Ethical Analysis : The New Cryptographic Hash Universe Essay

1880 Words Nov 14th, 2014 8 Pages
Patrick McElvaney
CMSC 304
Dr. Matuzek
Ethical Analysis 2 - Cryptocurrency
We can thank SPAM for the proof of work protocols that brought about the rudimentary foundations or procedures used by Cryptocurrencies today. Cryptocurreny (CC) is somewhat anti-government yet when money is stolen, the individuals affected look to the law enforcing agencies that the system is trying to beat. The new cryptographic hash universe is an interesting science experiment, but that is about it, especially when hackers use remote hacking to steal property from others. One currency exchange company, known as Mt. Gox has been reported to lose 750,000 Bitcoins, the very first cryptocurrency system that was established, worth an estimated 344 billion dollars (Sidel, 2014). In response to the short history of CC’s, I have proposed the following policy that will further stabilize the interests of all participating and affected parties to be enforced by the United States Federal Government: CC’s are accepted as legal property for capital purposes but cannot be used as payment which excludes uses to barter. Furthermore the Government has no duties or responsibilities to the security of CC eWallets and establishes the guidelines for Currency Exchange Businesses in reaction to recent shortcomings.
The idea is that CC’s are a system of flat currency that are recognized as a symbol of capital, however, due to its nature being recognized as a means of trade with a finite lifespan of its existence, the…

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