“Brutal Truth About Bitcoin” guy is still at it – Bitcoin has 3 flaws, use alternatives instead
17 Jun 2021
Cornell University professor Eswar Prasad wrote a piece earlier in the New York Times on Bitcoin, triggering a huge backlash on social media.
1. Bitcoin mining is energy-intensive, as is the process required when transactions are validated on the bitcoin blockchain, …. is “certainly not good for the environment”.
- he recommends Ethereum as it requires less energy
2. Says it does not offer anonymity:
- “if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”
- highlights Monero and Zcash as alternatives
3. Doesn’t work well as a currency as it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile
More at that link to CNBC above.