Coincheck Trying to Skirt Blame for their failure?
Snowden Reveals NSA Recording Data
As reported, anonymous sources reveal Coincheck to dump Dash, Zcash, and Monero. They are the 3 most anonymous coins on the market, and are thought to be used to clean some of the stolen NEM coins, from the hack over a month ago involving Coincheck.
You can say that these three coins are what Cryptocurrencies are supposed to be, a secure, anonymous way to exchange currency without disclosing identity. Is this the Japanese government making this demand of Coincheck, or Coincheck trying to skirt blame for their terrible security measures?
Either way, the crypto community should be showing more support for these three amid more revelations the NSA has been tracking cryptocurrency users, namely Bitcoin. The NSA was recording their private data using a programme called MONKEYROCKET, a sub-programme of OAKSTAR, which collected data from the Middle East, Europe, South America, and Asia, according to the documents released by Edward Snowden, and reported on by Glenn Greenwald.
The NSA was fooling unsuspecting targets into using “privacy software” that was in fact funneling the information directly to the NSA. This is not what crypto is about. We don’t want the NSA watching every single transaction we make. This news should be pushing people towards Dash, Zcash, Monero, and any other privacy coins.
This is not just my opinion, but the opinion of crypto academics like Emin Gun Sirer, associate professor and co-director of the Initiative for Cryptocurrencies and Contracts at Cornell University, who was quoted in an Intercept article saying, Financial privacy “is something that matters incredibly” to the Bitcoin community, “People who are privacy-conscious will switch to privacy-oriented coins” after learning of the NSA’s operations.
This could be what privacy coins needed to get a more substantial share of the market, and should spawn new projects with anonymity being the focus. Business should be going to the exchanges that support these coins, and away from exchanges that abandon, or isolate them.
What do you think will come of this news? We would love to hear from you. Leave your opinion in the comments below.
Author: Steven Johnson