adplus-dvertising

Cryptocurrency Has Yet to Make the World a Better Place

A truly consequential innovation is one that makes possible entirely new business models that touch the lives of millions. The car enabled motels and shopping malls, the internet enabled e-commerce, and smartphones and GPS enabled ride-sharing.

What business model that touches the lives of millions have cryptocurrencies such as bitcoin made possible? American motorists now know: ransomware. In such attacks, hackers encrypt and sometimes steal the victim’s data, demanding a ransom to decrypt and not release the data. Crypto is how Colonial Pipeline Ltd. paid hackers who earlier this month forced offline a conduit that supplies 45% of the East Coast’s fuel.

A few days after the Colonial attack, Tesla Inc. announced it would no longer accept bitcoin as payment for cars because of the carbon emissions generated by the computer processing necessary to mint new coins.

The two events underline how an innovation that was supposed to displace the dollar as a medium of exchange has proved largely useless for buying legal things yet frighteningly effective at facilitating extortion.

We usually think of innovation as unambiguously good. Human welfare advances through the continuous recombination of materials and muscle in new and creative ways. Every innovation has its dark side, but even with car accidents and internet scams we’re clearly better off with cars and the internet.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.