Cornell professor questions future of BTC: "this stuff isn't high tech"

06 Jul, 2019
by David Robb
Opinion
Cornell professor questions future of BTC: this stuff isn't high tech

Blockchain expert Emin Gun Sirer has recently questioned the technological value of Bitcoin. The Cornell professor suggested that BTC is comparatively slow and inefficient, as well as hitting out at BTC maximalists who responded badly to this evaluation.

Sirer was responding to an article about a scam involving a Bitcoin ATM. He pointed out that the thieves had been able to steal users' BTC simply by exploiting the basic drawbacks of Bitcoin network - its slow transaction times.  

The number of crypto ATMs worldwide is continuing to grow, and Sirer points out that some are taking risks in order to improve user experience. In this case, the risk led to many customers losing funds, but the ATM company's business model is nevertheless working, and it is likely to continue operating successfully.

Many BTC maximalists reacted angrily to the Cornell professor's criticism of Bitcoin's tech. Sirer reiterated the point that the BTC network is over ten years old, and its design isn't suited to most use cases, forcing companies to take the kind of risks that lead to customers losing money. He queried the motivations behind the negative responses he was getting, suggesting that the BTC maximalist community was similar to a cult and wasn't able to accept the reality of how BTC works.

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Read more about: Bitcoin (BTC)

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