BlockchainLabit CEO: Part of Bitcoin Needs to be ‘Dark’ to Make Sense Due to Blockchain Transparency
Bitcoin, being the first cryptocurrency to be developed and the most popular in the world has been described as the likely alternative to the current monetary system. It is decentralized and transparent making transactions easy and fast compared to the conventional monetary system. Since 2009, the crypto craze has gained prominence and the use of Bitcoin has grown tremendously.
In the recent past, Bitcoin has led the collective surge among other crypto assets. Various crypto enthusiasts like Tim Draper have seized the opportunity to praise the existence of Bitcoin in the financial system and arguing that it is just a matter of time before Bitcoin and other cryptocurrencies become the preferred mode of financial transactions. He explained:
“It is a better currency. It’s decentralized, open, it’s transparent. Everybody knows what happens on the blockchain.”
Although the majority of crypto worshippers agree with Draper’s views, not all share this opinion within the crypto community.
BlockchainLabit CEO, Giacomo Zucco, is one of the individuals who think that the assumption that decentralized networks like Bitcoin are transparent is far fetched and “ retarded beyond belief.”
Zucco took to Twitter to argue that any form of hard money would hardly work if it cannot be used as dark money for various illegal activities. He argued:
This "transparent Bitcoin" narrative is retarded beyond belief. "Hard" money simply CANNOT work if it's not "dark" money as well. If the state wants to tax via inflation, it will ban "hard" alternative, just as w/ physical gold & e-gold. Bitcoin can be "hard" because it's "dark".
— Giacomo Zucco [do I identify as 10 boomers] (@giacomozucco) June 6, 2019
The crypto expert further explained that the potential of Bitcoin for being used as “protection from inflation” can only arise if the digital currency can endure any legal and political bans. He explained further:
“Bitcoin can only be used as protection from inflation IF it can resist explicit bans. It's ok to imagine that using bitcoin anonymously “enough” (nothing is ever “perfect” in this regard) is too hard to be feasible, but then you have to logically conclude Bitcoin has failed.”
Zucco is a well-renowned figure in the crypto space. He is knowledgeable about matters cryptocurrencies and uses humor and wit to express his views. This has endeared lots of crypto enthusiasts to him and boasts of a large twitter following. AMBCrypto reports that over the years, Zucco has sparked heated debates over controversial arguments.
Zucco’s latest arguments could be right after all. In the past, Bitcoin has been linked to Silk Road, a popular darknet marketplace where in 2013 more than 90% of the transactions we have done using Bitcoin. After months of close monitoring, FBI and DEA closed Silk Road.
Do you agree with Giacomo Zucco? Let us know in the comments section.