Bitcoiners are crying over Jesse Felder’s “inaccurate” blog post on Bitcoin, stating that the crypto asset “doesn’t make sense as an investment or a monetary alternative.” Bitcoiners seem surprised at the number of inaccuracies in the mail that come from someone who works in finance.
In the November 18 post titled “Please Stop Asking Me About Bitcoin,” posted on his finance blog, Felder claims that Bitcoin (BTC) is neither used as a medium of exchange nor provides any value. He also questioned the value of one of the cryptocurrency’s main characteristics – its scarcity, with only 21 million possible coins – noting that hard forks “multiply the number and types of bitcoins in circulation”.
“If you put together all of the tough forks that Bitcoin has suffered from since its inception, the total number of Bitcoins has grown faster than the number of dollars,” Said fields. “That is a fact”.
NEW POST: Please stop asking me about Bitcoin https://t.co/xkD8no6lgr
– Jesse Felder (@jessefelder) 18th November 2020
However, this is not to be taken for granted unless you confuse BCH or BSV as part of the Bitcoin offering. Co-Founder of Coin Metrics, Nic Carter, he corrected that quickly affirmative that “almost everything in this post is wrong”, noting that “hard forks did not dilute Bitcoin”.
The former hedge fund manager also claimed that Bitcoin “could be replaced by a better cryptocurrency” that has yet to be created. More than a Twitter user said that this would be “highly unlikely” due to network effects.
Felder also appeared to operate on the assumption that the Bitcoin network itself had been attacked, rather than insecure exchanges or poorly secured wallets. when he claimed “Millions of dollars in Bitcoin have been hacked”. Continuously:
“Bitcoin can make a lot of sense as a speculation. Ponzi programs can work very well for early adopters.”
Felder’s confident claims about Bitcoin prompted many Twitter users to work on the problem to fix it.
The bitcoin bull Anthony ‘Pomp’ Pompliano was one of the first to reply: vocation Felder’s words “really inaccurate” and offer to train the former hedge fund manager over the phone. Alex Gladstein, Head of Strategy at the Human Rights Foundation, followed suit: specification that Felder “was too lazy to do the research” and that it was out of his reach.
“It was hacked.” Not correct. “Forks multiply your supply many times over.” Not correct. “It’s not a store of value.” Not correct. “A better cryptocurrency could replace Bitcoin.” Not correct. Take a look at the Google Metcalfe Law. “It doesn’t provide security.” Not correct. “It doesn’t offer an adequate return.” Not correct.
– Lawrence Lepard (@LawrenceLepard) 18th November 2020
Part of Feld’s apparent confusion may be that he stated that it was based on an “old-school definition” of investing, The fact is, however, that hard forks do not affect the total Bitcoin supply of 21 million coins. Although hackers are able to steal coins from time to time, these crimes are usually limited to exchanges and administrators, phishing attempts, and lost private keys, not the Bitcoin network itself.
“Better not to have an opinion than to argue badly”, said Twitter user anilsaidso.
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