Skip to content

Bitcoin is enough, Satoshi should stay outside

August 11, 2020

In a Cointelegraph interview, Adam Back gave a better explanation for his perceived maximalism of Bitcoin (BTC). Blockstream CEO believes Bitcoin is enough and there is no need for a multitude of derivative projects. Back said, “I think it’s like TCP / IP that the internet exists. We don’t need 5800 copies of TCP / IP trying to monetize and take advantage of ‘pump anomics’ or something like that. It affects it (I think there are around 5,800 altcoins today). “He noted that innovators should focus on Bitcoin:

“It’s modular, you can build whatever you want with it when you try to innovate, keep going and innovating.”and added, “Bitcoin is electronic money for the Internet”.

In discussing Satoshi’s rumors, Back pointed out that it would be unwise for Satoshi to reveal himself “I’m not sure if that would be a good idea for him or for Bitcoin.”. However, Back agreed that even if Satoshi returned, he likely would not be able to regain control of Bitcoin’s evolution:

“Yeah, I think Bitcoin is decentralized enough to dismiss Satoshi’s views even if he goes insane.”

It became clear that Back’s aversion to ICO projects didn’t wane when we noticed that one of the projects he criticized, Cardano (ADA), prides itself on a scientific approach to development. Specified back: “I’d rather not comment on projects because they’re looking for marketing opportunities.”. He went on to claim that some critics of altcoins have received death threats in the past. He also lamented the fate of volunteers who dare to criticize large altcoin projects on ethical grounds:

“Look at the criticism that some unfunded volunteers are making to comment on even ethical considerations, the misalignment of multi-million dollar incentives. The people you comment on are heavily funded, have lots of retail money and are trying to keep the game in the next currency. “

Bitcoin is enough, Satoshi should stay outsideBitcoin is enough, Satoshi should stay outside

Finally, we asked Back if there were any cryptocurrency or blockchain projects other than Bitcoin that he liked. He emphasized the preference for some technologies, but again refused to give names:

“There are some technologies that I like in terms of formal security, crypto as bulletproof, simple (demonstrably formal smart contracting), some data protection technologies. I don’t like to call coins, although some have implemented technologies that I invented over the years. “

It is unlikely that Back’s maximalism will earn him many friends in the crypto room. However, With blockstream dominating the Bitcoin discourse, you may not need friends, just followers.

Receive Breaking News !

Enable Notifications    Ok No thanks