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Bitcoin [BTC] was never meant to be fast, claims Samson Mow as BCH responds with criticism

Biraajmaan Tamuly

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Bitcoin [BTC] was never meant to be fast, claims Samson Mow; BCH twitter responds with criticism
Source: Pixabay

Since the start of 2019, Bitcoin’s [BTC] valuation has witnessed a number of surges, each of which has resulted in the virtual asset breaching the $8000 mark, while also recording no major price corrections. The situation has left the crypto-community with a sense of optimism and new-found trust, since various crypto-analysts are hopeful about the future of virtual assets.

However, doubts were recently raised when Bitcoin’s [BTC] Lightning Network, designed to solve the long-term scalability issues of Bitcoin, embarked on a decline over the last month.

However, Samson Mow, CSO at Blockstream, indicated that transaction speed has never been a major issue for the Bitcoin network.

In a recent interview with Max Keiser on the Keiser Report, Mow stated that Bitcoin was “never meant to be fast” in the first place. He clarified that Bitcoin was meant to act as a store-of-value, a medium for wealth transfers among peers and most importantly, it needed to be reliable.

Mow agreed with the argument that the relatively longer duration taken by Bitcoin [BTC] was supposed to be a feature, and a not a bug.

He added,

“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.”

Samson Mow’s comment was quickly picked up by @Bitcoin, an account controlled by BCH proponent Roger Ver. The account responded,

Source: Twitter

The account continued to shed light on Samson Mow, picking on his previous comments, including one where Mow had said, “Bitcoin [BTC] is a horrible, horrible payments system,” and statements like “Bitcoin [BTC] isn’t good for people that live on less than $2 per day.”

Mow responded back and tweeted,

“$BCH was one of the greatest transfers of wealth from stupid people to smart people.”

tag Samson Mow, Max Keiser, Bitcoin, and your wish





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

ErisX goes all hands on deck to launch a Bitcoin Futures market

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ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.





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