Focus on the basics of BTC, says Edward Snowden
“We are banding ourselves together to bypass the keyhole of tyranny.” Edward Snowden's speech to a packed audience at the Genesis Forum in Amsterdam highlighted the value of the leading cryptocurrency in a world besieged by increasing government surveillance, fiat currencies and restrictive policies.
The popular pointer's address summed up a recurring theme during the conference, driving home the role of decentralized protocols like Bitcoin and Nostr in giving individuals some control over their wealth and privacy.
Cointelegraph spoke to prominent Bitcoin developers, investors, builders and supporters who attended the two-day conference in Amsterdam's beautiful Westerpark neighborhood. Amid the ongoing cryptocurrency bear market, the event attracted thousands of attendees seeking the latest news and insights into the Bitcoin (BTC) industry.
While many celebrities have highlighted Bitcoin's potential as a store of value against the diminishing purchasing power of fiat currencies, Snowden's continued focus on BTC's value was critical given the importance of a decentralized tool.
“We're all part of a bigger game, and bitcoin is one of the strongest parts of it. The systems we're influencing, the ways we're using it; [such as] Payments and finance will shape what tomorrow's world will look like.
Snowden's address drew arguably the largest crowd of visitors of the conference, re-examining Bitcoin's role in his journey against the US government and its unwarranted surveillance of citizens.
In the year In 2013, Snowden used Bitcoin to pay for servers that hosted classified information sent to journalists, revealing the National Security Agency's intrusion into the lives of American citizens. As Snowden explained, Bitcoin's growing popularity has come with increasing opposition from governments, lawmakers and legacy financial institutions.
“We don't want to focus on things like ETFs. [exchange-traded funds]; We need to focus on the basics.
Snowden added that the Bitcoin ETF's impact on cryptocurrency prices is a “subjugation, a form of subjugation, a taming process” being played out by institutions that dominate traditional financial sectors.
Snowden also shared his belief that Bitcoin has a “privacy problem,” pointing to the emergence of hacking tools like CoinJoin and mixers as an important but pressing concern for the decentralized protocol.
“Working underground is not freedom. The importance of CoinJoins and more – because you're not free. Proof of money is proof of freedom.”
Snowden said society should continue to innovate by creating decentralized tools that don't obey authority, citing the US Securities and Exchange Commission's 2023 crackdown on the broader cryptocurrency space as a prime example. Current control;
“Gary Gensler is not the daddy of Bitcoin when all the people watching the price and looking at the headlines involving the SEC, I don't care what he thinks, and I don't think you should either.”
He also suggested the creation of Hat Nostrum, which he described as powerful in conceptualizing the integration of free speech and free trade. Nostr's creators later unveiled the Genesis platform at the conference, which attracted a large crowd.
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