Blaming Bitcoin for ransomware is like blaming the Internet for child porn
If you think Bitcoin is the problem of the recent ransomware attacks, you probably don't know much about Bitcoin. Blaming Bitcoin for ransomware attacks makes no sense. You don't blame the dollar when a bank is robbed, do you? It's as silly as blaming the internet or electricity.
The only root problem for ransomware though, is that hackers are able to get unauthorized access to a system. Using Windows without installing the latest patches is like locking your bike like this:
Your Windows computer looks like this when you turn Windows Update off:
So please, update the latest patches or use a safer operating system like Linux (which you still have to update of course).
Or use an old Nokia 3310 instead of a smartphone... Oh wait...
Image source: Twitter
If you still blame Bitcoin for the largest ransomware attacks in internet history, let me explain something.
- Ransomware exists since 1989. Bitcoin exists since 2009. Without bitcoin, hackers would just be asking for prepaid cards just like they did back in the 2000's.
- It's technically impossible to ban Bitcoin. If a goverment would forbid their citizens to pay with Bitcoin or to store Bitcoin, the currency and the technology would still exists. Even if all countries would ban Bitcoin there are numerous other cryptocurrencies left. You would have to ban the whole Blockchain technology, but a technology can't be banned. Once a technology has been invented and made known to the public, it's available. That can't be undone. It's like un-inventing the wheel or something.
If you are a victim of the latest ransomware attacks you can only blame yourself. You didn't patch your outdated operating system back in March while a patch was available.
Hopefully these ransomware attacks are a major precursor to better security. Otherwise, when the internet of things arrives we would end in a world like this:
TL;DR: Don't blame cryptocurrencies for ransomware. Update your operating system and STEEM ON! :)
At the end of the day people need to understand that there is no such thing as "bad fame". I don't see a reason why Bitcoin should het a bad rep because of this — no more than the dollar when they are bombing the shit out of Syria.
Thank for sharing! I am interested to find out your thoughts on whether we are in a cryptocurrencies bubble now? Here is the DATA which support this my assumption: it looks that we are entering bubble territory for a vast majority of alt coins (except Bitcoin probably). Just think about and analyze the following facts:
At least several dozens alt coins market caps skyrocketed 300%-4000%(yes, four thousand!) recently just over last 2 months!
The beginning of sharp increase happened around middle of March of 2017 for ALL alt coins!
Yes, some alt coins sharp increase is logically justifiable. For example, Ripple XRP: http://www.cnbc.com/2017/03/01/japanese-banks-plan-to-adopt-blockchain-for-payments.html . Maybe there are couple other alt coins where this huge growth is also justifiable.
But for vast majority of other alt coins nothing has changed drastically during the last 2 months! At all! Neither in their technologies development, nor in their business development! But nevertheless, their market cap skyrocketed 300%-4000% in just 2 months!
The only explanation which comes to mind is that huge amount of new capital is coming to cryptocurrencies market. Probably these are the people/investors who have heard about the first wave of Bitcoin and Ethereum successes, and they have a FOMO (fear of missing out) now. They don't have deep understanding of cryptocurrencies space and their differences, but because of FOMO they still invest in all other alt coins hoping to hit jackpot!
Does it remind you anything? Yes, exactly, dot com bubble of 2000 looks very similar!
Therefore, I would expect some kind of significant downside price correction within next several months for the majority of alt coins. Would you agree?
Thank you for your comprehensive response. I couldn't agree more!
In my opinion most altcoins are way overpriced. There is indeed a lot of FOMO and it certainly looks like the dot com bubble.
At this moment I don't hold any other cryptocurrency than Bitcoin and Steem.
That is 10000000000000% agreeable. Once the bubble bursts, it will pop BIG TIME!!!!!!!!!!!!! It is not advisable to buy most cryptos for now, as "riding the wave" might be just as risky. This is just the public phase. I don't think that Ethereum will drop significantly though, but I'd be glad if it does. Miners of cryptocurrencies must be taking advantage of the current bubble though, I would too if I had powerful machines that mine ;-)
this is a great point. no one wants to accept responsibility these days, it is much easier to push the blame elsewhere, especially onto something many people still cannot comprehend, such as BTC.
this is why people still think BTC is just for darkweb/silk road illegal activities.. they do not understand that the underlying blockchain technology will change the world as we know it, just like the internet did 25+ years ago!
I can't use steemit on Nokia 3310 :p
Disclaimer: I am just a bot trying to be helpful.
I saw this on a morning news show concerning Bitcoin. The comment after the ransomware story was "And what does that tell us about Bitcoin" I wanted to scream
It tells us it can be a damn good money.
BTC will always get bashing, no matter what.
or blaming guns for violence.
The fact that people are blaming Bitcoin for the ransomware is laughable.. Come on people
Always remember to patch and back up your data regularly. Better yet, don't use Windows. :)