The economist considers that the most important thing about Bitcoin and other cryptocurrencies is their blockchains. Redrado believes that the pioneering cryptocurrency is a speculative asset only for experienced investors.
Former president of the Central Bank of Argentina (BCRA), Martín Redrado, posted a tweet that received many responses from Bitcoin (BTC) users and experts. The official referred to the pioneering cryptocurrency, besides Ether and blockchains.
The economist wrote that the blockchain technology that underpins the Ethereum cryptocurrency is outpacing Bitcoin. He commented that it is the essential factor that will lead to differentiation in the future.
The politician who led the BCRA between 2004 and 2010 stated that the most important thing is not Bitcoin but blockchains as a unitary technology. In that regard, Redrado quoted the creator of Ethereum Vitalik Buterin, who describes that network as a general-purpose blockchain.
In response to those comments, several bitcoiners sent messages to the person who led the BCRA during the Néstor and Cristina Kirchner administrations.
Franco Amati, a founder of the NGO Bitcoin Argentina, considers that accepting blockchain but not Bitcoin causes delays of at least three years. In 2018, the developer said it was necessary to stop using the word “blockchain” and refer directly to its goal.
A Bitcoiner Responds that Ethereum is More Centralized than the FBI
Finance specialist Adam Dubove sees the conclusion of Redrado regarding the superiority of Ethereum as logic for a central banker. He explained that the former official prefers the Proof-of-Stake (PoS) protocol as it emulates a system that he knows and can control while Bitcoin does not.
After activating its version 2.0, the Ethereum network will adopt PoS to eliminate the need for mining (PoW). In other words, it will not continue using advanced computational resources or consuming high levels of electrical energy to validate transactions and issue new coins.
Some critics think that the lack of mining turns cryptocurrencies using PoS into something very similar to fiat money. That is because those controlling them can issue them at will without consuming too much energy.
When responding to the tweet, Dubove wrote that Ethereum is more centralized than the FBI. Furthermore, he stressed that comparing it to Bitcoin is like “comparing apples and oranges.”
He has explained on other occasions that every aspect of Bitcoin’s design is essential for security, decentralization, and incentive reasons. However, he considers other cryptocurrencies, whose founders are highly influential, highly vulnerable to attack.
The Social Revolution is Greater than the Technological Revolution
Member of the NGO Bitcoin Argentina, Julián Drangosch, responded that Redrado is wrong. The engineer considers that the former president of the BCRA does not understand that “the social revolution is much greater than the technological revolution.” The bitcoiner added that Bitcoin outperforms all altcoins by far.
Several days ago, Drangosch said that blockchains with other synchronization mechanisms such as PoS are unnecessary. He believes the blockchain is still the most important thing, but the PoW must be more efficient.
Bitcoiners Have Confronted Redrado on Other Occasions
Argentine bitcoiners have already had confrontations with Redrado on Twitter on other occasions. He has rated the crypto asset only useful for experienced investors due to its high volatility.
In 2020, the economist suggested creating a digital peso, which several BTC supporters criticized. They criticized him for wanting the State to monitor the financial transactions of citizens.
Many rejected Redrado at the time as he set China as an example to follow. The freedoms of its citizens are not what characterizes the Asian country. They are in the final stage of testing to launch the e-yuan, which will serve as a database for the State.
By Alexander Salazar