Ethereum (ETH) and Bitcoin Cash (BCH) Are Fiat Currencies: Blockstream CEO

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Contents

  • Bitcoin’s Keynesian fork 
  • Ethereum and Theranos

Blockstream CEO Adam Back agrees with Jimmy Song’s take on Ethereum and Bitcoin Cash being fiat currencies.

In fact, Back states that the above-mentioned cryptocurrencies are less “transparent, predictable, and dependable” than government-controlled money. 

Bitcoin Cash Price Has the Ability to Go Up 1,000 Times. Roger Ver Explains How

Bitcoin’s Keynesian fork 

Back in October 2018, Song published a controversial video titled “Bitcoin Cash is fiat money” where he dismantles the argument that Bitcoin is synonymous with its “big block” fork. 

He explains that Bitcoin is decentralized “Austrian money” while Bitcoin Cash is centralized fiat money that is glorified by the proponents of Keynesian economics. Since BCH is “politically centralized,” which essentially means that several bigwigs actually define its roadmap. 

Song also states mining giant Bitmain acts as a central bank for Bitcoin Cash that artificially inflated the price of Bitcoin after the fork took place. 

Bitcoin Has Larger Blockchain Than Its

Ethereum and Theranos

Ethereum is another popular target of Bitcoin maximalists. Given that ETH was mostly premined by a single centralized party, it gets constantly attacked with the dirty word “centralization.”

As reported by U.Today, Back called biotech scam Theranos “uncannily Ethereum-like,” stating that the management of both projects went too far with overselling their products. 

Back in July 2017, Ethereum came very close to flippening Bitcoin, but the leading altcoin has had its market share dwindled to just eight percent.   



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