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Edward Snowden Bitcoin

Edward Snowden Makes A Bold Statement On Bitcoin: Details

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Monday, NSA whistleblower Edward Snowden once again expressed his support for Bitcoin (BTC). Snowden’s statement came in the wake of a significant market disruption that saw Berkshire Hathaway shares plummet by 99% due to a technical glitch on the New York Stock Exchange (NYSE). This incident has reignited discussions about the robustness and reliability of traditional financial systems versus decentralized alternatives.

Bitcoin Fixes This

A technical glitch on the NYSE triggered extreme price swings in several securities, causing a temporary suspension of trading. Approximately two hours after the NYSE halted trading, it was reported that all systems were operational again.

Among the affected securities, shares of Berkshire Hathaway, Warren Buffett‘s storied investment company, and Barrick Gold, a major mining group, experienced dramatic and erroneous declines of around 99% in value. Berkshire Hathaway shares, which typically trade at more than $622,000, dropped precipitously to just $185 due to the glitch. This erroneous pricing was later corrected.

Related Reading: Bitcoin’s Next Leap:: Billionaire Points To $500,000 Per BTC—Here’s When & How

The NYSE attributed the turmoil to “technical difficulties” with the limit-up/limit-down mechanisms. These mechanisms are designed to curb unusually large price fluctuations during trading sessions. Introduced after the 2010 flash crash, where a selling wave triggered by computer algorithms wiped out a trillion dollars in market value within minutes, these mechanisms are critical in maintaining market stability. Intercontinental Exchange, the NYSE’s operator, reported no indications of a hacker attack.

In response to this event, Edward Snowden took to X, simply stating, “Bitcoin fixes this.” Snowden’s terse comment underscores his belief in the advantages of decentralized financial systems over traditional, centralized exchanges.

bitcoin fixes this https://t.co/1iS96wdbMT

— Edward Snowden (@Snowden) June 3, 2024

Bitcoin, as a decentralized digital currency, operates on a peer-to-peer network without a central authority. This structure contrasts sharply with traditional stock exchanges, where centralized control can lead to systemic risks, such as those demonstrated by the recent NYSE glitch. The design of Bitcoin aims to ensure transparency, immutability, and security, reducing the potential for such catastrophic failures due to technical issues or centralized errors.

Related Reading: Edward Snowden Delivers ‘Final’ Bitcoin Warning: Here’s Why

Snowden’s endorsement of Bitcoin in this context highlights the cryptocurrency’s resilience against the vulnerabilities that can plague traditional financial systems. By pointing out that “Bitcoin fixes this,” Snowden implies that BTC’s decentralized nature could potentially prevent similar disruptions in the financial system, offering a more reliable alternative to traditional trading platforms.

Notably, Bitcoin boasts an uptime of 99.989% since its inception. This remarkable level of reliability is a testament to the robustness of its underlying blockchain technology. There have been only two incidents in BTC’s early days: the first in 2010, known as the “value overflow incident,” where a bug created billions of BTC out of thin air, and the second in 2013, involving a temporary blockchain fork caused by an incompatible software upgrade. Both incidents were swiftly addressed by the core developers, reinforcing Bitcoin’s resilience.

At press time, BTC traded at $69,047.

Bitcoin price
BTC price hovers below key resistance (blue line), 1-day chart | Source: BTCUSD on TradingView.com
Featured image from NPR, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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