The crypto industry is full of catchphrases - "Long Bitcoin, short the bankers" and "Just HODL" are just two of many that come to mind.
Anthony Pompliano slams "Ethereum is money" meme.
Anthony Pompliano, co-founder and partner at crypto fund manager Morgan Creek Digital Assets, in an extensive blog post, slammed the "Meme 'ETH is money'," calling the logic used to make this argument "Fundamentally flawed."
Well, as Pompliano bluntly put it, "Ether is no different than a fiat currency," referencing the asset's lack of fixed supply, inflationary supply schedule, and centralized decision-making group when it comes to monetary policy - what Pompliano explains are hallmarks of fiat money.
" to our current fiat monetary policies, where the decision makers can increase or decrease the production of new money coming into the system.
To add a cherry the top of his argument, so to say, the industry investor continued that Ethereum has "Historically [been] more volatile than Bitcoin," eyeing the below chart from industry research site Delphi Digital.
" will just use stablecoins or Bitcoin as the compatible money, rather than relying on Ether's reproduction of many of the flaws that exist in fiat currencies today.
While Pompliano's tweet sharing the post got picked up by many Bitcoin maximalists, the investor has received some pushback on the subject matter.
ShapeShift CEO Erik Voorhees argued that the statement that "Ethereum is no different than a fiat currency" is "Just wrong," explaining that the cryptocurrency's value is determined by an open market, not the decree of State that secures fiat money.
Others, of course, have supported Pompliano, leaving the industry divided for the umpteenth time over seemingly small issues in the grand scheme of things.
Sparks fly on Twitter after top investor likens Ethereum to "fiat currency"
Published on Mar 3, 2020
by Cryptoslate | Published on Coinage
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