BTC seriously deviates from Satoshi Nakamoto's vision? Well-known analyst angrily criticizes: It has long become a game for the rich!

Analysts criticize, BTC deviates from its original intention

Recently, Justin Bons, the founder and Chief Investment Officer of Cyber Capital, a well-known opinion leader in the cryptocurrency field, publicly criticized BTC on social media X, accusing it of deviating significantly from Satoshi Nakamoto’s original vision. He stated that BTC is no longer a ‘freedom currency’ but a speculative plaything for the rich, with no practical value to human civilization.

Bons wrote in the post: “BTC is no longer a ‘free currency’; it is no longer designed for direct use by the public. Instead, it has become a pure speculative toy for the rich, with no practicality or real value to human civilization.”

Pointing out multiple flaws of BTC, predicting its decline

Bons further elaborated his severe criticism of BTC. He believes that BTC is limiting its utility and only serving a small number of wealthy users, which will be a disaster in the making. He questions the future practicality of BTC, considering it to be neither secure nor scarce.

He particularly emphasized the highly criticized scalability issue of BTC, considering it as its major shortcoming. He pointed out that when a small number of BTC holders choose to withdraw funds, the low throughput of its blockchain will lead to a surge in transaction fees and network congestion, ultimately triggering a ‘bank run’ phenomenon, causing the collapse of the BTC ecosystem.

In addition, Bons also questions the long-term security model of BTC, believing that it is not sustainable and may collapse within the next 12 years. He pointed out that BTC failed to expand the block limit as envisioned by Satoshi Nakamoto, which will force core developers to increase the inflation rate to more than 21 million coins, resulting in a fork of the blockchain and the creation of two new chains that deviate from Satoshi Nakamoto’s vision.

Emphasizing that Satoshi Nakamoto’s vision can still be realized, calling on supporters to find another way.

Despite being critical of Bitcoin itself, Bons still holds hope for Satoshi Nakamoto’s vision. He expressed at the end of the post that Satoshi Nakamoto’s dream can still be realized, but not within the BTC ecosystem. He urged supporters of BTC to abandon it to protect the founder’s dream and to consider the well-being of humanity.

His remarks have sparked heated discussions in the community. Some people agree with his views, believing that BTC has deviated from its original intention; but there are also many others who hold different opinions. A respondent named Clemens questioned Bons, believing that if he wants to have a significant impact, he should stay and repair BTC from within, instead of choosing to leave. Another respondent, Joel Valenzuela, holds an optimistic view of the future of BTC, believing that the rise of other blockchains will not lead to the demise of BTC.

Bitcoin’s centralized risk has caused concern, and institutional investors have pushed up prices.

Bons’ comments come at a time when BTC is enjoying a bull run due to the increase in institutional investors. Companies like MicroStrategy, led by Michael Saylor, continue to increase their BTC holdings, which has raised concerns about the possible centralization of BTC. As more and more BTC is controlled by a few large investors, doubts about its decentralization characteristics are deepening in the market.

Overall, Bons’ criticism has sent shockwaves through the encryption currency market, prompting people to reflect on the future direction of BTC. His perspective reminds investors and developers to examine whether BTC is still loyal to its original mission, or whether new solutions need to be found to achieve Satoshi Nakamoto’s initial vision.

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investing based on this is at your own risk.

‘BTC seriously deviates from Satoshi Nakamoto’s vision? Renowned analyst angrily criticizes: It has long become a game for the wealthy!’ This article was first published in ‘encryption city’