is edward snowden warning xrp holders what does this mean is ripple not the cryptocurrency people should be going for well keep on watching this video to find out more so that you don't miss out on an excellent opportunity to win a giveaway of 25 xrp tokens at the end of this month hey guys welcome back to xrp daily the best spot for your daily dose of everything xrpn cryptocurrency in today's video we will talk about xrp and what edward snowden thinks of cryptocurrencies and warns xrp holders so be sure to stay focused if you are new to the channel be sure to subscribe to the channel and turn on post notifications by hitting the bell so you never miss any of our uploads and also enter our giveaway now with the intro out of the way let's get into our topic for today edward snowden became known in 2013 when he leaked highly classified information uncovering numerous global surveillance programs warned about the dangers of cbdc's former cia and nsa subcontractor and whistleblower edward snowden who recently published an opinion article concerning central bank digital currencies or cbdc's continued to discuss the danger behind their adoption on twitter according to the famous privacy advocate cbdc's are the newest danger cresting the public horizon designed to usher the state's ultimate financial control while ironically commenting on dr eswar prasad's opinion piece published in the new york times in july 2021 in which the professor of trade policy at cornell university presented the so-called digital dollar in a positive light snowden said that the fed could use cbdc's for casually annihilating the savings of every wage worker in the country if they don't spend them fast enough most of your money exists not as something folded in your wallet but as an entry in a bank's database faithfully requested and rendered beneath the glass of your phone if someone else gets to decide if and how you can spend it is it yours wrote the famous whistleblower in his opinion piece published on the 9th of october while pointing out that the adoption of cbdc proposes a direct threat to financial independence and freedom snowden who was known to be a fan of decentralized cryptocurrencies such as bitcoin warned that those should not be confused or compared to cbdc's which are according to him here to ransom our future instead a cbdc is something closer to being a perversion of cryptocurrency or at least of the founding principles and protocols of cryptocurrency a crypto fascist currency entered into the ledgers on opposite day expressly designed to deny its users the basic ownership of their money and to install the state at the mediating center of every transaction he wrote edward snowden's revelations became an international issue that strained relations between the world's governments today snowden is living in moscow russia under temporary asylum the exact place where snowden is living has not been revealed for his safety edward snowden is a bitcoin and cryptocurrency enthusiast but stated multiple times that cryptocurrencies are not as secure and private as mass media often tries to frame it according to a leak by framed whistleblower edward snowden the nsa is reportedly monitoring the bitcoin blockchain to identify users on the distributed network according to the report the nsa has been monitoring the internet activities of bitcoin users since 2013 through a program with the code name oak star and yet the new leak suggested that with moneyrocket which is another subprogram under oakstar the nsa may be moving closer to pinpoint users who initiate a cryptocurrency transaction snowden's twitter post comes after stories in recent days about the biden administration's six trillion dollar stimulus measures to bring back a better america six trillion dollars this is good for bitcoin said snowden with all that said ripple xrp is one of the most recognized yet most controversial cryptos in the market this is due to a combination of its use case in banking and ambiguity as to whether it is a secure platform or not the controversies around its relationship with ripple are so huge that it came under the radar of the u.s securities and exchange commission xrp trading volume soared to 4.4 billion dollars in quarter two xrp is the sixth largest cryptocurrency by market capitalization it recorded a massive spike in trading volume in quarter two this year climbing to over 4.4 billion dollars comparatively its trading volume in quarter one was 2.2 billion a 98 increase in the second quarter and you'll be surprised to know that xrp remains one of the largest cryptocurrencies by market cap even after going through all of the hurdles of an sec lawsuit in fact in early april 2021 xrp rallied rocketing past the dollar mark and almost hitting two dollars for the first time since 2018.

Furthermore the ex-nsa consultant and whistleblower edward snowden has called a cbdc a crypto-fascist currency mainly designed to deny people the primary ownership of their money in a tweet snowden said the cbdc would put the state at the center of every transaction in disagreement with the founding principles and protocols of the virtual currency the cryptocurrency was developed as a decentralized currency free from the control of any single authority it was designed to remove financial institutions like banks from the process of trading and investment while cryptocurrency has made rapid gains this year some people are still in doubt due to an absence of an underlying asset or government backing many governments are moving cautiously to give it the status of a legal tender they say they are studying the evolving technology and developing their cbdc which a sovereign guarantee will back snowden said a cbdc is a perversion of cryptocurrency or at least the founding principles and protocols of it a crypto fascist currency expressly designed to deny you the basic ownership of your money by installing the state at the center of every transaction the tweet shared a link to snowden's newsletter titled your money and your life he opened strongly against the potential use cases of cbdc's including the belief that a cbdc will be the representation of the digital dollar snowden said rather i will tell you what a cbdc is not it is not as wikipedia might tell you a digital dollar after all most dollars are already digital existing not as something folded in your wallet but as an entry in a bank's database faithfully requested and rendered beneath the glass of your phone moreover snowden who now resides in russia after leaking the nsa data to the media and escaping from the us has criticized and appreciated cryptocurrency so is xrp a good investment now xrp remains a good crypto investment as major financial institutions are adopting ripple when a product adoption rate is high it means the value of an asset will grow hence xrp is an excellent choice for thematic investors who buy digital currencies based on a top-down investment approach to diversify their portfolios xrp's low price has opened up an affordable entry and investment opportunity with higher returns in addition the use of xrp across the ripple network for ultra quick currency transfers at a lower fee further strengthens its position the vast acceptance of ripple net at over 100 multinational banks increasingly proves its credibility there has been much controversy about the lawsuit focusing on whether xrp is a security or simply a cryptocurrency as the sec alleges if it is a security then it must be registered with them as one the sec has never classified the top two cryptocurrencies bitcoin and ether as securities however they are decentralized and not owned by one entity this is not the case with xrp to draw a brief conclusion edward snowden has a somewhat optimistic opinion of cryptocurrency as a phenomenon according to snowden other cryptocurrencies which appear to be more suitable for payment solutions because of transparency security and transaction speed like xrp can experience a substantial boom in the next few years however according to snowden bitcoin should make every effort to develop if its creators want to call their brainchild a global benchmark xrp is one of the most commonly utilized cryptocurrencies for payments outside of bitcoin and ethereum so it's logical since it's convenient for payments xrp allows you to send money almost instantly and at practically no cost well guys that's all we have for you today what are your thoughts on this is snowden right get involved and let us know in the comments down below if you guys like this video then be sure to give this video a big thumbs up also if you don't want to miss out on any new future videos then be sure to click on the subscribe button and turn on the notification under this video so that you're notified the next time we upload a video on the latest xrp and cryptocurrency news until the next video comes out you can watch our other videos about xrp or other cryptocurrencies thank you for watching and we will see you again in the next video goodbye

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