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A prominent security expert has his own thoughts on the cryptocurrency industry
Prominent Technical Specialist and former CIA employee Edward Snowden shared his views on the cryptocurrency industry, but he warned his followers that he had no idea what he was talking about and that they shouldn’t treat this as financial advice.
According to Snowden, he feels like the market is going to pull back a bit, reaching the price levels we have seen previously. However, his prediction is not only related to Bitcoin and its price performance. Snowden thinks the industry should turn to safe DEXs after the FTX crash.
Why DEX?
Decentralized exchanges are alternatives to centralized exchanges and are run solely by smart contracts – with no third parties. Thanks to the complete “dehumanization”, the DEX in its original state should never face problems similar to those of FTX, because its reserves never drop below the deposits of the users.
However, DEX users must tolerate certain risks that the CEX structure negates. Technically, your DEX account is nothing but a multi-coin wallet that connects to various price oracles and allows trading with other wallets. If you forget or lose access to your account, it will disappear forever because no third party will ever be able to provide you with a new password.
Another factor that DEX investors should consider is regulation. Due to a series of unaudited decentralized exchange hacks and rugpulls, European and US regulators have cracked down on the industry, limiting the functionality of most DEXs and forcing their users to face consequences in some jurisdictions.
In 2020, Edward Snowden predicted the next rally for the first cryptocurrency that took it to the current all-time high of $69,000. However, Snowden said he had no financial education and people shouldn’t really take his thoughts as a serious prediction or analysis.
