BTC Is the Only Crypto; Altcoins Are Centralized, JAN3 CEO Argues

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    • The CEO of Pix­el­mat­ic con­tend­ed that Bit­coin is the only cryp­tocur­ren­cy, and alt­coins are most­ly cen­tral­ized pro­to­cols pre­tend­ing to be decentralized.
    • He accused Bri­an Arm­strong, the CEO of Coin­base, as one of the “guilty par­ties” that con­flict­ed Bit­coin with crypto. 
    • Twit­ter com­mu­ni­ty agrees with Mow’s claims.

Sam­son Mow, the CEO of JAN3 and Pix­el­mat­ic, the devel­op­ment stu­dio behind Infi­nite Fleet, said Bit­coin (BTC) is the only cryp­tocur­ren­cy, adding that most alt­coins are mere cen­tral­ized pro­to­cols that pre­tend to be decentralized.

He made the state­ment on June 21 in an inter­view with Con­sumer News and Busi­ness Chan­nel (CNBC).

Mow said Bit­coin is a “decen­tral­ized peer-to-peer net­work of mon­ey, mon­ey reimag­ined, mon­ey 2.0” qual­i­ties, which, accord­ing to him, oth­er coins lack.

When asked to pitch the idea of cryp­tocur­ren­cy, he first said peo­ple in the indus­try have large­ly mis­in­formed the pub­lic. He accused Bri­an Arm­strong, the CEO of Coin­base, as one of the “guilty par­ties” that con­flict­ed Bit­coin with cryp­to. In his words:

Bit­coin is not a cryp­to. The cryp­to mar­ket is unli­censed secu­ri­ties. So you have 20,000 of these things, and more are print­ed dai­ly. So if you lump Bit­coin in the same bag as cryp­to, you’re con­fus­ing [the mass­es] either delib­er­ate­ly or because of mal­ice or incom­pe­tence— and that’s what harms them because they do not under­stand that Bit­coin is not like those oth­er things.

He also cit­ed the Ter­ra LUNA 1.0 fias­co and Cel­sius, the cryp­to lender that froze users’ accounts, as exam­ples of alt­coin projects with no val­ue. “They’re just mint­ed tokens out of thin air,” he concluded.

Many Twit­ter users agree with Mow’s opin­ion about BTC. User @HODLBitty even said, “We need all bit­coins to start going on the offen­sive like this in the media.”

When asked about how to store Bit­coin, Mow said the best thing to do is to take pos­ses­sion of your coins and keep them in a hard­ware wallet.



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