Snowden's opinion on Bitcoin is questioned by personalities in the cryptographic world | CryptoNews

Money, the best example that makes sense for strings of blocks

According to Snowden, "Money is, of course, the best and most famous example of the demonstration of the meaning of blockchains." He pointed out the failure of traditional monetary systems and cited for example the large number of unbanked people in the world, the events in Cyprus and the economies of Venezuela and Zimbabwe.

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

On the other hand, the former US exile in Russia said that he liked transactions in bitcoins because of their impartiality and irreversibility. "They really can not be stopped or reversed without the voluntary and explicit participation of those involved." He stressed that Although money is not yet private, bitcoin is the first "free" money.

As for private money, Snowden explained to Wizner that there are competing crypto-currencies of bitcoin, such as monero and zcash, whose deals are hard to follow and "truly private."

For Snowden, better consensus protocols are needed than the work test and the participation test, indicating the amount of energy demanded and the benefits of the large investors (in electricity and equipment) of PoW, and the dependency of the network vis-à-vis the "Unlimited and greedy rents search" from owners of PoS cryptocurrencies. However, for Snowden, "the original creator of Bitcoin has developed an extremely intelligent system: a kind of global math contest."

Criptomundo reactions

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

Bitcoin developer John Carvalho he wrote that his opinion has no weight in the ecosystem, since he has never been part of it. He also added that it takes time to understand the complexities of Bitcoin technology and understand how block strings fail in the vast majority of attributes that the "string of strings" attribute to them and adds: "I discourage people from trusting the opinion of someone who is not an expertwhich, in my opinion, is a useful reminder. Especially when they are just trying to sell a book. The fact is that they should have asked an expert to comment, not to a celebrity. "