Edward Snowden: ‘Lack of Privacy is an Existential Threat to Bitcoin’
Edward Snowden, The famous whistleblower, known for revealing the existence of PRISM, a clandestine program of mass espionage perpetrated by the U.S. government has explained that lack of privacy is a major threat to the future existence of Bitcoin, CoinDesk explains.
Edward Snowden was talking during the ongoing Bitcoin conference, 2019. The cybersecurity guru, underscored the significance of privacy as the main source of liberty. Snowden explained:
“Privacy is the only protection users have from political change.”
Snowden also confirmed that he was an avid Bitcoin supporter and heavily relied on Bitcoin’s censorship resistance to help in leakage of the data to journalists in 2013.
During the interview, Snowden was full of praises to Bitcoin’s decentralized and permissionless nature of the operation as well as the freedom it offers to users to transact without supervision. In a world that is full of surveillance necessitated by development in technology, Bitcoin is a safe bit, said Snowden.
Exchanges Should Do More to Protect Clients
Snowden gave his side of the story on being pursued by the US government after leaking NSA data pointing out at the impossible expectations from regulators that aspire to take control of the crypto space.
Explaining more about bank and government regulations in the crypto world, Snowden stated that it was important for crypto exchanges to protect their users’ privacy. He was categorical that if one exchange is coerced by the authorities to reveal users’ information, then all of them may follow suit soon. Snowden explained:
“If you actually go into the terms of big exchanges like Coinbase, they only want to cover themselves. They expose you, they close your account and keep your funds.”
Snowden also said he was against the continued development of financial cryptocurrency services, saying that the majority of the startups in this subsector are operating just like banks.
“Something unforgivable is that you guys keep developing services trying to be banks, and the world doesn’t need more banks,”
Bitcoin is Impossible to Track
He explained that the shadow brokers actions was the starting point of the infamous government’s relentless resistance against cryptos. In other words, the whistleblower said that the government’s regulations hardly work unless they are overly intrusive.
He explained that tracking Bitcoin is impossible since the NSA with all its resources and expertise has never caught the shadow brokers. According to Snowden, Satoshi Nakamotowas also in the same category; he can easily navigate the system and leave no trace.
He stated that knowing how the system works is the starting point for one to have freedom and privacy.
He also underscored Bitcoin’s well-documented branding challenges and its linkage with crime and fraudsters, saying that there are a hell of a lot more criminals that use the dollar.
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