“Brutal Truth About Bitcoin” guy is still at it

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Cornell University professor Eswar Prasad wrote a piece earlier in the New York Times on Bitcoin, triggering a huge backlash on social media.

1. Bitcoin mining is energy-intensive, as is the process required when transactions are validated on the bitcoin blockchain, ….  is “certainly not good for the environment”.

  • he recommends  Ethereum as it requires less energy 

2. Says it does not offer anonymity:

  • “if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”
  • highlights Monero and Zcash as alternatives

3. Doesn’t work well as a currency as it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile

More at that link to CNBC above. 

BTC update:

Cornell University professor Eswar Prasad wrote a piece earlier in the New York Times on Bitcoin, triggering a huge backlash on social media.

Source forexlive

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