Edward Snowden criticizes the transparency of the Bitcoin blockchain

World famous ex-NSA employee and whistleblower Edward Snowden gave an interesting and extensive interview with Peter van Valkenburg during the conference «The Blockstack 2018» in Berlin.

Snowden discussed with journalist current topics of the privacy of cryptocurrencies and their preferences. He also took the opportunity to criticize the development of internal conflicts in the industry of cryptocurrencies, giving a challenge to the extremists, and insisted that the main developers with the necessary collective work.

Edward Snowden made some comments:

«I don’t think bitcoin will live forever […],» — teasing Mr. Snowden. «The first created browser — not the best browser that we have seen. Bitcoin has an important job, and I think he will have a long term value. But if we look at the team of core developers and their pace of improvement of the Protocol, we see that they must try harder, otherwise it will cease to be competitive.»

After hearing all the issues, Edward Snowden said: «As a security professional, I would never recommend to say that they have cryptocurrency,» he smiled and laughed hoarsely along with the applauding audience. «What I will say is that when I was working on a great project earlier in 2013, I tried to think: how can I obtain this archive of material for journalists […] safely, without control, without monitoring, without a permit. Then I raised the question, do I need my own server infrastructure».

The public Bitcoin blockchain is a mistake

Without a doubt, his most controversial remark was: «we are All focused on that Central weakness is limited volume of transactions, but I would argue, because the much more long-term weakness in the structure of Bitcoin is the public registry. It’s just not compatible with robust trading mechanism. You can’t provide life security of all purchases, all actions are freely available, and on a global scale, nothing good will come of it».

When asked about his favorite cryptocurrency, Snowden said, «When we talk about what cryptocurrencies are interesting to me, I repeat: for zcash for me, the most interesting now because of the security of privacy. It is truly unique. We see more projects that try to imitate it, and I think that’s a positive development. Monero was released, and I use Monero as everyone else.»

Snowden despises extremists and wide cryptologist for attachment to a particular currency or project. He stressed that the relative size of the ecosystem is still very small and needs to expand, and therefore must engage new and different projects to get more people to use cryptocurrency.

«We are already seeing how the government finally reaches a point at which officials are getting very nervous and moving closer and closer to the point of significant interference to determine why these technologies can be used. And if public awareness of the cryptocurrency will not be able to protect digital savings, we will have big problems.»

On the question of the Venezuelan Petro state bitcoin and the prospects of the technology in terms of the preferences of the dictators, Snowden said: «the Question is not will it happen but when it will happen. It is a question of how we will create competitive technologies that are so attractive that will not be rejected by the state system who are trying to resist them and making them outside the law [….]”.

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