Bashed The Entire Cryptocurrency Industry Including Bitcoin – Honest People Don’t Need It

Bashed The Entire Cryptocurrency Industry Including Bitcoin – Honest People Don’t Need It

February 11, 2019 Off Maheen Hernandez By Maheen Hernandez

Arwen is a cryptocurrency startup focused on making cryptocurrency exchanges more secure.  Sharon Goldberg and Ethan Heilman are the co-founders of Arwen.

Several people are very scared to invest even a single dollar into the net worth of digital currencies.  Regardless of whether it is Ethereum, Litecoin, or Bitcoin several investors are merely scared to invest.

While there are increased concerns about cryptocurrency, the primary question in the minds of investors is about who are protecting these digital assets.  They cannot understand.  What would happen to their money if the founder would die without revealing the private keys like in the instance of QuadrigaCX?

Matthew Walsh, a former Fidelity Investments vice president, stated, “Every time I see one of these exchanges getting hacked, or the founder take off with the money in some scam, it’s another reminder of how immature this industry is.”  He further added, “It’s bordering on a joke how immature the infrastructure is — and how dangerous it is.”

A whole lot from the younger generation who have had social and economic prospects who entered into the cryptocurrency market by aiming to become rich ended up with losses.  Early bird investors survive, but those who came late are the losers.

Several young adults are keeping the fact that they have invested in digital currencies as a secret from their parents.

Some of the cryptocurrency obsessed youngsters have to say, “I don’t think it’s fair that people call it gambling.”  This they say despite having lost their money.  Several of them are in debts.

Bruce Schneider, a Harvard cryptographer, bashed the entire cryptocurrency industry including Bitcoin.  He opines that cryptocurrency is useful only to nefarious individuals and groups.

The need to move money lies only with shady groups who do not want centralized banks or government agencies to know about their dealings.  According to Schneider, average individuals who are leading honest lives do not need cryptocurrencies.

Schneier in his remarks about the permanent nature of blockchain technology stated: “You can lose all your savings by making one small mistake.”  He also believes that all the energy consumption to sustain the cryptocurrency transaction records are not worth the risk of environmental hazards. He feels it is pointless to have a digital currency.

With all this happening across the globe with investors, Venezuela is regulating the cryptocurrency remittances. “The decree enacting the regulation was published in the Official Gazette No. 41.581.”

Share