US Treasury Hack: An Impetus For A Decentralized Alternative In Bitcoin

Cyberwarfare took a new dimension some days ago when suspected Russian black hat hackers hacked into the US treasury, putting a puzzling question mark on the safety of the monetary and financial records in the custody of the US Treasury.

The security implication of the hack is so grave that the National Security Council had to call an emergency meeting to address the concerns arising from the breach. The situation even becomes scarier upon the realization that the hackers had for months been monitoring the email correspondences of the workers at the US Treasury.

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Given that the US Treasury is one of the largest financial regulators in the world, the question of how really safe the monies in the local banks are comes under scrutiny. To what extent could the hackers have used technology to gain control and manipulate the important activities at the US Treasury? The simple answer, unfortunately, is that nobody can really tell. But we can agree that once an hack is successful, as was the case with the recent hack, then we can expect the compromised system to be at the mercy of the hackers while it lasted.

This writer hates to say it but the truth is that fiat around the world is collapsing alongside the regulatory architecture upon which it is hinged. More than ever before, the world needs a monetary system that is immune from systemic inflation, red tapism, and centralization from corrupt and self-seeking entities.

Fortunately, the answer already came about a decade ago when the cryptic character, Satochi Nakamoto, first released the Bitcoin white paper. Since then Bitcoin has, not without some flaws anyway, continued to meet the monetary and financial needs of thousands of people across the globe. A lot has been invested into the Bitcoin code to the extent that it has evolved into a unique organism that need no employees, offices, regulators, etc. Yet, it continues to do what no central bank has been able to do.

At this point, one does not even need to mention the security of the Bitcoin network. It is so secured that it will not be an exaggeration to say that it is almost unhackable. For this writer, and for many others, Bitcoin is a decentralized and automated central banking. Although it is still far from realizing its potentials, we can be sure that it is on the right path.

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