Edward Snowden advised to use cryptocurrencies, but not to invest in them | by uncle Fibonacci | The Capital | Jun, 2022


Cryptocurrencies are valuable not as an investment tool, but as a means of payment. This was stated by former CIA and NSA officer Edward Snowden at the Consensus 2022 conference.

“I use bitcoin to use it. In 2013, I used an asset to pseudonymously pay for servers. In general, I do not encourage people to invest their money in cryptocurrencies as a technology, and this is what distinguishes me from many other members of the community,” he said.

Snowden joined in the criticism of the “anti-cryptocurrency” letter bringing together a group of technical experts in early June of the US Congress. In his opinion, the authors intentionally incorrectly interpret some theses about the industry.

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“The letter is an argument in using the status quo. There are so many ways to solve all their problems. People can understand the industry. They certainly should,” he said.

Among the authors of the letter, the specialist noted the cryptographer Bruce Schneier. However, he called most of the other signatories “prolific public trolls.”

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On his Twitter page, Snowden also called gold “a bitcoin that cannot be sent over the Internet.” He was answered by Tether CTO Paolo Ardoino. He noted that it is possible to transfer the XAUT stablecoin tied to the price of the precious metal over the network.

Let me remind you that in April 2022, Snowden revealed that he played a key role in the launch of the privacy-focused cryptocurrency ZCash.

Edward Snowden revealed his involvement in the launch of the privacy-focused cryptocurrency ZCash in 2016.

He spoke about this in a video from Zcash Media, a media group that produces educational content about the coin.

“When you run ZCash, a cryptographic key is created that is used to lock the code that runs the cryptocurrency. After that, no one will be able to fake transactions, ”the video explains.

At the same time, users must trust the developer. To solve the problem, the ZCash team decided to share the key among six participants in the so-called “trusted installation.”

If at least one of the owners of the fragment destroys it, the security of the network will be ensured.

Shortly after the release of the genesis block, the five members revealed their identities. The sixth, under the pseudonym John Dobbertin, was Snowden.

“When it came to this concept of having several people from many places cooperate in the hope that at least one of them would not be compromised, would not work against the public interest, and this is necessary for the success of the ceremony, I was happy to say: “Of course, I will help,” he explained.

The informer has been in Russia since 2013, where he received political asylum.

Two years later, the procedure was repeated to carry out the Sapling update. The developers expect to eliminate the need for such ceremonies with the Halo upgrade.

Even before the launch of ZCash, Snowden drew attention to it, noting the potential for anonymity.

He previously stated that the public Bitcoin blockchain is its main disadvantage. Snowden confirmed his position in a video from Zcash Media:

“When we look at a cryptocurrency, we see that its cryptographic properties are used to ensure the validity of the ledger, but not to guarantee its privacy. It is well known that Bitcoin has a public ledger. The problem is that you can’t really have free trade if you don’t have private trade. There can be no free society without free trade.”

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