Sam Bankman-Fried, CEO and pioneer behind major crypto trading platform FTX, and financial backer in Solana (SOL) was blamed for deluding people in general as he discarded significant realities while slamming Bitcoin (BTC). The CEO asserts that his statements were picked “specifically” by a traditional press outlet, known for wariness towards Bitcoin and crypto.
In a meeting with the Financial Times (FT), Bankman-Fried said that the proof-of-work (PoW) agreement component, which powers Bitcoin, can’t be scaled to help a large number of exchanges, in this way making the lead digital currency a wasteful method for payments.
The Bitcoin network isn’t an installments organization and it’s anything but a scaling network as indicated by him as saying in the article named as Bitcoin has no future as a payment organization.
The CEO additionally advanced proof-of-stake (PoS)- controlled blockchains, for example, Solana, which experienced various blackouts this year, saying that these organizations are very effective and lightweight and lower energy cost.
By the by, Bankman-Fried said that Bitcoin actually has a future as “a resource, an item and a store of significant worth” like gold.
And keeping in mind that the CEO may be in fact right, these articulations profoundly shocked some in the crypto community, who called attention to the that Bitcoin is a settlement layer that utilizes the quickly developing Lightning Network (LN), a layer 2 (L2) arrangement intended to make Bitcoin exchanges quicker and less expensive, as the payment organization. Contending blockchains, like Ethereum (ETH), is likewise utilizing L2 scaling arrangements.
Others called Bankman-Fried’s remarks “deluding” since they made no notice of the Lightning Network, estimating that he could be attempting to advance Solana, an organization he has vigorously put resources into.
Beforehand, Bankman-Fried has additionally asserted that unified Solana is better compared to decentralized Ethereum since it can uphold an enormous number of clients and exchanges and can oblige mass reception.
