Bitcoin should be attacked for its lack of dynamic scalability protocols. Whether it needs them or not in the immediate term, it doesn't actually have any way to adapt to a high throughput of transactions if that's necessary (and I don't think the community has goals on making that possible - I don't think many coins can adapt well to this yet though either and fully prevent spam attacks).
Saying you can use the lightning network for enabling more transactions is starting to feel a bit like saying you can use litecoin and doge for them (you can, for sure use those, but you're going to have to do something different still - maybe open a channel). The lightning network has a gain in being backed by bitcoin's blockchain but it relies on trust, not naively but not elliquently either from what I understand of it.
Topic: Bitcoin has no future as a payments network, says FTX chief - page 5. (Read 938 times)
Not sure if he has some narrative behind by attacking bitcoin as a payment network. Of all the people, he should understand that bitcoin can still be a good payment scheme if big retailers are going to used it.
But what will be the best crypto payment network now? Doge? ETH? doubt that as well. We still need to give LN some time to developed and mature and then we will see how it goes.
But what will be the best crypto payment network now? Doge? ETH? doubt that as well. We still need to give LN some time to developed and mature and then we will see how it goes.
I don’t want to make a mountain out of this mole hill. In the first place, the FTX chief is not the only person who has been frank about Bitcoin’s potential as a payment network. There have been issues about it. As a matter of fact, even the supposed solution which is the Lightning Network is not even as welcomed as Bitcoin itself. There are definitely fans of Bitcoin who are not fans of this different protocol.
However, saying that it doesn’t have a future as a payment network is a little bit too much. It will, of course, not replace fiat but it will certainly remain as a better alternative to fiat in certain respects.
Finally, it is a misnomer to call Sam the biggest Bitcoin antagonist; he is pro-Bitcoin.
However, saying that it doesn’t have a future as a payment network is a little bit too much. It will, of course, not replace fiat but it will certainly remain as a better alternative to fiat in certain respects.
Finally, it is a misnomer to call Sam the biggest Bitcoin antagonist; he is pro-Bitcoin.
Are we witnessing the emergence of the biggest bitcoin antagonist in the cryptospace? I think Sam Bankman-Fried is one of the most intelligent founders in the cryptospace, however, I am starting to be more skeptical about his agenda. In the article, he mentioned that bitcoin may have a future as an asset, a commodity or a store of value. I am scratching my head on what he might be implying in his statement. Is he telling us that bitcoin will not forever be no.1 in market capitalization?
Skeptical. I do not know if he is making an honest assessment on bitcoin or if this is the beginning of their new agenda to remove bitcoin from being no.1.
Bitcoin has no future as a payments network because of its inefficiency and high environmental costs, according to one of crypto’s most influential chief executives.
Sam Bankman-Fried, founder of the digital asset exchange FTX, said the proof of work system of validating blockchain transactions, which underpins bitcoin, was not capable of scaling up to cope with the millions of transactions that would be needed to make the cryptocurrency an effective means of payment.
“The bitcoin network is not a payments network and it is not a scaling network,” said Bankman-Fried.
But despite his views on bitcoin, Bankman-Fried said he still believed the world’s biggest digital asset had a place in the crypto market.
“I don’t think that means bitcoin has to go,” he said, adding that the token may still have a future as “an asset, a commodity and a store of value” akin to gold.
Read in full https://www.ft.com/content/02cad9b8-e2eb-43d4-8c18-2e9d34b443fe
Skeptical. I do not know if he is making an honest assessment on bitcoin or if this is the beginning of their new agenda to remove bitcoin from being no.1.
Bitcoin has no future as a payments network because of its inefficiency and high environmental costs, according to one of crypto’s most influential chief executives.
Sam Bankman-Fried, founder of the digital asset exchange FTX, said the proof of work system of validating blockchain transactions, which underpins bitcoin, was not capable of scaling up to cope with the millions of transactions that would be needed to make the cryptocurrency an effective means of payment.
“The bitcoin network is not a payments network and it is not a scaling network,” said Bankman-Fried.
But despite his views on bitcoin, Bankman-Fried said he still believed the world’s biggest digital asset had a place in the crypto market.
“I don’t think that means bitcoin has to go,” he said, adding that the token may still have a future as “an asset, a commodity and a store of value” akin to gold.
Read in full https://www.ft.com/content/02cad9b8-e2eb-43d4-8c18-2e9d34b443fe
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