Recently, the film producer and well-known Youtuber, Naomi Brockwell, sat down with Edward Snowden and the two discussed a number of topics, including privacy and bitcoin. When Snowden talked about bitcoin, he delved into the protocol’s lack of progressive scaling and privacy. The famous whistleblower said the biggest question he has is why it is taking developers so long to solve the problems with cryptocurrencies.
The whistleblower and former NSA and CIA contractor, Edward Snowden is known for its attitude to privacy and freedoms. Snowden recently had a conversation with Naomi Brockwell and he told her his thoughts about it bitcoin (BTC), and digital currency in general. At one point during the interview, Snowden said he was surprised that developers have had years to scale bitcoin and add privacy, but haven’t come up with solutions yet.
When it comes to transforming our current monetary stance into the digital age, Snowden thinks digital currencies are “inevitable.”
“In fact, we’ve already seen states recognize that digital currencies will be the next stage of money,” Snowden told Brockwell. “They are now trying to effectively create competitors for bitcoin. I think they don’t really hide the fact. They create so-called central bank digital currencies, which is just a new version of fiat currencies. They don’t really have desirable qualities for the general public outside of government to distribute stimulus payments more effectively. “
But that unfortunately means, and I don’t think a lot of people have the financial sense to realize, that it actually means they’re just taxing you in a new way. Because an incentive payment is a reduction in the currency in general.
Snowden further stated that cryptocurrency in a general sense does not solve the problem of inflation and hidden taxes that way. He added that the Bitcoin network makes it more predictable to a great extent, because “it has predictable inflation that is constantly decreasing,” the whistleblower emphasized.
“But the problem with anyone switching to digital currency is that we know the Bitcoin network doesn’t support transit. Unfortunately, the current Bitcoin network does not provide the privacy protections that are really needed for these types of transactions, ”added Snowden.
The privacy attorney insisted:
I think it should, and it could. It is clear to me that the developers realized this must be done- [Developers] didn’t really move to do this which is a mystery to me because now they’ve had years to do it.
Snowden went on to add that when he discusses the topic of the inevitability of this transformation to digital currency, he “does not choose winners and losers.”
‘I have no horse, care or care, whoever wins this further [what] I think the world needs a truly independent means of enabling private transactions, ”Snowden told Brockwell. If that’s bitcoin, great – fantastic. I use bitcoin, I have used bitcoin before, I will continue to use bitcoin. But it’s very difficult for me to use bitcoin and yet that’s a huge improvement over credit cards, which I can’t use because those networks aren’t even pseudonymous, as a bitcoin transaction would be. ”
Snowden concluded that the cryptocurrency community has some pretty well-understood flaws, but he sees no reason to say they can’t be fixed. He sees that there are many groups working on both off-chain and on-chain throughput. But at the end of the video, Snowden begged the question, “Why are you [developers] is it taking so long? “
What do you think of what Edward Snowden had to say about bitcoin’s scaling up and privacy in recent years? Let us know what you think about this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Naomi Brockwell Show,
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