Examples of crypto wars

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From Extortion To Manipulation — While no investor should part ways with money they are not prepared to lose, no matter how nominal the amount, cryptocurrencies are particularly prone to social engineering and misinformation risks. The U. Indeed, emerging regulatory clarity on what constitutes a truly decentralized asset , such as bitcoin or ethereum, which is beyond the control of any one party, versus company-issued cryptocurrencies or tokens is a growing area of securities attention.

Care, Custody And Control — Despite the intangible and unseen nature of cryptocurrencies and digital assets more generally, one of the single biggest issues plaguing the market is care, custody and control. Not unlike the perennial challenges of cyber and physical security of the traditional banking sector, there is a veritable standards war taking place among crypto custodians on who is providing the highest standards of investor protection and asset security.

The number of high profile and high value crypto heists suggests that this playbook of best security practices is still being written. Not every crypto investor can afford this level of security no more than every crypto investor is a target, but all are subject to the emerging nature of care, custody and control standards.

While in principle the bitcoin blockchain has proven to be among the most cyber resilient innovations thus far, the firms that plug into it, like other cryptocurrencies, are often new entrants with lax cybersecurity standards and wherewithal. By this measure, not all cryptocurrencies are created equal in term of their traceability, transaction ledgering and levels of trust or fiduciary responsibility. Human Error And Forgetfulness — Given the intangible nature of the asset class, human error and something as confounding as password amnesia can spell total loss of a crypto fortune.

At the crypto whale end of the market, the high-profile nature and public quality of large asset holders may expose people to direct physical security threats, such as kidnaping, ransom and extortion. A fleet of lambos will not add to the needed discretion of not becoming a potential target. Un Safe Havens — Another key risk with cryptocurrencies and this asset class more generally is the lack of coordination and clarity on regulatory, financial, tax and legal treatment.

Suddenly, countries and jurisdictions around the world have entered a crypto land grab by seeking to become destinations of choice for prospective investors and projects. Like the global financial system, coordination and coherence can go a long way in eschewing risks of the systemic and mundane variety while improving overall market stability.

Technological Risks — There have been many reports about the computational complexity and energy consumption of bitcoin mining, as one example of some of the technological limitations of cryptocurrencies. This computational complexity may also work in the inverse and pose potential risks to the asset class under the premise that complex systems fail in complex ways. Yet not all cryptocurrencies or tokens are riding on similar rails. For this, investors should beware of the technological risks and false promises of decentralization that are being made in many projects, for not all blockchains are created equal.

Civil Wars With Forks — Last, but certainly not least, while much crypto wealth is concentrated in the hands of people who are thinking long term about the positive change this asset class can have on the world, there is nevertheless the constant specter of civil wars and forks, which can bifurcate the consensus on cryptocurrencies, thus eroding market share, valuation and adoption.

This standards war continues to flare up, including most recently with the advent of Bitcoin Cash. It is also notable that despite the talk amongst crypto-utopians of a world ruled by blind scalable trust and no centralized authorities, that councils of large crypto holders, much like a papal conclave or the Bank for International Settlements BIS , can set a course on the market influencing outcomes and price fluctuations.

As with the real movement of whales, smaller fry can either get gobbled up or caught in the wake. Precisely because there are risks in the cryptocurrency market there are rewards. Understanding the potential perils of diving into this wave can help improve the long-term prospects of cryptocurrencies and broaden their adoption beyond risk-seeking first movers.

This is a BETA experience. You may opt-out by clicking here. By later periods of antiquity, cryptography was widely used to protect important military information, a purpose that it still serves to this day. In the Greek city-state of Sparta, messages were encrypted by being written on parchment laid over a cylinder of a particular size, making the message undecipherable until it was wrapped around a similar cylinder by the recipient. Likewise, spies in ancient India are known to have used coded messages as early as the 2nd century BC.

Perhaps the most advanced cryptography in the ancient world was achieved by the Romans. A prominent example of Roman cryptography, known as the Caesar cipher, involved shifting the letters of an encrypted message by a certain number of places down the Latin alphabet. Knowing this system and the number of places to shift the letters, a recipient could successfully decode the otherwise illegible message.

Throughout the Middle Ages, cryptography became increasingly important, but substitution ciphers, of which the Caesar cipher is one example, remained the standard. Cryptanalysis, the science by which codes and ciphers are cracked, began to catch up to the still relatively primitive science of cryptography.

Al-Kindi, a noted Arab mathematician, developed a technique known as frequency analysis around AD that rendered substitution ciphers vulnerable to decryption. For the first time, people attempting to decipher encrypted messages gained access to a systematic method for doing so, making it necessary for cryptography to advance even further in order to remain useful. In , Leone Alberti developed the polyalphabetic cipher, which is considered the solution against Al-Kindi's frequency analysis technique.

In a polyalphabetic cipher, a message is encoded using two distinct alphabets. One is the alphabet in which the original message is written, while the second is an entirely different alphabet in which the message appears after being encoded. Combined with traditional substitution ciphers, polyalphabetic ciphers greatly increased the security of encoded information.

Unless a reader knew the alphabet in which the message had originally been written, the frequency analysis technique was of no use. New methods of encoding information were also developed in the Renaissance period, including a popular early method of binary encoding invented by the noted polymath Sir Francis Bacon in The science of cryptography continued to advance progressively throughout the centuries.

A major breakthrough in cryptography was described, though perhaps never built, by Thomas Jefferson in the s. His invention, known as the cipher wheel, consisted of 36 rings of letters on moving wheels that could be used to achieve complex encoding. This concept was so advanced that it would serve as the basis for American military cryptography until as late as the Second World War. World War II would also see the perfect example of analog cryptography, known as the Enigma machine.

Like the wheel cipher, this device, employed by the Axis powers, used rotating wheels to encode a message, making it virtually impossible to read without another Enigma. Early computer technology was eventually used to help break the Enigma cipher, and the successful decryption of Enigma messages is still considered to be a critical component of the eventual Allied victory.