Reproductions without any technological progress.
Reproductions without any technological progress.
With more than 5,000 existing projects and a market capitalization of around $ 250 billion, altcoins have raised a lot of money. Renowned computer scientist, notably known for his research on crypto-assets Mr. Emin Gun Sirer, says with regret that the majority of them would only be interested in the money of gullible investors.
The success of Bitcoin has spawned the proliferation of multiple other cryptocurrencies dreaming of the same success around the world. If it seems normal to be inspired by a product that works to create others, the advent of altcoins is not widely seen. Among their detractors, some bluntly claim that these new cryptocurrencies would be nothing more than more or less elegantly disguised scams. This is notably the position shared by Emin Gun Sirer who spoke on the subject during an AMA (Ask Me Anything) session on April 29.
For him, they are recycled products that bring no technological innovation to the cryptocurrency ecosystem. Creator of Karma System in 2003, the computer scientist knows the subject quite well. His project was actually nothing less than the first cryptocurrency based on Proof of work and this six years before the creation of bitcoin.
Speaking of useless cryptocurrencies, he does not spare Facebook's Libra project. He says it only aims to compete with the major fiat currencies, such as the US dollar and the euro, but that it does nothing new. While most altcoins touted themselves as new payment methods, this is nothing new to Emin Gun Sirer. He says, "There is nothing wrong with wanting to be a payment method, but Bitcoin did it first."
From his point of view, coming to compete in the field with bitcoin seems useless, and especially vain, on the part of other cryptocurrencies.
A simple support and not a membership to the BTC maximalists
Emin Gun Sirer's statements are quite close to the talk usually held by those he calls the bitcoin maximalists. If he admits to sharing with them the idea that altcoins would be useless, he denies having joined their cause. He also plants the nail "I hate the maximalist approach of Bitcoin. I am a man of science. But they are right to label 95% of existing cryptos as scams. Its just a way to get money through an ICO [] They are pushing a currency with a system that doesnt move the world. His support for the occasion is therefore part of a process of demonstrating the truth as scientists know how to do.
It is true that in the not-too-distant past, the vast majority of ICOs have proven to be nothing more than scams that have taken money from a population of gullible investors. However, what Emin Gun Sirer suggests here goes much further than that. He actually wants new cryptocurrency projects to work on developing their own technologies and services instead of taking over bitcoin under other names.
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