It has come to my attention that there is another sort of blockchain based banking system project going on, named HumanIQ or Humaniq. It would be similar to Ripple I believe. Therefore I think a lot of banking money would flush into it.
I have known ahead that Ripple would go up in price just by looking at the way it was tied into banks. So there is no reason to think that Humaniq won't be a good investment as well.
But I didn't invest in Ripple, mostly because of ethical issues. Instead I invested then in Monero and a few others, made good profits but also I am not abandoning my principles.
You know the thing about capitalism and investing is that it must be ethical. We know that slavery for example was very profitable but unethical. So ethics is very important, and in a weird way profits depend on it as well.
A free market is built on reputation and demand. If either of those is shaky or shady, then the whole thing can come down like a castle of cards. A castle built on quicksand.
Like if some businessman stole an apple as a kid and wasn't caught, but later founded a prosthetics company that helped millions of disabled people, then maybe he initially had bad reputation, but he made up for it, by cleaning his karma.
The problem is that most of the time this doesn't happen, a bad idea remains a bad idea. That doesn't men it's not profitable, we had banks for hundreds of years, and it was profitable, but it was not necessarily good for most people certainly not after the 1929 crash or the 2008 crash.
The free market eventually tends towards ethics, and even if bad ideas have short term profits, they won't work longterm
What is the issue with Humaniq
1. Banking? Why do we need centralized banking with cryptocurrencies?
2. Biometrics
The reason why I consider Humaniq unethical, is because I don't think we need a central banking platform when we already have other opportunities. Secondly, biometric data gathering is just a horrible invasion of privacy. All the facial scans and voice based logins, is just an Orwellian world that I don't want.
And the biggest reason is that BIOMETRICS DOESN'T WORK, it's horribly insecure. How the hell can you push for biometric login systems, when we know for a FACT that biometric identification is horribly insecure.
It's like locking your door with your name. It makes no sense whatsoever. So why are all these corporate people pushing for biometrics when we know for a fact that it doesn't work, and it's horrible for privacy? This I consider very unethical.
Biometrics will never work, but it will be just another surveillance system, where people will have their faces and voice in a database. And then God forbid it get's hacked somehow, anybody can just enter your bank account. In fact it would be just as easy as taking a video of you and recording your voice.
Now Humaniq also provides a "Device ID" type of secondary authentication, like a 2FA, which will be bound to a secondary device like a phone. Although I am not sure if it will use the Sim Card ID (which is public, just like your voice or face) or it will send like an SMS token (which is a bit better but not too much).
Now I hope that "Device ID" system will send like an SMS token that you will have to enter when logging into your account.
But it's still ridiculously crappy security, given that military grade malware, including phone malware is circulating on the internet:
- https://www.reddit.com/r/NSALeaks/comments/6camvu/expert_says_nsa_have_backdoors_built_into_intel/
- https://www.reddit.com/r/NSALeaks/comments/6bxhj2/malware_case_is_major_blow_for_the_nsa/
- https://www.reddit.com/r/NSALeaks/comments/6axn80/leaked_nsa_exploit_spreading_ransomware_worldwide/
- https://www.reddit.com/r/NSALeaks/comments/6at66w/an_nsaderived_ransomware_worm_is_shutting_down/
- https://www.reddit.com/r/NSALeaks/comments/6alpw4/nyu_accidentally_exposed_military_codebreaking/
- https://www.reddit.com/r/NSALeaks/comments/6d2bmt/uk_authorities_push_for_direct_access_to_internet/
- https://www.reddit.com/r/NSALeaks/comments/6cw9sk/judge_its_ok_if_best_buys_geek_squad_nerds_search/
- AND THE LIST GOES ON....
So really and kind of biometrics is just an insult on the intelligence of humanity. And 2FA is not secure at all, anyone who spies on the SMS channel can get it, anyone who sets up a fake cellphone tower, or just hacks your phone plain and simply.
People have to realize that all of the digital devices are not secure, and it takes a great pain and effort to secure your money.
It's never as simple as putting your finger on a scanner, how can people be so naive? And not just everyday people fall for this, but even rich guys, who should supposedly be more vigilant and risk averse.
Conclusion
Overall I think Humaniq will go up in price, but I just can't invest in it, knowing all of this. I like to be consistent, and I want my investments to actually help people not offer them a false sense of hope.
Besides I think my investments will make even more money in the end, because if ethics prevail in the end, then everyone will realize that the good altcoin projects are better and put their money there. So I will do that too.
Disclaimer: The information provided on this page might be incorrect. I am not responsible if you lose money using the information on this page! This is not an investment advice, just my opinion and analysis for educational or entertainment purposes.
Sources:
https://pixabay.com
http://humaniq.co
