NSA whistleblower Edward Snowden delivered a keynote speech at the Bitcoin 2024 conference in Nashville, where he made startling revelations about Bitcoin and the broader crypto ecosystem. He argued that crypto remains individuals’ best defense against corrupt institutional practices.
During his speech, Snowden highlighted that most Bitcoin transactions are fully doxxed, although not publicly disclosed. He explained that transactions on the network are permanent and can be publicly verified by anyone. However, he cautioned that the identities of those making transactions on the Bitcoin network are not as anonymous as some might believe. Legacy exchanges, acting as on-ramps for crypto users, often share users’ information with regulators, which Snowden referred to as ‘great powers.’
Snowden emphasized that these ‘great powers’ can piece together various aspects of individuals’ lives, including their history and affiliations, through their transaction histories. He pointed out how these entities gather metadata or activity records to create a complete profile without needing a warrant. This underscores the issue of user privacy, a recurring theme in centralized entities that often disregard data protection despite the presence of privacy laws like the General Data Protection Regulation (GDPR).
The whistleblower’s speech underscored the importance of decentralization, a cornerstone principle in the crypto world. The decline of centralized exchanges like FTX and increased surveillance by platforms like Binance have propelled the popularity of decentralized exchanges (DEXs) due to the freedom and privacy they offer users. This breach of privacy advocates for self-custody, urging crypto users to embrace self-custodial wallets to maintain control over their finances and avoid reliance on potentially compromised third-party systems.
Snowden’s sentiments align with Ethereum co-founder Vitalik Buterin’s views on the purpose of crypto. Buterin emphasized that crypto was not just about money but aimed at achieving freedom in various spheres, including communication, digital identity, privacy of thought, and access to information. Users can exercise greater control over their digital identity and information sharing through technologies like Shiba Inu’s Fully Homomorphic Encryption (FHE) solution and Zero-knowledge (ZK) proof technology, enabling encrypted data processing and anonymous transactions.
The crypto space continues to evolve, offering individuals the freedom and privacy they seek. Technologies like FHE and ZK proof technology enhance data security and privacy on blockchain platforms, empowering users to transact anonymously without compromising their identity. Snowden’s speech and Buterin’s vision emphasize the importance of decentralization and individual control in the crypto landscape, advocating for privacy and freedom in the digital age.
