It's Tough being a hacker with Cryptocurrencies these days

It's gotta be tough being a hacker these days. For those who may not be aware, there was a micro panic on the crytprocurrency market yesterday as an announcement was made that some external hackers broke into and stole more than $30,000,00 US dollars in Tether Tokens.

As weird as this sounds, this news is actually excellent news for Cryptocurrencies. Why? well, because almost immediately the Tether cryptocurrency had a change made which rendered those stolen tokens to be worth, well, nothing. The old saying was "not worth the paper they were written on", but in this case "they aren't worth the electrons used to transmit them".

So here are these hackers, they go through the trouble of stealing some crypto currency and they succeed, but almost as soon as they believe they got away with it, they find that the $30,000,000 of crytptocurrencies is worth, well, nothing, Zip. Zero. Bummer dude!

So the equivalent in the Fiat world is someone robbing a bank, getting in the car and finding their stolen money had turned to sand. Much like the ark of the covenant scene in that most awesome film "Indiana Jones and the Raiders of the lost Ark"

And in the unlikely case that they did manage to offload some of their tokens quickly, for, I dunno, drugs, their drug dealer will soon come paying them a visit because the coins they used are now worthless. Ooooh nasty.

So here's the thing, the quick reaction to the hack has made the hack instantly not worth the effort. So if someone hacks your bank account, it's most likely they got the money and are able to spend it because fiat money is effectively untraceable. That's why criminals like Fiat currencies.

And if they hacked your credit card, you would have to go through the joys of cancelling your card and getting a new one, because we all know how much fun it is talking to our banks right?

So far from this being bad news for cryptocurrencies, this incident has actually demonstrated one of the excellent benefits that digital currencies bring to the table. The fact that coins can be programmed for their purpose and are able to be identified and disabled (with or without knowing who has them).

But don't worry, I am sure the big banks will find a way to butcher these capabilities in some board room somewhere and release the bankworld view of currencies to the world in, well, I dunno, a few decades...