Question

How does the ring of gyges relate to transactions in finance and banking?

Answer 1

The ring of gyges is related to transactions in finance and banking.

It should be noted that The Ring of Gyges is a mythical magical artifact and the ring granted its owner the power to become invisible at will. In this context the concept of The Ring of Gyges extends to finance and banking on the back of anonymity and cryptocurrencies like Bitcoin is a good example of this. As in the mythical text The Ring of Gyges encouraged wrongdoing by its owner who would just what he liked in the market and do other bad and evil things similarly cryptocurrencies have led to transactions in many criminal activities like money laundering, creating market place for illicit goods and even ransomware in some cases. Just like The Ring of Gyges the use of cryptocurrencies in finance and banking also has a dark side. The Ring of Gyges encouraged activities like stealing etc. while cryptocurrencies in finance and banking has encouraged illicit commerce to a great extent.