Bitcoin (BTC) is “one of the worst cryptocurrencies” and “purely without utility” in comparison to other cryptocurrencies, according to Justin Bons, the founder and chief investment officer of crypto-focused fund Cyber Capital. This is because of a lack of technological development.
In an 11-part Twitter thread on August 28, Bons offered his two cents, claiming that the value proposition of Bitcoin and BTC has long deteriorated because of a flawed long-term security architecture, comparably poor economic attributes, and a lack of capacity, programmability, and composability.
Bons has been a prominent figure in the cryptocurrency community for many years. He founded Cyber Capital, one of Europe’s oldest cryptocurrency funds, in 2016 and considers himself a full-time crypto researcher since 2014.
The Bitcoin Cash Network and Bitcoin.
Although Justin claimed to have vehemently defended BTC in 2014, he added that “the reality is that BTC dramatically altered since that time,” with the choice to keep the current block size limit being a “significant deviation from the original vision and purpose of Bitcoin.”
“The word has also advanced significantly. I recall hearing that BTC would only use the top technologies. Because BTC lacks scaling innovations, smart contracts, and privacy technologies, this theory is obviously a total failure.”
The Bitcoin Lightning network, one of the most straightforward answers to the network’s scaling issue, isn’t mentioned in Bons, either.
Despite the fact that other networks have implemented more effective token design techniques, certain smart contract networks use fee-burning algorithms, which might result in negative inflation rates for tokens, according to Bons:
“The economic properties of BTC are also incredibly weak” […] BTC Competing With Cryptocurrencies That Could Achieve Negative Inflation […] Due to the duty burning, high capacity and high usability […] Like ETH post-merge and options like AVAX, NEAR and EGLD.”
Bons Contention Against BTC
Bons contends that BTC has for many people turned into a purely speculative asset due to the lack of any appreciable technological advancements or value and that their continued investment is “contrary to core grounds of revenue, utility & use case analysis.”
All unregulated cryptocurrencies, including bitcoin, are Ponzi schemes, according to Yifan, president of China’s Blockchain Services Network (BSN), who made this declaration to Cointelegraph in June 2022.
In comparison to other digital assets like XRP, which is primarily used to facilitate cross-border payments, Bitcoin is nothing more than a speculative instrument, according to Rosa Rios, a former U.S. treasurer and current member of the Ripple Board.
When it was first introduced in 2009, bitcoin was intended to function as a peer-to-peer electronic payment system. Any discussion regarding bitcoin’s worth as an investment is a byproduct of its primary function, according to Satoshi Nakamoto’s bitcoin white paper.
The mythology surrounding Bitcoin has evolved over time, with the most popular cryptocurrency being viewed as a store of wealth, an inflation hedge, and digital gold.
