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Privacy advocate Edward Snowden warns of Bitcoin's privacy risks due to AI advancements, urging enhanced security measures.
Author: Tanishq Bodh
At the recent Bitcoin Conference in Nashville, privacy advocate Edward Snowden delivered a stark warning about the growing privacy risks associated with Bitcoin. Speaking virtually on July 26, Snowden emphasized the dangers posed by advancements in AI and blockchain technology.
Snowden cautioned that advanced AI models could soon begin analyzing blockchain transactions, posing a significant threat to the privacy of cryptocurrency users worldwide. Contrary to popular belief, Bitcoin transactions are not completely anonymous and can often be traced back to individuals, particularly through regulated exchanges. This traceability, Snowden argued, can expose users’ personal information, including their financial activities and political affiliations.
“When they have your transaction history, they have your life history. They know what you read, what you buy, who you send to, who you support politically, like where your donations went—all of that is available to them. They can infer your thinking, they can infer your affiliations.” Snowden explained.
Snowden stressed that the implications of AI-driven transaction tracking extend beyond Bitcoin. He warned that governments and corporations could exploit this data to create detailed profiles of individuals without their consent. Within the next 5-10 years, he predicted, big data could leverage blockchain technology to monitor every aspect of our lives, enabling the development of predictive behavioral models.
How do we secure the transactions on the Bitcoin Network moving forward? I have said this for 10 years [and] I have been ignored for 10 years. Well, we’re running out of runway…every time you’re on this network, you are going to be adding to the dataset even if they don’t identify you.” Snowden said.
Snowden called for immediate action to enhance the security of transactions and protect users’ privacy. “We’re running out of time to fix this, and the consequences of ignoring it are a whole lot worse,” he warned.
This warning comes as governments worldwide are increasing their scrutiny of privacy-focused blockchains. The US government, in particular, has been targeting several of these protocols, including Tornado Cash, due to concerns about their potential misuse in illegal activities.
Edward Snowden concluded his speech by advising the crypto community to be cautious of politicians seeking their support. He urged Bitcoiners to remain wary of political figures who might be trying to gain favor with the crypto community for their own benefit.
“Cast a vote, but don’t join a cult. They are not our tribe. They are not your personality. They have their own interests, their own values, their own things they’re chasing. Try to get what you need from them, but don’t give yourself to them, even if you have to vote for them.” Snowden advised.
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