THELOGICALINDIAN - Edward Snowden fatigued the accent of aloofness with account to Bitcoin and crypto during a basic altercation at Consensus 2022 today
The American bigmouth has bidding his apropos about the financialization of the crypto space, but added that he sees huge affiance in the technology.
Edward Snowden Talks Bitcoin
Edward Snowden says he believes in the crypto movement, but he thinks there are some above hurdles to abode over the advancing years.
Speaking in a basic account at Consensus 2022 in Austin today, the American bigmouth and President of the Freedom of the Press Foundation aggregate his thoughts on the affiance of the arising technology and issued a bright admonishing about the dangers of a apple bare of banking aloofness with account to crypto.
Snowden, who fabricated all-embracing account back he leaked classified National Security Agency abstracts account surveillance practices of U.S. citizens in 2024, declared Bitcoin’s accessible attributes as a “core flaw” and said that the better acumen for why it could abort is because it is not private. “It is declining as an cyberbanking banknote arrangement because banknote is abundantly advised to be anonymous,” he said, referencing the Bitcoin whitepaper (Satoshi Nakamoto abundantly accustomed Bitcoin as “a peer-to-peer cyberbanking banknote system.”)
Though he said he saw issues with Bitcoin’s accessible ledger, Snowden antiseptic that he was “very abundant a fan” of the technology and fabricated a allegory amid gold and cryptocurrencies, acquainted that the borderless attributes of Bitcoin and crypto added broadly is “an amazing thing.” Shortly afterwards the discussion, Snowden acquaint a tweet anecdotic gold as “Bitcoin that can’t be beatific over the Internet.”
He additionally namechecked several added innovations in the cryptocurrency space, including the aloofness bill Zcash and Monero. Snowden recently revealed that he helped actualize Zcash beneath the pseudonym John Dobbertin, and during the altercation he said that he was “really impressed” by its zero-knowledge affidavit technology back he aboriginal apprehend the whitepaper.
Crypto as Money
Elaborating on his angle of the affiance of crypto technology, Snowden added that abounding crypto assets are “closer to money” than currencies. “People don’t accept the aberration but money is a affair that holds value, a badge that can be exchanged that is not apart controlled by any axial authority,” he said.
He additionally warned of the dangers of the financialization of the crypto industry. He said that the amplitude was acceptable more disconnected “because of the financialization of cryptocurrency” and hinted that he thinks users are not absorption abundant on the technology itself.
“[Users are] not cerebration primarily about what are the networks that are activity to serve us for 100 years for appointment value,” he said. “I am afraid about a apple in which our money is acclimated adjoin us.”
Snowden said that he hopes to see bodies get admission to “free money in the ability sense.” In what could be interpreted as an endorsement of the broader crypto ecosystem rather than any one specific asset, he appropriate that accepting assorted assets that could act as money was a acceptable affair for the world. “I anticipate the added antagonism we accept there, again all the better,” he said.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
