No cryptocurrency is perfect, not even bitcoin. Block.one Co-Founder and CEO Brendan Blumer is preying on the weaknesses of the biggest crypto seemingly to make his company's own coin, EOS, look good. Blumer disparaged bitcoin for one of its primary use cases, as a currency,…
No cryptocurrency is perfect, not even bitcoin.
Block.one Co-Founder and CEO Brendan Blumer is preying on the weaknesses of the biggest crypto seemingly to make his company’s own coin, EOS, look good.
Blumer disparaged bitcoin for one of its primary use cases, as a currency, saying of the network in a fireside chat at the recent at the Chamber of Digital Commerce event:
“Fundamentally transformative in how we will do everything going forward, but actually, a transfer takes an hour, right? It’s expensive if you look at the dilution we pay through new inflation on an annual basis you’re talking $50 to $100 per transaction and it can only about process three transactions a second for every person on the network. So huge scaling limitations.”
What seemed to frustrate crypto Twitter more than what Blumer said what was wasn’t said. The moderator didn’t challenge Blumer on any of the points he made or failed to make about bitcoin.
Blumer failed to mention any layer 2 payment technology such as the Lightning Network, which has long been a bright spot for Bitcoin. Maybe that’s because the Bitcoin Lightning Network stands to displace many altcoins with its cheaper fees and accelerated transactions, making BTC conducive to everyday purchases.
The EOS chief then attempted to defend himself on Twitter, saying:
“I love Bitcoin too, but that won’t make it fast or cheap.”
The backhanded compliment didn’t go over well, but it didn’t stop him, either.
“Bitcoin has everything it needs to succeed, and I think in time it will become the largest store of value in the world. EOS isn’t designed to compete with Bitcoin; it’s optimized for different use cases.”
So then why did he choose to pile on EOS’ larger peer? Incidentally, Blumer identifies Facebook as one of the biggest security threats that the U.S. faces. That wasn’t lost on Twitter, either, where Blumer is referred to as the Mark “Zuckerberg of EOS, full of hope and full of s**t.” He was just missing the hoodie.
Unlike Blumer, billionaire venture capitalist Tim Draper can see the forest from the trees when it comes to bitcoin as a currency. He points to OpenNode, which is a way for businesses to accept bitcoin and is “growing like a weed,” adding:
“It makes it easy so people can have as many transactions in a second as they do on the Visa network.”
Block.one’s Blumer didn’t make points like these, which is why the community found his interview cringeworthy.
Draper, who believes bitcoin is “very useful for many purposes,” has predicted a $250,000 bitcoin price by 2022/2023.
If you ask Draper about crypto mass adoption, it’s already happening.
“A lot of people use it for just about everything right now,” he said. Incidentally, Draper is an equal opportunity crypto enthusiast, saying
“the proof will be all in the pudding and the best teams will all rise to the occasion.”
Featured image from Shutterstock.