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Many have previously suggested that governments could suppress the crypto industry. Above all, Operation Chokepoint 2.0, in which business is made more difficult for crypto-friendly banks, is a term that is mentioned again and again.
Now a study has been making the rounds in the crypto space in which cybersecurity experts recommend that governments destabilize blockchains with specific attacks. Find out here what this is all about and what investors should be prepared for!
Study recommends governments avoid following attacks on blockchains
The study “Reconciliation of Anti-Money Laundering Instruments and European Data Protection Requirements in Permissionless Blockchain Spaces” by Iwona Karasek-Wojciechowicz was published in the Journal of Cybersecurity.
This recommends that governments take public responsibility Blockchains should be attacked because of money laundering allegations. A number of measures have been suggested that they can implement.
With these, governments should ensure that that Trust in blockchains is being undermined and users are fleeing them. In particular, these should focus on privacy coins, which can conceal the identity of the token holders.
The 51% Attack
The recommended measures include the 51% attacks, which are so feared in the blockchain sector, in which the attackers control more than half of the validators. Because in this case they receive higher authority and can therefore Manipulating transactions in their favor.
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Price suppression
Another possibility suggested in the study is price suppression. This is also a practice that has already been observed with other assets such as gold and silver. Because these serve as a kind of crisis indicator and so governments could have an interest in ensuring that the population does not lose trust in their inflationary fiat currencies.
There was previously price manipulation of precious metals by JPMorgan, among otherswhose company was accused of spoofing precious metal prices. Likewise were Citibank and Bank of America were accused of price manipulation. They manipulated the prices of precious metals downwards.
Sybill attacks
Another suggestion from the study was Sybill attacks. These will be false and multiple identities usedin order to negatively influence a network. For example, this could Gained control over a DAO or other important mechanisms of the network become. In the worst case, even one can Decentralization prevented become.
Enforcement actions
The study also recommended further Enforcement measures and sanctions. First, all providers should register as VASPs (Virtual Asset Service Providers) and be monitored by the authorities. In addition, VASPs would have to strictly adhere to AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism).
Automatic reporting
At Privacy coins should carry out automatic reporting to the authorities. The concealed transactions should therefore be disclosed so that they can be tracked accordingly.
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Measures should only be used as a last option
It is noteworthy, however, that it is also recommended to consider other options firstbefore resorting to such drastic measures. Instead, you should try wallet address blocking, transaction warning flags, sanctions and other regulations first.
However, the recommendations also mention that the Measures should not endanger the crypto market. Instead is just to comply with existing lawbut at the same time care must be taken to ensure that innovations are encouraged. Furthermore, Karasek-Wojciechowicz recognized that the individual privacy of users should be protected.
Although the study was published three years ago, it has now received greater attention in the crypto community. Finally Among other things, the privacy coin Monero was suppressedwhich is mentioned in the study. But Tornado Cash, to which Vitalik Buterin recently donated, is also in the governments’ crosshairs.
At least it cannot be denied that Most crypto companies in the US have great difficulty opening an account. Likewise, the crypto-friendly banks are being fought under Operation Chokepoint 2.0. So that remains Question how many of these measures are already running in the background and how widely cryptocurrencies and Web3 would otherwise have spread.
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Memecoin Flockerz wants to give power back to the swarm
More and more people feel disappointed by the system and unheard despite elections. Centralistic systems seem to dominate the world and increasingly suppress the interests of the individual. However, these disadvantaged people form the majority and have significantly greater power.
King Bird now wants to give these back to them with the help of the DAO project Flockerz. The aim is to create an ecosystem that… pursues the interests of the general public and helps these goals to be successful.
Narratives can have a powerful influence on people, as rightly noted by the famous historian Yuval Noah Harari. People have made extreme sacrifices for religious, political, scientific and other narratives.
These are particularly relevant in the memecoin area and could now be one with Flockerz create a true cult. The more the interests of the general public are met, the more the dynamic could increase. So it could almost take on a religious character.
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Because Direct democracy ensures that people are happier because their wishes are respected. Furthermore, studies have found that Accepting the will of the majority is much easier.
For voting on Flockerz, participants receive rewards in $FLOCK coins via the vote-to-earn process. This is intended to ensure a high level of commitment. Likewise, community members can also receive them for other support services.
There are many controversial issues and some have lost trust in elections and opinion polls and, to some extent, in science. With the help of a blockchain, however, ensured transparency, security and efficiency become. This solves some of the biggest problems.
Already within the first few days of… The project raised $482,081 in presales. In the current phase, the coins are offered for a price of $0.0057012. But the next increase will take place in less than 12 hours, meaning those interested are running out of time. Stakers currently receive 3,955% per year.
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