Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off - Ep. 398

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 21 September 2022

⏱️ 89 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In a heated debate, Eric Wall, crypto blogger and investor, and Justin Bons, founder and chief investment officer of Cyber Capital, discuss Bitcoin’s security model, whether there are fundamental flaws in its design, and which is the best consensus mechanism. Show highlights: why Justin stopped believing in Bitcoin and why he calls it “technically one of the worst cryptocurrencies” how Eric’s views on Bitcoin changed over time the problems they see with Bitcoin’s security why Eric attacks BTC maximalism, even when he is a Bitcoiner how the Bitcoin community will change in the next decades, and why the security problem is a challenge that could be solved whether BTC should increase its inflation and whether that would break the store of value proposition why Justin thinks that BTC fails as money and won’t play a relevant role in the future what happened around the time of the blocksize debate back in 2015-2017 whether there’s something wrong with Bitcoin’s culture and why Eric compares it to a doomsday cult why Ethereum has external dependencies that can impose systemic risks, according to Eric whether proof of stake or proof of work is a better consensus mechanism whether Ethereum is more censorship resistant than Bitcoin why BTC is a speculative asset and what Justin believes is needed for crypto to finally flourish Thank you to our sponsors! Crypto.com Ava Labs a16z Justin: Twitter Eric: Twitter Medium Episode Links Previous Coverage of Unchained: Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Bitcoin’s Security, Blocksize and Culture Surprisingly, Tail Emission Is Not Inflationary by Peter Todd Justin’s thread that kicked off the debate A (brief and incomplete) history of censorship in /r/Bitcoin Theory On Bitcoin Governance; Three Stage Model by Justin Bons Centralization: Ethereum Post-Merge Centralization Lido’s validators BTC Centralization Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hi resource for all things crypto. I'm your host,
0:08.8	Laura Shin, author of the Crypto Beans. I started cubbing crypto seven years ago, and as a senior
0:14.4	editor, Forbes was the first mainstream media reporter to cover cryptocurrency full-time.
0:19.0	This is the September 20th, 2022 episode of Unchained. Every other week, Unchained hosts the
0:25.4	Shopping Block, where crypto insiders have seen Koreshi, Tom Smith, Robert Lesnar, and
0:30.0	Terune Chitra chop it up about the latest in digital assets. Get the latest episode on YouTube
0:35.6	and all podcast platforms. With the Crypto.com app, you can buy, earn, and spend crypto in one place.
0:43.1	Download and get $25 with the code Laura. Link in the description. Whether you're crypto curious
0:49.0	or a C-suite decision maker, you have to check out Web 3 with A16Z. The chart-topping
0:54.8	technology podcast about the future of the next internet. Listen to Web 3 with A16Z on Apple
1:01.8	podcasts, Spotify, or wherever you get your podcasts. Harness the full power of the Evalanche
1:07.8	network with Kores, your new Web 3 command center. Fill up by Avalavs, Kores is more than just a wallet.
1:14.8	It's a non-custodial browser extension engineered for users to seamlessly and securely
1:19.8	experience Web 3 like never before. Explore Avalanche Daps, NFTs, Bridges, Subnits, and more today.
1:27.8	Today's topic is Bitcoin's future and the narrative around it. Here to discuss our Eric Wall,
1:34.2	Crypto blogger, and investor, and Justin Bonds, founder and chief investment officer of Cyber Capital.
1:40.7	Welcome Justin and Eric. Thank you very much, Laura. Thank you, Laura.
1:46.2	The idea for this episode came about because of a tweet thread that Justin wrote about Bitcoin.
1:52.5	It began by calling Bitcoin technically one of the worst cryptocurrencies.
1:58.2	So Justin, you actually started out as pro Bitcoin. So can you just describe what your initial
2:04.1	feelings were about Bitcoin and we can describe your current opinion later on?
2:09.3	Sure. I started off very early in the space. By 2014, I was working full-time in cryptocurrency.
	...

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