Bitcoiners are crying foul at former billion-dollar hedge fund manager Jesse Felder's "Inaccurate" hot take blog post about Bitcoin today in which he claims the crypto asset "Doesn't make sense as an investment nor as a currency alternative." Bitcoiners seemed taken aback by the number of factual inaccuracies in the post coming from someone working in finance.
In the Nov. 18 post on his financial blog titled "Please Stop Asking Me About Bitcoin," Felder claims Bitcoin.
"If you put together all the hard forks Bitcoin has undergone since it was first created, the number of total Bitcoins has actually grown faster than the number of dollars," said Felder.
It's not a fact unless you mistake BCH or BSV as part of the Bitcoin supply.
The former hedge fund manager also claimed that Bitcoin could "Be supplanted by a better cryptocurrency" that hasn't been created yet.
"Bitcoin may make a great deal of sense as a speculation. Ponzi schemes can work out great for early adopters."
Felder's confident assertions about Bitcoin had many Twitter users champing at the bit to set him right.
Bitcoin bull Anthony 'Pomp' Pompliano was one of the first to respond, calling Felder's words "Really inaccurate" and offering to educate the former hedge fund manager over a phone call.
Part of Felder's apparent confusion may be due to him stating he relied on an "Old school definition" of investments, however the fact is that hard forks do not affect the total Bitcoin supply of 21 million coins.
While hackers are able to steal coins from time to time, these crimes are usually limited to exchanges and custodians, phishing attempts, and misplaced private keys - not the Bitcoin network itself.
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