Off in cryptocurrency land, the platform known as Tornado Cash is leading quite a tale of existence. For example, there’s this odd claim:
But the sanctions aimed at Tornado Cash are novel. Tornado Cash is known as a mixer, obscuring the source of digital assets by pooling them together before users withdraw them. It exists as software code on a decentralized, globe-spanning network of computers, and its authors wrote it in such a way that even they can’t edit it. [WaPo]
Can’t even edit it? I sure wish WaPo had gone into a bit more detail on that claim, as it seems extremely unlikely. Perhaps they mean any modifications and the entire platform stops functioning.
But it strikes me as a childish resistance to authority.
“More than anything else right now, we’re an industry that needs guidance,” said Ari Redbord, a former Treasury official now with TRM Labs, which provides crypto companies with tools to monitor fraud and financial crime.
And that strikes me as good a reason as any not to use cryptocurrencies where possible.
The markets have been down a bit of late. Is Bitcoin proving to be a redoubt of value? Here’s the one month chart.
Source: CoinMarketCap.
The answer would appear to be No.
