U.TODAY – It is not every day that the CEO of an important exchange of cryptocurrencies and a virulent critic are found in an exchange, but we are there. Brian Armstrong, Director of Coinbase (Nasdaq :), recently stressed a problem which is both a blessing and a curse for the cryptography industry: the large volume of new tokens created.
With around 1 million tokens appearing every week, Armstrong argued that the current system consisting in evaluating each individually is no longer achievable.
Instead, he suggested going from a “green list” to a “blocking list”, based on customer reviews and automated chain data analysis to help users scrutinize The noise. He also referred to a deeper integration with decentralized grants (DEX), aimed at making the experience of trading transparent, which it takes place on a centralized or decentralized platform.
Proof of work? Nothing more than a hole in the ground
Enter Peter Schiff, the defender of gold and skeptical of cryptocurrencies who never lack an opportunity to question the value of digital assets. Schiff’s response to Armstrong’s comments was typically brutal.
He focused on the idea of a “limited offer”, the cornerstone of the Bitcoin value proposal, and questioned it. With as many tokens flooding the market, Schiff argued that the inflation rate of digital assets is actually “out of the ordinary”.
However, he did not stop there and targeted the mechanism of proof of work of Bitcoin, the process by which new parts are created and the transactions are verified. For him, proof of work is an erroneous concept.
Schiff compared this to spending $ 10,000 to dig a hole and then fill it: energy is spent, but nothing of value is created. While Bitcoin enthusiasts often praise the influential process as a functionality, gold defenders see it as a bug.
Energy is consumed, of course, but it is neither stored nor transformed into anything useful. Bitcoin, he argued, is not a battery; It does not contain energy that could be exploited later.
