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Bitcoin has been corrupted because it’s a creation of man; while gold is a creation of God, says Analyst




Bitcoin's [BTC] been corrupted because it's a creation of man; while gold is a creation of god, says Analyst
Source: Pixabay

“Bitcoin is a store of value,” stated Chris Mancini, an Analyst at Gabelli Gold Funds. However, unlike several critics who asserted that the coin was a tool for criminals because of its “anonymity”, Mancini remarked that the coin was corrupted because it is a “creation of man”, unlike gold, which is a “creation of God”.

Bitcoin [BTC] often referred to as Digital Gold was yet again placed in the limelight along with Gold. In an interview with Kitco News, Chris Mancini spoke about the digital currency, in comparison to gold. The discussion on the topic began by Mancini stating, “Bitcoin […] it’s a store of value. I mean, it’s kind of a thing you can’t necessarily be replicated in its current form.”

This was followed by the analysts speaking about the “issue with Bitcoin”; first was that Central Banks were not going to buy the Bitcoin and second was the “concept of forks”. Mancini stated that Central Banks such as the Chinese Central Bank and the Russian Central Bank was buying gold, adding that they would not buy Bitcoin. He further stated that the “crazy” thing about the cryptocurrency was its forks, such as Bitcoin Cash and Bitcoin Gold.

He said,

“[…] the concept of coming in and buying a gold coin down the street, putting it in my socks and having another gold coin one day, that’s crazy. So, that just can’t happen. But, with Bitcoin, you can. You can have another peice of Bitcoin, created off of Bitcoin […]”

Mancini further stated,

“So, the big picture is that Bitcoin has been corrupted. It’s been corrupted because it’s a creation of man and gold cannot be corrupted because, Gold is a creation of god.”

Further, when asked about his view on Bitcoin, whether it was a safe haven or a currency, Mancini stated that the Bitcoin was a means of payment. He also spoke about the other cryptocurrencies that were backed by physical metals, stating that it was “just another way” for individuals to buy metals, with the use of blockchain technology, which according to him “is great”.

Jameson Lopp stated on Twitter,

“Prove that Satoshi Nakamoto is a human and not an artificial intelligence from the future. I’ll wait.”

@BollingDain, a Twitter user stated,

“If God created Man in his own image, and Bitcoin was created by Man, then Bitcoin is one Holy Creation.”

Stevie J, another Twitter user said,

“gold was created by stars gone supernova, this has been proven by science and should be the end of discussion. If god created the conditions for gold to be created; he did the same for BTC.”

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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.


Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp




Facebook's Libra 'sounds an awful lot like Proof-of-Stake' and will 'run into Ethereum's problems' claims Bitcoin engineer, Jameson Lopp
Source: Unsplash

Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.

Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”

Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,

“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”

Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.

In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.

According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.

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