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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

What Edward Snowden Thinks “Dragon Level” Wealth Will Do To Bitcoin

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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Former Central Intelligence Agency (CIA) computer consultant Edward Snowden talked in the Ethereal Virtual Summit 2021. The main subject, Privacy Coins, NFTs, decentralization and its relationship with freedom.

A clip of the Summit was shared by Alex Gladstein, Chief Strategy Officer (CSO) for the Human Rights Foundation and Oslo Freedom Forum, via his Twitter account. The video sparked a debate around Bitcoin’s privacy failures.

Snowden said that Bitcoin has failed in this category and its potential upgrade, Taproot, could even make it worse, contrary to popular belief. Gladstein called the clip “a disaster”, he was particularly against Snowden’s comments on Taproot and his classification of BTC’s Lightning Network as “shenanigans”. Gladstein said:

Taproot is a privacy upgrade currently being activated which lays the groundwork for much more powerful privacy stuff like SigAgg. All designed by devs. And yes LN is part of Bitcoin’s global privacy evolution and is def not IMO “shenanigans”.

He further added that Taproot is a real privacy upgrade for Bitcoin with the capacity to “obfuscate” chain analysis, a type of research that is used to track down the identity of BTC users by studying transactions. He added that BTC core developers must take other features into account, in order for a cryptocurrency to become a world cash system:

But to build a robust digital cash system with a decentralized mint aiming to serve the whole world for hundreds of years, you can’t just focus on privacy. You also have to ensure decentralization, scalability, auditability, and economic incentives.

Bitcoin And His “Missing Stair”

Later, Snowden reply to Gladstein and called his statements “misleading”. As a Bitcoin holder, the former CIA consultant feels that he has a responsibility to publicly discussed BTC’s “failures”, such as privacy.

As Bitcoin attracts more “dragon level” wealth, Snowden believes there will be fear amongst the community to criticize the project. Snowden believes there is a great public cost in not pointing out BTC’s so-called flaws. He said:

Bitcoin’s disastrous privacy is the “missing stair” of cryptocurrency. Every expert understands it’s a problem, but—as experts—they themselves know how to compensate for the risk in their own personal interactions with Bitcoin, and therefore feel no urgency to actually fix it.

He praised some privacy projects, such as Zcash and Monero. But claimed BTC is the only cryptocurrency big enough to face a potential regulatory attempt of smother. Therefore, it must further develop one key feature, according to Snowden, fungibility:

The central property of cash is fungibility—meaning a dollar spent by a plumber is honored equally to one spent by a sex worker: they are indiscriminable. Adversarial chain analysis of Bitcoin’s public ledger reduces its fungibility over time. Only privacy guarantees fungibility.

Bitcoin trades at $58,816 with a 3.1% profit in the daily chart and a 1.7% profit in the weekly chart. During the weekend, BTC has pushed into the higher levels of its current range with positive indicators of further appreciation.

Bitcoin BTC BTCUSD
BTC with small profits in the daily chart. Source: BTCUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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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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
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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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