Vitalik Buterin says crypto’s essence isn’t even about its market

Vitalik Buterin says crypto's essence isn't even about its market


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  • Elizabeth Goitein expressed outrage over the Senate’s reauthorization of Section 702, highlighting its expansion of surveillance powers.
  • The bill allows NSA broad access to communications of U.S. businesses and individuals, raising concerns about potential misuse for spying.
  • Vitalik Buterin criticized the focus on cryptocurrency as merely financial, stressing its foundational goals of freedom, privacy, and decentralization.

Elizabeth Goitein, co-director of the Liberty and National Security Program at the Brennan Center for Justice, recently took to Twitter to express her outrage over the Senate’s decision to reauthorize Section 702. Her post revealed deep disappointment with the majority of senators who succumbed to the administration’s intense fear mongering and deceptive tactics.

The renewal of Section 702, she noted, comes not just without meaningful reforms but introduces a deeply concerning expansion of surveillance powers.

US Senator Ron Wyden characterized this expansion as “one of the most dramatic and terrifying in history,” enabling unprecedented NSA access to nearly all U.S. businesses’ communication tools and a broad array of other entities and individuals.

This broad surveillance reach, she argued, essentially gifts any sitting president the capability to spy on political rivals, journalists, and anyone considered an ideological threat.

The backlash against this legislative move was significant, drawing criticisms for the deceit that surrounded the voting process. Goitein admitted her jaded perspective did not prepare her for the level of dishonesty displayed, calling it a “shameful moment” both for Congress and the administration.

Despite these challenges, she highlighted some positives. A determined group of senators, including Ron Wyden, Mike Lee, Dick Durbin, and Rand Paul, who staunchly defended civil liberties and led efforts for reforms. Public engagement was also notable, with thousands of concerned citizens calling their senators daily, an effort that Goitein praised as contributing to a “huge, new, wonderful community.”

Furthermore, this public pressure led to some concessions from those in power, with promises made to amend the most egregious aspects of the law. These adjustments are expected to be incorporated into critical upcoming legislation, like the National Defense Authorization Act, promises that Goitein vowed to monitor closely.

The legendary Vitalik Buterin, chimed in, stressing that the ongoing issues extend beyond simple market dynamics. Quoting Goitein’s tweet, Buterin emphasized that the true essence of cryptocurrency lies in its ability to uphold freedom, privacy, and empower the average person — principles currently under threat globally.

He lamented that the focus often remains narrowly on crypto as an investment, overshadowing its potential as a revolutionary technology designed to decentralize power and increase transparency.

Blockchain technology is about way more than just the chaos of crypto trading. It’s a game-changer that could really shake up some of the world’s biggest systems and help stabilize the global economy.

Take the finance sector, for example. Blockchain has the power to open up financial services to the millions of people who don’t have bank accounts, like those in developing or under-developing countries.

This could be a huge deal, making it easier for them to get in on economic activities and potentially kickstart growth in places that really need it. I’m talking about a real shot at slashing poverty and pumping up economic action worldwide.

In terms of supply chain management, blockchain could transform how we track everything from where a product is made to when it hits your doorstep. It’s about making that whole process crystal clear so we can cut out fraud, slash pointless costs, and handle goods more efficiently. In today’s world, where everything from global health crises to political issues can throw a wrench in the works, these changes could make supply chains a lot more reliable.

Yet, despite all this potential, the conversation around blockchain in regulatory agencies and communities like Crypto Twitter often just circles back to trading and market stuff. This narrow view totally misses the bigger picture — how blockchain could really help sort out some major economic and social challenges. We need to shift the focus if we want blockchain to live up to its potential as a force for stability in the world economy.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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