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Computer Scientists Deliver Letter Against Blockchain and cryptocurrencies to Congress

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A group of tech experts is calling on US authorities not to regulate cryptocurrencies. They allege that the digital asset industry is “deceptive lobbying” that could harm the future of the US.

Computer Scientists fight against blockchain

A group of 26 computer scientists and academics signed a letter addressed to congressmen. Among other things, the letter contains several criticisms of cryptocurrencies and blockchain technology.

The group includes Harvard professor Bruce Schneier and Microsoft engineer Miguel de Icaza. In addition, the main Google Cloud engineer, Kelsey Hightower, is part of the group.

The purpose of the letter is to “counter-lobby” groups that support digital currencies.

“The claims that blockchain advocates make are not true. It’s not secure and it’s not decentralized,” Schneier said.

As Schneier pointed out, systems in which the user forgets his password and thus loses his savings for good is not secure.

In this regard, the authors of the letter urge the authorities to think twice before giving in to digital asset lobbyists.

“We urge you to resist pressure from funders, lobbyists and digital asset industry drivers,” the letter reads.

Say no to blockchain

Furthermore, the letter calls for “not to create a regulatory haven for these flawed and unproven financial instruments”.

“Crypto assets have been the vehicle for unhealthy and highly volatile speculative investment schemes,” they say.

According to Microsoft’s de Icaza, the computing power behind the blockchain is ridiculous:

“Everything blockchain does today can be done centrally with a $100 computer,” he said.

Furthermore, he claims that the US is wasting millions of dollars on equipment and a useless system.

“All this because we decided that we don’t trust the banking system”, he pointed out.

Digital currency lobbying efforts in the US have increased in recent years. SkyBridge Capital CEO Anthony Scarramuci, for example, predicted that the next candidates for US president will be pro-crypto.

“I will make a prediction: we will have two final 2024 presidential candidates who will be pro-crypto and pro-blockchain. Follow the money,” he said.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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