The people need replacing are the nitwits that have long since been purchased by the companies they are supposed to be protecting us from.
In 2012, the FTC put on their Robocall Summit. It was livestreamed, so I watched it. One thing I took from it was that there were many smart and dedicated people at the FTC, but that it was a hard problem.
One thing they didn't say, but I suspect is true, is that the FTC is not well supported by Congress. Look at how hard it was to ban telemarketing in the first place. Look at how energetically the CFPB is being undermined.
Dedicated people aren't enough. You need institutional support, including money, resources, and laws that actually let you put the criminals in jail.
That's why the IRS is underfunded despite basically being a revenue center. That's why the ATF is forced to do manual searches of paper files.
If all one does is call to replace the agency, that just provides even more opportunity to the saboteurs in charge.
If you lose your private key or leak it you don't go to the government to get it back you just pay some money to have a second key issued and the original declared to be invalid.
All debt assigned to the original public part of the key pair would be transferred to the new one unless you could show that it is fraudulent much like you would if your debit card number was stolen.
Additionally the private key shouldn't ever be shared it should be stored on a physical device and proof of having the public key ought to be the only thing transmitted.
Its true that there are logistical challenges involved but they are the boring and tedious kind. Work that nobody wants to do.
Why would people store the majority of their cryptocurrency on an exchange?
Besides, a leak can happen without a big centralized repository - a flaw in the software used to generate and locally store these keys could be exploited, or a flaw in the generation algorithm itself, or any of a number of things.
> Its true that there are logistical challenges involved but they are the boring and tedious kind. Work that nobody wants to do.
I think that was part of s73ver_'s point, and what coding123 completely glossed over.
It’s not like there’s a secret reserve of smart, dedicated people who know what they are doing.