> The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so.
Does that mean it'll eventually eclipse and live in front of the current timeline of banking, so we'll see banking and finance following the crypto industry at one point, repeating the same mistake that happens in cryptocurrencies?
This is a really bad comparison: ransomeware restricts your data involuntarily. DRM restricts the creator’s data at their request with your voluntary agreement.
Not really: that incident got a huge amount of backlash and cost them a lot of money because it wasn’t informed or voluntary. Outside of Sony BMG’s senior management, nobody thought that was acceptable.
Ah, it seems you're one of many who confuses "crypto" with cryptography and cryptocurrency. Cryptography is used for encrypting your files, not cryptocurrency. But it's a easy mistake to make so don't feel bad over it.
Literally the only reason ransomware is a thing is because of cryptocurrency.
Every oil pipeline, school, hospital, farm, old age home that's ransomed is 100% thanks to Bitcoin and its progeny. But hey, at least it's found a use case.
> One of the first ransomware attacks ever documented was the AIDS trojan (PC Cyborg Virus) that was released via floppy disk in 1989. Victims needed to send $189 to a P.O. box in Panama to restore access to their systems, even though it was a simple virus that utilized symmetric cryptography.
Attackers who encrypt files and demand payment famously demanded cryptocurrency, in part because of the "transactions cannot be reversed" property and the (pseudo-)anonymity.
As banking transactions can be reversed and are as opposite of anonymous as is practically possible, it would be (darkly) amusing if a traditional bank did that, precisely because the damage would be undone and the guilty parties trivially identified.
They're referencing the fact that crypto is famously used as a payment mechanism by entities that hold people/companies to ransom by encrypting their data against their will.
I suspect it means that central banks will issue their own digital currencies to enforce negative interest rates. That will break the lower bound and allow economic stimulation from deflationary conditions.
Does that mean it'll eventually eclipse and live in front of the current timeline of banking, so we'll see banking and finance following the crypto industry at one point, repeating the same mistake that happens in cryptocurrencies?