Privacy advocate Edward Snowden issued a stark warning about Bitcoin’s privacy vulnerabilities during his speech at the just-concluded Bitcoin Conference in Nashville.
Speaking virtually on July 26, Snowden highlighted the looming risks to personal privacy posed by advancements in AI and blockchain technology.
Snowden Warns of AI Threats to Bitcoin Privacy
Snowden warned that sophisticated AI models could soon scrutinize blockchain transactions. This development threatens to undermine the privacy of cryptocurrency users globally.
He emphasized that Bitcoin transactions, contrary to popular belief, are not fully anonymous. They can often be traced back to individuals, especially through on and off-ramps like regulated exchanges. This traceability can compromise users’ personal privacy by revealing their transaction histories, which may include sensitive information about their lives and 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 stated.
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He cautioned that the implications of these transaction tracking could extend beyond Bitcoin. He noted that governments and corporations could use AI to exploit this data to create individual profiles without their permission. Snowden predicted that within 5-10 years, big data will be able to use blockchain to track every aspect of our lives to develop 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 data set even if they don’t identify you,” Snowden said.
Consequently, Snowden urged for increased efforts to secure BTC 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.
Snowden’s speech comes at an interesting time when governments around the world have increased their scrutiny of privacy blockchains. The US government has particularly waged an ongoing war against several of these protocols, including Tornado Cash, due to concerns regarding their possible misuse in illicit activities.
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Meanwhile, Snowden ended his speech by urging the crypto community to be wary of politicians seeking to gain their support. He advised Bitcoiners to remain cautious of political figures who may be trying to win over the crypto community for their own agendas.
“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 stated.
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