“Ghost hacker” Snowden: As an electronic cash system, Bitcoin is disqualified

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"Ghost hacker" Snowden: As an electronic cash system, Bitcoin is disqualified
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Edward Snowden, a former defense contractor who made a splash in 2013 and fled the U.S. after leaking major U.S. classified files, has recently expressed concern about the financialization of the cryptocurrency space, but added that he saw the technology great prospects. Snowden also said he was “very fond” of bitcoin, but argued that the lack of privacy could mean bitcoin’s failure in the long run.

Snowden believes significant progress will be made in the cryptocurrency revolution, but he believes there are some major hurdles that need to be resolved in the coming years.

Snowden attended the cryptocurrency seminar “Consensus 2022” by video link on June 12, sharing his views on the prospects of emerging technologies and issuing a clear warning of the dangers of the cryptocurrency world lacking financial privacy.

Describing bitcoin’s open ledger as a “fatal flaw,” he said bitcoin’s lack of transaction privacy was probably the biggest reason for its failure, “as an electronic cash system, it’s disqualified because cash inherently has Absolute anonymity.

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Even so, Snowden clarified that he “likes” the technology “very much”, comparing gold to cryptocurrencies, noting that the borderless nature of bitcoin and cryptocurrencies is “a surprising thing.”

Shortly after making the remarks, Snowden published a Twitter post saying, “Gold is just Bitcoin that cannot be sent over the Internet.”

He also cited several other innovations in the cryptocurrency space, including privacy coins Zcash and Monero.

Further reading 👉👉👉 “God and Ghost Hacker” Snowden personally confirmed! He helped create the privacy coin Zcash

Snowden then went on to state his views on the future of crypto, adding that many crypto assets are closer in nature to money than currency. He continued, “People don’t understand the difference, but money is something of value, a token that can be traded, not controlled by any central authority.”

Snowden said the field is becoming increasingly fragmented “due to the financialization of cryptocurrencies,” and hinted that he doesn’t think users are paying enough attention to the technology itself, “[users’]primary concern is not which network will Provide us with asset transfer services for the next 100 years.”

 

 

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