Jack Dorsey, the co-founder and former CEO of Twitter and also the co-founder, chairman, and CEO of Block, bashed fellow billionaire Sam Bankman-Fried, CEO and the co-founder of cryptocurrency exchange FTX.
FTX CEO Sam Bankman-Fried stated in a Financial Times (FT) interview that “The bitcoin is not a transactions network, and it is not a growing network,”. Things that handle millions of transactions per second must be highly effective, compact, and fuel-efficient.
Sam Bankman-Fried was also concerned about Bitcoin mining’s energy use.
A big segment of the cryptocurrency industry was offended by Sam Bankman-Fried’s perspective of Bitcoin.
Consider this:
I didn't–they just chose my words very selectively 😛
— SBF (@SBF_FTX) May 16, 2022
Adam Back, Co-Founder and CEO of Blockstream, was another notable figure of the crypto community who was upset by the Sam Bankman-Fried’s FT interview:
the trick with media is to not say individual sentences you would not want to be quoted on.
— Adam Back (@adam3us) May 16, 2022
He went on to suggest that SBF should undergo some extra training so he doesn’t accidentally spread more Bitcoin rumours.
According to Block CEO Jack Dorsey, the FTX CEO should have mentioned during the FT interview that while the Bitcoin network may not be capable of handling millions of transactions per second, Bitcoin’s layer 2 scalability solution Lightning Network might expand nicely in the future to meet this demand.
To be clear I also said that it _does_ have potential as a store of value.
The BTC network can't sustain thousands/millions of TPS, although BTC can be xfered on lightning/L2s/etc. https://t.co/7ghQzz7eXa
— SBF (@SBF_FTX) May 16, 2022
Sam Bankman-Fried replied:
honestly? It's a big mouthful to repeat the whole set of ways that BTC can be transferred each time I'm asked the question, and I'm asked it a *lot*; some of the sentences I say won't include the word "lightning".
— SBF (@SBF_FTX) May 16, 2022
According to Dorsey, people should be flexible with Bitcoin’s Lightning Network and also Proof of Work (PoW) acceptance are required for Bitcoin:
@jack Sam told the truth. Lightning is failing in El Salvador right now. I don`t say this as a maxi either,but a bigger slightly different question we should be asking is,why not get #BTC moved to POS instead? POW is not necessary to run blockchain, #BTC free of enviro crosshairs
— Digital Perspectives (@DigPerspectives) May 16, 2022
Jack. Come in bro. Pow isn't the holy grail
— Ace (@AceX147) May 16, 2022
In addition, when American cryptographer Matthew Green questioned Dorsey if Block was prepared to offer enough liquidity for Bitcoin’s Lightning Network to enable it to “handle actual payments at scale,” Dorsey said his firm is exploring it.
Because it’s not yet clear that payment channels will have the liquidity to handle real payments at scale. Is @Square going to provide it?
— Matthew Green (@matthew_d_green) May 16, 2022
