Thursday, February 1, 2018

Integrity in the Midst of Instability

Blockchain/bitcoin was built entirely because of Satoshi Nakamoto's frustration in our banking system and the society that evolves on it. Now that his advocacy is a wild craze, people from all walks of life are jumping in to join the party. Yes all! Even the bad guys!

Last week, Coincheck was compromised and hit the record-high hack for the blockchain industry. Cryptonauts expected that there will be chaos and another massive suicide watch list but Coincheck surprised them all with their decision. Koichiro Wada announced early this week that they will pay off the platform users who were affected by that incident. That is the first time in the entire history of blockchain that someone stood up to return their missing coins. That's integrity! Thanks Coincheck.

Then we go to questioning NEM's decision.

Aren't you tired to obey rules and laws? Tired of banks asking you question why are you withdrawing your chunk of savings or just a mere scenario of teller asking what is your source of income when depositing a huge amount. Well, this is for them to comply in many regulations they need to follow as bank. The banks do not want to be tagged as non-compliant or accepting funds from illicit businesses.

Imagine, a good neighbourhood was attacked by an intruder, forced to take one of your valuables and settled in one of the nearby houses. What are you going to do? Nothing? Really?

No! It is either all the villagers will march to the occupied house and take their valuables again, or just remember that address and intruder's face and never help or do business with him.

transparent, safe, secure and compliant ecosystem of NEM

I saw that NEM proves that blockchain can build a transparent, safe, secure and a compliant ecosystem. That move from NEM (flagged the address and taint those hacked XEMs) is not only to comply on laws and clamors of its members and stakeholders but it is a moral obligation for its community.

Now, because of tainted XEMs no one wants to get involved with the hacker’s address. Why? It will affect the POI (Proof of Importance) of Nano wallet addresses who will do transactions with it.
Transparency solves the problems in preventing the dirty money (AML/CTF) to get involved in this new technology. Good job NEM! 

Coincheck thanks for the integrity in this business. Thank you both for making this blockchain world a better place

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