Despite the recent downturn in price, former bitcoin developer and avid Bitcoin Maximalist Jimmy Song defends the merits of bitcoin, lauding decentralized digital scarcity as the real innovation. He also takes a swipe at altcoins and ICO tokens, along with an attack on investors using market cap as an indicator.
The Most Decentralized Wins
Jimmy Song’s longtime passion for bitcoin is no secret. Using his words as a pitchfork, Song has become one of the many faces of the Bitcoin Maximalist movement, a group that staunchly rejects any other types of consensus algorithms and claims that, over the long term, “scam coins” will trend toward zero.
In a new rant, the current Venture Partner for Blockchain Capital explains why he believes other coins like ethereum fall short and what makes bitcoin so unique:
“All the other so-called innovations such as faster confirmation times, changing to proof-of-whatever, Turing completeness, different signature algorithm, different transaction ordering method and even privacy, are really tiny variations on the giant innovation that is Bitcoin.”
Citing bitcoin’s resilience as its strength, Song elaborates that bitcoin has withstood the test of time by having the world’s richest bug bounty and remaining free of any identified security flaws. Along with this resiliency, he cites the fact that bitcoin is the one coin that is truly decentralized and without a single point of failure as the reason why bitcoin will never be matched.
Unimpressed with Ethereum and ICOs
When it comes to ethereum and other coins that have captured some of bitcoin’s market share, Song remains unimpressed. He argues that ethererum’s Turing completeness makes the platform more vulnerable, as evinced by the DAO and Parity Bugs. He also claims that ethereum remains centralized behind the Vitalik team.
According to Song, the average fiat currency has an actual lifespan of 27 years, despite powerful government backing. Inherent scarcity and immutability are the only things that provide currencies with genuine long-term value. He argues that is something that ethereum and other coins cannot say they achieve.
Regardless of his views, Song’s post highlights some of the ideas of the Bitcoin Maximalist movement and makes for interesting reading.
By the summer of 2019 do you think that bitcoin will continue to be the coin with the largest market cap? Let us know your thoughts below.
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