Crypto is Fallacy, Bank of Finland Says

Adviser on digitalization and head of the Digital Central Bank under the Ministry of Financial Stability and Statistics of Finland criticized crypto
03 July 2018   369

The Central Bank of Finland issued a document entitled "The Great Illusion of Cryptocurrencies", in which he expressed its attitude to digital currencies. This is reported by Cointelegraph.

The author of the document is Aleksi Grym, adviser on digitalization and head of the Digital Central Bank under the Ministry of Financial Stability and Statistics of Finland.

With the help of this document, Grim tries to convey how "shows how poorly understood the concept of money itself still is today" and how much the Internet and social networks "muddled our sense of fact and fiction".

A representative of the Bank of Finland believes that cryptocurrencies are not real currencies, but only "accounting systems for non-existent assets". As an argument, he cites the fact that technologies such as blockchain are essentially data storage systems. And their use for cryptocurrency "unrelated to the fundamental characteristics of money". The document also contains several citations from other studies, mostly with a negative connotation.

For all intents and purposes, that ledger is a centralised ledger. The fact that there are multiple synchronised copies of it, distributed across a network, is irrelevant, as each one has the same data.

Aleksi Grym

Adviser on Digitalization and Head of the Digital Central Bank process, Financial Stability and Statistics Department

According to the document, the main motive for buying crypto-currencies is criminal actions, a sense of belonging to the community, an attempt to defend themselves against "real or fictional" state oppression, or speculative trade.

In addition, Alexi Grym asks the question: "What is money?". He notes that over time the meaning of this word has changed, but until now, money means a unit for exchange, which can be stored and counted. But the cryptocurrencies, in his opinion, appear "out of thin air".

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   120

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.