follows: “In 2003, Epstein was, by double, the top revenue generator in the Private Bank, and the source of Google co-founder Sergey Brin (‘one of the largest [relationships] in the Private Bank, of +$4BN’), Glenn Dubin (billionaire founder of Highbridge), and many other ultra-wealthy clients and connections, which would come to include Bill Gates, Leon Black, Larry Summers, the Sultan of Dubai, Prince Andrew, Ehud Barak, Thomas Pritzker, Lord Peter Mandelson, and Prime Minister Netanyahu.” Among that client referral list above, Leon Black, the co-founder and former CEO of private equity firm Apollo Global Management, is facing a current lawsuit in federal court over allegations he violently raped one of Epstein’s victims in Epstein’s upper East Side mansion in Manhattan when she was 16. The alleged victim suffers from mosaic Down Syndrome according to the lawsuit. This is only the latest in multiple charges of sexual assault that have been lodged against Black. (But, once again, the silence from the criminal division of the U.S. Department of Justice is deafening.) Reporter Matt Goldstein broke the story last Friday in the New York Times that Leon Black had quietly settled charges with the U.S. Virgin Islands earlier this year with a payment of $62.5 million. Another rich, powerful man on Epstein’s client referral list to JPMorgan Chase is Prince Andrew, who settled claims last year of sexually assaulting Epstein’s sex slave, Virginia Giuffre, when she was 17 and loaned out to him by Epstein. The monetary details were not disclosed. In a BBC interview in 2022, Giuffre said she was “passed around like a platter of fruit” for sex with Epstein’s powerful friends. Wall Street On Parade has been reporting for years on how the systemic culture of JPMorgan Chase is to ignore the law in pursuit of profits. One striking example was investigated by the U.S. Senate’s Permanent Subcommittee on Investigations. The Subcommittee got its hands on internal emails at JPMorgan Chase showing that when a young recent graduate of a law school submitted his resume to the bank, and bragged about finding a loophole that could be gamed by the bank to extract obscene profits from the California electric market, an executive at the bank wrote: “Please get him in ASAP.” The bank hired the young recruit and deployed the strategy. The bank was eventually fined $410 million in penalties and disgorgements by the Federal Energy Regulatory Commission (FERC). It was also revealed during the Senate hearing into the matter that while JPMorgan was being investigated, it continued to engage in other manipulative electricity schemes, a total of 11 in all. The Senate report noted that FERC officials told the Subcommittee “that in the years since Congress gave FERC enhanced anti-manipulation authority in the Energy Policy Act of 2005, the CAISO and MISO regulators had never before witnessed the degree of blatant rule manipulation and gaming strategies that JPMorgan used to win electricity awards and elicit make-whole payments.” (See our report: JPMorgan Rushed to Hire Trader Who Suggested on His Resume That He Knew How to Game Electric Markets.) Gaming electric markets is, of course, a trivial matter for a bank that has admitted to five criminal felony counts since 2014, which includes laundering money for the largest Ponzi scheme in U.S. history (Bernie Madoff) and rigging the market for U.S. Treasuries – the market that the U.S. government uses to pay its bills. Throughout this unprecedented crime spree and non-prosecution agreements and deferred-prosecution agreements generously lavished on JPMorgan Chase by the bizarrely forgiving U.S. Department of “Justice,” the Board of Directors of the bank has kept Jamie Dimon in place as both Chairman and CEO. For the conflicts of interest between the bank and its Board that might explain that lack of action, see our report here. Now Dimon and specific members of the Board of Directors also find themselves being sued directly for their role in facilitating Jeffrey Epstein’s crimes. The lawsuit has been brought by two pension funds on behalf of shareholders. The lawsuit’s theory of the case is that specific members of the Board of JPMorgan Chase “put their heads in the sand” and ignored that the bank had become a cash conduit for Jeffrey Epstein’s child sex trafficking ring because they were hoping that their own business ties to Epstein “would go unnoticed.” The pension fund case, the Epstein victims’ case that was settled last month for $290 million, and the U.S. Virgin Islands’ case, are all before the same judge, Jed Rakoff, in the U.S. District Court for the Southern District of New York – a District Court where Big Law is known for getting sweet deals for Wall Street’s recidivist miscreants. Representing the Board Members who have been named in the latest lawsuit brought by the pension funds is Big Law firm, Paul, Weiss, Rifkind, Wharton & Garrison. For background on how Paul Weiss services Wall Street, see our report: Meet the Lawyer Who Gets Citigroup Out of Fraud Charges and The Untold Story of the Paul Weiss Internal Investigation that Didn’t Catch a Massive Stock Fraud and Judge Issues Scathing Rebuke of DOJ and Law Firm, Paul Weiss.

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Re: FOIL Request# 2022-089773 Acknowledgement FOIL-2022-089773-016386
by Gunnar Larson 26 Jul '23

26 Jul '23

Does this have to do with STX? On Wed, Feb 2, 2022, 11:17 AM <Carmen.Garrett(a)dfs.ny.gov> wrote: > > DEAR Gunnar Larsen: > > I write to acknowledge receipt of the FOIL request that you submitted to > the New York State Department of Financial Services (DFS), which has been > assigned the above referenced tracking number. This number should be the > number that you refer to in all future communications with DFS. > > > > Your request has been referred to the appropriate DFS unit(s) to search > for the records that are responsive to your request. The assigned unit(s) > will contact you within 20 business days to (i) advise whether the unit has > any records that are responsive to your request; (ii) grant or deny your > request, if the unit has responsive records; or (iii) apprise you of the > progress of your request, if the search or review of the records that you > requested is still on-going. > > > *As part of the ongoing response to the COVID-19 pandemic, some or all > agency employees may be working off-site. As such, there may be delays in > response to FOIL requests. If a record responsive to a request is only > available in hard-copy format, that record’s availability will be limited > until further notice. Thank you for your patience during this extraordinary > time.* > > > > New York State Department of Financial Services > > > > If you are a New York State resident and would like to register to vote or > update your address, you may complete and submit to your County Board of > Elections a New York State Voter Registration Form which can be found at > http://www.ny.gov/services/register-vote . > > Tracking Number:FOIL-2022-089773-016386 >

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Cryptocurrency: Sam Altman's AI Worldcoin: A 1984 Abomination Upon All Humankind, MUST BE STOPPED
by grarpamp 26 Jul '23

26 Jul '23

Corporate / Government Biometric Coins are the most disgusting Freedom killing CBDC 1984 coins on the planet. Sam Altman's Worldcoin-WDC must be cancelled and stopped. https://ca.finance.yahoo.com/news/openai-chief-sam-altman-close-170808939.h… OpenAI chief Sam Altman is close to raising $100 million for his eyeball-scanning Worldcoin crypto project, report says George Glover May 15, 2023 at 1:08 p.m.·2 min read Sam Altman Sam Altman is set to raise $100 million for his crypto project Worldcoin, according to the Financial Times.Lucy Nicholson/Reuters Sam Altman is close to raising $100 million for Worldcoin, according to the Financial Times. The start-up wants to give people cryptocurrency in exchange for scans of their eyes. Altman is also CEO of OpenAI, the company behind the intelligent language tool ChatGPT. OpenAI boss Sam Altman is close to raising around $100 million in funding for his Worldcoin crypto project, according to a report. Worldcoin is in advanced talks to raise the cash from both new and existing investors ahead of a potential launch within the next few weeks, the Financial Times said Sunday, citing three people with knowledge of the deal. The startup wants to use eyeball-scanning technology to create a digital identification system that would give people across the globe access to a free crypto token called Worldcoin. It's previously received backing from Andreessen Horowitz's crypto fund, Coinbase's VC arm Coinbase Ventures, and FTX founder Sam Bankman-Fried. Worldcoin pulled in $100 million from investors last year through a token sale that valued the company at around $3 billion, according to a report by The Information from March 2022. That fundraising effort came before a bruising period for crypto in which flagship tokens like bitcoin and ether cratered in price and high-profile companies including Bankman-Fried's FTX collapsed. "It's a bear market, a crypto winter. It's remarkable for a project in this space to get this amount of investment," one of the FT's sources told the publication. Altman rose to prominence when he became president of the startup accelerator Y Combinator in 2014, which made him a well-known figure in Silicon Valley. In 2015 he cofounded OpenAI with Tesla and SpaceX boss Elon Musk, and he is currently the company's CEO. During Altman's time as CEO, OpenAI has released popular generative AI tools including ChatGPT and DALL-E to the public. Worldcoin didn't immediately respond to Insider's request for comment, sent outside normal working hours. Read more: Meet OpenAI CEO Sam Altman, who learned to code at 8 and is a doomsday prepper with a stash of gold, guns, and gas masks

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Cryptocurrency: Crypto Anarchism
by grarpamp 26 Jul '23

26 Jul '23

Main menu Wikipedia The Free Encyclopedia Create account Log in Personal tools Crypto-anarchism 21 languages Article Talk Read Edit View history Tools >From Wikipedia, the free encyclopedia Part of a series on Anarcho-capitalism Origins Age of Enlightenment Aristotelianism Austrian School Marginalism School of Salamanca Subjective theory of value Objectivism Classical liberalism French Liberal School Homestead principle Labor theory of property Laissez-faire Physiocracy Individualist anarchism Market anarchism Concepts Anti-statism Civil rights Counter-economics Cryptocurrency Decentralization Deregulation Economic liberalism Free banking Free market Free-market anarchism Free-market roads Free trade Freedom of contract Individualism Jurisdictional arbitrage Laissez-faire Land ownership Natural Law Non-aggression principle Polycentric law Private defense agency Private governance Private military company Private police Private property Privatization Propertarianism Property rights Right to own property Self-ownership Spontaneous order Taxation as theft Title-transfer theory of contract Voluntaryism People Bruce L. Benson Walter Block Bryan Caplan Gerard Casey Anthony de Jasay David D. Friedman Hans-Hermann Hoppe Michael Huemer Stephan Kinsella Michael Malice Stefan Molyneux Wendy McElroy Lew Rockwell Murray Rothbard Joseph Salerno Jeffrey Tucker Thomas Woods Works Defending the Undefendable Democracy: The God That Failed The Ethics of Liberty For a New Liberty The Machinery of Freedom The Market for Liberty The Problem of Political Authority To Serve and Protect The Voluntary City Issues Abortion Anarchism Capital punishment Criticism Foreign affairs Immigration Inheritance Intellectual property Internal debates LGBT rights Minarchism Objectivism Political parties Politics Theories of law Related topics Agorism Right-libertarianism Libertarianism in the United States Left-libertarianism icon Capitalism portal icon Politics portal v t e Parallel Polis, or the Institute of cryptoanarchy in Prague, 2022 Crypto-anarchism or cyberanarchism[1] is a political ideology focusing on protection of privacy, political freedom, and economic freedom, the adherents of which use cryptographic software for confidentiality and security while sending and receiving information over computer networks.[2][3] In his 1988 "Crypto Anarchist Manifesto", Timothy C. May introduced the basic principles of crypto-anarchism, encrypted exchanges ensuring total anonymity, total freedom of speech, and total freedom to trade. In 1992, he read the text at the founding meeting of the cypherpunk movement.[4] Terminology "Crypto-" comes from the Ancient Greek κρυπτός kruptós, meaning "hidden" or "secret".[5] This is a different use of the prefix than that employed in words like 'crypto-fascist' or 'crypto-Jew' where it indicates that the identity itself is concealed from the world; rather, many crypto-anarchists are open about their anarchism and promotion of tools based in cryptology. Motives One motive of crypto-anarchists is to defend against surveillance of computer networks communication. Crypto-anarchists try to protect against government mass surveillance, such as PRISM, ECHELON, Tempora, telecommunications data retention, the NSA warrantless surveillance controversy, Room 641A, the FRA and so on. Crypto-anarchists consider the development and use of cryptography to be the main defense against such problems.[6] Anonymous trading Bitcoin is a currency generated and secured by peer-to-peer networked devices that maintain a communal record of all transactions within the system that can be used in a crypto-anarchic context. Adrian Chen, writing for The New York Times, says the idea behind bitcoin can be traced to The Crypto Anarchist Manifesto.[7] Silk Road was an example of an illegal drug market on which bitcoin was the only accepted currency.[7] Assassination Market was a Tor-based darknet market operated by a self-described crypto-anarchist going by the pseudonym Kuwabatake Sanjuro.[8] In The Cyphernomicon, Timothy C. May suggests that crypto-anarchism qualifies as a form of anarcho-capitalism: What emerges from this is unclear, but I think it will be a form of anarcho-capitalist market system I call "crypto-anarchy."[9] Another quote in The Cyphernomicon defines crypto-anarchism. Under the title "What is Crypto Anarchy?", May writes: Some of us believe various forms of strong cryptography will cause the power of the state to decline, perhaps even collapse fairly abruptly. We believe the expansion into cyberspace, with secure communications, digital money, anonymity and pseudonymity, and other crypto-mediated interactions, will profoundly change the nature of economies and social interactions. Governments will have a hard time collecting taxes, regulating the behavior of individuals and corporations (small ones at least), and generally coercing folks when it can't even tell what continent folks are on![10] See also Jim Bell — originator of the idea of assassination politics Cypherpunk Technolibertarianism Notes "What does cyberanarchism mean?". www.definitions.net. Retrieved 2022-01-08. May, Timothy C. (December 2014). "Crypto Anarchy and Virtual Communities". Archived from the original on 2021-01-29. Retrieved 2021-01-22. Cryptoanarchism and Cryptocurrencies. Philosophy & Methodology of Economics eJournal. Social Science Research Network (SSRN). Accessed 29 March 2021. "The Crypto Anarchist Manifesto". www.activism.net. Archived from the original on 2019-11-14. Retrieved 2019-03-17. May 1994, section 19.4.29. Albano, Alessandra (2019-09-29). "Autonomous Distributed Networks: The Unfulfilled Libertarian Dream of Breaking Free from Regulations". Rochester, NY. SSRN 3461166. Chen, Adrian (26 November 2013). "Much Ado About Bitcoin". International New York Times. Archived from the original on 10 December 2013. Greenberg, Andy (18 November 2013), "Meet the 'Assassination Market' Creator Who's Crowdfunding Murder with Bitcoins", Forbes, archived from the original on 10 December 2013 May 1994, section 2.3.4. May 1994, section 2.13.1. Works cited May, Timothy C. (1994), The Cyphernomicon, archived from the original on 22 August 2013 Further reading Barlow, John Perry (February 1996), A Declaration of the Independence of Cyberspace, archived from the original on 23 October 2013 Vinge, Vernor; Frankel, James (2001), True Names: And the Opening of the Cyberspace Frontier, Tor Books Jara Vera, Vicente (2022), New Directions in Crypto-Politics v t e Libertarianism Origins Age of Enlightenment Anarchism Aristotelianism Liberalism Classical Radical Schools Libertarian capitalism (Right-libertarianism) Anarcho-capitalism Autarchism Christian libertarianism Conservative libertarianism Consequentialist libertarianism Fusionism Libertarian transhumanism Minarchism Natural-rights libertarianism Neo-classical liberalism Paleolibertarianism Propertarianism Voluntaryism Libertarian socialism (Left-libertarianism) Anarchism Collectivist Free-market Agorism Green Individualist Insurrectionary Libertarian communism Mutualism Philosophical Social Autonomism Bleeding-heart libertarianism Communalism Geolibertarianism Georgism Green libertarianism Guild socialism Libertarian Marxism Revolutionary syndicalism Concepts Abstention Age of consent reform Anti-authoritarianism Anti-capitalism Antimilitarism Anti-statism Class struggle Counter-economics Crypto-anarchism Decentralization Departurism Direct action Economic freedom Egalitarianism Evictionism Expropriative anarchism Federalism (anarchist) Free association (Marxism and anarchism) Free love Free market Free-market environmentalism Free migration Free trade Freedom of association Freedom of contract Gift economy Homestead principle Illegalism Individualism Individual reclamation Liberty Libertarianism (metaphysics) Localism Natural law Natural rights and legal rights Night-watchman state Non-aggression principle Participatory economics Propaganda of the deed Property is theft! Refusal of work Self-governance Self-ownership Single tax Social ecology Spontaneous order Squatting Stateless society Tax resistance Voluntary society Workers' councils Workers' self-management People Stephen Pearl Andrews Mikhail Bakunin Frédéric Bastiat Jeremy Bentham Walter Block Murray Bookchin Jason Brennan Bryan Caplan Kevin Carson Frank Chodorov Noam Chomsky Grover Cleveland Calvin Coolidge Voltairine de Cleyre Joseph Déjacque Ralph Waldo Emerson David D. Friedman Milton Friedman Mahatma Gandhi Henry George William Ewart Gladstone William Godwin Emma Goldman Barry Goldwater Daniel Hannan Friedrich Hayek Auberon Herbert Karl Hess Thomas Hodgskin Hans-Hermann Hoppe Michael Huemer Penn Jillette Gary Johnson Jo Jorgensen Stephan Kinsella Samuel Edward Konkin III Janusz Korwin-Mikke Étienne de La Boétie Rose Wilder Lane Lord Acton Tibor Machan Wendy McElroy Ludwig von Mises Gustave de Molinari Albert Jay Nock Robert Nozick Thomas Paine Isabel Paterson Ron Paul Pierre-Joseph Proudhon Ralph Raico Ayn Rand Leonard Read Murray Rothbard Nicholas Sarwark Joseph Schumpeter Chris Matthew Sciabarra Julian Simon Herbert Spencer Lysander Spooner Max Stirner John Stossel Thomas Szasz Henry David Thoreau Benjamin Tucker Josiah Warren Issues Abortion Affirmative action Anarcho-capitalism and minarchism Capital punishment Criticism Foreign intervention Immigration Intellectual property Internal debates LGBT rights Objectivism Political alliances Political parties Theories of law Books Anarchy, State, and Utopia Atlas Shrugged For a New Liberty: The Libertarian Manifesto Free to Choose Law, Legislation and Liberty The Market for Liberty Related Abolitionism Anti-collectivism Anti-communism Anti-fascism Anti-socialism Austro-libertarianism Center for Libertarian Studies Civil libertarianism Classical liberalism Constitutionalism Economic liberalism Freeman on the land movement Fusionism Green libertarianism Libertarian conservatism Libertarian Democrats Libertarian socialism Libertarian Republicans Libertarian science fiction Libertarianism in South Africa Libertarianism in the United Kingdom Libertarianism in the United States Objectivism Public choice theory Small government Sovereign citizen movement Technolibertarianism coin Libertarianism portal Outline of libertarianism Categories: Crypto-anarchism Computer law Applications of cryptography This page was last edited on 28 September 2022, at 18:18 (UTC). Text is available under the Creative Commons Attribution-ShareAlike License 4.0; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. Privacy policy About Wikipedia Disclaimers Contact Wikipedia Code of Conduct Mobile view Developers Statistics Cookie statement Wikimedia Foundation Powered by MediaWiki

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Cryptocurrency: Privacy
by grarpamp 26 Jul '23

26 Jul '23

Main menu Wikipedia The Free Encyclopedia Create account Log in Personal tools Privacy and blockchain Article Talk Read Edit View history Tools >From Wikipedia, the free encyclopedia This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) This article needs additional citations for verification. (December 2018) This article contains weasel words: vague phrasing that often accompanies biased or unverifiable information. (June 2019) A blockchain is a shared database that records transactions between two parties in an immutable ledger.[1] Blockchain documents and confirms pseudonymous ownership of all transactions in a verifiable and sustainable way.[2] After a transaction is validated and cryptographically verified by other participants or nodes in the network, it is made into a "block" on the blockchain.[1] A block contains information about the time the transaction occurred, previous transactions, and details about the transaction.[1] Once recorded as a block, transactions are ordered chronologically and cannot be altered.[1] This technology rose to popularity after the creation of Bitcoin, the first application of blockchain technology, which has since catalyzed other cryptocurrencies and applications.[3] Due to its nature of decentralization, transactions and data are not verified and owned by one single entity as they are in typical systems. Rather, the validity of transactions are confirmed by the form of majority-rule in which nodes or computers that have access to the network, if the network comes to a consensus of the new transaction then it is added.[4] Blockchain technology secures and authenticates transactions and data through cryptography.[5] With the rise and widespread adoption of technology, data breaches have become frequent.[6] User information and data are often stored, mishandled, and misused, causing a threat to personal privacy.[5] Advocates argue for the widespread adoption of blockchain technology because of its ability to increase user privacy, data protection, and data ownership.[5] Blockchain and privacy protection Private and public keys A key aspect of privacy in blockchains is the use of private and public keys. Blockchain systems use asymmetric cryptography to secure transactions between users.[7] In these systems, each user has a public and private key.[7] These keys are random strings of numbers and are cryptographically related.[7] It is mathematically impossible for a user to guess another user's private key from their public key.[7] This provides an increase in security and protects users from hackers.[7] Public keys can be shared with other users in the network because they give away no personal data.[7] Each user has an address that is derived from the public key using a hash function.[7] These addresses are used to send and receive assets on the blockchain, such as cryptocurrency.[7] Because blockchain networks are shared to all participants, users can view past transactions and activity that has occurred on the blockchain.[7] Senders and receivers of past transactions are represented and signified by their addresses;[7] users' identities are not revealed.[7] Public addresses do not reveal personal information or identification;[7] rather, they act as pseudonymous identities.[7] It is suggested by Joshi, Archana (2018)[7] that users do not use a public address more than once;[7] this tactic avoids the possibility of a malicious user tracing a particular address' past transactions in an attempt to reveal information.[7] Private keys are used to protect user identity and security through digital signatures.[7] Private keys are used to access funds and personal wallets on the blockchain;[7] they add a layer of identity authentication.[7] When individuals wish to send money to other users, they must provide a digital signature that is produced when provided with the private key.[7] This process protects against theft of funds.[7] Peer-to-peer network Shows a Physical replica of bitcoin. There are no physical bitcoins that have actual value. Blockchain technology arose from the creation of Bitcoin.[8] In 2008, the creator or creators who go by the alias Satoshi Nakamoto released a paper describing the technology behind blockchains.[8] In his paper, he explained a decentralized network that was characterized by peer-to-peer transactions involving cryptocurrencies or electronic money.[8] In typical transactions carried out today[when?], users put trust into central authorities to hold their data securely and execute transactions.[5] In large corporations, a large amount of users' personal data is stored on single devices, posing a security risk if an authority's system is hacked, lost, or mishandled.[5] Blockchain technology aims to remove this reliance on a central authority.[8] To achieve this, blockchain functions in a way where nodes or devices in a blockchain network can confirm the validity of a transaction rather than a third party.[8] In this system, transactions between users (such as sending and receiving cryptocurrency) are broadcast to every node in the network.[8] Before the transaction is recorded as a block on the blockchain, nodes must ensure a transaction is valid.[8] Nodes must check past transactions of the spender to ensure he/she did not double spend or spend more funds than they own.[8] After nodes confirm a block is valid, consensus protocols such as proof of work and proof of stake are deployed by miners.[8] These protocols allow nodes to reach a state of agreement on the order and number of transactions.[9] Once a transaction is verified, it is published on the blockchain as a block.[6] Once a block is created, it cannot be altered.[1] Through blockchain's decentralized nature and elimination of the need for a central authority, user privacy is increased.[5] Peer-to-peer networks allow users to control their data, decreasing the threat of third parties to sell, store, or manipulate personal information.[5] Cryptographic methods for Privacy using Blockchains Zero-knowledge proofs A zero-knowledge proof (known as ZKP) is a cryptographic method by which one party (the prover) can prove to another party (the verifier) that a given statement is true, without conveying any information apart from the fact that the statement is indeed true. The "prover" does not reveal any information about the transaction. Such proofs are typically introduced into blockchain systems using ZK-SNARKs in order to increase privacy in blockchains.[10] In typical "non-private" public blockchain systems such as Bitcoin, a block contains information about a transaction, such as the sender and receiver's addresses and the amount sent.[10] This public information can be used in conjunction with Clustering algorithms to link these "pseudo-anonymous" addresses to users or real-world identities. Since zero-knowledge proofs reveal nothing about a transaction, except that it is valid,[10] the effectiveness of such techniques are drastically reduced. A prominent example of a cryptocurrency using ZK proofs is Zcash. Ring signatures Another method of obfuscating the flow of transactions on the public blockchain are Ring signatures, a method used by Monero. Mixing Cryptocurrency tumblers can also be used as a method to increase privacy even in a pseudoanonymous cryptocurrency. Additionally, instead of using mixers as an add-on service, the mixing of public addresses can be built-in as a method in the blockchain system, as in Dash. The popular mixing service Tornado Cash was sanctioned by the US Department of Treasury in early August 2022, who accused it of laundering $455 million in stolen cryptocurrency by the Lazarus Group. The sanctions made it illegal for US citizens, residents and companies to use the service.[11] Comparison of blockchain privacy systems Private blockchains Private blockchains (or permissioned blockchains) are different from public blockchains, which are available to any node that wishes to download the network. Critics of public blockchains say because everyone can download a blockchain and access the history of transactions, there is not much privacy.[9] In private blockchains, nodes must be granted access to participate, view transactions, and deploy consensus protocols.[9] Because transactions listed on a private blockchain are private, they ensure an extra layer of privacy.[5] Because private blockchains have restricted access and nodes must be specifically selected to view and participate in a network, some[who?] argue that private blockchains grant more privacy to users.[9] While private blockchains are considered the most realistic way to adopt blockchain technology into business to maintain a high level of privacy, there are disadvantages.[8] For example, private blockchains delegate specific actors to verify blocks and transactions.[7] Although some[who?] argue that this provides efficiency and security, concerns have arisen that because control and verification of transactions are in the hands of a central entity, private blockchains are not truly decentralized.[7] Hybrid blockchains Hybrid blockchains allow more flexibility to determine which data remain private and which data can be shared publicly.[12] A hybrid approach is compliant with GDPR and allows entities to store data on the cloud of their choice in order to be in compliance with local laws protecting users' privacy. A hybrid blockchain contains some of the characteristics of both private and public blockchains, though not every hybrid blockchain contains the same characteristics. Bitcoin and Ethereum do not share the same characteristics, although they are both public blockchains.[13] Use cases for privacy protection Financial transactions After Satoshi Nakamoto spurred the creation of blockchain technology through Bitcoin, cryptocurrencies rose in popularity.[8] Cryptocurrencies are digital assets that can be used as an alternative form of payment to fiat money.[1] In current[when?] financial systems, there exists many privacy concerns and threats.[8] Centralization is an obstacle in typical data-storage systems.[8] When individuals deposit money, a third party intermediary is necessary.[8] When sending money to another user, individuals must trust that a third party will complete this task.[8] Blockchain decreases the need for this trust in a central authority. Cryptographic functions allow individuals to send money to other users.[8] Because of Bitcoin's widespread recognition and sense of anonymity, criminals have taken advantage of this by purchasing illegal items using Bitcoin.[14] Through the use of cryptocurrencies and its pseudonymous keys that signify transactions, illegal purchases are difficult to trace to an individual.[14] Due to the potential and security of blockchains, many[which?] banks are adopting business models that use this technology.[8] Health care records In recent years,[when?] more than 100 million health care records have been breached.[5] In attempts to combat this issue, solutions often result in the inaccessibility of health records.[6] Health providers regularly send data to other providers.[5] This often results in mishandling of data, losing records, or passing on inaccurate and old data.[5] In some cases, only one copy of an updated health record exists; this can result in the loss of information.[6] Health records often contain personal information such as names, social security numbers and home addresses.[6] Overall, it is argued by some[according to whom?] that the current[when?] system of transferring health information compromises patient privacy to make records easy to transfer.[6] As blockchain technology expanded and developed in recent years[when?], many[according to whom?] have pressed to shift health record storage onto the blockchain.[6] Rather than having both physical and electronic copies of records, blockchains could allow the shift to electronic health records (EHR).[6] Medical records on the blockchain would be in the control of the patient rather than a third party, through the patients' private and public keys.[6] Patients could then control access to their health records, making transferring information less cumbersome.[6] Because blockchain ledgers are immutable, health information could not be deleted or tampered with.[6] Blockchain transactions would be accompanied by a timestamp, allowing those with access to have updated information.[6] Legal The notarization of legal documents protects the privacy of individuals.[8] Currently[when?], documents must be verified through a third party or a notary.[8] Notarization fees can be high.[8] Transferring documents takes time and can lead to lost or mishandled information.[8] Many[who?] are pressing for the adoption of blockchain technology for the storage legal documents.[8] Documents cannot be tampered with and can be easily accessed by those who are granted permission to access them.[8] Information is protected from theft and mishandling.[14] Another possible use of blockchain technology is the execution of legal contracts using smart contracts,[14] in which nodes automatically execute terms of a contract.[14] By using smart contracts, people[who?] will no longer rely on a third party to manage contracts, allowing an increase in privacy of personal information.[14] Shipping and logistics Businesses and individuals may purchase goods which need to be shipped from the seller to the buyer. Shipment of goods is normally accompanied by shipping documents like a bill of lading. Smart bill of lading relies on blockchain technology and buyers do not need to spend more on the issue of these documents. Also with the blockchain technology, goods can be tracked anytime and the data is updated regularly ensuring real time management of shipments. The buyer and only the party given the shipping contract can view the real time data related to the shipment increasing the privacy of the process.[15] Legality of blockchain and privacy GDPR With the April 2016 adoption of the General Data Protection Regulation in the European Union, questions regarding blockchain's compliance with the act have arisen.[16] GDPR applies to those who process data in the EU and those who process data outside the EU for people inside the EU.[16] Personal data is "any information relating to an identified or identifiable natural person".[16] Because identities on a blockchain are associated with an individual's public and private keys, this may fall under the category of personal data because public and private keys enable pseudonymity and are not necessarily connected to an identity.[16] A key part of the GDPR lies in a citizen's right to be forgotten, or data erasure.[16] The GDPR allows individuals to request that data associated with them to be erased if it is no longer relevant.[16] Due to the blockchain's nature of immutability, potential complications if an individual who made transactions on the blockchain requests their data to be deleted exist.[16] Once a block is verified on the blockchain, it is impossible to delete it.[8] IRS Because cryptocurrency prices fluctuate, many[who?] treat the purchase of cryptocurrencies as an investment. By purchasing these coins, buyers hope to later sell them at a higher price. Internal Revenue Service (IRS) are currently[when?]facing struggles because many bitcoin holders do not include revenue from cryptocurrencies in their income reports, especially those who engage in many microtransactions.[17] In response to these concerns, IRS issued a notice that people must apply general tax principles to cryptocurrency and treat the purchase of it as an investment or stock.[17] IRS has enacted that if people fail to report their income from cryptocurrency, they could be subject to civil penalties and fines.[17] In attempts to enforce these rules and avoid potential tax fraud, IRS has called on Coinbase to report users who have sent or received more than $US20,000 worth of cryptocurrency in a year.[17] The nature of blockchain technology makes enforcement difficult.[17] Because blockchains are decentralized, entities cannot keep track of purchases and activity of a user.[17] Pseudonymous addresses make it difficult to link identities with users, being a perfect outlet for people to launder money.[17] Blockchain Alliance Because virtual currencies and the blockchain's protection of identity has proved to be a hub for criminal purchases and activity, FBI and Justice Department created Blockchain Alliance.[14] This team aims to identify and enforce legal restrictions on the blockchain to combat criminal activities through open dialogue on a private-public forum.[14] This allows law enforcers to fight the illegal exploitation of the technology.[14] Examples of criminal activity on the blockchain include hacking cryptocurrency wallets and stealing funds.[18] Because user identities are not tied to public addresses, it is difficult to locate and identify criminals.[18] Fair information practices Blockchain has been acknowledged as a way to solve fair information practices, a set of principles relating to privacy practices and concerns for users.[5] Blockchain transactions allow users to control their data through private and public keys, allowing them to own it.[5] Third-party intermediaries are not allowed to misuse and obtain data.[5] If personal data are stored on the blockchain, owners of such data can control when and how a third party can access it. In blockchains, ledgers automatically include an audit trail that ensures transactions are accurate.[5] Concerns regarding blockchain privacy Transparency Although blockchain technology enables users to control their own data without necessarily relying on third parties, certain characteristics may infringe on user privacy.[19] Public blockchains are decentralized and allow any node to access transactions, events and actions of users.[19] Block explorers can be used to trace the financial history of a wallet address, which can be combined with OSINT research to develop profiles of criminal actors or potential scamming victims.[20] Decentralization Due to blockchain's decentralized nature, a central authority is not checking for malicious users and attacks.[19] Users might be able to hack the system anonymously and escape.[19] Because public blockchains are not controlled by a third party, a false transaction enacted by a hacker who has a user's private key cannot be stopped.[18] Because blockchain ledgers are shared and immutable, it is impossible to reverse a malicious transaction.[18] Private keys Private keys provide a way to prove ownership and control of cryptocurrency.[18] If one has access to another's private key, one can access and spend these funds.[18] Because private keys are crucial to accessing and protecting assets on the blockchain, users must store them safely.[18] Storing the private key on a computer, flashdrive or telephone can pose potential security risks if the device is stolen or hacked.[18] If such a device is lost, the user no longer have access to the cryptocurrency.[18] Storing it on physical media, such as a piece of paper, also leaves the private key vulnerable to loss, theft or damage.[18] Cases of privacy failure See also: List of cyberattacks MtGox In 2014, MtGox was the world's largest Bitcoin exchange at the time; it was located in Tokyo, Japan.[21] The exchange suffered the largest blockchain hack of all time.[21] During 2014, MtGox held an enormous portion of the Bitcoin market, accounting for more than half of the cryptocurrency at the time.[21] Throughout February, hackers infiltrated the exchange, stealing $US450 million in Bitcoin.[21] Many in the blockchain community were shocked because blockchain technology is often associated with security. This was the first major hack to occur in the space.[18] Although analysts tracked the public address of the robbers by looking at the public record of transactions, the perpetrators were not identified.[18] This is a result of the pseudonymity of blockchain transactions.[18] DAO Hack While blockchain technology is anticipated to solve privacy issues such as data breaching, tampering, and other threats, it is not immune to malicious attacks. In 2016, the DAO opened a funding window for a particular project.[5] The system was hacked during this period, resulting in the loss of cryptocurrency then worth $US3.6 million from the Ether fund.[5] Due to the ever-changing price of cryptocurrencies, the amount stolen has been estimated at $US64-100.[5] Coinbase Coinbase, the world's largest cryptocurrency exchange that allows users to store, buy, and sell cryptocurrency, has faced multiple hacks since its founding in 2012.[18] Users have reported that due to its log-in process that uses personal telephone numbers and email addresses, hackers have targeted the numbers and emails of well-known individuals and CEOS in the blockchain space.[18] Hackers then used the email addresses to change the users' verification numbers, consequently stealing thousands of dollars worth of cryptocurrency from Coinbase user wallets.[18] By North Korea See also: Lazarus Group In January 2022 a report by blockchain analysis company Chainalysis found that state-backed North Korean hackers had stolen nearly $400 million in cryptocurrency in 2021. A UN panel also stated that North Korea has used stolen crypto funds to fund its missile programs despite international sanctions.[22][23] Privacy vs. auditing in blockchains The introduction of "private" or "anonymous" cryptocurrencies such as ZCash and Monero, highlighted the problem of blockchain auditing, with exchanges and government entities limiting use of those currencies.[24] Therefore, as the notions of privacy and auditing in blockchains are contradictory, auditing blockchains with privacy characteristics has become a research focus of the academic community.[25] References "BlockChain Technology: Beyond Bitcoin" (PDF). Iansiti, Marco; Lakhani, Karim R. (2017-01-01). "The Truth About Blockchain". Harvard Business Review. ISSN 0017-8012. Retrieved 2022-04-27. "Blockchain - What it is, and a non-financial use case" (PDF). KTH Royal Institute of Technology. S2CID 27665746. Nofer, Michael; Gomber, Peter; Hinz, Oliver; Schiereck, Dirk (2017-06-01). "Blockchain". Business & Information Systems Engineering. 59 (3): 183–187. doi:10.1007/s12599-017-0467-3. ISSN 1867-0202. S2CID 212620853. Kshetri, Nir (2017). "Blockchain's roles in strengthening cybersecurity and protecting privacy" (PDF). Telecommunications Policy. 41 (10): 1027–1038. doi:10.1016/j.telpol.2017.09.003. Dagher, Gaby G.; et al. (2018). "Ancile: Privacy-Preserving Framework for Access Control and Interoperability of Electronic Health Records Using Blockchain Technology". Sustainable Cities and Society. 39: 283–297. doi:10.1016/j.scs.2018.02.014. Joshi, Archana (2018). "A Survey on Security and Privacy Issues of Blockchain Technology". Mathematical Foundations of Computing. 1 (2): 121–147. doi:10.3934/mfc.2018007. Crosby, Michael; et al. (2016). "Blockchain Technology: Beyond Bitcoin" (PDF). Applied Innovation Review (2): 6–19. Guegan, Dominique (2017). "Public Blockchain versus Private blockhain". Documents de Travail du Centre d'Économie de la Sorbonne. Wang, Yunsen (2018). "Designing Confidentiality-Preserving Blockchain-Based Transaction Processing Systems". International Journal of Accounting Information Systems. 30: 1–18. doi:10.1016/j.accinf.2018.06.001. S2CID 52931003. Faife, Corin (2022-08-08). "US Treasury bans Tornado Cash mixer for role in crypto money laundering". The Verge. Retrieved 2022-08-16. Are blockchains compatible with data privacy law? Kolb, John; AbdelBaky, Moustafa; Katz, Randy H.; Culler, David E. (2020-02-05). "Core Concepts, Challenges, and Future Directions in Blockchain: A Centralized Tutorial". ACM Computing Surveys. 53 (1): 9:1–9:39. doi:10.1145/3366370. ISSN 0360-0300. S2CID 211041743. Suzuki, Bryce; Taylor, T.; Marchant, G. (2018). "Blockchain: How It Will Change Your Legal Practice". The Computer and Internet Lawyer. 35 (7): 5–9. "Crucial Factors for Implementing Warehouse Management System - SIPMM Publications". publication.sipmm.edu.sg. 2021-12-19. Retrieved 2022-10-26. Berberich, M.; Steiner, M. (2016). "Blockchain Technology and the GDPR: How to Reconcile Privacy and Distributed Ledgers?". European Data Protection Law Review. 2 (3): 422. doi:10.21552/EDPL/2016/3/21. Heroux, Mark (October 2018). "Cryptocurrency: Compliance challenges and IRS enforcement". Tax Adviser. Wieczner, Jen (2017). "The 21St-Century Bank Robbery". Fortune. 176 (3): 34–41. Primavera De Filippi (2018). "The Interplay between Decentralization and Privacy: The Case of Blockchain Technologies". Journal of Peer Production (9). "Follow the Bitcoin With Python, BlockExplorer and Webhose.io". bellingcat. 2017-09-15. Retrieved 2022-08-16. Li, X (2017). "A survey on the security of blockchain systems". Future Generation Computer Systems. 107: 841–853. arXiv:1802.06993. doi:10.1016/j.future.2017.08.020. S2CID 3628110. "North Korea hackers stole $400m of cryptocurrency in 2021, report says". BBC News. 2022-01-14. Retrieved 2022-02-04. "North Korea stole a record $400 million in cryptocurrency last year, researchers say". NBC News. Retrieved 2022-02-04. "Bittrex to Delist 'Privacy Coins' Monero, Dash and Zcash". Chatzigiannis, Panagiotis; Baldimtsi, Foteini; Chalkias, Konstantinos (2021). SoK: Auditability and Accountability in Distributed Payment Systems. ACNS 2021. doi:10.1007/978-3-030-78375-4_13. Categories: Blockchains Privacy This page was last edited on 24 July 2023, at 03:58 (UTC). Text is available under the Creative Commons Attribution-ShareAlike License 4.0; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. Privacy policy About Wikipedia Disclaimers Contact Wikipedia Code of Conduct Mobile view Developers Statistics Cookie statement Wikimedia Foundation Powered by MediaWiki

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Cryptocurrency: Cryptocurrency
by grarpamp 26 Jul '23

26 Jul '23

Main menu Wikipedia The Free Encyclopedia Create account Log in Personal tools Cryptocurrency 90 languages Article Talk Read View source View history Tools Page semi-protected >From Wikipedia, the free encyclopedia Not to be confused with Virtual currency. A logo for Bitcoin, the first decentralized cryptocurrency The genesis block of Bitcoin's blockchain, with a note containing The Times newspaper headline. This note has been interpreted as a comment on the instability caused by fractional-reserve banking.[1]: 18 A cryptocurrency, crypto-currency, or crypto[a] is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.[2] It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.[3] Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership.[4][5][6] Despite their name, cryptocurrencies are not considered to be currencies in the traditional sense, and while varying treatments have been applied to them, including classification as commodities, securities, and currencies, cryptocurrencies are generally viewed as a distinct asset class in practice.[7][8][9] Some crypto schemes use validators to maintain the cryptocurrency. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stakers get additional ownership in the token over time via network fees, newly minted tokens, or other such reward mechanisms.[10] Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC).[11] When a cryptocurrency is minted, or created prior to issuance, or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[12] The first cryptocurrency was Bitcoin, which was first released as open-source software in 2009. As of March 2022, there were more than 9,000 other cryptocurrencies in the marketplace, of which more than 70 had a market capitalization exceeding $1 billion.[13] History See also: History of bitcoin In 1983, American cryptographer David Chaum conceived of a type of cryptographic electronic money called ecash.[14][15] Later, in 1995, he implemented it through Digicash,[16] an early form of cryptographic electronic payments. Digicash required user software in order to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient. This allowed the digital currency to be untraceable by a third party. In 1996, the National Security Agency published a paper entitled How to Make a Mint: The Cryptography of Anonymous Electronic Cash, describing a cryptocurrency system. The paper was first published in an MIT mailing list[17] and later in 1997 in The American Law Review.[18] In 1998, Wei Dai described "b-money", an anonymous, distributed electronic cash system.[19] Shortly thereafter, Nick Szabo described bit gold.[20] Like Bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange BitGold) was described as an electronic currency system which required users to complete a proof of work function with solutions being cryptographically put together and published. In January 2009, Bitcoin was created by pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, in its proof-of-work scheme.[21][22] In April 2011, Namecoin was created as an attempt at forming a decentralized DNS. In October 2011, Litecoin was released which used scrypt as its hash function instead of SHA-256. Peercoin, created in August 2012, used a hybrid of proof-of-work and proof-of-stake.[23] See also: Cryptocurrency bubble § History Cryptocurrency has undergone several periods of growth and retraction, including several bubbles and market crashes, such as in 2011, 2013-2014–15, 2017-2018 and 2021–2023.[24][25] On 6 August 2014, the UK announced its Treasury had commissioned a study of cryptocurrencies, and what role, if any, they could play in the UK economy. The study was also to report on whether regulation should be considered.[26] Its final report was published in 2018,[27] and it issued a consultation on cryptoassets and stablecoins in January 2021.[28] In June 2021, El Salvador became the first country to accept Bitcoin as legal tender, after the Legislative Assembly had voted 62–22 to pass a bill submitted by President Nayib Bukele classifying the cryptocurrency as such.[29] In August 2021, Cuba followed with Resolution 215 to recognize and regulate cryptocurrencies such as Bitcoin.[30] In September 2021, the government of China, the single largest market for cryptocurrency, declared all cryptocurrency transactions illegal. This completed a crackdown on cryptocurrency that had previously banned the operation of intermediaries and miners within China.[31] On 15 September 2022, the world's second largest cryptocurrency at that time, Ethereum transitioned its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) in an upgrade process known as "the Merge". According to the Ethereum Founder, the upgrade can cut both Ethereum's energy use and carbon-dioxide emissions by 99.9%.[32] On 11 November 2022, FTX Trading Ltd., a cryptocurrency exchange, which also operated a crypto hedge fund, and had been valued at $18 billion,[33] filed for bankruptcy.[34] The financial impact of the collapse extended beyond the immediate FTX customer base, as reported,[35] while, at a Reuters conference, financial industry executives said that "regulators must step in to protect crypto investors."[36] Technology analyst Avivah Litan commented on the cryptocurrency ecosystem that "everything...needs to improve dramatically in terms of user experience, controls, safety, customer service."[37] Formal definition According to Jan Lansky, a cryptocurrency is a system that meets six conditions:[38] The system does not require a central authority; its state is maintained through distributed consensus. The system keeps an overview of cryptocurrency units and their ownership. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units. Ownership of cryptocurrency units can be proved exclusively cryptographically. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them. In March 2018, the word cryptocurrency was added to the Merriam-Webster Dictionary.[39] Altcoins Further information: List of cryptocurrencies Tokens, cryptocurrencies, and other digital assets other than Bitcoin are collectively known as alternative cryptocurrencies,[40][41][42] typically shortened to "altcoins" or "alt coins",[43][44] or disparagingly "shitcoins".[45] Paul Vigna of The Wall Street Journal also described altcoins as "alternative versions of Bitcoin"[46] given its role as the model protocol for altcoin designers. The logo of Ethereum, the second largest cryptocurrency Altcoins often have underlying differences when compared to Bitcoin. For example, Litecoin aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes, which allows Litecoin to confirm transactions faster than Bitcoin.[47] Another example is Ethereum, which has smart contract functionality that allows decentralized applications to be run on its blockchain.[48] Ethereum was the most used blockchain in 2020, according to Bloomberg News.[49] In 2016, it had the largest "following" of any altcoin, according to the New York Times.[50] Significant rallies across altcoin markets are often referred to as an "altseason".[51][52] Stablecoins Stablecoins are cryptocurrencies designed to maintain a stable level of purchasing power.[53] Notably, these designs are not foolproof, as a number of stablecoins have crashed or lost their peg. For example, on 11 May 2022, Terra's stablecoin UST fell from $1 to 26 cents.[54][55] The subsequent failure of Terraform Labs resulted in the loss of nearly $40B invested in the Terra and Luna coins.[56] In September 2022, South Korean prosecutors requested the issuance of an Interpol Red Notice against the company's founder, Do Kwon.[57] In Hong Kong, the expected regulatory framework for stablecoins in 2023/24 is being shaped and includes a few considerations.[58] Architecture This section duplicates the scope of other articles, specifically Blockchain. Please discuss this issue on the talk page and edit it to conform with Wikipedia's Manual of Style by replacing the section with a link and a summary of the repeated material or by spinning off the repeated text into an article in its own right. (August 2022) Cryptocurrency is produced by an entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly stated. In centralized banking and economic systems such as the US Federal Reserve System, corporate boards or governments control the supply of currency.[citation needed] In the case of cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which cryptocurrencies are based was created by Satoshi Nakamoto.[59] Within a proof-of-work system such as Bitcoin, the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners. Miners use their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme.[21] In a proof-of-stake blockchain, transactions are validated by holders of the associated cryptocurrency, sometimes grouped together in stake pools. Most cryptocurrencies are designed to gradually decrease the production of that currency, placing a cap on the total amount of that currency that will ever be in circulation.[60] Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies can be more difficult for seizure by law enforcement.[4] Blockchain Main article: Blockchain The validity of each cryptocurrency's coins is provided by a blockchain. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.[59][61] Each block typically contains a hash pointer as a link to a previous block,[61] a timestamp and transaction data.[62] By design, blockchains are inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[63] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain.[64] Nodes A node is a computer that connects to a cryptocurrency network. The node supports the cryptocurrency's network through either relaying transactions, validation, or hosting a copy of the blockchain. In terms of relaying transactions, each network computer (node) has a copy of the blockchain of the cryptocurrency it supports. When a transaction is made, the node creating the transaction broadcasts details of the transaction using encryption to other nodes throughout the node network so that the transaction (and every other transaction) is known. Node owners are either volunteers, those hosted by the organization or body responsible for developing the cryptocurrency blockchain network technology, or those who are enticed to host a node to receive rewards from hosting the node network.[65] Timestamping Cryptocurrencies use various timestamping schemes to "prove" the validity of transactions added to the blockchain ledger without the need for a trusted third party. The first timestamping scheme invented was the proof-of-work scheme. The most widely used proof-of-work schemes are based on SHA-256 and scrypt.[23] Some other hashing algorithms that are used for proof-of-work include CryptoNote, Blake, SHA-3, and X11. Another method is called the proof-of-stake scheme. Proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely dependent on the coin, and there is currently no standard form of it. Some cryptocurrencies use a combined proof-of-work and proof-of-stake scheme.[23] Mining Hashcoin mine On a blockchain, mining is the validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized machines such as FPGAs and ASICs running complex hashing algorithms like SHA-256 and scrypt.[66] This arms race for cheaper-yet-efficient machines has existed since Bitcoin was introduced in 2009.[66] Mining is measured by hash rate typically in TH/s.[67] With more people venturing into the world of virtual currency, generating hashes for validation has become more complex over time, forcing miners to invest increasingly large sums of money to improve computing performance. Consequently, the reward for finding a hash has diminished and often does not justify the investment in equipment and cooling facilities (to mitigate the heat the equipment produces), and the electricity required to run them.[68] Popular regions for mining include those with inexpensive electricity, a cold climate, and jurisdictions with clear and conducive regulations. By July 2019, Bitcoin's electricity consumption was estimated to be approximately 7 gigawatts, around 0.2% of the global total, or equivalent to the energy consumed nationally by Switzerland.[69] Some miners pool resources, sharing their processing power over a network to split the reward equally, according to the amount of work they contributed to the probability of finding a block. A "share" is awarded to members of the mining pool who present a valid partial proof-of-work. As of February 2018, the Chinese Government has halted trading of virtual currency, banned initial coin offerings and shut down mining. Many Chinese miners have since relocated to Canada[70] and Texas.[71] One company is operating data centers for mining operations at Canadian oil and gas field sites, due to low gas prices.[72] In June 2018, Hydro Quebec proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining.[73] According to a February 2018 report from Fortune, Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity.[74] In March 2018, the city of Plattsburgh, New York put an 18-month moratorium on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city.[75] In 2021, Kazakhstan became the second-biggest crypto-currency mining country, producing 18.1% of the global exahash rate. The country built a compound containing 50,000 computers near Ekibastuz.[76] GPU price rise An increase in cryptocurrency mining increased the demand for graphics cards (GPU) in 2017.[77] The computing power of GPUs makes them well-suited to generating hashes. Popular favorites of cryptocurrency miners such as Nvidia's GTX 1060 and GTX 1070 graphics cards, as well as AMD's RX 570 and RX 580 GPUs, doubled or tripled in price – or were out of stock.[78] A GTX 1070 Ti which was released at a price of $450 sold for as much as $1,100. Another popular card, the GTX 1060 (6 GB model) was released at an MSRP of $250, and sold for almost $500. RX 570 and RX 580 cards from AMD were out of stock for almost a year. Miners regularly buy up the entire stock of new GPU's as soon as they are available.[79] Nvidia has asked retailers to do what they can when it comes to selling GPUs to gamers instead of miners. Boris Böhles, PR manager for Nvidia in the German region, said: "Gamers come first for Nvidia."[80] Mining accelerator chips Numerous companies developed dedicated crypto-mining accelerator chips, capable of price-performance far higher than that of CPU or GPU mining. At one point Intel marketed its own brand of crypto accelerator chip, named Blockscale.[81] Wallets An example paper printable Bitcoin wallet consisting of one Bitcoin address for receiving and the corresponding private key for spending Main article: Cryptocurrency wallet A cryptocurrency wallet is a means of storing the public and private "keys" (address) or seed which can be used to receive or spend the cryptocurrency.[82] With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency. With the public key, it is possible for others to send currency to the wallet. There exist multiple methods of storing keys or seed in a wallet. These methods range from using paper wallets (which are public, private or seed keys written on paper), to using hardware wallets (which are hardware to store your wallet information), to a digital wallet (which is a computer with a software hosting your wallet information), to hosting your wallet using an exchange where cryptocurrency is traded, or by storing your wallet information on a digital medium such as plaintext.[83] Anonymity Main article: Privacy and blockchain Bitcoin is pseudonymous, rather than anonymous; the cryptocurrency in a wallet is not tied to a person, but rather to one or more specific keys (or "addresses").[84] Thereby, Bitcoin owners are not immediately identifiable, but all transactions are publicly available in the blockchain.[85] Still, cryptocurrency exchanges are often required by law to collect the personal information of their users.[86] Some cryptocurrencies, such as Monero, Zerocoin, Zerocash, and CryptoNote, implement additional measures to increase privacy, such as by using zero-knowledge proofs.[87][88] Economics See also: Cryptoeconomics Cryptocurrencies are used primarily outside banking and governmental institutions and are exchanged over the Internet. Block rewards Proof-of-work cryptocurrencies, such as Bitcoin, offer block rewards incentives for miners. There has been an implicit belief that whether miners are paid by block rewards or transaction fees does not affect the security of the blockchain, but a study suggests that this may not be the case under certain circumstances.[89] The rewards paid to miners increase the supply of the cryptocurrency. By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power. The verification algorithm requires a lot of processing power, and thus electricity in order to make verification costly enough to accurately validate public blockchain. Not only do miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem, they further must consider the significant amount of electrical power in search of the solution. Generally, the block rewards outweigh electricity and equipment costs, but this may not always be the case.[90] The current value, not the long-term value, of the cryptocurrency supports the reward scheme to incentivize miners to engage in costly mining activities.[91] In 2018, Bitcoin's design caused a 1.4% welfare loss compared to an efficient cash system, while a cash system with 2% money growth has a minor 0.003% welfare cost. The main source for this inefficiency is the large mining cost, which is estimated to be US$360 million per year. This translates into users being willing to accept a cash system with an inflation rate of 230% before being better off using Bitcoin as a means of payment. However, the efficiency of the Bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees. Another potential improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether.[92] Transaction fees Transaction fees for cryptocurrency depend mainly on the supply of network capacity at the time, versus the demand from the currency holder for a faster transaction.[citation needed] The currency holder can choose a specific transaction fee, while network entities process transactions in order of highest offered fee to lowest.[citation needed] Cryptocurrency exchanges can simplify the process for currency holders by offering priority alternatives and thereby determine which fee will likely cause the transaction to be processed in the requested time.[citation needed] For Ethereum, transaction fees differ by computational complexity, bandwidth use, and storage needs, while Bitcoin transaction fees differ by transaction size and whether the transaction uses SegWit. In February 2023, the median transaction fee for Ether corresponded to $2.2845,[93] while for Bitcoin it corresponded to $0.659.[94] Some cryptocurrencies have no transaction fees, and instead rely on client-side proof-of-work as the transaction prioritization and anti-spam mechanism.[95][96][97] Exchanges Main article: Cryptocurrency exchange Cryptocurrency exchanges allow customers to trade cryptocurrencies[98] for other assets, such as conventional fiat money, or to trade between different digital currencies. Crypto marketplaces do not guarantee that an investor is completing a purchase or trade at the optimal price. As a result, as of 2020 it was possible to arbitrage to find the difference in price across several markets.[99] Atomic swaps Atomic swaps are a mechanism where one cryptocurrency can be exchanged directly for another cryptocurrency, without the need for a trusted third party such as an exchange.[100] ATMs Bitcoin ATM Jordan Kelley, founder of Robocoin, launched the first Bitcoin ATM in the United States on 20 February 2014. The kiosk installed in Austin, Texas, is similar to bank ATMs but has scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities.[101] Initial coin offerings An initial coin offering (ICO) is a controversial means of raising funds for a new cryptocurrency venture. An ICO may be used by startups with the intention of avoiding regulation. However, securities regulators in many jurisdictions, including in the U.S., and Canada, have indicated that if a coin or token is an "investment contract" (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of "tokens") is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often Bitcoin or Ether.[102][103][104] According to PricewaterhouseCoopers, four of the 10 biggest proposed initial coin offerings have used Switzerland as a base, where they are frequently registered as non-profit foundations. The Swiss regulatory agency FINMA stated that it would take a "balanced approach" to ICO projects and would allow "legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with national laws protecting investors and the integrity of the financial system." In response to numerous requests by industry representatives, a legislative ICO working group began to issue legal guidelines in 2018, which are intended to remove uncertainty from cryptocurrency offerings and to establish sustainable business practices.[105] Price trends The market capitalization of a cryptocurrency is calculated by multiplying the price by the number of coins in circulation. The total cryptocurrency market cap has historically been dominated by Bitcoin accounting for at least 50% of the market cap value where altcoins have increased and decreased in market cap value in relation to Bitcoin. Bitcoin's value is largely determined by speculation among other technological limiting factors known as blockchain rewards coded into the architecture technology of Bitcoin itself. The cryptocurrency market cap follows a trend known as the "halving", which is when the block rewards received from Bitcoin are halved due to technological mandated limited factors instilled into Bitcoin which in turn limits the supply of Bitcoin. As the date reaches near of a halving (twice thus far historically) the cryptocurrency market cap increases, followed by a downtrend.[106] By June 2021, cryptocurrency had begun to be offered by some wealth managers in the US for 401(k)s.[107][108][109] Volatility Cryptocurrency prices are much more volatile than established financial assets such as stocks. For example, over one week in May 2022, Bitcoin lost 20% of its value and Ethereum lost 26%, while Solana and Cardano lost 41% and 35% respectively. The falls were attributed to warnings about inflation. By comparison, in the same week, the Nasdaq tech stock index fell 7.6 per cent and the FTSE 100 was 3.6 per cent down.[110] In the longer term, of the 10 leading cryptocurrencies identified by the total value of coins in circulation in January 2018, only four (Bitcoin, Ethereum, Cardano and Ripple (XRP)) were still in that position in early 2022.[111] The total value of all cryptocurrencies was $2 trillion at the end of 2021, but had halved nine months later.[112][113] The Wall Street Journal has commented that the crypto sector has become "intertwined" with the rest of the capital markets and "sensitive to the same forces that drive tech stocks and other risk assets", such as inflation forecasts.[114] Databases There are also centralized databases, outside of blockchains, that store crypto market data. Compared to the blockchain, databases perform fast as there is no verification process. Four of the most popular cryptocurrency market databases are CoinMarketCap, CoinGecko, BraveNewCoin, and Cryptocompare.[115] Social and political aspects See also: Crypto-anarchism and Cypherpunk According to Alan Feuer of The New York Times, libertarians and anarcho-capitalists were attracted to the philosophical idea behind Bitcoin. Early Bitcoin supporter Roger Ver said: "At first, almost everyone who got involved did so for philosophical reasons. We saw Bitcoin as a great idea, as a way to separate money from the state."[116] Economist Paul Krugman argues that cryptocurrencies like Bitcoin are "something of a cult" based in "paranoid fantasies" of government power.[117] David Golumbia says that the ideas influencing Bitcoin advocates emerge from right-wing extremist movements such as the Liberty Lobby and the John Birch Society and their anti-Central Bank rhetoric, or, more recently, Ron Paul and Tea Party-style libertarianism.[118] Steve Bannon, who owns a "good stake" in Bitcoin, sees cryptocurrency as a form of disruptive populism, taking control back from central authorities.[119] Bitcoin's founder, Satoshi Nakamoto, has supported the idea that cryptocurrencies go well with libertarianism. "It's very attractive to the libertarian viewpoint if we can explain it properly," Nakamoto said in 2008.[120] According to the European Central Bank, the decentralization of money offered by Bitcoin has its theoretical roots in the Austrian school of economics, especially with Friedrich von Hayek in his book Denationalisation of Money: The Argument Refined,[121] in which Hayek advocates a complete free market in the production, distribution and management of money to end the monopoly of central banks.[122] Increasing regulation The rise in the popularity of cryptocurrencies and their adoption by financial institutions has led some governments to assess whether regulation is needed to protect users. The Financial Action Task Force (FATF) has defined cryptocurrency-related services as "virtual asset service providers" (VASPs) and recommended that they be regulated with the same money laundering (AML) and know your customer (KYC) requirements as financial institutions.[123] In May 2020, the Joint Working Group on interVASP Messaging Standards published "IVMS 101", a universal common language for communication of required originator and beneficiary information between VASPs. The FATF and financial regulators were informed as the data model was developed.[124] In June 2020, FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, a measure which mandates that VASPs obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers.[125] Subsequent standardized protocol specifications recommended using JSON for relaying data between VASPs and identity services. As of December 2020, the IVMS 101 data model has yet to be finalized and ratified by the three global standard setting bodies that created it.[126] The European Commission published a digital finance strategy in September 2020. This included a draft regulation on Markets in Crypto-Assets (MiCA), which aimed to provide a comprehensive regulatory framework for digital assets in the EU.[127][128] On 10 June 2021, the Basel Committee on Banking Supervision proposed that banks that held cryptocurrency assets must set aside capital to cover all potential losses. For instance, if a bank were to hold Bitcoin worth $2 billion, it would be required to set aside enough capital to cover the entire $2 billion. This is a more extreme standard than banks are usually held to when it comes to other assets. However, this is a proposal and not a regulation. The IMF is seeking a coordinated, consistent and comprehensive approach to supervising cryptocurrencies. Tobias Adrian, the IMF's financial counsellor and head of its monetary and capital markets department said in a January 2022 interview that "Agreeing global regulations is never quick. But if we start now, we can achieve the goal of maintaining financial stability while also enjoying the benefits which the underlying technological innovations bring,"[129] United States In 2021, 17 states passed laws and resolutions concerning cryptocurrency regulation.[130] The U.S. Securities and Exchange Commission (SEC) is considering what steps to take. On 8 July 2021, Senator Elizabeth Warren, part of the Senate Banking Committee, wrote to the chairman of the SEC and demanded answers on cryptocurrency regulation due to the increase in cryptocurrency exchange use and the danger this posed to consumers. On August 5, 2021, SEC Chairman Gary Gensler responded to Senator Elizabeth Warren's letter regarding cryptocurrency regulation and called for legislation focused on "crypto trading, lending and DeFi platforms," because of how vulnerable the investors could be when they traded on crypto trading platforms without a broker. He also argued that many tokens in the crypto market may be unregistered securities without required disclosures or market oversight. Additionally, Gensler did not hold back in his criticism of stablecoins. These tokens, which are pegged to the value of fiat currencies, may allow individuals to bypass important public policy goals related to traditional banking and financial systems, such as anti-money laundering, tax compliance, and sanctions.[131] On October 19, 2021, The first bitcoin-linked exchange-traded fund (ETF) from ProShares started trading on the NYSE under the ticker "BITO." ProShares CEO Michael L. Sapir said the ETF would expose Bitcoin to a wider range of investors without the hassle of setting up accounts with cryptocurrency providers. Ian Balina, the CEO of Token Metrics, stated that the approval of the "BITO" ETF by the SEC was a significant endorsement for the crypto industry because many regulators globally were not in favor of crypto as well as the hesitance to accept crypto from retail investors. This event would eventually open more opportunities for new capital and new people in this space.[132] The United States Department of the Treasury, on May 20, 2021, announced that it would require any transfer worth $10,000 or more to be reported to the Internal Revenue Service since cryptocurrency already posed a problem where illegal activity like tax evasion was facilitated broadly. This release from the IRS was a part of efforts to promote better compliance and consider more severe penalties for tax evaders.[133] On 17 February 2022, the Justice department named Eun Young Choi as the first director of a National Cryptocurrency Enforcement Team to aid in identification of and dealing with misuse of cryptocurrencies and other digital assets.[134] The Biden administration faced a dilemma as it tried to develop regulations for the cryptocurrency industry. On one hand, officials were hesitant to restrict the growing and profitable industry. On the other hand, they were committed to preventing illegal cryptocurrency transactions. To reconcile these conflicting goals, on March 9, 2022, President Biden issued an executive order.[135] Followed by the executive order, on September 16, 2022, the Comprehensive Framework for Responsible Development of Digital Assets document was released [136] to support development of cryptocurrencies and restrict their illegal use. The executive order included all digital assets, but cryptocurrencies posed both the greatest security risks and potential economic benefits. Though this might not address all of the challenges in crypto industry, it was a significant milestone in the U.S. cryptocurrency regulation history.[137] In February 2023, the Securities and Exchange Commission (SEC) ruled that cryptocurrency exchange Kraken's estimated $42 billion in staked assets globally operated as an illegal securities seller. The company agreed to a $30 million settlement with the SEC and to cease selling its staking service in the U.S. The case would impact other major crypto exchanges operating staking programs.[138] On March 23, 2023, the U.S. Securities and Exchange Commission (SEC) issued an alert to investors stating that firms offering crypto asset securities may not be complying with U.S. laws. The SEC stated that unregistered offerings of crypto asset securities may not include important information.[139] China In September 2017, China banned ICOs to cause abnormal return from cryptocurrency decreasing during announcement window. The liquidity changes by banning ICOs in China was temporarily negative while the liquidity effect became positive after news.[140] On 18 May 2021, China banned financial institutions and payment companies from being able to provide cryptocurrency transaction related services.[141] This led to a sharp fall in the price of the biggest proof of work cryptocurrencies. For instance, Bitcoin fell 31%, Ethereum fell 44%, Binance Coin fell 32% and Dogecoin fell 30%.[142] Proof of work mining was the next focus, with regulators in popular mining regions citing the use of electricity generated from highly polluting sources such as coal to create Bitcoin and Ethereum.[143] In September 2021, the Chinese government declared all cryptocurrency transactions of any kind illegal, completing its crackdown on cryptocurrency.[31] United Kingdom In the United Kingdom, as of 10 January 2021, all cryptocurrency firms, such as exchanges, advisors and professionals that have either a presence, market product or provide services within the UK market must register with the Financial Conduct Authority. Additionally, on 27 June 2021, the financial watchdog demanded that Binance, the world's largest cryptocurrency exchange,[144] cease all regulated activities in the UK.[145] South Africa South Africa, which has seen a large number of scams related to cryptocurrency, is said to be putting a regulatory timeline in place that will produce a regulatory framework.[146] The largest scam occurred in April 2021, where the two founders of an African-based cryptocurrency exchange called Africrypt, Raees Cajee and Ameer Cajee, disappeared with $3.8 billion worth of Bitcoin.[147] Additionally, Mirror Trading International disappeared with $170 million worth of cryptocurrency in January 2021.[147] South Korea In March 2021, South Korea implemented new legislation to strengthen their oversight of digital assets. This legislation requires all digital asset managers, providers and exchanges to be registered with the Korea Financial Intelligence Unit in order to operate in South Korea.[148] Registering with this unit requires that all exchanges are certified by the Information Security Management System and that they ensure all customers have real name bank accounts. It also requires that the CEO and board members of the exchanges have not been convicted of any crimes and that the exchange holds sufficient levels of deposit insurance to cover losses arising from hacks.[148] Turkey On 30 April 2021, the Central Bank of the Republic of Turkey banned the use of cryptocurrencies and cryptoassets for making purchases on the grounds that the use of cryptocurrencies for such payments poses significant transaction risks.[149] El Salvador On 9 June 2021, El Salvador announced that it will adopt Bitcoin as legal tender, the first country to do so.[150] India At present, India neither prohibits nor allows investment in the cryptocurrency market. In 2020, the Supreme Court of India had lifted the ban on cryptocurrency, which was imposed by the Reserve Bank of India.[151][152][153][154] Since then, an investment in cryptocurrency is considered legitimate, though there is still ambiguity about the issues regarding the extent and payment of tax on the income accrued thereupon and also its regulatory regime. But it is being contemplated that the Indian Parliament will soon pass a specific law to either ban or regulate the cryptocurrency market in India.[155] Expressing his public policy opinion on the Indian cryptocurrency market to a well-known online publication, a leading public policy lawyer and Vice President of SAARCLAW (South Asian Association for Regional Co-operation in Law) Hemant Batra has said that the "cryptocurrency market has now become very big with involvement of billions of dollars in the market hence, it is now unattainable and irreconcilable for the government to completely ban all sorts of cryptocurrency and its trading and investment".[156] He mooted regulating the cryptocurrency market rather than completely banning it. He favoured following IMF and FATF guidelines in this regard. Switzerland Switzerland was one of the first countries to implement the FATF's Travel Rule. FINMA, the Swiss regulator, issued its own guidance to VASPs in 2019. The guidance followed the FATF's Recommendation 16, however with stricter requirements. According to FINMA's[157] requirements, VASPs need to verify the identity of the beneficiary of the transfer. Legality Main article: Legality of cryptocurrency by country or territory The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. At least one study has shown that broad generalizations about the use of Bitcoin in illicit finance are significantly overstated and that blockchain analysis is an effective crime fighting and intelligence gathering tool.[158] While some countries have explicitly allowed their use and trade,[159] others have banned or restricted it. According to the Library of Congress in 2018, an "absolute ban" on trading or using cryptocurrencies applies in eight countries: Algeria, Bolivia, Egypt, Iraq, Morocco, Nepal, Pakistan, and the United Arab Emirates. An "implicit ban" applies in another 15 countries, which include Bahrain, Bangladesh, China, Colombia, the Dominican Republic, Georgia, Indonesia, Iran, Kuwait, Lesotho, Lithuania, Macau, Oman, Qatar, Saudi Arabia and Taiwan.[160] In the United States and Canada, state and provincial securities regulators, coordinated through the North American Securities Administrators Association, are investigating "Bitcoin scams" and ICOs in 40 jurisdictions.[161] Various government agencies, departments, and courts have classified Bitcoin differently. China Central Bank banned the handling of Bitcoins by financial institutions in China in early 2014. In Russia, though owning cryptocurrency is legal, its residents are only allowed to purchase goods from other residents using the Russian ruble while nonresidents are allowed to use foreign currency.[162] Regulations and bans that apply to Bitcoin probably extend to similar cryptocurrency systems.[163] In August 2018, the Bank of Thailand announced its plans to create its own cryptocurrency, the Central Bank Digital Currency (CBDC).[164] Advertising bans Cryptocurrency advertisements have been banned on the following platforms: Google[165] - Ended August 2021[166] Twitter[165] Facebook[165] - Ended December 2021[167] Bing[168] - Ended June 2022[169] Snapchat LinkedIn[170] MailChimp[171] Baidu Tencent Weibo Line Yandex[170] U.S. tax status On 25 March 2014, the United States Internal Revenue Service (IRS) ruled that Bitcoin will be treated as property for tax purposes. Therefore, virtual currencies are considered commodities subject to capital gains tax.[172] Legal concerns relating to an unregulated global economy As the popularity and demand for online currencies has increased since the inception of Bitcoin in 2009,[173] so have concerns that such an unregulated person to person global economy that cryptocurrencies offer may become a threat to society. Concerns abound that altcoins may become tools for anonymous web criminals.[174] Cryptocurrency networks display a lack of regulation that has been criticized as enabling criminals who seek to evade taxes and launder money. Money laundering issues are also present in regular bank transfers, however with bank-to-bank wire transfers for instance, the account holder must at least provide a proven identity. Transactions that occur through the use and exchange of these altcoins are independent from formal banking systems, and therefore can make tax evasion simpler for individuals. Since charting taxable income is based upon what a recipient reports to the revenue service, it becomes extremely difficult to account for transactions made using existing cryptocurrencies, a mode of exchange that is complex and difficult to track.[174] Systems of anonymity that most cryptocurrencies offer can also serve as a simpler means to launder money. Rather than laundering money through an intricate net of financial actors and offshore bank accounts, laundering money through altcoins can be achieved through anonymous transactions.[174] Cryptocurrency makes legal enforcement against extremist groups more complicated, which consequently strengthens them.[175] White supremacist Richard Spencer went as far as to declare Bitcoin the "currency of the alt-right".[176] Loss, theft, and fraud Main article: Cryptocurrency and crime In February 2014, the world's largest Bitcoin exchange, Mt. Gox, declared bankruptcy. Likely due to theft, the company claimed that it had lost nearly 750,000 Bitcoins belonging to their clients. This added up to approximately 7% of all Bitcoins in existence, worth a total of $473 million. Mt. Gox blamed hackers, who had exploited the transaction malleability problems in the network. The price of a Bitcoin fell from a high of about $1,160 in December to under $400 in February.[177] On 21 November 2017, Tether announced that it had been hacked, losing $31 million in USDT from its core treasury wallet.[178] On 7 December 2017, Slovenian cryptocurrency exchange Nicehash reported that hackers had stolen over $70M using a hijacked company computer.[179] On 19 December 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.[180][181] Customers were still granted access to 75% of their assets. In May 2018, Bitcoin Gold had its transactions hijacked and abused by unknown hackers.[182] Exchanges lost an estimated $18m and Bitcoin Gold was delisted from Bittrex after it refused to pay its share of the damages. On 13 September 2018, Homero Josh Garza was sentenced to 21 months of imprisonment, followed by three years of supervised release.[183] Garza had founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a plea agreement that the companies were part of a pyramid scheme, and pleaded guilty to wire fraud in 2015. The U.S. Securities and Exchange Commission separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of $9.1 million plus $700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.[184] In January 2018, Japanese exchange Coincheck reported that hackers had stolen $530M worth of cryptocurrencies.[185] In June 2018, South Korean exchange Coinrail was hacked, losing over $37M worth of cryptos.[186] The hack worsened an already ongoing cryptocurrency selloff by an additional $42 billion.[187] On 9 July 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had $23.5 million in cryptocurrency stolen.[188] A 2020 EU report found that users had lost crypto-assets worth hundreds of millions of US dollars in security breaches at exchanges and storage providers. Between 2011 and 2019, reported breaches ranged from four to twelve a year. In 2019, more than a billion dollars worth of cryptoassets was reported stolen. Stolen assets "typically find their way to illegal markets and are used to fund further criminal activity".[189] According to a 2020 report produced by the United States Attorney General's Cyber-Digital Task Force, the following three categories make up the majority of illicit cryptocurrency uses: "(1) financial transactions associated with the commission of crimes; (2) money laundering and the shielding of legitimate activity from tax, reporting, or other legal requirements; or (3) crimes, such as theft, directly implicating the cryptocurrency marketplace itself." The report concludes that "for cryptocurrency to realize its truly transformative potential, it is imperative that these risks be addressed" and that "the government has legal and regulatory tools available at its disposal to confront the threats posed by cryptocurrency's illicit uses".[190][191] According to the UK 2020 national risk assessment—a comprehensive assessment of money laundering and terrorist financing risk in the UK—the risk of using cryptoassets such as Bitcoin for money laundering and terrorism financing is assessed as "medium" (from "low" in the previous 2017 report).[192] Legal scholars suggested that the money laundering opportunities may be more perceived than real.[193] Blockchain analysis company Chainalysis concluded that illicit activities like cybercrime, money laundering and terrorism financing made up only 0.15% of all crypto transactions conducted in 2021, representing a total of $14 billion.[194][195][196] In December 2021, Monkey Kingdom - a NFT project based in Hong Kong lost US$1.3 million worth of cryptocurrencies via a phishing link used by the hacker.[197] Money laundering See also: Cryptocurrency and crime According to blockchain data company Chainalysis, criminals laundered US$8,600,000,000 worth of cryptocurrency in 2021, up by 30% from the previous year.[198] The data suggests that rather than managing numerous illicit havens, cybercriminals make use of a small group of purpose built centralized exchanges for sending and receiving illicit cryptocurrency. In 2021, those exchanges received 47% of funds sent by crime linked addresses.[199] Almost $2.2bn worth of cryptocurrencies was embezzled from DeFi protocols in 2021, which represents 72% of all cryptocurrency theft in 2021. According to Bloomberg and the New York Times, Federation Tower, a two skyscraper complex in the heart of Moscow City, is home to many cryptocurrency businesses under suspicion of facilitating extensive money laundering, including accepting illicit cryptocurrency funds obtained through scams, darknet markets, and ransomware.[200] Notable businesses include Garantex, Eggchange, Cashbank, Buy-Bitcoin, Tetchange, Bitzlato, and Suex, which was sanctioned by the U.S. in 2021. Bitzlato founder and owner Anatoly Legkodymov was arrested following money-laundering charges by the United States Department of Justice.[201] Dark money has also been flowing into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency, and enjoyed more than $1 billion in sales in 2020, according to Chainalysis.[202] The platform demands that sellers liquidate cryptocurrency only through certain regional exchanges, which has made it difficult for investigators to trace the money. Almost 74% of ransomware revenue in 2021 — over $400 million worth of cryptocurrency — went to software strains likely affiliated with Russia, where oversight is notoriously limited.[200] However, Russians are also leaders in the benign adoption of cryptocurrencies, as the ruble is unreliable, and President Putin favours the idea of "overcoming the excessive domination of the limited number of reserve currencies."[203] In 2022, RenBridge - an unregulated alternative to exchanges for transferring value between blockchains - was found to be responsible for the laundering of at least $540 million since 2020. It is especially popular with people attempting to launder money from theft. This includes a cyberattack on Japanese crypto exchange Liquid that has been linked to North Korea.[204] Darknet markets Main article: Darknet market Properties of cryptocurrencies gave them popularity in applications such as a safe haven in banking crises and means of payment, which also led to the cryptocurrency use in controversial settings in the form of online black markets, such as Silk Road.[174] The original Silk Road was shut down in October 2013 and there have been two more versions in use since then. In the year following the initial shutdown of Silk Road, the number of prominent dark markets increased from four to twelve, while the amount of drug listings increased from 18,000 to 32,000.[174] Darknet markets present challenges in regard to legality. Cryptocurrency used in dark markets are not clearly or legally classified in almost all parts of the world. In the U.S., Bitcoins are labelled as "virtual assets".[citation needed] This type of ambiguous classification puts pressure on law enforcement agencies around the world to adapt to the shifting drug trade of dark markets.[205][unreliable source?] Wash trades Various studies have found that crypto-trading is rife with wash trading. Wash trading is a process, illegal in some jurisdictions, involving buyers and sellers being the same person or group, and may be used to manipulate the price of a cryptocurrency or inflate volume artificially. Exchanges with higher volumes can demand higher premiums from token issuers.[206] A study from 2019 concluded that up to 80% of trades on unregulated cryptocurrency exchanges could be wash trades.[206] A 2019 report by Bitwise Asset Management claimed that 95% of all Bitcoin trading volume reported on major website CoinMarketCap had been artificially generated, and of 81 exchanges studied, only 10 provided legitimate volume figures.[207] As a tool to evade sanctions In 2022, cryptocurrencies attracted attention when Western nations imposed severe economic sanctions on Russia in the aftermath of its invasion of Ukraine in February. However, American sources warned in March that some crypto-transactions could potentially be used to evade economic sanctions against Russia and Belarus.[208] In April 2022, the computer programmer Virgil Griffith received a five-year prison sentence in the US for attending a Pyongyang cryptocurrency conference, where he gave a presentation on blockchains which might be used for sanctions evasion.[209] Impacts and analysis External video video icon Cryptocurrencies: looking beyond the hype, Hyun Song Shin, Bank for International Settlements, 2:48[210] The Bank for International Settlements summarized several criticisms of cryptocurrencies in Chapter V of their 2018 annual report. The criticisms include the lack of stability in their price, the high energy consumption, high and variable transactions costs, the poor security and fraud at cryptocurrency exchanges, vulnerability to debasement (from forking), and the influence of miners.[210][211][212] Speculation, fraud, and adoption See also: Cryptocurrency bubble, Cryptocurrency and crime, and Criminal activity on Bitcoin's network Cryptocurrencies have been compared to Ponzi schemes, pyramid schemes[213] and economic bubbles,[214] such as housing market bubbles.[215] Howard Marks of Oaktree Capital Management stated in 2017 that digital currencies were "nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it", and compared them to the tulip mania (1637), South Sea Bubble (1720), and dot-com bubble (1999), which all experienced profound price booms and busts.[216] Regulators in several countries have warned against cryptocurrency and some have taken measures to dissuade users.[217] However, research in 2021 by the UK's financial regulator suggests such warnings either went unheard, or were ignored. Fewer than one in 10 potential cryptocurrency buyers were aware of consumer warnings on the FCA website, and 12% of crypto users were not aware that their holdings were not protected by statutory compensation.[218][219] Of 1,000 respondents between the ages of eighteen and forty, almost 70% falsely assumed cryptocurrencies were regulated, 75% of younger crypto investors claimed to be driven by competition with friends and family, 58% said that social media enticed them to make high risk investments.[220] The FCA recommends making use of its warning list, which flags unauthorized financial firms.[221] Many banks do not offer virtual currency services themselves and can refuse to do business with virtual currency companies.[222] In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies may lead to too much money being obfuscated, blinding economists who would use such information to better steer the economy.[223] While traditional financial products have strong consumer protections in place, there is no intermediary with the power to limit consumer losses if Bitcoins are lost or stolen. One of the features cryptocurrency lacks in comparison to credit cards, for example, is consumer protection against fraud, such as chargebacks. The French regulator Autorité des marchés financiers (AMF) lists 16 websites of companies that solicit investment in cryptocurrency without being authorized to do so in France.[224] An October 2021 paper by the National Bureau of Economic Research found that Bitcoin suffers from systemic risk as the top 10,000 addresses control about one-third of all Bitcoin in circulation.[225] It is even worse for Bitcoin miners, with 0.01% controlling 50% of the capacity. According to researcher Flipside Crypto, less than 2% of anonymous accounts control 95% of all available Bitcoin supply.[226] This is considered risky as a great deal of the market is in the hands of a few entities. A paper by John Griffin, a finance professor at the University of Texas, and Amin Shams, a graduate student found that in 2017 the price of Bitcoin had been substantially inflated using another cryptocurrency, Tether.[227] Roger Lowenstein, author of "Bank of America: The Epic Struggle to Create the Federal Reserve," says in a New York Times story that FTX will face over $8 billion in claims.[228] Non-fungible tokens Non-fungible tokens (NFTs) are digital assets that represent art, collectibles, gaming, etc. Like crypto, their data is stored on the blockchain. NFTs are bought and traded using cryptocurrency. The Ethereum blockchain was the first place where NFTs were implemented, but now many other blockchains have created their own versions of NFTs. The popularity of NFTs has increased since 2021.[229] Banks As the first big Wall Street bank to embrace cryptocurrencies, Morgan Stanley announced on 17 March 2021 that they will be offering access to Bitcoin funds for their wealthy clients through three funds which enable Bitcoin ownership for investors with an aggressive risk tolerance.[230] BNY Mellon on 11 February 2021 announced that it would begin offering cryptocurrency services to its clients.[231] On 20 April 2021,[232] Venmo added support to its platform to enable customers to buy, hold and sell cryptocurrencies.[233] In October 2021, financial services company Mastercard announced it is working with digital asset manager Bakkt on a platform that would allow any bank or merchant on the Mastercard network to offer cryptocurrency services.[234] Environmental impact See also: Environmental effects of bitcoin Mining for proof-of-work cryptocurrencies requires enormous amounts of electricity and consequently comes with a large carbon footprint due to causing greenhouse gas emissions.[235] Proof-of-work blockchains such as Bitcoin, Ethereum, Litecoin, and Monero were estimated to have added between 3 million and 15 million tons of carbon dioxide (CO2) to the atmosphere in the period from 1 January 2016 to 30 June 2017.[236] By November 2018, Bitcoin was estimated to have an annual energy consumption of 45.8TWh, generating 22.0 to 22.9 million tons of CO2, rivalling nations like Jordan and Sri Lanka.[237] By the end of 2021, Bitcoin was estimated to produce 65.4 million tons of CO2, as much as Greece,[238] and consume between 91 and 177 terawatt-hours annually.[239][240] Critics have also identified a large electronic waste problem in disposing of mining rigs.[241] Mining hardware is improving at a fast rate, quickly resulting in older generations of hardware.[242] Bitcoin is the least energy-efficient cryptocurrency, using 707.6 kilowatt-hours of electricity per transaction.[243] Before June 2021, China was the primary location for Bitcoin mining. However, due to concerns over power usage and other factors, China forced out Bitcoin operations, at least temporarily. As a result, the United States promptly emerged as the top global leader in the industry. An example of a gross amount of electronic waste associated with Bitcoin mining operations in the USA is a facility that located in Dalton, Georgia which is consuming nearly the same amount of electricity as the combined power usage of 97,000 households in its vicinity. Another example is that Riot Platforms operates a Bitcoin mining facility in Rockdale, Texas, which consumes approximately as much electricity as the nearby 300,000 households. This makes it the most energy-intensive Bitcoin mining operation in the United States.[244] The world's second-largest cryptocurrency, Ethereum, uses 62.56 kilowatt-hours of electricity per transaction.[245] XRP is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction.[246] Although the biggest PoW blockchains consume energy on the scale of medium-sized countries, the annual power demand from proof-of-stake (PoS) blockchains is on a scale equivalent to a housing estate. The Times identified six "environmentally friendly" cryptocurrencies: Chia, IOTA, Cardano, Nano, Solarcoin and Bitgreen.[247] Academics and researchers have used various methods for estimating the energy use and energy efficiency of blockchains. A study of the six largest proof-of-stake networks in May 2021 concluded: Cardano has the lowest electricity use per node; Polkadot has the lowest electricity use overall; and Solana has the lowest electricity use per transaction. In terms of annual consumption (kWh/yr), the figures were: Polkadot (70,237), Tezos (113,249), Avalanche (489,311), Algorand (512,671), Cardano (598,755) and Solana (1,967,930). This equates to Polkadot consuming 7 times the electricity of an average U.S. home, Cardano 57 homes and Solana 200 times as much. The research concluded that PoS networks consumed 0.001% the electricity of the Bitcoin network.[248] University College London researchers reached a similar conclusion.[249] Variable renewable energy power stations could invest in Bitcoin mining to reduce curtailment, hedge electricity price risk, stabilize the grid, increase the profitability of renewable energy power stations and therefore accelerate transition to sustainable energy.[250][251][252][253][254] Technological limitations There are also purely technical elements to consider. For example, technological advancement in cryptocurrencies such as Bitcoin result in high up-front costs to miners in the form of specialized hardware and software.[255] Cryptocurrency transactions are normally irreversible after a number of blocks confirm the transaction. Additionally, cryptocurrency private keys can be permanently lost from local storage due to malware, data loss or the destruction of the physical media. This precludes the cryptocurrency from being spent, resulting in its effective removal from the markets.[256] Academic studies Main article: Ledger (journal) In September 2015, the establishment of the peer-reviewed academic journal Ledger (ISSN 2379-5980) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the University of Pittsburgh.[257] The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the Bitcoin blockchain. Authors are also asked to include a personal Bitcoin address in the first page of their papers.[258][259] Aid agencies A number of aid agencies have started accepting donations in cryptocurrencies, including UNICEF.[260] Christopher Fabian, principal adviser at UNICEF Innovation, said the children's fund would uphold donor protocols, meaning that people making donations online would have to pass checks before they were allowed to deposit funds.[261][262] However, in 2021, there was a backlash against donations in Bitcoin because of the environmental emissions it caused. Some agencies stopped accepting Bitcoin and others turned to "greener" cryptocurrencies.[263] The U.S. arm of Greenpeace stopped accepting bitcoin donations after seven years. It said: "As the amount of energy needed to run Bitcoin became clearer, this policy became no longer tenable."[264] In 2022, the Ukrainian government raised over US$10,000,000 worth of aid through cryptocurrency following the 2022 Russian invasion of Ukraine.[265] Criticism Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman,[266] Robert J. Shiller,[267] Joseph Stiglitz,[268] Richard Thaler,[269] James Heckman,[270] Thomas Sargent,[270] Angus Deaton,[270] and Oliver Hart;[270] and by central bank officials including Alan Greenspan,[271] Agustín Carstens,[272] Vítor Constâncio,[273] and Nout Wellink.[274] The investors Warren Buffett and George Soros have respectively characterized it as a "mirage"[275] and a "bubble";[276] while the business executives Jack Ma and J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble"[277] and a "fraud",[278] respectively, although Jamie Dimon later said he regretted dubbing Bitcoin a fraud.[279] BlackRock CEO Laurence D. Fink called Bitcoin an "index of money laundering".[280] In June 2022, Bill Gates said that cryptocurrencies are "100% based on greater fool theory".[281] Legal scholars criticize the lack of regulation, which hinders conflict resolution when crypto assets are at the center of a legal dispute, for example a divorce or an inheritance. In Switzerland, jurists generally deny that cryptocurrencies are objects that fall under property law, as cryptocurrencies do not belong to any class of legally defined objects (Typenzwang, the legal numerus clausus). Therefore, it is debated whether anybody could even be sued for embezzlement of cryptocurrency if he/she had access to someone's wallet. However, in the law of obligations and contract law, any kind of object would be legally valid, but the object would have to be tied to an identified counterparty. However, as the more popular cryptocurrencies can be freely and quickly exchanged into legal tender, they are financial assets and have to be taxed and accounted for as such.[282] Crypto-related suicides In 2018, an increase in crypto-related suicides was noticed after the cryptocurrency market crashed in August. The situation was particularly critical in Korea as crypto traders were on "suicide watch". 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Eid, Bilal; Islam, Md Rabiul; Shah, Rakibuzzaman; Nahid, Abdullah-Al; Kouzani, Abbas Z.; Mahmud, M. A. Parvez (1 November 2021). "Enhanced Profitability of Photovoltaic Plants By Utilizing Cryptocurrency-Based Mining Load". IEEE Transactions on Applied Superconductivity. 31 (8): 1–5. Bibcode:2021ITAS...3196503E. doi:10.1109/TASC.2021.3096503. hdl:20.500.11782/2513. ISSN 1558-2515. S2CID 237245955. Archived from the original on 28 January 2022. Retrieved 25 January 2022. "The grid connected photovoltaic (PV) power plants (PVPPs) are booming nowadays. The main problem facing the PV power plants deployment is the intermittency which leads to instability of the grid. [...] This paper investigating the usage of a customized load - cryptocurrency mining rig - to create an added value for the owner of the plant and increase the ROI of the project. [...] The developed strategy is able to keep the profitability as high as possible during the fluctuation of the mining network." Bastian-Pinto, Carlos L.; Araujo, Felipe V. de S.; Brandão, Luiz E.; Gomes, Leonardo L. (1 March 2021). "Hedging renewable energy investments with Bitcoin mining". Renewable and Sustainable Energy Reviews. 138: 110520. doi:10.1016/j.rser.2020.110520. ISSN 1364-0321. S2CID 228861639. "Windfarms can hedge electricity price risk by investing in Bitcoin mining. [...] These findings, which can also be applied to other renewable energy sources, may be of interest to both the energy generator as well as the system regulator as it creates an incentive for early investment in sustainable and renewable energy sources." Rennie, Ellie (2021). "Climate change and the legitimacy of Bitcoin". SSRN Electronic Journal. doi:10.2139/ssrn.3961105. ISSN 1556-5068. S2CID 244155800. Want to make money off Bitcoin mining? 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Shiller, Robert (1 March 2014). "In Search of a Stable Electronic Currency". The New York Times. Archived from the original on 24 October 2014. Costelloe, Kevin (29 November 2017). "Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says". Bloomberg. Archived from the original on 12 June 2018. "It doesn't serve any socially useful function." "Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'". ECO Portuguese Economy. 22 January 2018. Archived from the original on 12 June 2018. Wolff-Mann, Ethan (27 April 2018). "'Only good for drug dealers': More Nobel prize winners snub bitcoin". Yahoo Finance. Archived from the original on 12 June 2018. Kearns, Jeff (4 December 2013). "Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value". bloomberg.com. Bloomberg LP. Archived from the original on 29 December 2013. "Central banker takes stab at bitcoin 'bubble'". Phys.org. AFP. 6 February 2018. Archived from the original on 12 June 2018. "Bitcoin is like Tulipmania, says ECB vice-president". The Financial Times. 22 September 2017. Archived from the original on 30 September 2017. Hern, Alex (4 December 2013). "Bitcoin hype worse than 'tulip mania', says Dutch central banker". The Guardian. Archived from the original on 20 March 2017. Crippen, Alex (14 March 2014). "Bitcoin? Here's what Warren Buffett is saying". CNBC. Archived from the original on 13 January 2017. Retrieved 11 January 2017. Porzecanski, Katia (25 January 2018). "George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'". Globe and Mail. Bloomberg News. Archived from the original on 9 June 2018. Retrieved 7 June 2018. Yang, Yingzhi (18 May 2018). "There's a bitcoin bubble, says Alibaba executive chairman Jack Ma". South China Morning Post. Archived from the original on 10 June 2018. Retrieved 10 June 2018. Cheng, Evelyn (7 June 2018). "Warren Buffett and Jamie Dimon on bitcoin: Beware". CNBC. Archived from the original on 9 June 2018. Retrieved 7 June 2018. Kim, Tae (9 January 2018). "Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it". CNBC. Archived from the original on 13 January 2018. Retrieved 31 December 2020. Imbert, Fred (13 October 2017). "BlackRock CEO Larry Fink calls bitcoin an 'index of money laundering'". CNBC. Archived from the original on 30 October 2017. Retrieved 19 November 2017. Browne, Ryan (15 June 2022). "Bill Gates says crypto and NFTs are '100% based on greater fool theory'". CNBC. Archived from the original on 15 June 2022. Retrieved 15 June 2022. Müller, Lukas; Ong, Malik (17 February 2020). "Aktuelles zum Recht der Kryptowährungen" [Current state of the law of crypto currencies] (PDF). Aktuelle Juristische Praxis / Pratique Juridique Actuelle (in German) (2). Archived (PDF) from the original on 10 February 2022. Retrieved 17 February 2023. Ghosh, Monika (15 June 2021). "Are Crypto-Related Suicides A Real Problem?". www.jumpstartmag.com. Archived from the original on 26 June 2022. Retrieved 2 May 2022. Emem, Mark (12 June 2019). "Chinese Bitcoin Trader Commits Suicide after Losing 2,000 BTC on 100x Leverage Bet". finance.yahoo.com. Archived from the original on 2 May 2022. Retrieved 2 May 2022. Evans, Holly; Sharman, Laura (17 February 2022). "Bitcoin trader, 23, takes own life after break-up and losing all his money". Mirror. Archived from the original on 2 May 2022. Retrieved 2 May 2022. Sarlin, Jon (17 May 2022). "Stablecoins were supposed to be 'stable.' Then the crash came". CNN. Archived from the original on 29 May 2022. Retrieved 30 May 2022. Further reading Chayka, Kyle (2 July 2013). "What Comes After Bitcoin?". Pacific Standard. Retrieved 18 January 2014. Guadamuz, Andres; Marsden, Chris (2015). "Blockchains and Bitcoin: Regulatory responses to cryptocurrencies" (PDF). First Monday. 20 (12). doi:10.5210/fm.v20i12.6198. S2CID 811921. 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Cryptocurrency: Political Candidates Racing To Endorse Real Crypto
by grarpamp 26 Jul '23

26 Jul '23

Ramaswamy and Kennedy are leading the calls for Crypto, other than Libertarians no others yet brave enough to declare for crypto truth. Free Economic Zones opening up. Japan chimes in. El Salvador already legal tender. South America, Caribbean coming soon. Central African moving soon. China and Russia forced to reopen. Refusing to declare and act for crypto is rapidly becoming a Political Liability.

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Re: FOIL #2022-090560 Appeal
by Gunnar Larson 26 Jul '23

26 Jul '23

Ms. Tomczak: With Apple Card, how can we accout for Goldman Sachs? It keeps the crypto economy on the hook. Gunnar On Tue, Jul 25, 2023, 2:54 PM Tomczak, Christine (DFS) < christine.tomczak(a)dfs.ny.gov> wrote: > Dear Mr. Larson, > > > > See attached letter. > > > > Best regards, > > > > Christine Tomczak > > > > > > Christine M. Tomczak > > Assistant Counsel > > > > New York State Department of Financial Services > > 1 State Street, New York, New York 10004 > > > > > > >

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