Vitalik Buterin a co-founder of Ethereum finally addressed the El Salvador Bitcoin policies on Reddit of all places. El Salvador has been stealing the spotlight as the frontier of Bitcoin adoption. Becoming the first country to accept BTC as legal tender, so far it has been a roller coaster of emotions for the people. Considering the wild fluctuations of BTC price, not all people are onboard with this plan. The wild protests on the streets can demonstrate this statement.
Vitalik Buterin in the House
On Friday, the legendary crypto icon appeared on Reddit, writing in a forum called “Unpopular Opinion” which criticized El Salvador President Nayab Bukele for the rapid and forced adoption of Bitcoin. The Comment was direct and spontaneous as he fired his shots against Both Nayab Bukele and Bitcoin maximalists.
“Nothing unpopular about this opinion. Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space.” Said Vitalik in his post. He pointed out the enforced policies on the people are against the liberty and the values that the community seeks.
Furthermore, he added “Additionally, this tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless, and risks a large number of innocent people getting hacked or scammed.”
In terms of political reputation, Nayab Bukele certainly does not have a good one. And Vitalik Buterin is right about this issue. Pushing Bitcoin without providing an infrastructure that includes education can be highly destructive to the financial system. Especially considering Bitcoin’s more volatile nature as compared with other financial markets.
“Shame on everyone (ok, fine, I’ll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him.” Said Vitalik Buterin to finish his comment.
Bitcoin Maximalists
The growing community of Bitcoin maximalists are actively trying to bring momentum to the BTC adoption. While a vast majority of them believe altcoins hold little to no value, their hasty efforts and bullish attitude continues on. Generally speaking, the maximalists do not believe that the “PoS” algorithm holds any value and that proof of work is far superior.
Jack Dorsey, the CEO of twitter is a predominant Bitcoin Maximalist.
While Bitcoin Maximalists have definitely reserved a spot in our Friday Special articles, they tend to be radical in their thoughts. Constantly pushing for rapid adoption of BTC and neglecting the possible consequences regarding hasty actions. Think of them as CrossFit bros or pyramid scheme dudes who can’t stop talking about their agenda for a second. El Salvador is their Mecca and Nayab Bukele has turned into their savior after Bitcoin adoption. We praise Vitalik Buterin for clearly expressing his thoughts and concerns about this issue.
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