Bruce Schneier criticizes blockchain technology

[Unblock_news]

Along with the hype and popularity that blockchain technology has been gaining are the criticisms from people whose views in blockchain tech were negative.

Just recently, he delivered a speech that talks about blockchain wherein he claimed that cryptocurrencies are not as useful as many perceive it to be. He explained that the technology does not serve its primary purpose, which is to be a trusted system that eliminates the need for a third party.


Read more here: https://www.unblock.news/news/bruce-schneier-criticizes-blockchain-technology

[el kaka22]

He has a small point, blockchain supposed to be p2p and when a blockchain company builds a blockchain software and helps you install it and use it that creates a third party. Has no other purpose other than regular software company, except this one uses blockchain. We need to make sure companies have their own blockchain that is p2p without outside help to actually make it trustless system where it has no third party connections.

If used incorrectly blockchain could be very dangerous as well from tracking the movements to 51% attacks to many other dangers so when it is installed by a third party it is not exactly a trustless system like bitcoin promised. Hence blockchain is gaining a lot of attention which is awesome but its not properly used like it should be.

[butka]

As far as I can see, Schneier didn't really say anything new. For example,

Schneier stated that with cryptos and blockchain, privacy is ‘okay’ because no one can see and monitor the user’s private details. However, if someone cracks into their wallets then the user can blame no one and can kiss all his money goodbye. Source: https://www.unblock.news/news/bruce-schneier-criticizes-blockchain-technology

this is something everyone knows. Of course, you are in charge of your funds, and of course, there is no bank to go to and file a case to get your money back in case there's a hack.

If this is the main argument against blockchain technology, it is not a good one. If people cannot take their own monetary destiny in there own hands and forget about centralized institutions and the possibility to appeal to, then the current system will survive indefinitely. Still, as time passes by, I believe more and more people will be knowledgeable about the blockchain, keep at least a portion of their money in a wallet they control, and be more independent.

[BitBustah]

This guy is clueless, no one can just freeze your crypto like they can with a traditional bank account or stock market account.  You are in complete control of funds and act as your own bank.

[dothebeats]

Blockchain technology serves as a ledger. be it decentralized or not. Bitcoins and cryptocurrencies however, should be decentralized and P2P, true to its roots, though let's be honest that even that is compromised and bitcoin is now being used and integrated into third-party services (like Bitpay and other payment processors) for the comfort of the merchants. But yeah, he isn't wrong either on his statement. Blockchain tech is being used and experimented for widespread centralized use, so there's that.

[cizatext]

He is right to some extent because the blockchain technology was design primarily to eliminate the third party system of doing financial transactions, but what we have with most cryptocurrencies still requires third party just like the exchange site and the rest of it all e.g the KYC process which are verified by a third party before you transactions can go through. But with time I know the technology is going to perform it primary function with enhanced development.

[stompix]

DO NOT! Read more here: https://www.unblock.news/news/bruce-schneier-criticizes-blockchain-technology

Schneier, Scheiner, Schneier, Schenier ,Scheiner, Schneier,

If you really plan to post some news about what somebody has said....TRY to get his name right!!!!

He is right to some extent because the blockchain technology was design primarily to eliminate the third party system of doing financial transactions,

He is making a mess of everything trying to sound interesting...

Blockchain in form of the BTC eliminated the need for a third party system, it doesn't imply that it also replaced all the features a third party could provide.
And the rest of his rants are more on how the blockchain can be abused, but nobody ever said that there will be no scams or no theft using cryptos. 40 minutes of somebody telling us that the wheel might be dangerous because a car can hit you.

[mu_enrico]

Self-enforcing protocol are the ones which do not need any intervention from a 3rd party at all. Digital currencies are the perfect example.

At first, Schneier thought that the said protocols need to work individually. However, after further studying, he came to realize that it does not work that way. He learned that those protocols need to operate together in order for society to work.

Source: https://www.unblock.news/news/bruce-schneier-criticizes-blockchain-technology

From a historical perspective, maybe he is correct. However, this blockchain technology is still very young. Perhaps blockchain will shape society and not the other way around.

He only stated his hypothesis, so not a big deal.

[romero121]

In the past when bitcoin was young, criticisms from top peoples of the crypto community affected the growth. People used to react to the statement put forth by these people. Later people realized the truth behind it as the technology got widened and understood the concepts and working behind it. With this I believe criticisms were common and blockchain technology is not an exception.

[mrdeposit]

Everyone is talking unnecessarily because they have the power to talk against cryptocurrency. If a person thinks the blockchain is useless after comparing the current system with the blockchain, I can not find any meaning in this.

[awawo]

He is relatively wrong because blockchain technology is not being abuse and at that his speech is so misleading Bruce Schneier because the cryptocurrency has work according to it Design and the Leger distribution in the blockchain is accurate.

[daarul50]

I am not surprised, because from the beginning of the emergence of this technology many people have criticized it. But, we must see that with any criticism of blockchain technology it can continue to survive even today many companies in the world have adopted this technology.

[Harlot]

Just recently, he delivered a speech that talks about blockchain wherein he claimed that cryptocurrencies are not as useful as many perceive it to be. He explained that the technology does not serve its primary purpose, which is to be a trusted system that eliminates the need for a third party.

I think the headline has misled us to believe that he was also not seeing any usefulness on blockchain technology on itself. Just as I quickly skimmed through the article I saw that he was not pointing out on blockchain technology but on its accordance with cryptocurrencies. We have seen people like him before where they don't see anything good from cryptocurrencies but only its flaws within the system, the problem here is he gave a example about how banks are more reliable than cryptocurrencies when it comes to the security of your money that if someone hacked your wallet it is good as gone, he didn't pointed it out that even your money in the bank can be stolen easily just by losing your credit/debit card. The point is all systems have flaws and as a user of both we are still taking risk because of the people who have bad intentions for us.

[TheCoinGrabber]

Schneier stated that with cryptos and blockchain, privacy is ‘okay’ because no one can see and monitor the user’s private details. However, if someone cracks into their wallets then the user can blame no one and can kiss all his money goodbye.

Well, he's right about that one. This is however the price we pay for trying our best too keep the gov't and banks out of our money. We are solely responsible for our money. That was the original intent of bitcoin, to give people more control over their money.

Well, he's right about that one. This is however the price we pay for trying our best too keep the gov't and banks out of our money. We are solely responsible for our money. That was the original intent of bitcoin, to give people more control over their money.

And apparently many people that invested in bitcoins before it was "cool" and in the news valued their independence over the risk of losing money.

[MakeMoneyBtc]

Where there are 10 postive people there are always going to be 1 or 2 negative people and thats alright. Sometimes negative people see whats bad and they say it loud to the world, just like Bruce Scneier did here. So even though he criticizes blockchain technology wwe can see the good part in this. People can see the disadvantages of blockchain technology before using it.

[eaLiTy]

this is something everyone knows. Of course, you are in charge of your funds, and of course, there is no bank to go to and file a case to get your money back in case there's a hack.

The problem is that not everyone can handle everything and some consider this as a great risk because of the hacks news you hear on a daily basis on how exchanges are hacked and customers loosing their coins and that will make a common individual to think twice before investing in it.

I believe more and more people will be knowledgeable about the blockchain, keep at least a portion of their money in a wallet they control, and be more independent.

You really do not need everyone to start using this market, the people who feel like they can safe guard their assets and are smart enough to handle things will be already here in this market and in the future people might show interest in it when they comes to the financial freedom it offers when it comes to trade and commerce.

[awik p]

Where there are 10 postive people there are always going to be 1 or 2 negative people and thats alright. Sometimes negative people see whats bad and they say it loud to the world, just like Bruce Scneier did here. So even though he criticizes blockchain technology wwe can see the good part in this. People can see the disadvantages of blockchain technology before using it.

right, it's better before we use it we understand the strengths and weaknesses, so it's not surprised after a problem occurs when using it. of course there are weaknesses in all systems, but I think the advantages of the blockchain are more than the weaknesses, and I don't think it's a problem if we use it wisely