Whistleblower Edward Snowden Issues Crypto Gaming Warning, Highlights Potential ‘Unethical’ Practices

Whistleblower Edward Snowden says that the use of non-fungible tokens (NFT) in crypto gaming comes with certain consequences.

In a new interview on Parachains, a Polkadot and Kusama-focused YouTube channel, Snowden says he is against the monetization of gaming platforms that use NFTs because they utilize a false sense of scarcity.

“We have people that are trying to sort of – maybe they’re not even trying to – but the ultimate result of what they’re doing is they are injecting an artificial sense of scarcity into a post-scarcity domain. I think that is actually an inherently anti-social urge here.”

The former Central Intelligence Agency (CIA) employee says gamers who seek a virtual escape can potentially be put at a disadvantage from the NFT-based gaming business model. 

“If you think about the world that people are retreating from to their games, where they live in a cold bare box, if they’re lucky enough to even have a home in some overly expensive city where they spend all their time working, they get home exhausted. 

They make their cheap meal, and then they turn on their device to escape from all that and then in their digital world, where they’re on a beautiful island, they build a beautiful home, and they want to change the color of the wall, and you got to pay $19.99 for the wall or for a token to let you roll for the potential to maybe recolor your wall. There is something horrible and heinous and tragic in that to me.”

Snowden’s comment comes following the exponential rise of gaming altcoins and the crypto-based metaverse. According to Snowden, the crypto sector is at risk of facilitating unethical practices. 

“I think the community should very much be trying to bend the arc of development away from injecting artificial unnecessary scarcity entirely for the benefit of some investor class into these post-scarcity domains.

One of the promises, one of the privileges of technology, is that it frees us from material limits that only exist in a material space. To try to reimpose material in immaterial space, I think is a little bit unethical.”

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Whistleblower Edward Snowden Says China Crypto Ban Only Made Bitcoin Stronger

Former Central Intelligence Agency (CIA) employee and famed government whistleblower Edward Snowden says China’s latest attempt to ban cryptocurrencies only makes Bitcoin (BTC) stronger.

The ex-government contractor shares with his 4.8 million Twitter followers a post from March 13, 2020, when Bitcoin was collapsing during a Covid-19-induced market shock.

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Snowden said during that 2020 sell-off,

“This is the first time in a while I’ve felt like buying Bitcoin.

That drop was too much panic and too little reason.”

More than a year and a half later, Snowden reflects on BTC’s performance since his original tweet.

“Sometimes I think back to this and wonder how many people bought Bitcoin then.

It’s up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of – and support for – cryptocurrency.

China even banned it, but it just made Bitcoin stronger.”

Last month, the whistleblower predicted that El Salvador’s adoption of Bitcoin as legal tender would put pressure on other countries to do the same.

“Bitcoin was formally recognized as legal tender in its first country. There is now pressure on competing nations to acquire Bitcoin – even if only as a reserve asset – as its design massively incentivizes early adoption. Latecomers may regret hesitating.”

Like Snowden, MicroStrategy CEO Michael Saylor, who currently owns the largest amount of Bitcoin in a corporate treasury, also believes that China’s enforcement against BTC is futile.

In an interview last week, Saylor said the China ban was “irrelevant” while referencing several other investment opportunities that the country had previously prohibited.

“If you had dumped the shares of Google, Facebook, and Twitter in 2010 because you heard that China was going to ban it, you would’ve lost obscene amounts of money. Trillions of dollars have been made on technologies banned by China.

I think that what China does is largely irrelevant here, and of course, it’s kind of getting to be laughable because like every quarter for the last five, six, seven years, there’s been a China banning thing.”

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These Two Privacy Coins Are About To Take Flight, Says High-Profile Trader

A popular crypto trader is shining the spotlight on two privacy-centric coins that he says are preparing for major breakouts.

Kaleo, the pseudonymous analyst in question, believes that Zcash (ZEC) is looking bullish and ready for a significant move upward.

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The trader notes that the ZEC/BTC chart appears eerily similar to the Ethereum Classic (ETC) chart just before it went parabolic in the ETC/BTC pair.

“ZEC/BTC vs. ETC/BTC

It’s not a matter of if, it’s a matter of when.”

Source: Kaleo

Kaleo adds that ETC and ZEC have historically traded in tandem, mimicking each other’s price action against USD as well.

In the past two weeks, ETC went parabolic, highlights Kaleo, skyrocketing from a low of around $33 on April 28th to a high of $167, according to CoinGecko. If history is any indicator, ZEC may follow its parabolic rally, predicts Kaleo.

“The chart below compares Zcash to Ethereum Classic. The moves over the past four and a half years are nearly identical. You can try to chase sh*tcoins that have already pumped, or you can buy the ones that haven’t yet and profit from patience.

$1,000+ Zcash is programmed.”

Source: Kaleo

In its USD pair, Kaleo believes the asset’s rally will ramp up once it breaks above the $350 level.

“Break above the line, and the acceleration begins.”

Source: Kaleo

In its BTC pair, ZEC is in an accumulation phase at around 0.006 satoshis, preparing for another leg up, adds Kaleo.

“ZEC/BTC. Flag before flight.”

Source: Kaleo

At time of writing, Zcash is correcting with the market down to $307, but is still up nearly 30% in the past two weeks.

The other privacy asset Kaleo is keeping tabs on is Monero (XMR). The analyst notes that XMR generally follows the price action of Zcash and is about to break out of a long accumulation phase right below its 2018 all-time high of $542.

“XMR is another old school privacy coin play that is currently accumulating just underneath its USD all time high from 2017. Won’t be long before this rockets into price discovery.”

Source: Kaleo

As the veteran privacy coins prepare for lift-off, according to Kaleo, whistleblower and ex-CIA employee Edward Snowden is decrying the lack of privacy provided by the Bitcoin (BTC) network and blockchain more generally.

Snowden notes that Zcash is his top privacy coin pick, but that it, along with Monero, have some shortcomings.

“Zcash, I have said repeatedly, really does the best in the space with their shielded transactions. The criticism is that these transactions don’t occur by default, which is valid. In my opinion, they should happen by default.

There are other cryptocurrencies like Monero, which is having a lot of trouble being listed on exchanges broadly, which has sort of privacy by default, but it’s a lower measure of privacy. You’re just playing a shell game and those shell games don’t really last forever.”

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Edward Snowden Calls Rise of Digital Currency Inevitable, Laments Bitcoin’s Lack of Privacy Features

Former Central Intelligence Agency employee and famed whistleblower Edward Snowden is discussing the future of digital currencies and the improvements he would like to see made in the Bitcoin infrastructure.

In an interview with television producer and journalist Naomi Brockwell, Snowden says digital currencies are here to stay, but that central bank digital currencies (CBDCs) offer almost zero advantages over traditional fiat money.

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“I think it’s [cryptocurrency] inevitable. I think we’ve already seen states recognize that digital currencies will be the next stage of money because they’re trying to create competitors now effectively to Bitcoin…

So-called central bank digital currencies, which is just a rebranded version of fiat currencies which don’t have any really desirable properties for the public at large beyond the government being able to more effectively disburse stimulus payments.

But that unfortunately means, and I think a lot of people don’t have the financial sophistication to realize, that actually means they are simply taxing you in a new way because that stimulus payment is debasing the value of the currency at large.

Digital currency in the general sense, cryptocurrency in the general sense, do not solve the problem of inflation and hidden taxes in that way.”

Snowden points out that although Bitcoin can be a remedy for inflationary money printing practices, the network still has not overcome Bitcoin’s privacy and throughput issues.

“As you say the problem with everybody moving to digital currencies is we know the Bitcoin network doesn’t support throughput. Unfortunately, the Bitcoin network as it exists does not provide the privacy protections really necessary for these kinds of transactions at scale.

And I think it should and it could and it’s clear to me the developers realized this should be done but for whatever reason… They haven’t actually moved to do this which is puzzling to me because now they’ve had years to do it.”

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Snowden admits that, despite Bitcoin’s flaws, he uses the cryptocurrency and still prefers it over traditional credit cards.

“When we talk about this, the inevitably of this transformation towards digital currency, I’m not picking winners and losers. I don’t have a horse or a care or a concern as to who wins this beyond I think what the world needs is a truly independent means of enabling private transaction.

If that’s Bitcoin, great, fabulous. I’ve used Bitcoin before I’ll continue to use Bitcoin. But it’s very difficult for me to use Bitcoin and yet that is a huge improvement over credit cards which I cannot use because those networks are not even pseudonymous in the way a Bitcoin transaction would be.

This is to say that cryptocurrency at this point has… pretty well-understood flaws. I don’t think there’s any reason to say they can’t be resolved. If we’re talking off-chain transactions, cross-chain transactions you know there are a lot of groups working on this. My big question is why are you guys taking so long.”

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Snowden: The Dollar Has Lost 99% Of Its Value Against Bitcoin

Bitcoin has set a new all-time high in 2020, and could potentially be close to breaking above $20,000 for the first time in its history. Along the way, since the creation of the first-ever cryptocurrency, the United States dollar has lost more than 99% of its value against BTC. It is a scenario that is […]

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@ABlastforever Had we left 1 year later, I would still have my Russian Passport, which would come in handy right about now… Working out for @Snowden pretty well. Though lockdowns in Russia are not that different from what I hear… The entire world just wants to watch the young/healthy suffer

@ABlastforever Had we left 1 year later, I would still have my Russian Passport, which would come in handy right about now… Working out for @Snowden pretty well.
Though lockdowns in Russia are not that different from what I hear… The entire world just wants to watch the young/healthy suffer

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Bitcoin (BTC) $ 27,416.35 0.70%
Ethereum (ETH) $ 1,640.32 1.72%
Litecoin (LTC) $ 64.37 2.96%
Bitcoin Cash (BCH) $ 229.72 5.82%