Why seizing assets held by Cho ju-bin is nearly impossible

You may have heard that if you fold a sheet of a newspaper in half 42 times, it would reach the moon. When folded once, the paper’s thickness will increase two times. So 42 folds would be equal to 2 to the 42nd power, also written as 2^256. Then what is 2 to the 256th power? It’s roughly equal to a “1” followed by 77 zeroes. The door lock numbers typically consist of four to six digits. Four digits could translate into 10,000 different combinations. And if we try a different combination of numbers every five seconds, it will take one week. If the password has 78 digits, then that’s the whole different story. The possibility of cracking the password would be similar to finding a single grain of sand in a room filled with it. The way that the accounts of bitcoin and ethereum are made is similar. A cryptocurrency wallet selects one number out of 2^256 as an account number. But what if the password of the 78-digit number goes missing? Unfortunately, we need to randomly input the possible numbers, which could take trillions of years. Clearly, finding the number is nearly impossible. Multiple media outlets reported that the police found it hard to seize the assets of Cho Ju-bin, the suspect in the so-called “Nth Room” case, because the he held his lips tight about the passwords of his cryptocurrency accounts. Unless Cho provide the key number, it might be hard to take back the assets allegedly earned through sexual trafficking on the telegram messenger. If someone finds the number, it would be the same as retrieving that grain of sand. Without the keyword, it is hard to unlock the crypto system. Cryptocurrencies, like bitcoin, are based on a decentralized system in a convoluted web of 10,000 servers. There is no viable way to get access to the numbers. Therefore, cryptocurrency can ensure private ownership of property beyond any legal framework and regulation. Without the owners’ consent, the investigative agencies are not able to take the assets and if the owner forgot the password there is no way to restore access. Cryptocurrencies created before bitcoin failed because they failed to stick with the notion of protecting ownership. The previous digital currencies belong to the public sector to some degree, so they allowed for intervention from external forces or the authorities. Those currencies lost trust from users. The larger the wealth is, the more likely its owners pursue private ownership of property. You may have seen the rich buy real estate from the countries that thoroughly ensure the right to one’s property. The same goes for digital currency. The wealth in the digital world expands, but the way to privatize the asset is limited. In this sense, bitcoin marks the beginning of a digital enclosure movement in the 21st century. In the same way as British people tried to enforce their landholdings with fences in the 19th century, the internet users sought to protect their private ownership through bitcoin and blockchain. The enclosure movement that took place 200 years ago helped set up the regulatory framework for private ownership. The development served as the basis for the Industrial Revolution, triggering the advances in technology and productivity. How will the industrial revolution, led by bitcoin, unfold in the future? Onther CEO Jung soonhyeong

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