Edward Snowden Skeptical of Politicians at Bitcoin Conference – and Public Ledgers – Slashdot
Posted by EditorDavid from the magic-internet-money dept.
Former U.S. president Donald Trump spoke at Nashville’s Bitcoin Conference on Saturday.
But he wasn’t the only one there making headlines, according to a local newspaper called the Tennesseean: Republican Sens. Cynthia Lummis and Tim Scott pledged their resolute support for the cryptocurrency industry at Nashville’s Bitcoin2024 conference Friday — moments before whistleblower and political dissident Edward Snowden warned attendees to be wary of politicians trying to win them over. “Cast a vote, but don’t join a cult,” Snowden said. “They are not our tribe. They are not your personality. They have their own interests, their own values, their own things that they’re chasing. Try to get what you need from them, but don’t give yourself to them.”
Snowden didn’t call out any politicians specifically, but the conference has drawn national attention for its robust lineup of legislators including former President Donald Trump, independent presidential nominee Robert F. Kennedy Jr, former presidential candidate Vivek Ramaswamy and a number of other senators. “Does this feel normal to you?” Snowden said. “When you look at the candidates, when you look at the dynamics, even the people on stage giving all the speeches, I’m not saying they’re terrible at all, but it’s a little unusual. The fact that they’re here is a little unusual….”
Two key tenets of Bitcoin are transparency and decentralization, which means anyone can view all Bitcoin transactions on a public ledger. Snowden said this kind of metadata could be dangerous in the wrong hands, especially with artificial intelligence innovations making it easier to collect. “It is fantasy to imagine they’re not doing this,” he said…. He added that other countries like China or Russia could be collecting this same data. Snowden said he’s afraid the collection of transaction data could happen across financial institutions and ultimately be used against the customers.
Also speaking was RFK Jr — who asked why Snowden hadn’t already been pardoned, along with Julian Assange and Ross Ulbricht, when Donald Trump was president (as Kennedy promised to do). According to USA Today, Kennedy promised more than just creating a strategic reserve of Bitcoin worth more than half a trillion dollars: Kennedy also pledged to sign an executive order directing the IRS to treat Bitcoin as an eligible asset for 1031 Exchange into real property — making transactions unreportable and by extension nontaxable — which prompted a roar of approval from the crowd.
Though Trump’s appearance also ended with a promise to have the government create a “strategic national bitcoin stockpile,” NBC News notes that Trump “stopped short of offering many details.” Immediately following Trump’s remarks, Senator Cynthia Lummis, R-Wyo., said she would introduce a bill to create the reserve. However, the price of bitcoin fell slightly in the wake of Trump’s remarks Saturday, perhaps reflecting crypto traders’ unmet expectations for a more definitive commitment on the reserve idea from the presidential candidate…
Shortly after his morning remarks, Bitcoin Magazine reported that a group of Democratic representatives and candidates had sent a letter to the Democratic National Committee urging party leaders to be more supportive of crypto…
On Saturday, the Financial Times reported [presidential candidate Kamala] Harris had approached top crypto companies seeking a “reset” of relations, citing unnamed sources.
Ironically, in the end one conference attendee ended up telling Bloomberg that “It doesn’t really matter who the president is. I don’t really care much about it, because Bitcoin will do its thing regardless.”
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