Justin Bons, the chief investment officer and founder of Cyber Capital (a fund centered around crypto), has categorized Bitcoin (BTC) to be among the poorest crypto tokens along with being a completely speculative asset that does not have any use case as opposed to the rest of the cryptocurrencies because it is deficient in terms of technological advancement.
Cyber Capital’s CIO Categorizes BTC among the Most Vulnerable Cryptos
On Sunday, Bons shared on Twitter that Bitcoin as well as the value proposition of BTC has long worsened because of a damaged model for long-term security, relatively vulnerable economic characteristics, and the deficiency in capacity, programmability, as well as composability.
The executive has been a candid personality in the crypto space for some years up till now along with establishing Cyber Capital (one of the first crypto funds within Europe) in 2016 and turning into a fully devoted researcher in the crypto space since 2014. Apart from that, Bons has operated nodes on Bitcoin Cash and Bitcoin networks.
Justin stated that even if he made a strong defense of Bitcoin, the asset has witnessed an abrupt change over time and the decision not to enhance the block size played a significant role in this respect by moving away from Bitcoin’s initial vision as well as purpose. He noted that a lot of progress has been witnessed all across the globe and he assumed that the best technologies would be adopted by Bitcoin.
Nonetheless, he added, the respective thesis has not come true as the primary crypto token does not have the advancements like privacy tech, scaling, or smart contracts. Nevertheless, Bons did not discuss the Bitcoin Lightning network (considered to be an adequate solution in the case of the scaling issues of the network.
As per Bons, the opponent networks have moved toward the superior token structure methods and a few networks of smart contracts have embraced fee-burning mechanisms to start negative inflation. He moved on to touch on the economic characteristics of Bitcoin labeling them as thoroughly vulnerable.
Chinese BSN’s Chair Declares BTC and Other Unregulated Cryptos as Ponzi Schemes
According to him, Bitcoin is contesting with crypto tokens that are capable of getting negative inflation like the post-merge version of Ethereum as well as the alternatives taking into account EGLD, NEAR, and AVAX. In June this year, Yifan – the chairman of Blockchain Service Network (BSN) of China – asserted that the entirety of the unregulated crypto tokens (including BTC) are Ponzi schemes.
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