Sunday, September 24, 2023
HomeBTCFormer Twitter CEO slams Bankman-Fried over his statement on Bitcoin

Former Twitter CEO slams Bankman-Fried over his statement on Bitcoin

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:


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:



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.


Sam Bankman-Fried replied:



According to Dorsey, people should be flexible with Bitcoin’s Lightning Network and also Proof of Work (PoW) acceptance are required for Bitcoin:





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.


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