Edward Snowden, a fugitive from the DOJ, has always just told it like it is, making him enemy number one out of reach of the Deep State
A technical glitch on the New York Stock Exchange (NYSE) caused a temporary panic on Monday morning, leading to a dramatic but erroneous plunge in the share prices of several companies, including Warren Buffett’s Berkshire Hathaway. The issue, which was resolved by midday, ignited discussions about the vulnerabilities of traditional financial systems, with Edward Snowden seizing the moment to highlight Bitcoin’s potential advantages in such scenarios.
NYSE says bizarre glitch that showed Berkshire Hathaway down 99.97% & halted dozens of stocks has been resolved.
NYSE owner ICE has found no indication the glitch was caused by a cyberattack, a senior bank exec tells @snlyngaashttps://t.co/icUp9tcto2 $BRK.A pic.twitter.com/Z5NtuoO38F
— Matt Egan (@MattEganCNN) June 3, 2024
What Happened at the NYSE
On Monday morning, a technical issue on the NYSE caused a significant scare among investors. The A-class shares of Berkshire Hathaway, along with shares of Barrick Gold and Nuscale Power, appeared to plummet nearly 100%, triggering a halt in trading for these stocks. The NYSE identified the problem as a malfunction in the price data provided by the Consolidated Tape Association (CTA), which supplies real-time stock quotes to major exchanges.
The CTA attributed the glitch to a recently implemented software program that affected the limit up/limit down mechanism, which controls stock price fluctuations. To prevent further disruptions, the CTA announced that it would revert to the previous software version for Tuesday’s trading session. In total, 40 stocks, including Chipotle Mexican Grill and Bank of Montreal, were affected by the glitch, but the issue was fixed within a couple of hours. NYSE technicians worked outside trading hours to correct the problem, and all affected stocks now reflect accurate trading figures.
Snowden Endorses Bitcoin
Following the incident, Edward Snowden, a prominent advocate for privacy and decentralization, took to social media to comment on the glitch. He posted a succinct but pointed message: “Bitcoin fixes this.” This statement underscores Snowden’s belief in the strengths of decentralized financial systems over traditional, centralized exchanges like the NYSE.
CRYPTO BREAKING NEWS
Edward Snowden Says ‘Bitcoin Fixes This’ In Response To NYSE Trading Glitch That Sank Warren Buffett-Led Berkshire Hathaway Shares. Renowned whistleblower and privacy advocate Edward Snowden used the technical glitch that disrupted trading on the New York… pic.twitter.com/jpUYPSUlnQ— InnovatekMobile (@Neome_com) June 4, 2024
Unlike the NYSE, which depends on a central authority, Bitcoin operates on a peer-to-peer network, eliminating a single point of failure. This distributed structure can reduce the risks of technical failures that plagued the NYSE. Bitcoin’s design focuses on transparency, immutability, and security, aiming to minimize the chances of catastrophic failures caused by centralized errors. In Snowden’s view, Bitcoin’s decentralized nature offers a more resilient alternative to traditional trading platforms, potentially preventing similar disruptions in the future.
Bitcoin’s Limitations
Despite Snowden’s endorsement, he has also been vocal about Bitcoin’s privacy shortcomings. In May, Snowden warned, “I’ve been warning Bitcoin developers for ten years that privacy needs to be built into the protocol itself. This is the final warning. The clock is ticking.” This statement reflects his concern that Bitcoin’s current privacy features are inadequate. As someone familiar with government mass surveillance programs, Snowden champions strong digital privacy protections.
During an early Monday software update, a glitch caused the New York Stock Exchange (NYSE) to halt trading on about 40 stocks incorrectly. Odd trades displayed a 99% drop in companies, including Warren Buffett’s Berkshire Hathaway Inc. # # # # # # # #https://t.co/YwLOt3ETyN pic.twitter.com/mqePSfRJlH
— Crypto Geek (@JoeSmit27977592) June 4, 2024
His comments coincided with an announcement from Wasabi Wallet, a privacy-focused cryptocurrency wallet known for its “coinjoin” service. Coinjoin allows multiple users to combine their transactions, making it harder to trace the origin and destination of individual funds. Unfortunately, Wasabi Wallet announced the shutdown of its coinjoin service on June 1, 2024.
Snowden’s “final warning” urges Bitcoin developers to integrate privacy features directly into the Bitcoin protocol, reducing reliance on external services like Wasabi Wallet’s coinjoin. This integration would potentially offer a more robust and long-term solution for privacy concerns.
However, it remains unclear what specific actions Snowden expects developers to take and whether these privacy enhancements will be prioritized. The broader conversation about Bitcoin’s role in the financial system and its technical improvements continues to evolve, especially in light of incidents like the NYSE glitch.
Major Points:
- A technical glitch on the New York Stock Exchange (NYSE) caused false price plunges for companies like Berkshire Hathaway, Barrick Gold, and Nuscale Power, triggering a temporary halt in trading.
- The issue, attributed to a malfunction in price data provided by the Consolidated Tape Association (CTA), was resolved by midday, affecting a total of 40 stocks.
- Edward Snowden capitalized on the incident, highlighting Bitcoin as a solution due to its decentralized nature, which eliminates single points of failure.
- Snowden’s endorsement of Bitcoin underscores his belief in decentralized financial systems over centralized exchanges like the NYSE.
- Despite Snowden’s support, he has also voiced concerns about Bitcoin’s privacy shortcomings, urging developers to integrate privacy features directly into the Bitcoin protocol.
James Kravitz – Reprinted with permission of Whatfinger News
