Digital assets industry Is Misleading People About Blockchain Technology, says Computer Scientists

A group of technocrats has urged Washington officials to crack down on what they consider to be misleading lobbying from the crypto industry.

According to a report, 26 leading computer scientists and academics have criticized the cryptocurrencies and blockchain technology, and they have signed a letter and delivered it to the U.S officials

Harvard lecturer Bruce Schneier, Microsoft engineer Miguel de Icaza and Google Cloud’s principal engineer Kelsey Hightower, and others from the group are targeting “counter-lobbying” against the currently growing crypto and blockchain lobbying groups.

Bruce Schneier explained that Blockchain technology is not much secure at that level, where we are talking about it as an more secured technology over traditional systems.

Schneier said:

“The allegations made by blockchain lawyers were not true. It is not secure, and it is not decentralized. Any system where in case you forget your password and it results in the loss of your life savings is never a safe system.”

The authors urged authorities to think twice before surrendering themselves to crypto lobbyists, as seen in the letter to the U.S officials.

“We urge you to resist the incoming pressure of digital asset industry financiers, lobbyists, and boosters to create and control the current regulated safe haven with any kind of dangerous, flawed, and unproven digital financial assets.”

Crypto-assets are generally the vehicle for the unusual and highly volatile speculative investment schemes that actively influence and attract retail investors who do not understand or have less knowledge about their nature and the risk involved with them.

The computing power involved in the blockchain is equivalent to what a $100 computer can do in a centralized way, as per Miguel de Icaza of Microsoft.

“We’re wasting millions of dollars on equipment because we have decided in our minds to not trust the banking system.”

Washington has noticed increased crypto lobbying efforts in recent years, thus attracting the attention of officials from both parties. Earlier this year, Anthony Scarramuci, CEO of Skybridge Capital, predicted two 2024 presidential candidates would be forced by lobbying groups to become crypto supporters.

“I tell you, chase money because Washington has a water wall of money from various associations and lobbying groups. I predict on your show that the last two presidential candidates in 2024 will be pro-crypto and pro-blockchain supporters.”

These statments by these computer scientists are actually based on fact, which are hinting that lack of perfect awareness to use the cryptocurrencies may result in huge lose. Obviously they talked about the private key of Bitcoin wallets. These things are really concerns but crypto investors have option to opt the services, custodial & non-custodial wallets. 

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