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Cryptocurrency is ‘Honestly Useless’: Harvard Cryptographer Featured

Cryptocurrency is useless to anyone other than nefarious groups or individuals trying to move money without being noticed by the government. This is apparently the cutting-edge opinion of Harvard University cryptographer and technology researcher Bruce Schneier.

Citing a series of regularly discredited and debunked talking points, Schneier believes that the aims of Bitcoin according to its original whitepaper have been defeated by the reality of its deployment, which means that in addition to being operationally difficult and risky, it also fails to deliver on its basic premise, which essentially renders it useless.

Writing in Wired, Schneier cites the trust issue as the biggest example of cryptocurrency’s basic failure. According to him, while it was created to provide a basis for electronic transactions without relying on trust, a critical look at the architecture of blockchain technology will show that it cannot function without trust — which defeats the whole purpose of having an uncontrolled system in the first place.

Crypto users have to trust that miners are following the right sequences to mine bitcoins then trust that the system won’t crash resulting in monetary loss. In actual fact, he says, all bitcoin has done is take trust away from humans and place it in technology whose security is also not guaranteed.

Last modified on February 18, 2019
JAVC Enterprise

Headquartered in Margate, Florida, JAVC Enterprise Corp (JAVC) is the creator of the Java Coin, a cryptocurrency (a form of digital money). While maintaining privacy of customers, JAVC utilizes proprietary techniques to verify ownership of coin holders, secure and monitor transactions, trace and track identities of senders and receivers, maintain all record keeping efforts, protect coins from theft, maintain liquidity and stabilize value of the cryptocurrency.

Website: www.javcenterprisecorp.com/