By Nathan Ferguson
According to the Financial Times report, computer experts sent a letter to the United States Congress demanding to resist cryptocurrency influence and implement the crackdown on the market. They wrote in the letter that crypto is nothing more than an “insecure and very risky investment tool”, and said that blockchain technology can’t serve any kind of actual purpose.
Here’re a few lines from this letter:
They urge the authorities to put pressure on the digital assets industry investors, activists, and supporters so that to make the regulatory safety for speculative and illegal digital financial tools. Miguel de Icaza a Microsoft engineer is one of those who signed the letter; he told that the computational power which is required for blockchain technology could be completed with 100 dollar computer in a centralized method. Additionally, he said that they are wasting tools worth millions of dollars because they have decided that they do not trust the system of banking.
Another computer expert, Bruce Schneier (lecturer at Harvard) told that there’s no truth in the claims of blockchain supporters. Adding more, he said, that system is not secure, where the clients forget their passwords and deprive of their life savings. This letter was delivered to the Senate including those who were in favor of cryptocurrencies such as Senators Patrick and Ron Wyden, to reconsider the crypto matter. However, it is not happening for the first time, when the crypto market will draw anti appellation from people. High-profile personalities such as Senate member Elizabeth Warren and international financial regulators have many times told about crypto-related hazards.
Cryptocurrency stakeholders reacted to this letter by disagreeing with the opinion of tech experts. SIMBA Chain Chief Executive Officer Bryan Ritchie told that blockchain technology presented new ideas for finance and other markets. He added that although most people still find technology complicated, technology has still benefits such as transparency and data immutability which can be helpful to make sure the accuracy and streamline the process. According to another computer expert, Pete Boyle, the cryptocurrency market can provide the actual chance of financial services to the people who excluded by conventional financial organizations.