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Bitcoin [BTC] versus medical Marijuana, compares Israel’s former prime minister

Priyamvada Singh



Bitcoin [BTC] versus medical Marijuana, compares Israel's former prime minister

At an event called Most Promising Startups held in Tel Aviv last Sunday, Ehud Barak, a former prime minister of Israel, shared his views on Bitcoin and blockchain. Globes, a local daily financial newspaper, reported that while the former leader believes in the blockchain technology, he holds the opinion that Bitcoin [BTC] and other cryptocurrencies are Ponzi schemes. In his words:

“Blockchain itself is a mathematical technological concept and an interesting and important methodology. The cryptocurrencies, bitcoin and all the others, that’s a Ponzi scheme. I don’t believe that it’s possible to make a currency in this way in the current generation, and I wouldn’t invest in anything that’s related to cryptocurrencies.”

The topic came up when he was asked if Medical Marijuana was a bubble like Bitcoin. Barak continued to state that recently, many cannabis companies have been listed on the Nasdaq exchange creating much buzz around the matter.

However, according to him, medical Marijuana is much more serious than Cannabis for recreation wherein the industry will undergo regulation. He also explained that his country is a significant hub for the know-how of medical Cannabis. Here, he mentioned:1

“…and the small company that I head InterCure has distributed 500,000 dosages to thousands of patients for whom it is more valuable than gold.”

A few months ago, multiple market analysts and investors speculated that the fate of Cannabis might be painted in similar ways as that of the cryptocurrency market, Bitcoin in specific. These opinions emerged with the onset of the 1000% surge observed in Tilray’s stocks. It is a pharmaceutical company that works for the development of Cannabis-based products.

On the market front of Bitcoin, it has been observed that the coin has been stuck in the bear zone for a while now. Recently, BTC broke below an unbelievable level of $4,000, where its market cap was wiped out by a huge figure. This also affected the tokens placed beneath Bitcoin, painting all the cryptocurrencies a crimson red.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand



Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:

“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.

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