Bitcoiners remain bullish despite the mainstream media backlash about the Twitter scam
- After the recent Bitcoin Twitter scam, many people have said that digital assets are a significant threat to the financial system.
- Bitcoiners took to Twitter to say that BTC isn’t the enemy, but centralization is.
Following the recent Bitcoin Twitter scam, many people have taken the social media platform to say that digital assets are a major threat to the financial system and do not guarantee the security level that the users claim they do.
Multiple mainstream news sources went as far as to say that Bitcoin itself is a scam. However, Bitcoiners remain adamant that Bitcoin isn't the enemy, centralization is. Tom Emmer, the Congressman for Minnesota’s 6th district, tweeted:
Bitcoin isn't the problem. Centralized control is.
— Tom Emmer (@RepTomEmmer) July 16, 2020
Dan Held, the Business Director at Kraken, also chimed in stating that Bitcoin has never been hacked. Vitalik Buterin, the co-founder of Ethereum, also commented on the issue. In response to Twitter’s breakdown of how hackers infiltrated the space, Vitalik Buterin mockingly said that “centralized backdoors help keep society safe.”
"Centralized backdoors are awesome and help keep society safe" https://t.co/7BlvFfxQd3
— vitalik.eth (@VitalikButerin) July 16, 2020
In a subsequent tweet, Buterin said that what happened is incomparable to the possible damage that could’ve occurred if the hackers had an entirely different motive.
This attack could have caused serious damage. I'm actually glad a hacker motivated by bitcoin profits got to the attack vector before far more nefarious actors seeking to leak private data, manipulate stock prices, manipulate elections or start wars did.
— vitalik.eth (@VitalikButerin) July 16, 2020
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
