Thread by @SarahJamieLewis

"This Crypto Is Worth Less Than 1 Cent. VCs Are Betting Millions on Its Future"

This is from their white paper on how they are going to revolutionize healthcare on the blockchain. Spot the issue.

"Private key can be shared with new Clinics and Institutions"

It's fine though. They've totally got this.

Starting to think I should be charging VCs for the analyses I give away on twitter.

Any cryptographers want to hazard a guess at what monstrosity of a cryptosystem they designed given this?

My favorite is "here is how doctors access your data in an emergency but don't worry we've protected this path from malicious actors by adding a threshold period where you can reject this request"

"We like blockchains for their immutability and robustness, but to avoid breaches from leaked decryption keys we are making a private blockchain"

"Also we decrypt and then rencrypt data for some reason"

This is just a ridiculous overly complicated database with all of the downsides of a blockchain.

And people have invested in this!?

12.4 Million Dollars!?!?

Open Privacy has struggled to raise $43,000....

I just....*headdesk*

f you want to know why privacy is in crisis, it's because you give millions to people who think sharing private keys with 3rd parties is a good security model and starve the non-profits who actually give a shit.