Youngest Bitcoin Millionaire Claims to Have Launched a Libra Killer
who is the youngest Bitcoin millionaire, claimed that Libra would replace Bitcoin. He added that the Metal Pay app he launched is going to kill the Libra project. Finman, who is 20 years old, made the cocky claims in a recent blog post.
Finman Believes Bitcoin Will Die Off Like MySpace
According to Finman, the adoption of BTC has stalled irreversibly and this would doom it to a fate similar to MySpace. Besides that, the Facebook Libra project would soon supplant the Bitcoin network. This is similar to what the social media giant did when it first arrived on the scene. He added that Libra was a nightmare for all current crypto holders.
Bitcoin is Impractical
In the blog post, Finman added that BTC was not practical although it was quite popular. For one, he noted there was a lot of regulatory ambiguity. Besides that, the fees were high and transactions times were slow. Finally, he noted that there was a lot of infighting within the Bitcoin community. In his opinion, overcoming the barriers to the growth of BTC was impossible. He noted that this was more to do with its use as currency and not its use as a store of value.
Lack of Regulation
According to Finman, the lack of regulatory clarity over BTC had damaged any hopes of mass adoption. He said that the crypto was floating in a grey area where it could be used for purchases but was often viewed as a means to store value. One example of this is when the IRS sent 10,000 letters to crypto holder asking them to pay tax. As a result, this has painted BTC holders are tax evaders, which will inhibit mass adoption of the coin. He said that were institutional investors to ever take BTC seriously, the regulatory uncertainty needed to be cleared up.
Finman noted that besides that high transaction costs and the slow speed of the network, there was a lot of infighting in the BTC community. Due to this, various factions had cropped up. Numerous unstable forks had been developed, which was preventing the growth of BTC. For instance, there are about four mainstream forks of BTC and numerous others that are less prominent. The fighting had also prevented various fixes from being implemented to fix BTC. Instead, people usually end up creating a new fork due to the lack of consensus.
Metal Pay is the Future
Finally, Finman touted his Metal Pay app, which he claimed would solve existing problems and make BTC obsolete. He added that the startup would also win over Libra. Finman is the main investor in this peer-to-peer payments app, which is being developed by Marshall Hayner.
He described it as an all-in-one crypto platform for digital banking. He noted that there was already a working Metal Pay app, a market place, and a user base that was loyal to the app. Finman noted that Libra wanted to achieve similar goals but the regulatory hurdles it was facing were too huge.