After claiming that Bitcoin would inevitably be replaced by something better, tech investors who supported the ride-sharing app Uber in the early days sparked a backlash from the Bitcoin community.
“Bitcoin was a great game, but with a few giant players cornering the market, the timing is 'building better bitcoin' – the right thing to do to restart the game,” renowned angel investor and internet entrepreneur Jason Caracanis told 981,600 X followers on March 15.
“All technology is being exchanged over time, and Bitcoin is no exception,” said Calacanis, an early investor at Bitcoin-related companies such as online trading platforms Robinhood and Bitcoin Startup Keza.
Bitcoin Layer-2 project opportunities announced
Bitcoin btcusd Co-founders and executives were quickly pushed back, claiming that Bitcoin would not be exchanged, but there is still room for the rise of dominant Layer 2 protocols above the Bitcoin network.
“We're looking forward to seeing you in the world,” said Brady Swenson, co-founder of Swan Bitcoin. They are built on top. ”
“Bitcoin will not be exchanged as a protocol for value transfers. The race is still going on due to the winning tier 2 protocol,” Swenson said.
“Bitcoin is a technological revolution that changes every industry and doesn't follow the adoption curve of a single technology like the iPad,” said Cory Krippsten, another co-founder of Swan.
Reflecting similar sentiments, Lightspark CEO David Markus said, “What lacks functionality can be built on the L2.”
“It's a fool's business to try and build a better Bitcoin.”
Meanwhile, Shapeshift CEO Eric Voorhees said Bitcoin restrictions could be resolved “in other chains.”
Because when bigger bitcoins grow, they are unlikely to be exchanged
Many in the industry emphasize the importance of Layer 2 for Bitcoin as they provide use cases that the Bitcoin network cannot support, such as the deployment of smart contracts.
But Stacks co-founder Muneeb Ali recently told Cointelegraph that more than two-thirds of existing Bitcoin Layer-2 projects will not let their initial excitement go within three years.
Bitcoin advocate Wayne Vaughn said people view Bitcoin as just an asset, application or platform, and thus mistakenly replace it with Bitcoin as easy to exchange.
“I think Bitcoin is a network. The bigger the network, the less likely it is that something else will replace it,” Vaughn said on the X-Post March 15th.
Matt Cole, CEO of Strive Funds, said: “There's no 'better' Bitcoin. I think we get the occasional standard of reducing the strength that can keep making insider money. Most people go to that casino and get less Bitcoin. ”
This is not the first time that Calacanis' comments have sparked debate in the crypto industry.
In June 2020, Calacanis said that almost every crypto project around the world is under the control of “unqualified idiots” or “grifters” with sub-average skills.
