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 …show more content…
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 government does not allow exchange with the dollar due to projections where a fraud attempt decreased worth of the nation’s legal tender. Consequentially, CC owners, business owners, and scientists will be affected. CC exchange companies will fall out of existence and the government effectively restricts the CC system in order to reduce illegal trade. The new technology of CC has several benefits by cutting out the middle man in eCommerse that charges transaction fees and slows down the overall transaction. The lack of government support for its legality as a valid currency is projected to reduce the value of its denomination. The government cannot stop the trade of CC for dollars, however, it can keep currency exchange businesses from existing to deter illegal activity from existing on US websites. CC are anonymous by …show more content…
The policy will bring the greatest good when considering all policies because all stakeholders will continue to have a role to be played in the system once regulations are established. Security of property improves among all stakeholders, the systems legalities are strengthened, and privacy is upheld with the exception of money transmitters. Accumulatively, the system potentially loses value but, again, the happiness of all stakeholders is very important and, the greatest, consistent happiness is assumed in scenarios that play out from CC’s being accepted as legal property for capital purposes, not used as payment, excluding barter usages and, establishes the guidelines for Currency Exchange Businesses and money
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 …show more content…
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 government does not allow exchange with the dollar due to projections where a fraud attempt decreased worth of the nation’s legal tender. Consequentially, CC owners, business owners, and scientists will be affected. CC exchange companies will fall out of existence and the government effectively restricts the CC system in order to reduce illegal trade. The new technology of CC has several benefits by cutting out the middle man in eCommerse that charges transaction fees and slows down the overall transaction. The lack of government support for its legality as a valid currency is projected to reduce the value of its denomination. The government cannot stop the trade of CC for dollars, however, it can keep currency exchange businesses from existing to deter illegal activity from existing on US websites. CC are anonymous by …show more content…
The policy will bring the greatest good when considering all policies because all stakeholders will continue to have a role to be played in the system once regulations are established. Security of property improves among all stakeholders, the systems legalities are strengthened, and privacy is upheld with the exception of money transmitters. Accumulatively, the system potentially loses value but, again, the happiness of all stakeholders is very important and, the greatest, consistent happiness is assumed in scenarios that play out from CC’s being accepted as legal property for capital purposes, not used as payment, excluding barter usages and, establishes the guidelines for Currency Exchange Businesses and money