What Edward Snowden Thinks Dragon Level Wealth Will Do To Bitcoin

Sunday 09 May 2021, 9:32 AM AEST - 1 month ago

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 Bitcoins 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 Snowdens comments on Taproot and his classification of BTCs 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 Bitcoins 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 cant 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 BTCs 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 BTCs so-called flaws. He said:

Bitcoins disast ...

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