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$BTC: Founder of Crypto Fund Manager Cyber Capital Goes Ballistic on Bitcoin

Bitcoin

www.cryptoglobe.com 10 September 2022 16:55, UTC
  
Reading time: ~2 m

The founder and chief investment officer (CIO) of crypto-focused asset management firm Cyber Capital says that Bitcoin is “technically one of the worst cryptocurrencies,” in light of advancements being made by top competitors.

In a series of tweets, Cyber Capital founder Justin Bons argued that Bitcoin was one of the worst cryptoassets on the market from a technical standpoint. Bons called $BTC’s long-term security model “broken,” and noted that the cryptoasset lacks “capacity, programmability & composability.” He also called $BTC’s economic qualities weak compared to competitors on the market. 

Bons summarized his critique of Bitcoin by writing that BTC is ”a purely speculative asset without utility.”

2/11) The very thing I defended BTC against in 2014

The reality is that BTC dramatically changed since that time

Contrary to popular belief

Not increasing the blocksize limit represented a major departure from the original vision & purpose of Bitcoin

Leading us down this path

— Justin Bons (@Justin_Bons) August 28, 2022

Cyber Capital’s founder slammed Bitcoin for failing to adequately evolve with time, making the cryptoasset’s underlying value “no longer based on utility.” He argued that Bitcoin’s security would require transaction fees to continue growing exponentially larger in order to maintain the network. 

Bons also attacked Bitcoin for failing to adopt the best of other digital asset technologies, noting the network’s lack of smart contracts, privacy tech and scaling breakthroughs, especially when compared to other top competitors such as Ethereum. 

Image Credit

Featured Image via Pixabay


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