Tuesday, September 17, 2019

Berkeley Researcher Says Bitcoin is a “Bovine Excrement” that Needs to be Burnt

While many people who are bearish about Bitcoin may not really have a good knowledge of its underlying technology, the same cannot be said about Nicholas Weaver. The Senior researcher at the International Computer Science Institute at Berkeley believes that Bitcoin is Bovine excrement and has backed it up with several reasons.

Berkeley Reseacher’s Stance About Bitcoin Does Not Change

During Bloomberg’s Odd Lots podcast, Nicholas Weaver’s stance about the cryptocurrency industry did not falter. In the past, Weaver stated that Bitcoin and Blockchain technology need to be burnt with fire. This time around, he has a more interesting opinion about the digital currency and the sphere as a whole.

For starters, the Berkeley researcher outlined that when Bitcoin was launched around 2010, those with the technical knowledge looked at it and commented that it is ‘Bovine excrement.’ They also walked away from the asset for several reasons which the Critic noted.

Reasons Why Bitcoin is a Bovine Excrement

One of such reasons is the perception that Bitcoin has failed as a currency since the virtual asset has very few non-criminal use cases. Moreover, it cannot be money’s equivalent since it cannot even contend with Paypal, another digital currency. The only way it would is in its ability to be used to facilitate crime.

Weaver further stated that Bitcoin has failed as money for three major reasons. The first, is the ability for chargebacks to occur if a seller has received a credit card payment in exchange for their Bitcoin. This was attributed to the immutable nature of the Blockchain which prevents data from being changed.

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Another point of concern is the inability for the average Bitcoin holder or investor to securely store their funds. The latter could be attributed to a number of hacks on some Bitcoin wallets and even cryptocurrency exchanges.

Researcher Says Bitcoin is Difficult to Spend

The Technologist also stated that Bitcoin is difficult to spend. It may have been adopted by certain companies, but each of them relies on a payment processor such as BitPay or Coinbase Commerce. Therefore, they are not actually accepting the cryptocurrency.

Weaver, therefore, concluded that two ways can bring about the downfall of Bitcoin. The first would be for the U.S. government to take down the company behind Tether, a stable coin that is backed by the dollar and is used on major exchanges. In the Researcher’s own words:

The first is the federal government getting their act together and going after this cryptocurrency called Tether….If Tether is destroyed, that…removes the entire bitcoin exchange ecology.

While revealing the second possible option that could “burn Bitcoin with fire”, Weaver said that if the virtual assest’s price declines significantly, it could cause a problem in the network. This time around, miners will be forced to discontinue their mining operations due to the high cost of generating Bitcoin in comparison to its price.

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