Bitcoin Developer Jimmy Song Says ‘Altcoins Are Unequivocally Immoral’
Recently, Bitcoin (BTC) developer, educator and entrepreneur Jimmy Song explained why he is not a fan of altcoins. In an article titled “Bitcoin Songsheet: How Altcoiners Use Bitcoin To Rent Seek” Song “hit” altcoins, stating that only Bitcoin can be considered a true cryptocurrency and that the rest is garbage.
The author of the book “Programming Bitcoin” stated that altcoiners “criticize Bitcoin whenever they have the chance to create interest in their own currency.” That is, according to him, altcoin advocates “practice an interested mental gymnastics worthy of the most partisan politician”.
Furthermore, he said that altcoin enthusiasts are like skeptical pastors who only believe in their own religion. Based on this, Song pointed out that this behavior should not be ignored because “it is causing massive damage.”
According to Song, altcoins impede Bitcoin adoption, destroy value and “create terrible habits”. In this way, instead of popularizing the cryptocurrency market, altcoins are hampering its development.
Altcoins are garbage
The developer further said that altcoin projects call themselves “decentralized” cryptocurrencies, associating themselves with BTC. With this, they try to legitimize their project in the eyes of the public.
“This tactic puts altcoins as if they were Bitcoin, a legitimate cryptocurrency. This way, it exempts them from any responsibility in case something goes wrong,” he said.
Also according to Song, altcoin projects prevent the adoption of Bitcoin by the “turbid waters”. That is, projects create confusion by saying things like “decentralization is our motto” and “Blockchain technology has many use cases”,
Ultimately, Song stated that altcoins are “fiat money complete with a central bank, currency machinations, and control.” Therefore, they are anything but decentralized and inherit all the moral problems of fiat money.
“Altcoins are based on trust that is easily abused for the benefit of VCs. This can lead to value destruction. Altcoins take advantage of people’s most basic instincts, which is to get something for nothing,” she concluded.
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