Edward Snowden Makes A Bold Statement On Bitcoin: Details


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.

How To Get Free Crypto  

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.

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,
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.

Coinbase Banner  

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.

BTC
price
hovers
below
key
resistance
(blue
line),
1-day
chart
|
Source:

BTCUSD
on
TradingView.com

Featured
image
from
NPR,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons


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