Meltem Demirors, the chief strategy officer at CoinShares, spoke with CNBC’s Crypto Trader and discussed the numerous protocols/altcoins that have come up in the cryptocurrency space. She mentioned how Bitcoin faced problems with consensus in the early days and has been finessing since then.
ICO boom, which took place in 2017 was also addressed by Demirors as she said:
“$8.6 billion went into top 10 ICOs, the largest of which was EOS. Actually, for the last few years over $30 billion has gone into protocols. I think a lot of it is people talking about the issues of Bitcoin, like its too expensive, too slow… and started designing all these protocols, that tend to solve these problems that Bitcoin has.”
Most of the altcoins that crept up during the ICO boom in 2017 were not able to survive the bear market due to lack of pragmatism in the projects, lack of funds management, etc. A majority of these ICOs were nothing but a pump and dump scheme, which lost a lot of investors’ money.
Additionally, Demirors stated:
“I think a lot of these protocols raised on these premises ‘We’re going to kill Bitcoin because we have all these features that make us better than Bitcoin’ not realizing that it took Bitcoin ten years to get Bitcoin where it is. It is simple and very elegant and very hard to replicate Bitcoin.”
She added that Bitcoin has been slowly adding to its features to it, which is making it more private and secure. Meltem Demirors also said that scalability for Bitcoin has been progressing via the Lightning network; other features like the Taproot implementation, the Schnorr signatures, etc will also be coming to Bitcoin.
Moreover, Demirors said that the value of the network and the price of Bitcoin did matter, but the important thing was the community of the Bitcoin, which has brought together so many people could work collectively on Bitcoin.
Speaking about these protocols/altcoins, Demirors added that Ethereum had done a “good job” building community around itself, although it was facing the same problems Bitcoin did.
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