Cyber Capital Founder: “BTC Is Unique In That It Is Technically One Of The Worst Cryptocurrencies”
Cyber Capital Founder: “BTC is unique in that it is technically one of the worst cryptocurrencies.” On August 28th, the Founder of Cyber Capital, Justin Bons, made a Twitter thread about Bitcoin (BTC).
The Twitter Thread
On August 28th, Justin Bons, the Founder and Chief Investment Officer of Cyber Capital made a Twitter thread about Bitcoin. He wrote an 11-long Twitter thread to express his views on Bitcoin.
At the beginning of the Twitter thread, Bons wrote, “BTC is unique in that it is technically one of the worst cryptocurrencies.”
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
Justin Bons on Bitcoin
According to Bons, Bitcoin has a broken long-term security model. It also lacks capacity, programmability, and composability with comparatively weak economic qualities. He added that not increasing the block size limit shows that Bitcoin is leaving its original vision and purpose.
Bons tweeted, “I remember it used to be said that BTC would just adopt the best technologies. This thesis has obviously completely failed, as BTC has no smart contracts, privacy tech, or scaling breakthroughs.”
According to Justin Bons, Bitcoin is a purely speculative asset without utility. Most of the time, people invest in Bitcoin because they believe the price will keep increasing. He even said Bitcoin operates on the same modus Operandi as a Ponzi scheme investor. Everything is contrary to fundamental reasons of revenue, utility, and use-case analysis.
He ended the Twitter thread by saying, “In a vacuum, BTC is actually incredible. However, comparatively speaking, it is incredibly bad.”
Since Bons posted the Twitter thread, many people have been actively giving their views on the matter. The Twitter thread now has more than 750 likes with over 150 retweets.
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