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

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Wed, 12/04/2019 - 14:53
Alex Dovbnya
Bitcoin Cash and Ethereum are more similar to government-controlled fiat money than Bitcoin
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Contents

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. 

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.   

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, can be contacted at alex.dovbnya@u.today.


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