Ray Dillinger assures that Bitcoin did not accomplish the goals for which it was created. But Adam Back talks about Bitcoin as a currency under a status of infancy and “a new hope for humanity.“
The crypto expert and crypto pioneer Ray Dillinger recently referred to Bitcoin, the most popular cryptocurrency as a failure and a total disaster. He criticized what he calls pseudo-anonymity, mining, second-layer solutions, and the emergence of exchanges and custodial services.
Another pioneer, Adam Back considers that “Bitcoin is a new hope for humanity.” The leader believed that Bitcoin is living its early stages and regretted that “people who should understand its importance are left on the sidelines more than a decade later with disparaging and nonsensical comments.” “They do not understand the value of what is probably the biggest digital innovation from the Internet itself,” he stated.
Dillinger and his Posture against Bitcoin
In his recent statements, posted on a crypto email list, Dillinger came to mention that “the shortage of space on the blockchain led people to reinvent every last feature of the banks they thought they were going to escape from”.
According to Dillinger, some examples of this are the Lightning Network and exchanges and custodial services. He says that these functions are closely related to “fractional reserve banking”.
This pioneer also rose a critic of mining, an activity that, he said, “has encourages corruption over the countries.” He claims that “[mining] is often done using electricity that is stolen from taxpayers, and the governments are involved in such actions.” He also criticized the energy expenditure of mining and the increasing activity in countries like China.
Several participants of the abovementioned email list accused Dillinger, saying that he talks like a non-coiner, someone who has 0 knowledge of bitcoin, its behavior, and its environment.
Dillinger dismissed these ratings, although he did not give any indication of being in favor of this coin. “I want there to be a good cryptocurrency, I want it to be easy to use, I want it to be secure, I want it to grow, and I want it to be at least reasonably private for those who use it without trying to cheat,” he explained. The developer also said that Bitcoin still does not satisfy any of the abovementioned features and that no other cryptocurrency that is built on the Satoshi Nakamoto protocol will. “The shared blockchain as the ledger of all transactions does scale, neither in the network bandwidth nor in the bandwidth of the transactions,” he said.
Adam Black: His Unique and Positive Opinion about Bitcoin’s Design
Adam Back, currently a director of the Blockstream Company and one of the first people to receive an email from Satoshi Nakamoto, responded in disagreement with Dillinger’s statements. “Bitcoin gave the world a more robust form of electronic cash,” he said. He does not consider scalability as a negative thing; scalability can be achieved through second-layer solutions.
Adam Black argues: If anyone can do better you’re welcome, to feel free to brainstorm new possibilities and ways. But keep in mind that it is quite challenging. No one has done it until now and, many brilliant people spent a Bitcoin decade trying.
By: Jenson Nuñez