Bruce Schneier, a Harvard University cryptographer, and technology researcher believes that cryptocurrency is useless for everyone else rather than groups or individuals who try to move money without being tracked by the government. In our latest altcoin news today we find out more about his stance on crypto.
Schneier believes that the sole purpose of Bitcoin according to its whitepaper is defeated by the reality which means that in while still being risky and operationally difficult; it also fails to deliver to its basic premise which makes it useless.
He also pointed out the trust issue as one of the biggest examples of how cryptocurrencies fail since according to him, cryptos are created to provide electronic transactions without trust and the entire blockchain technology seems to be unable to function without trust.
The users have to trust the miners; the miners trust the system won’t crash and further explained:
“If your bitcoin exchange gets hacked, you lose all of your money. If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money. If there’s a bug in the code of your smart contract, you lose all of your money. If someone successfully hacks the blockchain security, you lose all of your money. In many ways, trusting technology is harder than trusting people. Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?”
He concluded by saying that the immutability of the blockchain is a problem because if a mistake happens all of your life savings could be gone.
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