1,500 “crypto-skeptical” computer scientists challenge the US Congress

A tweet, which has gone viral, has led thousands of academics, scientists, technologists and engineers to co-sign an open letter to regulate “FinTech”. They deplore that only the holders of crypto-asset portfolios have been listened to so far, disregarding the arguments of “crypto-skeptics”.

In late 2021, a Bloomberg Intelligence report predicted Bitcoin at $100,000 by the end of 2022, driven by inflation and upcoming Fed rate hikes, which “ would help establish Bitcoin as a viable alternative to the dollar “.

Bitcoin to USD Chart

Evolution of the price of Bitcoin in US dollars since June 2019 / one year Credits: coinmarketcap

After peaking at $68,789 in November 2021, it actually fell back from $32,000 to $17,700 last month…not least because of inflation and Fed rate hikes, before rising back to 20 770. That is a depreciation of 60% since January, after having recorded increases of 360% in one year and 1,000% in three years. A terrible week for the cryptoasset market which “ sees its foundations challenged “, explains Mediapart.

The price of other altcoins also crashed, major crypto trading platforms announced layoffs, froze withdrawals, and the cryptoasset market fell below $900 billion, down $2 trillion from its peak of 3 trillion at the end of 2021.

Cryptocurrency market capitalization
Evolution of the total market capitalization of cryptocurrencies Credits: Coinmarketcap

The cryptographic revolution is well underway and its impact confirmed to be profound. But its trajectory has been anything but gradual or predictable. write entrepreneurs Cameron and Tyler Winklevoss in a letter announcing layoffs at their company, Gemini. They also predict a crypto winter “, like Coinbase, which recalls having already “ weathered four major crypto winters “.

If not prescient, 1,500 computer scientists, engineers and others technologists ” translated on June 1 – so before this alert of a possible “ crypto winter ” – a “ letter of support for responsible fintech policy (FinTech) to the US Congress, concern.tech:

Today, we are writing to urge you to take a critical and skeptical approach to industry claims that crypto-assets (sometimes referred to as cryptocurrencies, crypto-tokens, or web3) are innovative technology that would inherently good. »

They ask them urge to resist pressure from financiers, lobbyists and digital asset industry promoters to create a regulatory haven for these risky, failed and unproven digital financial instruments, and instead take an approach that protects the public interest and ensures that technology is deployed to meet the needs of ordinary citizens » :

We strongly disagree with the narrative – carried by those with a financial stake in the crypto-asset industry – that these technologies represent positive financial innovation. »

The list of “ main signatories of the letter goes from Miguel de Icaza, who was the leader of the free GNOME project, to Jamie Zawinski, one of the first Netscape employees who came up with the idea for the name “ MozillaComment “, passing by Rufus Pollock of the Open Knowledge Foundation, the famous American cryptographer Bruce Schneier or Molly White, known for his crypto-skeptical blog Web3 Is Going Just Great.

“Not all innovations are necessarily good”

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