Connect with us

Bitcoin

Bitcoin [BTC] preferred by people as no one controls it, says Andrew Ross Sorkin

Priya

Published

on

Bitcoin [BTC] preferred by people as no one controls it, says Andrew Ross Sorkin
Source: Unsplash

Recently, during an interview with CNN, Andrew Ross Sorkin, the author of ‘Too Big to Fail’, stated that rise of Bitcoin [BTC] is an embodiment of the lack of trust in governments.

The book speaks about the 2008 financial crisis, the events which drove the citizens of the US to elect Donald Trump and the connection between the two.

The author stated that the there has been a clear distrust in the idea of governments, elites and the privileged, who ostensibly understood what was going on. He further said that their failure in protecting everyone one else is what changed everything.

Andrew quotes Bitcoin as one of the examples of the change. There was a whole group of people, out of the blue,  around the world which did not trust the Federal Reserve and the central banks. These people were driven towards the digital currency which was not controlled by anybody or anything, claiming to trust the currency more than the people at the top, in control.

The author also believes that there will be something bigger, more cataclysmic event than the recent financial crisis that is going to occur. Moreover, Andrew adds that the phrase, Too big to fail, was previously used in the context of banks and financial institutions. Whereas now, it is used in the context of cities, municipalities, states and countries.

In addition, these factors signify that debt is the match that lights fire to every crisis. He said that the debts load of the country is seen a remarkable increase, even under President Trump, it has increased by a trillion dollars. This, to him, is going to unravel a new crisis.

SpontaneousDream, a Reddit user said:

“…in my opinion he painted it in a more neutral light. It was more like ‘people don’t trust the federal reserve with their money, so they’re resorting to Bitcoin, which isn’t even controlled by anyone!’ He said it in a more ‘can you believe people are doing this?’ shocking/surprise kind of way. Overall though I’d say it’s good for Bitcoin. He didn’t bash it, had his facts straight, and explained why people are going to Bitcoin.”

To which, WorriedHistory said:

“That’s the kind of press that Bitcoin needs. Senseless negativity just harms it for obvious reasons, and baseless claims of it being the savior of the world’s economy just make us all look like tinfoil hat wearing conspiracy theorists. There need to be some balance shown, especially in giving the context that it exists in an incredulous appearance.

The Redditor further added:



“We really do live in strange times when a digital cryptocurrency based on blockchain algos is more valuable than other assets. No one would’ve believed this even 10 years ago.”

Recently, the author of Bitcoin Mastermind, Andreas M Antonopoulos, stated that Bitcoin [BTC] is the innovation which cannot be bought by financial institutions and that it cannot be stopped by the governments.

Moreover, according to him, the first message which was embedded on the Bitcoin blockchain speaks of the failure of the financial institutions. The message speaks about the motivation behind Bitcoin and that a part of the motivation is that the financial institutions have not evolved much and is not serving the people even after existing for 20 years.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

Published

on

Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending