Uber Angel Investor Sparks Bitcoin Debate With “Build A Better Bitcoin” Comment

A tech investor who supported ridesharing platform Uber in its adolescence has ignited controversy inside the Bitcoin neighborhood by asserting that Bitcoin will in the end be supplanted by one thing superior.

“Bitcoin has performed a captivating function, however with a few main gamers monopolizing the market, now could be the correct second to ‘create a greater Bitcoin’ — beginning the sport anew,” famous famend angel investor and web entrepreneur Jason Calacanis to his 981,600 followers on X on March 14.

Calacanis, an early investor in Bitcoin-related ventures similar to the web buying and selling service Robinhood and the Bitcoin startup Keza, acknowledged, “All know-how finally will get changed… and Bitcoin isn’t any exception.”

Alternatives come up for Bitcoin layer-2 initiatives

Co-founders and executives of Bitcoin shortly countered these claims, asserting that Bitcoin is right here to remain, however acknowledging {that a} dominant layer-2 protocol should develop atop the Bitcoin community.

Brady Swenson, co-founder of Swan Bitcoin, remarked, “Profitable protocols are usually not changed; they’re constructed upon.”

“Bitcoin won’t ever get replaced as a medium for worth switch. The competitors continues to be on for the main second layer protocol,” Swenson added.

Cory Klippsten, Swan’s different co-founder, talked about, “Bitcoin represents a technological revolution reshaping complete industries, somewhat than merely adhering to the adoption cycle of a single system like an iPad.”

Sharing an identical viewpoint, Lightspark CEO David Markus commented, “What Bitcoin lacks in capabilities could be constructed on layer-2s.”

“Trying to create a greater Bitcoin is a misguided pursuit.”

In the meantime, ShapeShift CEO Eric Voorhees acknowledged that Bitcoin’s limitations could be addressed “on various chains.”

The bigger Bitcoin grows, the “much less seemingly” it’s to get replaced

Many business consultants have highlighted the importance of layer-2s for Bitcoin, as they introduce use instances that the Bitcoin community can’t accommodate, similar to enabling sensible contracts.

Nonetheless, Muneeb Ali, co-founder of Stacks, just lately knowledgeable Cointelegraph that over two-thirds of present Bitcoin layer-2 tasks could not survive the following three years as their preliminary enthusiasm wanes.

Bitcoin advocate Wayne Vaughan asserted that many individuals mistakenly imagine Bitcoin is definitely replaceable as a result of they view it merely as an asset, software, or platform.

“I understand Bitcoin as a community. Because the community expands, the probability of it being changed diminishes,” Vaughan acknowledged in a March 15 publish on X.

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Try Funds CEO Matt Cole commented, “There is not going to be a ‘higher’ Bitcoin. I believe we are going to expertise occasional alt seasons of ever-declining depth that may proceed to revenue insiders. Most people will seemingly find yourself holding much less Bitcoin by indulging in that gamble.”

This isn’t the primary occasion the place Calacanis’ remarks have fostered debate inside the crypto neighborhood.

In June 2020, Calacanis claimed that almost all crypto tasks globally are managed by “unqualified idiots” or “grifters” with subpar expertise.

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