Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

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

Published 06/22/2022, 07:26 AM
Updated 06/22/2022, 07:30 AM
© Reuters BTC Is the Only Crypto; Altcoins Are Centralized, JAN3 CEO Argues

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

    • 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 (NASDAQ:COIN), as one of the “guilty parties” that conflicted Bitcoin with crypto.
    • Twitter (NYSE:TWTR) 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.

Continue reading on CoinQuora

Latest comments

Bitcoin and Monero are maybe decentralized. 99% arent. thats true. but most of em dont claim to be a currency. they try to bring smart contracts in use, and replace fintech, not digital gold or money.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.