Friday , April 23 2021

Snowden's opinion on Bitcoin is questioned by figures from the world of cryptography | CryptoNews



Money, the best example that block chains make sense

According to Snowden, "Money is of course the best and most famous example of where it was shown that blockchains makes sense." He noted that traditional monetary systems fail and mentioned, for example, the large number of people without banks around the world, events in Cyprus and the economies of Venezuela and Zimbabwe.

However, in the specific case of Bitcoin, it considered that it could cease to exist, and that only the belief that it has utility as a bargaining chip and the shortage of BTC is what gave it value.

On the other hand, the former US exile in Russia said he likes bitcoin transactions because of his impartiality and irreversibility. "They really can not be prevented or reversed without the voluntary and explicit participation of the people involved." He pointed out that, Although not yet private money, bitcoin is the first "free" money,.

Regarding private money, Snowden told Wizner that there are cryptographic coins that compete with bitcoin, such as monero and zcash, whose transactions are hard to track and "truly private".

For Snowden, better consensus protocols are needed than the Work Test and Participation Test, indicating the amount of energy demanded and favoring large investors (in electricity and equipment) of the PoW and the dependence of the network on the " unlimited and greedy search for rents "of the owners of crypto-coins in the PoS. However, for Snowden, "the original creator of Bitcoin developed an extraordinarily intelligent scheme: a kind of global math contest."

Criptomundo Reactions

Ecosystem figures such as John Carvalho, Nic Carter, Ricardo Spagni and Vitalik Buterin reacted to what Snowden shared.

Developer from Bitcoin, John Carvalho He wrote that his opinion had no weight in the ecosystem, since he was never part of it. He also said that it takes time to understand the complexities of Bitcoin technology and how single block strings fail in the vast majority of attributes that the "blockchain" attribute attributes to them and added:I'm discouraging people from relying on the opinion of someone who is not a specialist, which I think is a useful reminder. Especially when they are just trying to sell a book. The point is they should have asked a specialist to comment, not a celebrity. "


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