Blockstream CEO Adam Back agrees with Jimmy Song's take on Ethereum and Bitcoin Cash being fiat currencies.
In fact, Back states that the above-mentioned cryptocurrencies are less "transparent, predictable, and dependable" than government-controlled money.
Sounds less predictable, transparent and dependable than the least respected fiat currency monetary policies. Also centralised AF, utterly unqualified, blind and tone-deaf to conflict of interest. Gives crypto a bad name. had it right, ETH and BCH are fiat currencies.
— Adam Back (@adam3us)
Bitcoin's Keynesian fork
Back in October 2018, Song published titled "Bitcoin Cash is fiat money" where he dismantles the argument that Bitcoin is synonymous with its "big block" fork.
He explains that Bitcoin is decentralized "Austrian money" while Bitcoin Cash is centralized fiat money that is glorified by the proponents of Keynesian economics. Since BCH is "politically centralized," which essentially means that several bigwigs actually define its roadmap.
Song also states mining giant Bitmain acts as a central bank for Bitcoin Cash that artificially inflated the price of Bitcoin after the fork took place.
Ethereum and Theranos
Ethereum is another popular target of Bitcoin maximalists. Given that ETH was mostly premined by a single centralized party, it gets constantly attacked with the dirty word "centralization."
As reported by InkByte, Back called biotech scam Theranos "uncannily Ethereum-like," stating that the management of both projects went too far with overselling their products.
This is really not at all true. Theranos had several generations of medical testing devices, and pushed their engineers extremely hard. The management just went too far into overselling what it could do and misrepresentation about the state of the tech. Uncannily ethereum-like.
— Adam Back (@adam3us)
Back in July 2017, Ethereum came very close to flippening Bitcoin, but the leading altcoin has had its market share dwindled to just eight percent.
InkByte Editorial Team
Dan Burgin
