Justin Bones criticised bitcoin during a discussion on Twitter
He stated that the cryptocurrency has become a speculative asset
It has not evolved or changed, existing as it does in a vacuum
Partly Bones is even ashamed to be part of this movement
Cyber Capital founder and chief investment officer Justin Bones criticised bitcoin during a discussion on Twitter. He stated that technically, it is “one of the worst” cryptocurrencies, allegedly highly speculative and of no practical value.
1/11) BTC is unique in that it is technically one of the worst cryptocurrencies
It has a broken long-term security model
It lacks capacity, programmability & composability
With comparatively weak economic qualities
BTC is, in fact, a purely speculative asset without utility
- Justin Bons (@Justin_Bons) August 28, 2022
Bons stated his thoughts on the subject in short sentences. In particular, he thinks it is a mistake not to increase the size of the block. According to him, it goes against the original vision of bitcoin.
Bones also noted that most investors invest in BTC solely out of the expectation of making a profit. The asset does not develop, does not improve, and therefore has no value.
In fact, the Cyber Capital founder compared it to a “Ponzi scheme” because both of these mechanisms operate on the basis of the same aspirations. As for who is responsible for this state of affairs, Bones believes the fault lies with the promoters and “whales” of the segment.
“Bitcoin is a testament to our immaturity and greed. I am both ashamed and proud to be part of this movement. High ideals are why I joined it. Now we need to shed ballast in the form of BTC to achieve them,” Bones stressed.
However, if the founder of Cyber Capital is just frustrated with the current state of bitcoin, many experts don’t consider it an asset at all. Warren Buffett, for example, said he would not buy it even at $25. Now that the market is in decline, this sentiment has only intensified.