Nearly 24 hours after the “big” cryptocurrency scam, tranquillity is slowly returning to Twitter and as new trends surface, the discussion is shifting from what can be titled as one of the swiftest and most popular cryptocurrency scams of the year, to regular day to day topics.
But Crypto-Twitter is far from moving on, and rightfully so. Many Cryptocurrency enthusiasts have given their two cents on the event. It appears that all of them seem to be passing the same message across.
“Bitcoin is not the enemy, centralization is.”
The general sentiments as seen on the platform have been that Digital currencies are a major threat to the financial system and do not guarantee the level of security its users claim it does.
Some mainstream news sites have gone as far as saying that Bitcoin itself is a scam. Regardless of Bitcoin’s global popularity, Bitcoin has not yet attained a level where one can say that mass adoption has fully arrived.
Main stream media coverage of this hack & privacy breach: “bitcoin scam”, “bitcoin scam”, “bitcoin scam” … pic.twitter.com/ywlXoaxxo0
— PlanB (@100trillionUSD) July 16, 2020
A certain percentage of the global population is still not convinced about the legitimacy of digital currencies, so the above sentiments where Bitcoin is labeled a “scam” is not at all surprising. However, the majority of Crypto-Twitter is preaching a different gospel; Bitcoin is not the enemy, centralization is.
Bitcoin isn’t the problem. Centralized control is.
— Tom Emmer (@RepTomEmmer) July 16, 2020
Bitcoin has never been hacked.
— Dan Held (@danheld) July 16, 2020
Tom Emmer, the Congressman for Minnesota’s 6th district and Dan Held, the Business Director at Kraken were not the only ones to share these sentiments. Many others have shed light on the damages of centralization, which includes the hack as said by these enthusiasts.
The co-founder of Ethereum was another figure who gave even more dialogue to this. In a response tweet to Twitter’s breakdown of how hackers infiltrated the space, Vitalik Buterin ironically replied to the tweets inferring that Twitter’s statement was a shot at their own foot.
“Centralized backdoors are awesome and help keep society safe” https://t.co/7BlvFfxQd3
— vitalik.eth (@VitalikButerin) July 16, 2020
In clear terms, Vitalik Buterin means to say that centralized systems are an all-around threat to user’s safety by nature. Re-establishing that the “backdoors” are not efficient for a different cause due to their limited application in other areas.
True, but could be argued without those backdoors their accounts could’ve been lost forever.
— Huntley (@Rockstox) July 16, 2020
I have friends who today have twitter accounts they are locked out of and they contacted support weeks ago and the backdoor isn’t helping.
One already just created a new account
— vitalik.eth (@VitalikButerin) July 16, 2020
In a preceding tweet, Buterin explained that the event cannot be compared to the possible damage that could’ve happened in a situation where the hackers had an entirely different motive.
This attack could have caused serious damage. I’m actually glad a hacker motivated by bitcoin profits got to the attack vector before far more nefarious actors seeking to leak private data, manipulate stock prices, manipulate elections or start wars did.
— vitalik.eth (@VitalikButerin) July 16, 2020
Meanwhile, other Bitcoin advocates believe that there is a much bigger message to take away. The big story being that Bitcoin’s value is comparable to nothing else.
Jameson Lopp, the founder of cypherpunk and popular Bitcoin proponent tweeted to support this motion. Analysts remain bullish on Bitcoin, asserting that the end product is an upcoming rally in prices.
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