Zcash Founder Reveals Biggest Reason Why He’s Bearish on Bitcoin
Analysis
Price Impact
LowZcash founder zooko wilcox expresses a bearish long-term view on bitcoin, citing its 'closed-minded community culture' as a hindrance to innovation and adaptation, specifically mentioning quantum computing threats. however, this is an opinion piece focusing on long-term cultural issues rather than immediate market catalysts.
Trustworthiness
MedZooko wilcox is a respected figure in the crypto space, lending some weight to his perspective. however, his argument is based on subjective cultural observations and long-term predictions, with other prominent figures like michael saylor offering a counter-narrative regarding bitcoin's adaptability.
Price Direction
NeutralWhile the founder of zcash expressing bearish sentiment on bitcoin due to community culture is notable, it's an opinion about long-term societal and developmental aspects rather than an immediate technical flaw or market event. such discussions rarely trigger significant short-term price movements in a resilient asset like bitcoin.
Time Effect
LongThe core of wilcox's argument revolves around bitcoin's ability to adapt to future challenges (like quantum computing) over an extended period due to its community culture. this suggests any potential impact would be gradual and manifest over years, not days or weeks.
Original Article:
Article Content:
Cover image via U.Today Read U.TODAY on Google News Zcash founder Zooko Wilcox appears to be confident that Bitcoin’s closed-minded community culture will eventually cause its downfall. Advertisement In a recent social media post, he cited the famous business adage, "Culture eats strategy for breakfast." Even if Bitcoin has a superior technical strategy or market position, a dysfunctional community ("culture") will ultimately undermine it, which is why Wilcox is bearish on the leading coin. HOT Stories 'Smartest Man Alive' Keeps Shilling XRP, Calls It 'Digital God' SBI Starts XRP Lending, Shiba Inu Whale Awakens With 53 Billion SHIB Transfer, New Ethereum Hack Revealed — Crypto News Digest Crypto Market Prediction: Will Shiba Inu (SHIB) Crash Ever End? Ethereum (ETH) Already Sniffing $3,000; Bitcoin (BTC) Price Expodes in Unexpected Volume Spike 'True Currency': Did Elon Musk Just Describe Bitcoin? Zooko believes the Bitcoin community has become hostile toward innovation and developers. He contrasts this with his desire for Zcash to maintain "high openness" and allow for evolution. Advertisement You Might Also Like Tue, 08/03/2021 - 13:01 Cypherpunk Who Worked with Satoshi Wants to Follow Ethereum's Path By Alex Dovbnya "I guess we just do our best to retain high openness as a personality trait/practice. Maybe we can engineer Zcash so that a minority of users who want to evolve it can do so successfully against the wishes of the majority," he said. The feud with a Bitcoin maximalist Zooko’s comment was a reaction to a recent feud between Alex Pruden (CEO of Aleo) and a Bitcoin maximalist "Coinjoined Chris," who is also known as the co-founder and CEO of Seedor. Advertisement Pruden claimed his team released a tool to help protect Bitcoin against future quantum computing threats. However, "Coinjoined Chris" mocked the effort, calling it a "scam," and acting dismissive. Pruden lamented that the "Bitcoin high priest community" is toxic and scares away serious developers who actually want to fix Bitcoin's problems. If the culture rejects developers and new solutions (like Post-Quantum security), Bitcoin will eventually fail to adapt to existential threats, regardless of how strong its current price or strategy is. However, as reported by U.Today, Strategy's Saylor recently opined that Bitcoin developers would eventually adopt a fix for countering the quantum-threats, dismissing the concens about the high level of decentralization within the community making the process too protracted. #Bitcoin News