Biggest CRYPTO KIDNAPPING? Programmer explains.

Biggest CRYPTO KIDNAPPING? Programmer explains.

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A horrible event has occurred in which the wife of a Norwegian billionaire was kidnapped. The kidnappers demand $10 million in Monero. The mainstream media is quick to point out how bad crypto is for the world. I strongly disagree, in fact, if Monero would be widely adopted this type of crime would be impossible.

Let’s dissect this situation on Good Morning Crypto! We will also discuss why it’s impossible to trace Monero transactions.

Unfortunately, Resistance excluded the US from the contest 🙁 it sucks, sorry guys ❤️

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DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make.

Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, different altcoins.

Ivan on Tech by Ivan Liljeqvist

26 thoughts on

  1. Comparing the internet to cryptocurrency, it doesn't work. You are comparing evil with evil. What is on the internet? I bet you know what's on the internet more than most! Now thank about crypto, comparing them doesn't work. Most people think the internet is your search engine Google Etc., that is just the tip of the iceberg.

  2. Ivan mentioned, that if monero was the standart, nobody will ever know who has what. But I think it doesn't matter what is the standart, your appearence, wealth (house, car) will give away what you have anyway.

  3. Won’t privacy features be available on Bitcoin, LTC and others in the future?

    Another day closer to ‘Next round’ of BTC and LTC mining reward halvings starting Summer 2019! Also French Yellow Vests ‘Proof of Stash’ event is due this Saturday when depositors are urged to withdraw money from the fractional reserve banking system!

  4. Ivan you missed very interesting question in the end. about possible 51%attack in monero network. if no one knows the adresses and balances how can you detect a reorg???

  5. What I learnedcomments:
    kidnapp in Norway seems to be an event crashing two different ideas together:
    1. full financial privacy of monero crypto where all users has rights to hide balances and transactions.
    2. no financial privacy of Norway government where salaries are publicly available

    1. gives tools to criminals to getuse money remaining hidden but 2. allows criminals to know who has money (discover targets)

    Unfortunately this situation is negative for crypto ‘cause media and people will have an emotional reaction by associate crypto to bad behaviors. This could give regulators the excuse to apply restrictive rules to crypto currencies.

    The dilemma around full privacy (individual right)no privacy (surveillance for public security) is not easy to solve. For sure the narrative around “national security” can be used to enforce surveillance by government which then use it to maintain power.

    But cryptos are just tools available to all. Good people will use it for goods, criminals for bad activities. Because someone do a robbery with a Lambo it doesn’t mean Lambo are criminal cars. If government bans Lambo he will use Toyota to do the next robbery. The problem is the criminal, not the tool he use. (but my mind crashes when we start talking about guns).

    Monero privacy has these interesting characteristics:
    – The sender of a transaction generates a one-time address only the recipient can use (in bitcoin is the opposite)
    – Ring signatures (transaction are signed such a way that looking at the final transaction you can only say that it has been signed by a group of keys but you cant say which key of the group is the real signer)
    – Ring CT (confidential transaction which allows nodes to verify the correctness of a transaction without knowing all the details of it) you can thus hide the amount.

    news on DX.Exchanges
    – Turns out that DX.Exchanges will trade stock DERIVATIVES so they can be compliance to regulatory (it is not possible to trade directly the stocks without shareholders content).

  6. learned that privacy is a fundamental right and privacy in your finances is importat to your security. Technology is just a tool, how we used it is a reflection of us. We have to look at the root of the problem

  7. Crypto is like guns. Crime made by bad apples will never stop no matter how we want to control it. The actions of the few should no rule over the majority.

  8. I've learned that in Scandinavia countries everyone knows who is wealthy and that Monero generates a new address for every trandaction.

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