Reviews | Yes, the encryption is locking up again. The blockchain will survive. – News 24

As Terra Luna’s death spiral accelerated, her followers, known as “Lunatics,” have fluctuated between terror and hope as Mr. Kwon funneled more than $ 1 billion worth of Bitcoin into the system in an attempt to restore stability. ” Distribute more capital: stable guys“, He tweeted.

But in the end, there wasn’t enough cash in to make up for the outflow, just like in a normal bank run, and this particular experiment of replacing trust with math was coming to an end. Of the thousands of failed cryptographic experiments, Terra Luna stands out as one of the largest, bringing with it around $ 60 billion in total market value.

Vehement opponents of cryptocurrencies were quick to celebrate the death of the blockchain, insisting that all cryptocurrencies are fraudulent. These critics are a mirror image of the equally unrealistic cheerleaders at the other end of the spectrum: the pro-crypto libertarians who demand a financial world without any regulation.

For many years, responsible players in the cryptocurrency market have been demanding and helping to develop reasonable regulatory frameworks. A base of cryptographic regulations already exists; In the United States, federal agencies such as the Financial Crimes Enforcement Network, the Securities and Exchange Commission, and the Commodity Futures Trading Commission began evaluating separate aspects of trade and taxation in 2013. In October, the Department of Justice announced the formation by the National Cryptocurrency Enforcement Team. The list of cryptocurrency scammers who ended up in prison already far exceeds the number of bankers jailed in the United States for their role in the 2008 financial crisis.

In the early days of the internet, the circus atmosphere made it easy to ignore the dangers that were brewing – including surveillance capitalism and illegal government espionage – and that would have serious global consequences. Over time, regulations have been introduced: privacy frameworks, such as certain provisions of the Gramm-Leach-Bliley Act of 1999 in the United States and the General Data Protection Regulation of 2016 in Europe, and language protections such as Section 230 of the Data Protection Act. decency of communications.

At the same time, the wonders of the internet have multiplied, a magic that now seems banal: a map of the world, street by street, in your pocket; instant translations from almost any language; a research service for each branch of knowledge; almost instant world news. Today’s internet is deeply rooted in the economies, media, politics, industry and social life of the world, for better or for worse..

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