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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Blockchain Will Become “Obsolete” Says George Friedman

Nick Chong
Nick Chong
7 years ago
3 mins read
Blockchain

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George Friedman, a respected geopolitical forecaster, believes that blockchain technology will become ‘obsolete’ over time. 

Can Blockchain Encryption Be Broken Through Quantum Computing?

George Friedman’s negative attitude shown towards blockchain technology has proven to be rather unpopular. Most critics of Bitcoin and other cryptocurrencies have yet to turn their skepticism to blockchain technology, as these critics believe that blockchain is still a revolutionary technology.

According to a CNBC account of a discussion with Friedman, he adamantly said:

“I’ve never known any encryption technology not to be broken.”

A common fear in the cryptocurrency community is that quantum computing will break blockchain once and for all.

However, some scientists have said that quantum computing is not as powerful and accessible as the media makes it out to be.

There are probably less quantum computers in our world today than the fingers on your hand. Current quantum computers require temperatures near absolute zero (-273 Celcius) to run effectively, destroying any possibility of consumer quantum chips anytime soon.

Additionally, scientists have been slow in the development of quantum technologies, with a lack of milestones and goals to show for it.

Bitcoin has a simple, yet effective system of consensus, that has not been broken in over eight years. Scientists also believe that some, if not most blockchains, will be able to hold their ground against hypothetically strong quantum computers, disregarding any fears of any blockchain ‘cracks.’

Friedman has long held opinions and beliefs that contradict those held by the masses. He is a revolutionary and radical thinker if you will, with the statements given to CNBC being no exception.

Even if Friedman’s statements hold some value, speculation regarding blockchain technology may be out of Friedman’s expertise as it is likely that his knowledge of blockchain technology is lackluster.

Bearish Sentiment Yet Positive News?

This unpopular opinion held by George Friedman has further contributed to a slew of negative sentiment thrown towards the cryptocurrency market recently. With last month’s ‘rat poison squared’ comment from Warren Buffett being a key example of this sentiment. 

Despite bearish trends, it is not like all news regarding the industry has been all that bad.

Earlier this week, the SEC clarified that they will not be treating popular cryptocurrency, Ethereum, as a security, minimizing fears about regulatory damage. This announcement caused the cryptocurrency market to jump by over 10% within an hour, allowing for prices to recover temporarily.

Additionally, Coinbase announced the launch of their index fund, mainly aimed at institutional investors. This index fund is yet another fiat onramp that allows traditional institutions and individuals to get involved in the cryptocurrency market.

Many analysts in the cryptocurrency space still hold high hopes for the industry. This belief is a direct contradiction to the downward price trends seen since the start of 2018. Tom Lee, Ted Rogers, and Robert Sluymer are just a few of the many key industry leaders who believe that prices are set to rise very shortly.

Featured image from Shutterstock.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Comments 7

  1. fujak says:
    7 years ago

    so will internal combustion engines, jet propulsion, microchips and a countless number of things….. what’s the big deal?

    Reply
    • alex says:
      7 years ago

      banking is obsolete, is just them projecting themselves.

      Reply
      • Pt Bot says:
        7 years ago

        I suppose you dont have any bank account any more? Have you fully moved your money into crypto?

        Reply
  2. Bitcoin Matrix says:
    7 years ago

    So on same day internet banking system will be also broken and we will must do upgrade. Why he did not mention that?

    Reply
  3. Marlon Jones says:
    7 years ago

    Can someone explain why the clowns (I mean journalist) at NewBTC write an article on someones opinion of crypto whose knowledge of crypto is described as “…( Friedman’s) expertise as it is likely that his knowledge of blockchain technology is lackluster.” Click bate …Fake new FUD!!!!

    Reply
  4. Markku Jantunen says:
    7 years ago

    Lamport signatures. Yawn.

    Reply
  5. Carlos Salinas says:
    7 years ago

    What a crap! News BTC sucks!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 7

  1. fujak says:
    7 years ago

    so will internal combustion engines, jet propulsion, microchips and a countless number of things….. what’s the big deal?

    Reply
    • alex says:
      7 years ago

      banking is obsolete, is just them projecting themselves.

      Reply
      • Pt Bot says:
        7 years ago

        I suppose you dont have any bank account any more? Have you fully moved your money into crypto?

        Reply
  2. Bitcoin Matrix says:
    7 years ago

    So on same day internet banking system will be also broken and we will must do upgrade. Why he did not mention that?

    Reply
  3. Marlon Jones says:
    7 years ago

    Can someone explain why the clowns (I mean journalist) at NewBTC write an article on someones opinion of crypto whose knowledge of crypto is described as “…( Friedman’s) expertise as it is likely that his knowledge of blockchain technology is lackluster.” Click bate …Fake new FUD!!!!

    Reply
  4. Markku Jantunen says:
    7 years ago

    Lamport signatures. Yawn.

    Reply
  5. Carlos Salinas says:
    7 years ago

    What a crap! News BTC sucks!

    Reply

Leave a Reply Cancel reply

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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