{"id":30224,"date":"2022-09-26T18:01:40","date_gmt":"2022-09-26T18:01:40","guid":{"rendered":"http:\/\/egrowonline.com\/?p=30224"},"modified":"2022-09-26T18:01:40","modified_gmt":"2022-09-26T18:01:40","slug":"bitcoin-developer-jimmy-song-explains-how-altcoins-are-unequivocally-immoral","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=30224","title":{"rendered":"Bitcoin Developer Jimmy Song Explains How \u2018Altcoins Are Unequivocally Immoral\u2019"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Last week, prominent Bitcoin developer, educator and entrepreneur <a target=\"_blank\" href=\"https:\/\/programmingbitcoin.com\/\" rel=\"noopener\">Jimmy Song<\/a> explained why he is not a fan of altcoins.<\/p>\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"Bitcoin Fixes This #101: Listener Questions with Jimmy Song\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/lrAUurQaGG4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/figure>\n<p>Song is the author of the book \u201cProgramming Bitcoin\u201d, which is available on Amazon.<\/p>\n<p>            <!-- Inline ads (all screen sizes) --><br \/>\n            <!-- Primis --><\/p>\n<p>            <!-- Inline ads (xs-lg screens) --><br \/>\n            &lt;!&#8211;<\/p>\n<div class=\"d-xl-none\">\n<div class=\"g-pt-30 g-pb-30 text-center\">\n                    Not in use\n                <\/div><\/div>\n<p>            &#8211;&gt;<\/p>\n<p>            <!-- Inline ads (xl screens) --><br \/>\n            &lt;!&#8211;<\/p>\n<div class=\"d-none d-xl-block\">\n<div class=\"g-pt-30 g-pb-30 text-center\">\n                    Not in use\n                <\/div><\/div>\n<p>            &#8211;&gt;<\/p>\n<p>In an <a target=\"_blank\" href=\"https:\/\/bitcoinmagazine.com\/culture\/how-altcoiners-use-bitcoin-to-rent-seek\" rel=\"noopener\">op-ed piece<\/a> (titled \u201cBitcoin Songsheet: How Altcoiners Use Bitcoin To Rent Seek\u201d) for Bitcoin Magazine that was published last Monday (September 19), Song said that altcoiners \u201ccriticize Bitcoin whenever they get a chance to build interest in their own coin\u201d and that they \u201cpractice self-interested mental gymnastics worthy of the most partisan politician\u201d. He also mentioned that their behavior should not be ignored because \u201cthey are causing tremendous amounts of harm\u201d.<\/p>\n<p>Song then went on to \u201cexplain how altcoins impede Bitcoin adoption, destroy value and create terrible habits\u201d, i.e. why they are \u201cunequivocally immoral\u201d:<\/p>\n<ul>\n<li>Altcoin projects are \u201crent seekers\u201d; by calling themselves \u201cdecentralized\u201d cryptocurrencies, they associate themseleves with Bitcoin, which\u201d legitimizes their project in the eyes of the public, or at least to the extent that Bitcoin is legitimate\u201d and \u201cabsolves them of any responsibility should anything go wrong\u201d. <\/li>\n<li>Altcoin projects hinder Bitcoin adoption by \u201cthe muddying of the waters\u201d, creating \u201call sorts of confusion by saying things like \u2018Decentralization is a spectrum,\u2019 and \u2018Blockchain technology has many use cases\u2019.<\/li>\n<li>Since altcoins are \u201cfiat money complete with a central bank, monetary machinations and control\u201d, they \u201cinherit all the moral problems of fiat money\u201d. <\/li>\n<li>\u201cAltcoins are based on trust that is easily abused for the benefit of the VCs\u201d, which could lead to \u201cdestruction of value\u201d.<\/li>\n<li>\u201cAltcoins take advantage of the most basic instincts of people, which are to get something for nothing.\u201d<\/li>\n<li>\u201cAltcoiners are not only sowing confusion and co-opting Bitcoin\u2019s legitimacy, but they actively attack Bitcoin. For example, they assert that proof-of-work is bad because it uses too much energy.\u201d<\/li>\n<\/ul>\n<h2>Image Credit<\/h2>\n<p><em>Featured Image via\u00a0<a target=\"_blank\" href=\"https:\/\/pixabay.com\/photos\/cryptocurrency-coin-blockchain-3409656\/\" rel=\"noopener\">Pixabay<\/a><\/em><\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.cryptoglobe.com\/latest\/2022\/09\/bitcoin-developer-jimmy-song-explains-how-altcoins-are-unequivocally-immoral\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, prominent Bitcoin developer, educator and entrepreneur Jimmy Song explained why he is not a fan of altcoins. Song is the author of the book \u201cProgramming Bitcoin\u201d, which is available on Amazon. &lt;!&#8211; Not in use &#8211;&gt; &lt;!&#8211; Not in use &#8211;&gt; In an op-ed piece (titled \u201cBitcoin Songsheet: How Altcoiners Use Bitcoin To [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":30225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[42],"tags":[200,50,432,1615,11428,5126,11426,11427],"class_list":["post-30224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-altcoins","tag-bitcoin","tag-developer","tag-explains","tag-immoral","tag-jimmy","tag-song","tag-unequivocally"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/09\/Bitcoin-Ethereum-XRP-and-Litecoin-768x527.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30224"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30224\/revisions"}],"predecessor-version":[{"id":30226,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30224\/revisions\/30226"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/30225"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30224"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}