Input Output CEO Charles Hoskinson responded to a recent Cory Klippsten interview by calling the Swan Bitcoin CEO “an idiot.”
Hoskinson took exception to Klippsten calling blockchain a “marketing scam.” Specifically, Klippsten said blockchain is “a slow and expensive database,” but its only use case of merit is “as part of the system designed for Bitcoin.”
Since the Terra scandal and subsequent industry-wide deleveraging that followed, Bitcoin maxis have grown more vocal in condemning everything that isn’t Bitcoin. While some have labeled this mindset as “toxic,” On-Chain Analyst Jimmy Song said maxis “were not toxic enough,” resulting in the loss of billions over recent events.
Bitcoin Maximalists were not toxic enough. This is why people lost billions on Luna, Celsius, 3AC and more.
— Jimmy Song (송재준) (@jimmysong) July 26, 2022
Klippsten tears down blockchain
During the interview, Klippsten denied the narrative that blockchain technology is revolutionizing the internet to foster greater utility.
He dispelled the idea that blockchain is cutting-edge tech, saying it dates from the 80s and isn’t faster or cheaper than competing technologies. However, the only exception to this, insofar as offering a degree of value, is the blockchain system that underpins the Bitcoin network.
“Blockchain has been around for 40 years; any use case that people have tried to apply to it, it’s just a slow, expensive database.”
Supporting this view, the Swan Bitcoin CEO gave several examples, including an account of Fidelity’s research into blockchain technology, which ended in “50 proofs of concepts” being abandoned due to lack of utility.
Responding to Klippsten, Hoskinson countered that blockchain is “a recognized class of technology” with several real-world use cases from voting to supply chain. He then launched a personal attack on Klippsten by questioning his capacity to understand the concept.
He is an idiot. It’s a recognized class of technology that solves real problems from voting to supply chain. Just because he’s incapable of understanding why doesn’t change reality anymore than not understanding radiation doesn’t make it not exist
— Charles Hoskinson (@IOHK_Charles) July 26, 2022
Maximalism is not toxic maximalism
Recent events were a wake-up call for the entire industry. Russell Starr, the CEO of crypto Exchange Traded Products (ETP) firm Valour, wrote by email that a factor in the losses was a lack of maturity and…
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