Twenty six prominent computer scientists and academics have sent a letter to US officials in the capital denouncing cryptocurrencies and blockchain technology.
The group, including Harvard lecturer Bruce Schneier, Microsoft engineer Miguel de Icaza, and Google Cloud’s principal engineer Kelsey Hightower, hopes to “counter-lobby” against the expanding crypto and blockchain lobbying groups.
Schneier says,
“The claims that the blockchain advocates make are not true. It’s not secure, it’s not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.”
In their letter, the authors urge policymakers to reconsider before caving in to pressure from crypto lobbyists.
“We urge you to resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments…
Crypto-assets have been the vehicle for unsound and highly volatile speculative investment schemes that are being actively promoted to retail investors who may be unable to understand their nature and risk.”
According to Microsoft engineer de Icaza, blockchain’s computational power is equivalent to what one could do in a centralised way with a $100 computer.
“We’re essentially wasting millions of dollars worth of equipment because we’ve decided that we don’t trust the banking system.”
Crypto lobbying efforts in Washington, D.C. have increased in recent years, attracting attention from officials of both parties. CEO of SkyBridge Capital, Anthony Scarramuci, predicted earlier this year that lobbying groups would pressure the next two presidential candidates of 2024 to support cryptocurrency.
“Let me just say this to you, follow the money because there is a water-wall of money entering Washington from the different associations and lobbying groups. I’ll make a prediction on your show that the 2024 final two presidential candidates will be pro-crypto, pro-blockchain. Follow the money.”
