Cyber Capital CIO, Justin Bons has become the latest critic of bitcoin (BTC) after taking to his Twitter handle on August 28, 2022, to describe the flagship crypto as one of the worst cryptocurrencies. Bons claims Bitcoin lacks capacity, programmability, and composability. BTC payments via the Bitcoin Lightning Network have increased exponentially in recent years.
Bitcoin Gets a New Critic
According to a research report by Statista, the Bitcoin network has consistently processed over 244,000 BTC payment transactions daily since December 2020, while bitpay’s Blockchain Payment Statistics shows that out of an average of 68,626 transactions processed monthly by the company, BTC payments account for the largest percentage (over 50 percent), followed by ether (ETH).
However, despite the increased adoption being experienced by bitcoin (BTC) across virtually all sectors of the global economy, Justin Bons, the Founder and CIO of Cyber Capital, a firm that claims to be focused on bringing crypto investment opportunities to interested traditional investors, has described bitcoin as one of the worst cryptocurrencies.
In a lengthy Twitter thread, Bons claims the world’s flagship cryptocurrency “has a broken long-term security model, while also lacking capacity, programmability, and composability, with comparatively weak economic qualities.” Bons says bitcoin is nothing but an entirely speculative asset with zero utility
“The very thing I defended BTC against in 2014. The reality is that BTC dramatically changed since that time. Contrary to popular belief. Not increasing the blocksize limit represented a major departure from the original vision and purpose of Bitcoin. Leading us down this path.”
Bitcoin Remains Strong
It’s worth noting that the original Bitcoin network launched by Satoshi Nakamoto in 2009, has been forked several times by people like Bons, who feel the Bitcoin blockchain is flawed. While these Bitcoin hard forks may have succeeded in bringing to life various versions of Bitcoin, including Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited, and Bitcoin Cash, none have been able to overthrow the original bitcoin (BTC) despite their massive block sizes and claims of faster transaction processing and what not.
Continuing his criticisms of bitcoin, Bons claims the digital currency now functions like a Ponzi scheme, as people now buy bitcoin simply because they believe the price will go up.
“All of this adds to BTC fundamentally being in a very sorry state. Yet many people are still treating it as if it is the greatest thing ever. None of these narratives are based on true comparative fundamental analysis but irrational and emotional appeals to human greed,” he added.
This is not the first time, Bitcoin is being condemned. The orange coin has seen countless staunch critics and haters since its launch 13 years ago, from Warren Buffett to Peter Schiff down to Justin Bons, yet it has managed to maintain its position as the world’s largest crypto.
Contrary to Bons’ claims that Bitcoin lacks utility, a good number of projects, including DeFiChain, and Rootstock (RSK), are now building decentralized finance and smart contracts compatible solutions on Bitcoin.
In the same vein, the Lightning Network, which is Bitcoin’s layer-2 scaling solution designed to facilitate superfast and cost-efficient BTC payments, has seen an increased payment volume of more than 410 percent since Q1 2021. At press time, bitcoin (BTC) is trading at around $19,932