In this Nov. 4, 2019, file photo, former U.S. National Security Agency contractor Edward Snowden addresses attendees through video link at the Web Summit technology conference in Lisbon. (AP Photo/Armando Franca, File)
Edward Snowden, a former U.S. National Security Agency and CIA contractor-turned whistleblower, on Thursday criticized what he called bitcoin's lack of privacy protections.
He said that the growth of cryptocurrency exchanges, financial services, and other applications mediating the crypto-economy have jeopardized bitcoin's ability to serve as a pure peer-to-peer currency.
"You have to make the idea that cryptocurrency is private by design," he said.
The privacy advocate, who currently lives in Russia and is wanted by the United States government for leaking classified documents and stealing government property, spoke at Decrypt's Ethereal Summit, a virtual conference for blockchain investors, technologists, and entrepreneurs.
Snowden commended so-called "privacy coins" such as Monero and Zcash, which allow for fully anonymous transactions but have struggled to gain legitimacy.
The longer core developers wait to address this, he added, the harder it will be, stressing that leaders in the space need to commit to privacy now, even as they benefit financially from the current system.
"The problem with the cryptocurrency space at the largest scale today is the people who make these decisions have the biggest stake in the system, and the system has benefited from the fact that it has not been regulated out of existence," he said.
In other words, as governments look to regulate cryptocurrencies — a fundamental red line for those who see decentralization as the whole point of alternative digital currencies — there will be an incentive among power brokers in the space, such as crypto-exchanges, to cooperate with new regulatory restrictions, even if they compromise users' privacy.
"The idea of the bitcoin protocol — the peer-to-peer, electronic hash system — is the idea that we can send these payments to anyone permissionlessly," he said. "This is true if it's in your wallet. But how do people fill their wallets? They get it through exchanges, and these guys are imposing permissioning steps that are intermediately to your transaction."
Snowden called for a kind of "purification" that would remove identification information from the cryptocurrency economy.
Speaking to an audience of decentralized finance developers and entrepreneurs, he added that "getting rich and doing something great are distinct goals."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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