bitcoinBTC/USD
$ 20,328.00
ethereumETH/USD
$ 1,146.83
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.459338
xrpXRP/USD
$ 0.325782
usd-coinUSDC/USD
$ 1.00

Federal Lawmakers are Advised by Tech Specialists to be Apprehensive Towards Crypto

A group of tech professionals has submitted a letter urging the US Congress to oppose the impact of the crypto sector and impose restrictions.

A group of tech professionals has submitted a letter urging the US Congress to oppose the impact of the crypto sector and impose a restriction on the industry.

Per the Financial Times, the letter described cryptocurrency as an “unsound and highly speculative investment” and stated that blockchain technology serves no actual function.

The letter includes the following passage:

“We urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments.”

Microsoft engineer Miguel de Icaza, one of the letter’s signatories, stated that the processing power necessary for blockchain technology could be done in a centralized manner with a $100 computer. He stated:

“The computational power is equivalent to what you could do in a centralized way with a $100 computer. We’re essentially wasting millions of dollars’ worth of equipment because we’ve decided that we don’t trust the banking system.”

Havard professor Bruce Schneier, another contributor to the letter,  said that blockchain enthusiasts’ assertions are false.

He claims that the system is not safe or decentralized, before adding: “Any system where you forget your password and you lose your life savings is not a safe system.”

The letter was sent to Senate Majority and Minority Leaders, as well as Senator Patrick Toomey and Senator Ron Wyden, and other senators who have come out in support of crypto. 

Meanwhile, this is not the first instance the crypto sector has been labeled negatively by the general public.

Notable figures such as Senator Elizabeth Warren and global financial regulators have repeatedly cautioned about the hazards associated with the cryptocurrency industry.

Crypto stakeholders have voiced their concerns with the tech experts’ viewpoints.

Blockchain technology, according to Bryan Ritchie, CEO of SIMBA Chain, has aided in the introduction of new concepts into economics and other industries. While the technology is “still quite difficult for most,” he continues, it provides advantages such as “transparency and immutability of data,” which may assist to assure the correctness and simplify procedures.

Also read:

Related News

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »
The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan.

The Withdrawal Limit Temporarily Reduced by CoinLoan

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan. The corporation cited the present market crash as the reason for the decision. Due to the change, customers are now limited to a $5,000 maximum withdrawal limit each day. In their announcement, they noted the following: “the interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some

Read More »

My Coins

bitcoinBitcoin
$ 20,328.003.88%
ethereumEthereum
$ 1,146.834.58%
cardanoCardano
$ 0.4593382.32%
tetherTether
$ 1.000.03%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org