Thursday, July 18, 2019

Giacomo Zucco Comments On Privacy, Bitcoin and Why He Doesn’t Fancy Coinbase

Giacomo Zucco is a famous personality in the crypto space. His knowledge of cryptocurrency, as well as humor, has endeared him to many, making him attract a large fan base on Twitter. Zucco is a Bitcoin educator and consultant whose interest in the digital asset began since 2012.

In an interview, Zucco aired his opinion on issues about Bitcoin, privacy and the reason he finds Coinbase distasteful.

Zucco’s First Introduction to Crypto

Zucco narrated that he first got acquainted with Bitcoin in late 2012 and was captivated by the ability of the cryptocurrency to link together the different aspects of his life and interests. Upon the suggestion of his wife, he quit his regular job in May 2013 to focus fully on Bitcoin.

When Zucco was asked to name the most important property of Bitcoin, he said that all of Bitcoin’s properties are important but that “state-resistant ideal money” summarizes them all. In his opinion, Bitcoin is a “hard money” because it is difficult to manipulate and at the same time a “dark money” because of how hard it is to be tracked.

Will Improved Privacy Hurt Bitcoin’s Adoption And Reputation?

Zucco believes that any improvement to the privacy of Bitcoin will be a good thing. In his words, “There isn’t a single reason in the world Bitcoin should be adopted if it seriously lacks privacy.”

On the issue of a Bitcoin ETF, Zucco admits that there are pros and cons to it, but he tends to lean towards the positive side most of the time. According to Zucco:

“Of course there are some risks of centralization, manipulation, fractional reserve…but they should stay mostly limited on the legacy market, leaving the real Bitcoin network mostly unaffected, at least in the long run.”

Zucco Hates Coinbase

Giacomo Zucco has not kept his strong dislike for Coinbase a secret. In fact, he gave different reasons as to why his hate for the crypto exchange is justified. The first reason is based on his dislike for “crypto start-ups” which he said operates like conventional banks.

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Secondly, he accused Coinbase of leading what he termed an “attack against Bitcoin,” like the one launched by Mike Hearn, an R3CEV employee, and also another called “New York Agreement.”

Then there is also the issue of Bitcoin clones supported by the exchange, which it promotes as “better bitcoins” while lying about its risks, trade-offs, and features. He added that the company is guilty of “sometimes even actively manipulating their market with organized pumps (like they did with Bcash).”

Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]

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