Tuesday , June 28 2022

Snowden's opinion of Bitcoin is questioned by the numbers in the crypt world CriptoNoticias


Money, the best example of block chains makes sense

According to Snowden, "Money is, of course, the best and most famous example of where blocks have been shown to make sense." He stressed that traditional monetary systems fail and mention, for example, the large number of non-bank people around the world, the events in Cyprus and the economies of Venezuela and Zimbabwe.

However, in the specific case of Bitcoin, he thought he might cease to exist and that only the belief that it is useful as an exchange currency and the lack of BTC is what gave him value.

On the other hand, the former US exile in Russia said he liked bitcoin transactions because of their impartiality and irreversibility. "They can not be stopped or reversed without the voluntary and explicit participation of the people involved." He pointed out that, Although there is still no private money, bitcoin is the first "free".

As for private money, Snowden told Wizner that there is cryptocracy that competes with beatings such as monero and zcash, whose transactions are hard to follow and "really private."

For Snowden, consensus protocols are needed better than the labor test and participation test, indicating the amount of energy required and favoring PoW's large investors (in electricity and equipment) and the network's dependency on "unlimited and greedy search rents" from owners of cryptoculture in PoS. However, for Snowden, "Bitcoin's original creator created an extraordinarily intelligent scheme: a kind of global mathematical contest."

Criptomundo reactions

Ecosystems like John Carvalho, Nic Carter, Ricardo Spagni and Vitalik Buterin have reacted to what Snowden has shared.

Bitcoin developer John Carvalho he wrote that his opinion had no weight in the ecosystem because he was never part of it. He also said that it took time to understand the complexity of Bitcoin technology and how block chains blocked themselves in the vast majority of attributes that the blockchain attribute attributes and added:We discourage people from trusting the opinion of someone who is not an expert, which I think is a useful reminder. Especially when trying to sell a book. The point is that he should have asked an expert to comment, not a celebrity. "

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