Cryptocurrency

BTC Is the Only Crypto; Altcoins Are Centralized, JAN3 CEO Argues


BTC Is the Only Crypto; Altcoins Are Centralized, JAN3 CEO Argues

    • The CEO of Pixelmatic contended that Bitcoin is the only cryptocurrency, and altcoins are mostly centralized protocols pretending to be decentralized.
    • He accused Brian Armstrong, the CEO of Coinbase (NASDAQ:COIN), as one of the “guilty parties” that conflicted Bitcoin with crypto.
    • Twitter (NYSE:TWTR) community agrees with Mow’s claims.

Samson Mow, the CEO of JAN3 and Pixelmatic, the development studio behind Infinite Fleet, said Bitcoin (BTC) is the only cryptocurrency, adding that most altcoins are mere centralized protocols that pretend to be decentralized.

He made the statement on June 21 in an interview with Consumer News and Business Channel (CNBC).

Mow said Bitcoin is a “decentralized peer-to-peer network of money, money reimagined, money 2.0” qualities, which, according to him, other coins lack.

When asked to pitch the idea of cryptocurrency, he first said people in the industry have largely misinformed the public. He accused Brian Armstrong, the CEO of Coinbase, as one of the “guilty parties” that conflicted Bitcoin with crypto. In his words:

Bitcoin is not a crypto. The crypto market is unlicensed securities. So you have 20,000 of these things, and more are printed daily. So if you lump Bitcoin in the same bag as crypto, you’re confusing [the masses] either deliberately or because of malice or incompetence— and that’s what harms them because they do not understand that Bitcoin is not like those other things.

He also cited the Terra LUNA 1.0 fiasco and Celsius, the crypto lender that froze users’ accounts, as examples of altcoin projects with no value. “They’re just minted tokens out of thin air,” he concluded.

Many Twitter users agree with Mow’s opinion about BTC. User @HODLBitty even said, “We need all bitcoins to start going on the offensive like this in the media.”

When asked about how to store Bitcoin, Mow said the best thing to do is to take possession of your coins and keep them in a hardware wallet.

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