Cryptographer from Harvard believes that cryptocurrency is useless. Why?

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2019-02-10 18:00:13

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Cryptographer from Harvard believes that cryptocurrency is useless. Why?

According to researchers from Harvard Bruce Schneier, crypto currency is not useful to anyone but fraudulent groups and individuals. In his opinion, they just transfer large sums of money and do not want to be noticed by the government. Armed with a series of hackneyed, but it is easy to expose theses, Schneier States that purpose in accordance with its wallpapera hitting on the realities on the path to implementation. As writes the CCN, in addition to the complexity and high risk, Bitcoin is unable to handle even basic functions. This makes it essentially useless.

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Can you trust bestoverture system?

According to the Schneier, the main failure of the cryptocurrency is the issue of trust.

Although initially the cryptocurrency was created as a system bestoverall electronic transactions, a critical look at the architecture of the technology of the blockchain will show that it cannot function without trust. And this is directly contrary to the purpose of creating an uncontrollable system.

According to the researcher, users of the cryptocurrency forced to trust the miners to those responsibly mined coins, and then to believe in the reliability of the system, since the error in the work can lead to financial losses. In fact Bitcoin just removes the responsibility of trust with people and seals it in technology, safety which is also not guaranteed.

If you break crypto currency exchange — you will lose money. If hacked your Bitcoin wallet, you will again lose money. If you forget data from your account to another financial loss. At the slightest bug in the code of the smart contract there is a great probability to remain without money. If, finally, someone will bypass the protective mechanisms of the blockchain, we're all losing our money.

According to the Schneier, in most cases, technology to trust, even harder than people. He also asks people to think about the fact that they would trust the state's legal system or computer code that is impossible to understand and which does not check for safety and legitimacy. More data to search for .

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