bitcoin maximalist and prominent community figure, Bit Paine, has harped on the concept of digital assets and, most notably, has suggested that the second-largest cryptocurrency by market capitalization, ethereum/ethereum–crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.” rel=”nofollow noopener” target=”_blank”>ethereumis a gotcha.
How ethereum is a scam
in a mail shared on his platform X (formerly Twitter), Bit Paine gave his opinion on bitcoin/bitcoin-and-ethereum–crypto-rally/#:~:text=In%20a%20post%20shared%20on,crypto%20market%20could%20follow%20suit.” rel=”nofollow noopener” target=”_blank”>ethereum and other altcoins in what he called “a brief history of the rise and fall of ethereum.” He seemed to be alluding to the ethereum network when he talked about a “world computer,” which he called a scam.
According to him, this world computer only succeeded, despite being a scam, because of “a very powerful use case”, which is that it provided a platform for anyone to easily create and sell “digital penny stocks” (to which also referred to). as unregistered securities).
He went on to mention how this use case was attractive to venture capitalists (VCs) as it gave them the opportunity to make profits without any crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>regulating eyes be in them, especially with regard to violation of securities lawswhich normally would have ordered these venture capitalists to disclose their crypto accounts and ensure that no fraudulent acts were taking place.
crypto exchanges like Coinbase They are also not excluded from profiting from the “scam,” as the bitcoin maximalist mentioned that these “crypto casinos” have a lot to gain through the volume fees they earn from these tokens. To maximize their profits, they are accused of listing as many coins as they can to increase trading volume on their platform and earn more fees in the process.
Meanwhile, Bit Paine accused cryptocurrency traders, bots and influencers of getting in on the act as they “create a mini-industry of advertising, pumping and dumping these penny stock scams into retail trading.”
The allegations against ethereum come shortly after former eth general counsel Steven Nerayoff accused founders Vitalik Buterin and Joseph Lubin of running a bigger scam than the one Sam Bankman-Fried did with crypto exchange FTX .
The only legitimate cryptocurrency
Bit Paine did not pass up the opportunity to lose bitcoin as he praised the token and seemed to suggest that the most important cryptocurrency was the only one that embodied the spirit of decentralization. He stated that bitcoin has only one ethical use case, which is that it is “fair, neutral, global and uncensored digital money.”
He also said that bitcoin aligns incentives for humanity. On the other hand, ethereum “supercharged the broken incentives of fiat finance” while being able to evade all the laws “that have made it a less overt scam.”
His theory seems to arise from his belief that bitcoin it is the only cryptocurrency that was created with the purpose of serving humanity, unlike other tokens like Ether (and those created on the ethereum network), which are simply for financial gain. That might explain why he claimed that digital properties are not created “ethically equal.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Ethereum-Scam-Allegations-Grow-Crypto-Pundit-Describes-the-Rise-and" alt="Tradingview.com ethereum Price Chart (eth Founders Scam)” width=”2650″ height=”1758″/>
eth price fails to break $1,900 resistance | Source: ETHUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
