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Crypto Critics or Crypto Holders

Crypto Critics or Crypto Holders
type: Thoughts
1652640657 15 May / 18:50

One of Bitcoin‘s most prominent critics has publicly said he was wrong about Bitcoin after years of rejecting the so-called digital gold.

“I was wrong about Bitcoin,” Peter Schiff said on April 2, sparking a severe Twitter discussion.
“So many of us appreciate and respect you and your work, it would be good to see a video with your analysis that leads to this statement […] I still firmly believe that ‘not everything that shines is gold,'” said John Williamson.

Another asked Schiff to turn his tweet into NFT to make some crypto money. Among other things, he founded Schiff Gold and is a trader in precious metals. Still, after a successful career, he has seen a drastic drop in the price of gold recently as Bitcoin begins to replace it in its role as a hedge and diversified. Something Schiff didn’t take lightly, criticizing Bitcoin for months. But as the saying goes, if you can’t beat them, join them.

Renowned NSA whistleblower Edward Snowden helped create the anonymity-oriented cryptocurrency Zcash (ZEC). Snowden, a former U.S. intelligence agent who leaked documents to the National Security Agency (NSA) showing they were spying on citizens, was one of six participants who had one of Zcash’s ‘multi-signature’ private keys to start the project in 2016.

According to an exclusive edition of Forbes, a leaked video from Zcash Media shows that Edward Snowden reveals that he participated in the “trusted setting” ceremony of Zcash. The Zcash ceremony included six people scattered around the world, and each of the six participants received the private key needed to create the cryptocurrency during this process.

Snowden used the pseudonym “John Dobertin” to disguise his role in the project. None of the participants knew the identities of the others and what part of the key they held in an attempt to launch Zcash in a very secure, confidential way. The culmination of the ceremony led to the destruction of private keys held by six different persons. It was to ensure that none of them would later counterfeit Zcash coins or transactions and ruin the system.

Snowden, who has lived in Russia since 2013 after being accused of spying in the United States, explained that he did not design Zcash’s algorithm and said it was an “exciting” project after seeing work on it by professional academic cryptographers. Snowden explains that he did not receive any payment for his contribution.

News of Snowden’s involvement in creating the coin, which focuses on confidentiality, has not contributed much to Zcash’s uptrend. The ZEC price rose 2.01%, reaching $150.22 at publication. It is also ranked 51st in the cryptocurrency rankings, with about $2.1 billion in market capitalization.

However, who would have believed that he did not make money from Zcash?

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