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Bitcoin (BTC) Maximalist Tone Vays Brings Up IOTA Hack to Make Case Against Ethereum (ETH)

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Fri, 02/14/2020 - 08:09
Alex Dovbnya
Tone Vays takes shots at IOTA, Ethereum (ETH), and Blockstack to show why decentralization is important
Cover image via tonevays.com
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Former Wall Street trader and Bitcoin maximalist Tone Vays, who famously predicted that the BTC dominance could reach 98 percent, recently provided the recent IOTA hack as an example of things that cannot happen in a decentralized protocol. 

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Switching off the network 

As reported by U.Today, IOTA had to halt its network because numerous users lost their money as a result of "a coordinated attack" on the Trinity wallet. 

While some praised the project for its swift response and coordination, Bitcoin maximalists saw this as an opportunity to criticize its lack of decentralization. 

Former Bitcoin developer Peter Todd described the IOTA network as "100 percent centralized" after it was literally switched off.    

image by @peterktodd

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Plasma vs. Lightning 

During a recent episode of the "Bitcoin Brief" show, Vays, together with veteran Bitcoin developer Jimmy Song, slammed Ethereum's Plasma scaling solution that miserably failed to gain ground. Meanwhile, the Lightning Network is making significant progress with adoption.      

"The Ethereum devs seem to think that Bitcoin devs are as bad as they are because that's all they know," Song said.  

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Blockstack pauses app mining

The two also took shots at computing network Blockstack. Song accused Blockstack of "bribing" people to run apps on their platform through their fund.

Now, they have to pause their App Mining pilot because they never managed to get any quality apps. The decision was announced by the company's CEO Muneeb Ali on Feb. 10.      

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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