Edward Snowden: “The lack of privacy is an existential threat for Bitcoin”
The expert in cybersecurity said that the regulations seek to have full control of the operations with cryptocurrencies, and that if people know the system well, they will be able to operate with total privacy.
Edward Snowden, the former employee of the CIA and the NSA, said during the Bitcoin 2019 conference that the biggest flaw in the main digital currency has to do with its lack of privacy.
During his participation in the event, the expert in cybersecurity highlighted the importance of privacy as a fundamental pillar for the freedom of people, adding: “Lack of privacy is an existential threat for Bitcoin. It is the only protection users have against political changes. “
Snowden also said that at the time he was a Bitcoin supporter, and that he even used an encrypted communication service, which he paid with BTC, to be able to communicate with journalists in 2013.
Threats to the exchanges
Speaking from his experience working with the US government during his career at the NSA, Snowden said regulators have unrealistic expectations and the ultimate goal is to want absolute control over cryptocurrencies.
Deepening in relation to the regulations issued by banks and governments, Snowden also exposed the need for exchanges to defend the privacy of users. He expressed his fear that if one of these large-scale platforms refuses to keep these data secret, there would be a sort of domino effect with the rest of the exchange services:
He also expressed his disagreement with the development of financial services for cryptocurrencies, stating that many of these products are beginning to look too much like banks:
“Something unforgivable is that you continue to develop services trying to be like banks, and the world no longer needs that kind of institutions.”
Without leaving traces
Speaking of other sensitive aspects, Snowden referred to the thefts and hacking seen in the digital currency ecosystem, citing the case of the Shadow Brokers, the group that auctioned information from the NSA in exchange for BTC payments in 2016.
The expert in cybersecurity said that this type of facts constitute the starting point for what would be the war of governments against cryptocurrencies, and that the regulations would not work for governmental objectives unless they are too intrusive:
“If tracking Bitcoin was fully possible, then the NSA would have already caught them.”
In that order of ideas, Snowden indicated that Satoshi Nakamoto, the creator of Bitcoin, was probably in a similar position, since he could navigate through the system, use the digital currency and not leave traces pointing to him.
To close his participation, Snowden commented:
«If you know how the system works, you can operate with total privacy».
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.