Anthony Lusardi: “There are Hardly Any Truly Decentralized Cryptocurrencies in the Market Today”
As the need for mass-adoption continues to increase, it feels as though many people from within the cryptosphere are overlooking the core tenets and philosophies that lie at the heart of alt-currencies.
In this regard, Director of Ethereum Classic Cooperative (ECC) ‘Anthony Lusardi’ recently spoke with crypto broker-dealer SFOX on a number of topics such as the long-term viability of Ethereum Classic (ETC) and why he continues to back the asset despite it recently falling victim to a major 51% attack.
Elaborating on his current position, Lusardi went on to record to state that the “decentralization and immutability” being offered by Ethereum Classic to its customer base was exceptional. Not only that but he then also added that ‘proof of work’ was the only way to get a “truly decentralized cryptocurrency” in this day and age.
Lusardi: “There are hardly any truly decentralized cryptocurrencies in the market today”
During a recent interview, Lusardi made it explicitly clear that a vast majority of cryptocurrencies in existence today were centralized.
Lusardi, who has been a long-time advocate for investors having complete ownership of their digital assets, was quoted as saying that it is the right of every crypto holder to be in possession of their “private keys”. Not only that, but he also believes that last year’s Ethereum hard fork was in direct opposition to this above-stated customer right.
Further expounding his views on the matter:
“(It) was like letting your bank vote on your balance. Imagine the members of your bank deciding you’d done something wrong, and voting to take your funds away – that’s the Ethereum hard fork. When you allow other people to vote on it, that’s the thing that we take issue with. We think that immutability needs to be preserved there.”
With that being said, Lusardi did admit that centralization had a few advantages. For example, in his opinion, centralization helps provide a crypto project with a true sense of “direction” that can help spur its growth in the most optimal fashion possible. However, he was then quick to point out that the “good intentions” that most centralized authorities appear to possess never seem to last for too long.
“Singapore has a benevolent dictator, and benevolent dictators sometimes work out really, really well – you know, for short periods of time. And then the benevolent dictator gets corrupted, or the benevolent dictator’s son or grandson gets corrupted. All of the sudden, things change, and having a dictator isn’t so great anymore.”
More on the Matter
In terms of why cryptocurrencies have caught the attention of the global investment community, Lusardi said that following the market crash of 2008, a whole lot of people become dissuaded with the existing economic systems of the time and started looking for digital options to counteract the unfair advantages being held by large financial institutions.
He also said that the sole/original purpose of crypto was to help everyone get on the same level-playing field. However, Lusardi does believe that as we move into the future, most of today’s “unnecessary altcoins” that have flooded the market will eventually die out on their own.
Lastly, speaking on the subject of the recent 51% attack on the ETC ecosystem (which lasted for a period of three days and saw the project lose over $1 million) Lusardi commented:
“So, yes, ETC, for example, got 51% attacked, but centralized cryptocurrencies can get 1% attacked. They could get attacked by an even smaller group of people with even less money. So, decentralized is always better.”
It now remains to be seen how long such bearish conditions persist and whether or not ETC can live up to its true economic potential.