Lecturer of cryptography and researcher of technology, Harvard University Bruce Schneier (Bruce Schneier) believes that cryptocurrency is useless for all but criminal groups or individuals attempting to transfer money unnoticed from the authorities.
According to Schneier, the objectives set in the technical description of bitcoin, was defeated by the reality of his deployment. Use bitcoin difficult and risky, and it cannot cope with its basic premise, says the scientist.
He recalled that BTC was created to provide online transactions without the need to rely on trust. But the whole system of the blockchain shows that she cannot function without trust, so the goal is to have the uncontrolled system is not achieved, said Schneier. For example, users have to trust the miners that they will carry out the work confirmation of transactions, and the system of bitcoin will not collapse.
Bitcoin just shifted trust from people to technology, which in many cases are unable to guarantee the security, noted cryptographer.
“If your bitcoin exchange gets compromised, you will lose all your money. If your bitcoin wallet is hacked, you will lose all your money. If you forget your credentials, you will lose all your money. If code in your smart contract there is an error, you will lose all your money. If someone has successfully hacked the security of the blockchain, you will lose all your money,” said Bruce Schneier.
He believes that automated systems cannot be completely trusted, and human input will always be better. However, users of cryptocurrencies also need to trust the exchanges and wallets
In addition, Schneier believes that the immutability of the block chain is a problem because in case of an error may lose all the savings. Cryptocurrency is inherently useless and not needed, he concluded.
We will remind, earlier known critic of cryptocurrencies economist and financial expert Nouriel Roubini (Nouriel Roubini) said that they would destroy the issue of digital currencies by Central banks.