Former Wall Street trader and Bitcoin maximalist Tone Vays, who famously predicted that the BTC dominance could reach 98 percent, recently provided the recent IOTA hack as an example of things that cannot happen in a decentralized protocol.
On the #Bitcoin Brief this morning, @jimmysong & I talked about two centralized databases: @blockstack & #Ethereum.
In case you thought we were joking, below is an example of things that can’t happen in a decentralized protocol ? https://t.co/w58gcEMMcO— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) February 14, 2020
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Switching off the network
As reported by U.Today, IOTA had to halt its network because numerous users lost their money as a result of “a coordinated attack” on the Trinity wallet.
While some praised the project for its swift response and coordination, Bitcoin maximalists saw this as an opportunity to criticize its lack of decentralization.
Former Bitcoin developer Peter Todd described the IOTA network as “100 percent centralized” after it was literally switched off.
“To protect users, we have paused the Coordinator and advise users not to open Trinity until further notice.”
In case you were wondering if IOTA is centralized. It is. 100% pic.twitter.com/NmD81l8Zsu
— Peter Todd (@peterktodd) February 13, 2020
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Plasma vs. Lightning
During a recent episode of the “Bitcoin Brief” show, Vays, together with veteran Bitcoin developer Jimmy Song, slammed Ethereum’s Plasma scaling solution that miserably failed to gain ground. Meanwhile, the Lightning Network is making significant progress with adoption.
“The Ethereum devs seem to think that Bitcoin devs are as bad as they are because that’s all they know,” Song said.
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Blockstack pauses app mining
The two also took shots at computing network Blockstack. Song accused Blockstack of “bribing” people to run apps on their platform through their fund.
Now, they have to pause their App Mining pilot because they never managed to get any quality apps. The decision was announced by the company’s CEO Muneeb Ali on Feb. 10.
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