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

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  • Alex Dovbnya
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    Bitcoin Cash and Ethereum are more similar to government-controlled fiat money than Bitcoin

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

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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. 

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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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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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Bitcoin Price Momentum Could Be Crossing into Bullish, Willy Woo Trader Explains Why

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  • Yuri Molchan
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    The trader Willy Woo says that investor momentum is turning bullish and that the market is preparing for the upcoming halvening in May

Bitcoin Price Momentum Could Be Crossing into Bullish, Willy Woo Trader Explains Why
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The well-known trader Willy Woo has posted some good news to the community. On his Twitter account, he has published a chart that refers to on-chain analysis and says that it shows a bullish rise of investor momentum regarding Bitcoin.

“The bottom is mostly likely in, anything lower will be just a wick in the macro view.”

The market has started preparing for the approaching Bitcoin halving that is due in May next year, he explains.

Meanwhile, on Friday, the Bitcoin price managed to regain the $7,400 level. At press-time, as per the data from CoinMarketCap, Bitcoin is sitting at $7,576.

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The crypto analyst @CryptoMichNL believes that Bitcoin is going to surge to the $8,000 - $8,200 area soon. However, he adds that after that BTC may well drop back to $6,800 or even to $6,500.

Standard crypto games, he calls it.

Some, however, remain in doubt, whether the halvening of 2020 will get the BTC price to rush North.

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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