U.S. congressman asks how to differentiate between Bitcoin and "shitcoin"

17 Jul, 2019
by David Robb
News
U.S. congressman asks how to differentiate between Bitcoin and shitcoin

At the recent crypto hearing held by the House of Representatives, one official seemed to be more up on the community's insider lingo than some might have expected. Congressman Warren Davidson asked how an investor would be able to differentiate between Bitcoin and "shitcoin".

Davidson posed the question to Coinbase Chief Strategy Officer and crypto expert Meltem Demiroirs, who was part of a panel that was organized by Congress in the wake of Facebook's release of the whitepaper for their new crypto project, Libra. The stablecoin is being developed by subsidiary company Calibra, and it has caused significant amount of concern for many regulators. 

The congressman brought up the crypto community's attitude to BTC and other, less-respected cryptos, claiming that "there's Bitcoin and then there's shitcoin". He asked Demiroirs if she was familiar with the phrase, which she admitted to being. She insisted that BTC stands apart from other cryptos due to how robust the network is.

Davidson seemed to agree with this assessment, and pointed out that the factors influencing the value of Bitcoin were external to it, much like how banks' manipulations can affect the value of the US Dollar. He noted that so-called "shitcoins" were generally more centralized and easier to manipulate from within.

Observers on Twitter reacted enthusiastically to the congressman's choice of words, representing a major collision between two different worlds that may draw closer together over the next few years.

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Read more about: Bitcoin (BTC)

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