According to few popular computer scientists the crypto industry is misleading the public about blockchain technology.
The list were has 26 computer, Harvard lecturer Bruce Schneier, Microsoft engineer Miguel de Icaza and Google Cloud’s principal engineer Kelsey Hightower were few among them. This team of Computer Scientists have given a letter to the US Officials.
These Computer Scientists have given few statements on cryptocurrency and Blockchain technology.
- "The claims that the blockchain advocates make are not true. It’s not secure, it’s not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.”
- “We urge you to resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments"
- "Crypto-assets have been the vehicle for unsound and highly volatile speculative investment schemes that are being actively promoted to retail investors who may be unable to understand their nature and risk.”
- The computational power behind blockchain is the equivalent of what one could do in a centralized way with a $100 computer.
- “We’re essentially wasting millions of dollars worth of equipment because we’ve decided that we don’t trust the banking system.”
Computer Scientists Say Crypto Industry Is Misleading the Public About Blockchain TechnologyWhat about your view on these statements?K, so lets first check about which issues our „experts“ didnt write letters to officials about in the last years.
Some examples:
„Google is not cooperating with user data requests from Hong Kong authorities“
One year later
„Google disclosed times it provided user data to Hong Kong authorities, even though it said last year it was going to stop“
„December 2018: Google+ Bug Exposes 52.5 Million Users’ Data“
„March 2018: Google+ Bug Exposes 500,000 Users’ Data“
„November 2016: Gooligan Malware Compromises 1 Million Android Devices“
„September 2015: BrainTest Malware Infects Up to 1 Million Android Devices“
„September 2014: Nearly 5 Million Gmail Passwords Leaked Online“
„June – December 2009: Chinese Hackers Breach Google Servers“
„July 2020: Google Accused of Misleading Millions of Users About Privacy“
„April 2020: Google Faces $5 Billion Lawsuit for Tracking “Private” Browsing“
„September 2019: Google Received $170 Million Fine for Child Data Privacy Breaches“
„August 2018: Google Tracking Location Data on 2 Billion Users, Sometimes Without Permission“
„March 2022: Lapsus$ Group Breaches Microsoft“
„August 2021: Organizations Expose 38 Million Records Due to Power Apps Misconfiguration“
„August 2021: Thousands of Microsoft Azure Customer Accounts and Databases Exposed“
„April 2021: 500 Million LinkedIn Users’ Data Scraped and Sold“
„January 2021: Microsoft Exchange Server Vulnerability Leads to 60,000+ Hacks“
„December 2020: Microsoft and 18,000 Other SolarWinds Customers Targeted with Malicious Update“
„December 2019: Over 250 Million Microsoft Customer Records Exposed“
„April 2019: Compromised Support Agent Credentials Give Hackers Access Webmail Accounts“
„November 2016: Hundreds of Skype Accounts Hacked to Send Spam Messages“
„May 2016: 33 Million Stolen Hotmail Credentials Discovered for Sale Online“
„October 2013: Internal Microsoft Bug Tracking Database Compromised“
„March 2013: 3,000 Xbox Live Users Credentials Exposed“
„June 2012: Malware Disguised as Legitimate Microsoft Update Sent to Hundreds of Computers“
„2011 through 2013: Xbox Underground Repeatedly Hacks Microsoft“
„December 2010: Microsoft BPOS Data Leak Exposes Customer Information to Other BPOS Customers“
„January 2010: Microsoft Internet Explorer Zero-Day Flaw Allows Hackers to Breach Major U.S. Companies“
So i think after this it becomes obvious that we should rely on centralized services for everything, and run bitcoin on one 100$ computer, with a password that can be changed easily, for our own safety.
But seriously i agree that altcoins are scams, but i think they will use this as an attack vector on Bitcoin too, since it doesnt seem like they spend much time on understanding the architecture.