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Bitcoin [BTC] needs to be very conservative, says ShapeShift CEO Erik Voorhees

Priya

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Bitcoin [BTC] needs to be very conservative, says ShapeShift CEO Erik Voorhees
Source: Unsplash

The CEO of ShapeShift, Erik Voorhees, spoke about the most important thing that needs to happen for the entire cryptocurrency industry, and for the Bitcoin space in terms of its technical aspects, in an interview with Peter McCormack for WhatBitcoinDid.

On the subject, the CEO agreed that both fungibility and Lightning Network were important for Bitcoin in terms of its technical aspects and that an exchange-traded fund was crucial to the entire cryptocurrency space. He said,

“All of those are important to my opinion and that’s why I like to see all the experimentation that’s happening. Bitcoin needs to be very conservative and it can’t try out every new idea and it can’t optimize for every variable”

He further explained that the digital currency cannot be the “most innovative” and the “most conservative” digital asset at the same time, adding that, “those things operate at, they’re mutually exclusive.”



This was followed by the CEO stating that he would not try to “cram every feature” or “every desirable” attribute onto Bitcoin. He added that the fact that other chains are able to take a deeper look into some of the features desired for Bitcoin was “great”.

Voorhees further stated that other chains should not be dismissed merely because they are less decentralized when compared to Bitcoin. The CEO stated,

“I think that there should be chains that are more centralized and with higher throughput and there should be chains that are less centralized with less throughput and having both of those in existence actually makes the whole crypto ecosystem stronger and in both cases we’re still vastly better off than any bank.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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