Academics have historically pointed their guns at cryptocurrencies with criticisms and technical slim pickings. However, the current popularity of the cryptocurrency market has postulated that most critical opinions have gained much traction among netizens. Nevertheless, a group of academics under the leadership of a Computer Scientist is taking their reproach toward digital assets to a new level.

The latest article published in the Financial Times reports that around 26 Computer Science experts have joined forces to send a signed letter to the US government. The subject matter of the letter contains a reproof of the current cryptocurrency market and blockchain impression among the masses that are created by big wigs of the industry.

The academics are taking their disapproval of the cryptocurrency market to the next level. With personalities like Harvard professor Bruce Schneier, Google Cloud engineer Kelsey Hightower, and Microsoft engineer Miguel de Icaza among others, are planning to open their pessimism to gather the attention of the US officials.

It is worth noting that the timing of their crypto counter-attack is crucial; that coincides with the deadline of the crypto-related EO issued by the White House recently.

Schneier told the media that blockchain is a far cry away from being truly decentralized, and it is not as secure as many are manipulated to believe. He further explained that a system where a person is set to lose their life savings if their password is stolen or forgotten is less than secure or reliable.

He also warned the masses about the cryptocurrency lobbyists who are determined to gain access to a regulatory framework that would secure digital assets as legal entities under the law.

Experts Raise Concerns Regarding Blockchain Security

Microsoft engineer de Icaza also shared his stern stance on the cryptocurrency sector. He told the media that people are led to waste millions of dollars’ worth of hardware and energy just because they have decided that they cannot trust the banks anymore. He further claimed that with a centralized bank, a person could harness the equivalent power of a blockchain with a $100 PC.

On the other hand, it seems that there is no shortage of conspiracy theories surrounding the crypto sector. SkyBridge CEO Anthony Scarramuci recently told the media that crypto lobbyists would try to increase their influence on the market by sponsoring for-crypto presidents in the upcoming years. He further claimed that journalists should follow the trail of the money that surrounded Washington like a wall of water from multiple directions.