Edward Snowden on Bitcoin: “Bitcoin By Itself is Flawed”

In an interview at The Internet Engineering Task Force 93, former CIA employee and NSA contractor Edward Snowden spoke about privacy and security. Interestingly, Snowden focused his talk on Bitcoin and its flaws and weaknesses.

Snowden began by briefly introducing the 51% attack concept, and stated that the Bitcoin network could be vulnerable to attacks and manipulation if “a pool has over 50% of the computing power to demonstrate adequate proof of work to add entries to the blockchain ledger.”

Snowden commented,

“Obviously, Bitcoin by itself is flawed. The protocol has a lot of weaknesses and transaction sides and a lot of weaknesses that structurally make it vulnerable to people who are trying to own 50 percent of the network and so on and so forth.”

He continued and said, “Focusing too much on bitcoin, I think is a mistake. The real solution is again, how do we get to a point where you don’t have to have a direct link between your identity all of the time? You have personas. You have tokens that authenticate each person and when you want to be able to interact with people as your persona in your true name, you can do

Read more ... source: Cointelegraph