An opinion piece titled ” Bitcoin Songsheet: How Altcoiners Use Bitcoin to Rent Seek was released on September 19. In this article, prominent Bitcoin (BTC) developer Jimmy Song talks at length about the crypto industry, in this case altcoins. He points out that altcoin users have a habit of blaming bitcoin (BTC) whenever they want their own token to be interested. Jimmy thinks they ” practice self-interested mental gymnastics worthy of the most partisan politician “. Find out why he thinks the behavior of altcoin projects is “immoral”and leads ” huge damage“.
This is how altcoins would be“unequivocally immoral”
For Jimmy Song, there is no reason to be a fan of altcoins, because these “hinder the adoption of bitcoin“. They “destroy value and create terrible habitsby posing as decentralized cryptos. Song adds that the various altcoin projects are mostly rent-seeking. He goes on to explain that they do not hesitate to join the bitcoin to reassure the public. After all, bitcoin is legit and bind to its name”exempts them from any responsibility in the event of a problem“.
Furthermore, the developer continues, altcoins cause confusion in the minds of consumers by using expressions like“decentralization is a spectrum”. They also state that “blockchain technology has many use cases“.
All of this is clouding the waters and preventing optimal adoption of the flagship crypto, he said before adding that altcoin projects tap into people’s most basic instincts. And this instinct is expressed by the fact of wantingget something for nothing“.
Bitcoin developer Jimmy Song argues in an op-ed that it’s obvious that altcoins are a complete fiat currency. Moreover, they would be centralized and set up monetary machinations, with a control system. Hence, they “inherit all the moral issues of fiat money“.
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