Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off - Ep. 398

Episode • Sep 21, 2022 • 1h 29m

In a heated debate, Eric Wall, crypto blogger and investor, and Justin Bons, founder and chief investment officer of Cyber Capital, discuss Bitcoin’s security model, whether there are fundamental flaws in its design, and which is the best consensus mechanism.

Show highlights:

why Justin stopped believing in Bitcoin and why he calls it “technically one of the worst cryptocurrencies”
how Eric’s views on Bitcoin changed over time
the problems they see with Bitcoin’s security
why Eric attacks BTC maximalism, even when he is a Bitcoiner
how the Bitcoin community will change in the next decades, and why the security problem is a challenge that could be solved
whether BTC should increase its inflation and whether that would break the store of value proposition
why Justin thinks that BTC fails as money and won’t play a relevant role in the future
what happened around the time of the blocksize debate back in 2015-2017
whether there’s something wrong with Bitcoin’s culture and why Eric compares it to a doomsday cult
why Ethereum has external dependencies that can impose systemic risks, according to Eric
whether proof of stake or proof of work is a better consensus mechanism
whether Ethereum is more censorship resistant than Bitcoin
why BTC is a speculative asset and what Justin believes is needed for crypto to finally flourish