Prominent pro-XRP attorney John Deaton recently reacted to a bold claim from long-term crypto pundit Justin Bons that Bitcoin (BTC), the premier cryptocurrency, is a failure.
Bitcoin stands out as the firstborn cryptocurrency, with its price performance usually determining the direction of the broader crypto market. The asset’s legacy has earned it the position of most respected crypto asset in the community.
Bitcoin a Failure?
However, Justin Bons, founder and Chief Information Officer crypto fund CyberCapital, believes the Bitcoin technology is a failure. Bons took this bold stance in a recent X thread, triggering discussions surrounding Bitcoin’s technology and price actions.
1/9) BTC is a dinosaur; the technology is ridiculously out-of-date
At an embarrassing 7-13 maximum Transaction-Per-Second, it is in a position to disrupt nothing
All while being the most inefficient possible, as it excels at nothing
From utility to economics, BTC is a failure:
— Justin Bons (@Justin_Bons) November 15, 2023
Bons declared Bitcoin to be a technological dinosaur with an embarrassingly low Transaction-Per-Second (TPS) rate of 7-13. According to Bons, Bitcoin’s inefficiency and failure in utility and economics make it a subpar choice in the growing blockchain scene.
Bons asserted that while Bitcoin served as a successful experiment, paving the way for subsequent advancements, it has fallen behind in crucial aspects. Bons has taken similar jabs at XRP, calling it centralized.
In his latest remarks, he argued that competitors now boast finality times of one to six seconds, significantly outperforming Bitcoin’s 10 to 60 minute range. Notably, the XRP Ledger (XRPL) settles transactions in one to three seconds, boasting a TPS of 3,400.
Bons believes Bitcoin will trail behind as the crypto scene evolves. According to him, this is due to the governance structure that the Bitcoin blockchain employs.
Despite the theoretical capacity to adopt superior technology, he contends that BTC is hindered in practice by a small group that has captured its governance. He highlighted this as a systemic flaw, emphasizing that BTC is unable to adapt, ultimately heading toward a perilous cliff.
Bons Predicts a Collapse in Bitcoin’s Security Model
Bons predicted a collapse of BTC’s security model within five to nine years due to the limit in block size, asserting that fees would be unable to sustain security in the long run. Ethereum founder Vitalik Buterin holds similar sentiments.
Bons anticipates BTC being forced to surpass its 21 million supply limit, plunging the industry into a precarious situation.
He stated that he has refused to participate in what he referred to as a “musical chains” game, cautioning the community about the potential threats posed by Bitcoin’s inability to adjust.
“Next to Tether, BTC is one of the largest existential threats to the industry. We would all be better off if we stopped paying lip service to such a flawed technology. It sets our entire industry back by selecting a naked emperor to be our champion. We can do so much better!”
Pro-XRP Attorney Reacts
In response to Bons’ scathing critique, John Deaton, founder of CryptoLaw, offered a counter perspective. Deaton dismissed Bons’ characterization of Bitcoin as a failure, emphasizing its status as the best-performing asset globally.
Calling the best performing asset in the world a failure is certainly a unique perspective. https://t.co/xhrAoh1ynV
— John E Deaton (@JohnEDeaton1) November 15, 2023
However, he labeled Bons’ viewpoint as unique, hinting at the subjectivity surrounding the evaluation of crypto success. Other commentators aligned with Bons’ sentiment, arguing that, while Bitcoin could have earned a spot among the best-performing assets, its technology falls behind compared to other chains.
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