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“Bitcoin is not the enemy, centralization is” – Bitcoiners remain bullish amid mainstream media attacks

Bitcoin 2020/07/16 19:26 by Olivia Brooke
Bitcoin Price Hits $9.5K Despite Criticism Expressed By Mainstream Bank

Nearly 24 hours after the “big” cryptocurrency scam, tranquillity is slowly returning to Twitter and as new trends surface, the discussion is shifting from what can be titled as one of the swiftest and most popular cryptocurrency scams of the year, to regular day to day topics.

But Crypto-Twitter is far from moving on, and rightfully so. Many Cryptocurrency enthusiasts have given their two cents on the event. It appears that all of them seem to be passing the same message across. 

“Bitcoin is not the enemy, centralization is.”

The general sentiments as seen on the platform have been that Digital currencies are a major threat to the financial system and do not guarantee the level of security its users claim it does.

Some mainstream news sites have gone as far as saying that Bitcoin itself is a scam. Regardless of Bitcoin’s global popularity, Bitcoin has not yet attained a level where one can say that mass adoption has fully arrived.

A certain percentage of the global population is still not convinced about the legitimacy of digital currencies, so the above sentiments where Bitcoin is labeled a “scam” is not at all surprising. However, the majority of Crypto-Twitter is preaching a different gospel; Bitcoin is not the enemy, centralization is.

Tom Emmer, the Congressman for Minnesota’s 6th district and Dan Held, the Business Director at Kraken were not the only ones to share these sentiments. Many others have shed light on the damages of centralization, which includes the hack as said by these enthusiasts.

The co-founder of Ethereum was another figure who gave even more dialogue to this. In a response tweet to Twitter’s breakdown of how hackers infiltrated the space, Vitalik Buterin ironically replied to the tweets inferring that Twitter’s statement was a shot at their own foot.

In clear terms, Vitalik Buterin means to say that centralized systems are an all-around threat to user’s safety by nature. Re-establishing that the “backdoors” are not efficient for a different cause due to their limited application in other areas. 

In a preceding tweet, Buterin explained that the event cannot be compared to the possible damage that could’ve happened in a situation where the hackers had an entirely different motive. 

Meanwhile, other Bitcoin advocates believe that there is a much bigger message to take away. The big story being that Bitcoin’s value is comparable to nothing else.

Jameson Lopp, the founder of cypherpunk and popular Bitcoin proponent tweeted to support this motion. Analysts remain bullish on Bitcoin, asserting that the end product is an upcoming rally in prices.

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