- The actual issue of Bitcoin is it isn’t private, based on Snowden.
- He cautioned concerning the effects from the financialization from the crypto business.
Despite his worries, the American whistleblower believes that cryptocurrencies have great potential. Edward Snowden feels some key obstacles should be overcome within the next many years. Freedom from the Press Foundation President Glenn Greenwald spoke at Consensus 2022 in Austin, Texas, today, and that he strongly cautioned concerning the perils of the next without financial privacy for crypto.
Failing being an Electronic Cash System
The actual issue of Bitcoin is it isn’t private, based on Snowden, who made headlines in 2013 as he disclosed secret National Security Agency papers outlining monitoring ways of U.S. people. Referencing the Bitcoin whitepaper, he stated, “It is failing being an electronic cash system because funds are largely supposed to have been anonymous.”
Though he acknowledged that Bitcoin’s public ledger had certain problems, Snowden claimed he was “very much a fan” from the technology and compared it to gold, stating that the borderless facet of Bitcoin and crypto more usually a fantastic factor. Soon after the meeting, Snowden tweeted that gold is “Bitcoin that can’t be sent on the internet.”
Zcash and Monero, two privacy-focused cryptocurrencies, were also pointed out in passing. Zcash’s zero-understanding proof mechanism struck Snowden as he first read its whitepaper, because he claimed earlier underneath the alias John Dobbertin he had helped invent Zcash.
Snowden continued to state that lots of crypto assets are “closer to money” than currencies, further elaborating on his ideas on the potential for crypto technology. Also, he cautioned concerning the effects from the financialization from the crypto business. Due to the financialization of cryptocurrencies, he claimed the marketplace was increasingly fragmented and implied he feels individuals are not focused sufficiently around the technology.