A prominent crypto influencer has criticized Bitcoin (BTC) for being an antithesis of its founder’s vision. Justin Bons, a vocal BTC critic and the founder and CIO of Cyber Capital, took to X to slam the premier crypto for failing to uphold Satoshi Nakomoto’s dream of being a P2P digital cash and gold.
He wrote:
BTC is no longer ‘freedom money’; it is no longer intended & cannot be used by the masses directly. Instead, it is a purely speculative plaything for the rich with ZERO utility or actual value to human civilization…
~Justin Bons
Bons argued that BTC is capping its usage to a few wealthy users and labeled it a disaster in the making. He cast doubts on the coin’s future usefulness as, according to him, it was neither secure nor scarce.
Bons’ comments come at a time when BTC is enjoying a bull run partly influenced by increased institutional uptake. Companies like the Michael Saylor-led MicroStrategy have been ramping up their bitcoin holdings, raising concerns about the possible centralization of the king crypto asset.
Bitcoin’s limitations will be its death
The analyst further tore into Bitcoin’s flaws, which he claimed would be its downfall. He highlighted the blockchain’s much-publicized scalability issues as its major shortfall. To him, the platform’s low throughput would trigger fee spikes and congestion in case a few BTC holders chose to withdraw their funds. The resulting ‘bank run’ would see the BTC ecosystem unravel.
Bons also dismissed BTC’s long-term security model as unsustainable, suggesting it would collapse within the next 12 years. The culprit, he said, would be Bitcoin’s failure to expand its block limit as Satoshi had envisioned.
That failure would force the digital asset’s core to bump its inflation beyond 21 million. Consequently, the developers will fork the current chain and produce two new ones, none of which will keep to Satoshi’s aspirations.
Satoshi’s dream lies outside of Bitcoin
Bons concluded his post on an optimistic note for Bitcoin, with a twist. He suggested that Satoshi’s dream was still achievable but outside of the crypto asset’s ecosystem. Thus he called for Bitcoin’s children to abandon BTC for the preservation of the founder’s dream and humanity’s good.
The writing and its conclusion, in particular, drew varied reactions from the respondents. While many seemed to agree with Bons, a section chose to disagree with him.
One responder, Mr. Clemens, challenged Bons to stay put and fix BTC from within rather than bolt if he wanted to have a big impact. Another respondent, Joel Valenzuela, on his part, was more optimistic about the coin’s future. He held that it would not die because of other chains rallying around it.
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