Crypto industry heavyweights clash over intellectual honesty of Bitcoin maximalism

I / O CEO Charles Hoskinson In response to a recent interview with Cory Klippsten, he called CEO Swan Bitcoin a “fool.”

Hoskinson made the exception that Klippsten calls blockchain a “marketing scam.” Specifically, Klippsten said blockchain is a “slow and expensive database”, but the only use case for its benefits is “as part of a system designed for Bitcoin”. ..

Since the Terra Scandal and the subsequent de-leveraging of the industry as a whole, Bitcoin Maxi has become more vocal by blaming everything but Bitcoin.Some have labeled this idea as “toxic,” but on-chain analysts. Jimmy Song Maxis said it was “not toxic enough” and has lost billions of dollars in recent events.

Bitcoin extremists were not toxic enough. That’s why people lost billions at Luna, Celsius, 3AC and more.

— Jimmy Song (송재준) (@jimmysong) July 26, 2022

Klippsten dismantles the blockchain

In an interview, Klippsten denied the story that blockchain technology is revolutionizing the Internet and driving greater utility.

He dispelled the idea that blockchain is a state-of-the-art technology, dating back to the 80’s and saying it’s neither faster nor cheaper than competing technologies. However, the only exception to this, as long as it provides some value, is the blockchain system that underpins the Bitcoin network.

“Blockchain has been around for 40 years. In any use case people try to apply to it, it’s just a slow and expensive database.”

In support of this view, CEO Swan Bitcoin gave some examples, including a description of Fidelity’s research on blockchain technology. This is a result of the abandonment of the “50 proof of concept” due to lack of practicality.

In response to Klippsten, Hoskinson argued that blockchain is a “recognized class of technology” and has some real-world use cases from voting to supply chains. He then launched a personal attack on Clipsten by questioning his ability to understand the concept.

He is an idiot This is a recognized class of technology that solves real problems from voting to the supply chain.Just because he doesn’t understand why he doesn’t change reality, not understanding radiation doesn’t make it exist.

— Charles Hoskinson (@IOHK_Charles) July 26, 2022

Maximalism is not a toxic extremum

A recent event was a call for awakening of the industry as a whole. Russell StarCEO of Cryptocurrency Exchange Traded Product (ETP) Company courageThe cause of the loss is the lack of maturity and inadequate due diligence on the part of investors, he wrote in an email.

To that end, Bitcoin Maxis argues that anything that is not a self-managed BTC is “digen finance” and should therefore be avoided for cautious reasons.Ethereum co-founder Vitalik Buterin To counter the “glyphter cryptocurrency”, he rationalized this view by saying that “a healthy amount of intolerance is really needed.”

However, some say that a complete discount on non-BTC protocols is a narrow approach. Recently talking about Unchained Podcasts, Shapeshift CEO Eric Voorhees He said he was embarrassed by the toxic maximism he encountered at the first meeting, the Bitcoin 2021 meeting.

When setting up the scene, Voorhees made a distinction between maximalism and toxic maximalism. The latter refers to people who behave like “* ssholes”. [to those] It doesn’t think we’re doing about Bitcoin. “

During the meeting, Voorhees said he witnessed many examples of actions that did not represent the Bitcoin community in which he was born. It was characterized as one of BTC’s beliefs in offering openness, decentralization, innovation, compassion for monetary economics, and greater egalitarianism.

If anything, Voorhees pointed out that toxic maximists should recognize the banking system as an enemy and not comprehensively with other protocols.

“If there is an enemy, it’s the central bank, the bank, and the fiat currency. It’s not the Dogecoin community, it’s not the Ethereum community.”

Was Bitcoin Maxi always right?

Asking for Max Keizer’s comment MAX & STACY REPORT Podcast “Bitcoin acts like a confession, “means that truth-seekers only consider BTC.

He expanded by taking Celsius CEO Alex Mashinsky as an example, stating that the true effect would ultimately shed light on those who were “bent.” It should be noted that Machineski has not been subject to civil or criminal investigation into Chapter 11 about his role in the company filing for bankruptcy.

In any case, Keizer predicted a major crackdown on the SEC based on the fact that all altcoins are unregistered securities. If this scenario is implemented, the altcoin investment case will be significantly hampered.

“As warned from the dawn of the ICO, these are securities and the SEC will crack down on everything but Bitcoin.”