Sunday, August 16, 2015

Edward Snowden Warns on Bitcoin: “Bitcoin By Itself is Flawed”

In an interview at The Internet Engineering Task Force 93, Edward Snowden spoke about privacy and security and brought up bitcoin.

He said:
Obviously, Bitcoin by itself is flawed. The protocol has a lot of weaknesses and transaction sides and a lot of weaknesses that structurally make it vulnerable to people who are trying to own 50 percent of the network and so on and so forth.
Snowden also stated:
Focusing too much on bitcoin, I think is a mistake. The real solution is again, how do we get to a point where you don’t have to have a direct link between your identity all of the time?...A lot of these are difficult problems particularly when we talk about the metadata context, the signalling context. And there are actually some really bad proposals, I think, and this is in no offense to anybody who works on these particular problem spaces, but again, it gets back to the middlebox space.

1 comment:

  1. I am partial to Mintcoin myself. I know it is not as well known yet, but it is faster, energy efficient, scalable, and uses a different protocol for better network security. Savers also mint new coins just by saving them which will be 5% per year, better than bonds or bank CD. Bitcoin will eventually hit a wall when the mining costs become unsustainable. Mintcoin doesn't need mining gear to secure and extra electricity to run. Just a simple personal computer.