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HomeNewsBusinessUdi Wertheimer, a fervent supporter of Bitcoin, criticises crypto tribalism

Udi Wertheimer, a fervent supporter of Bitcoin, criticises crypto tribalism

Udi Wertheimer’s life was transformed by bitcoin, and he later became a minor fame by criticising its imitators. He had every incentive to continue using that strategy, but the most recent cryptocurrency boom caused him to adapt. Now, he enjoys making fun of those who follow his previous strategy.

What they’re saying: In an interview with Axios in Lower Manhattan, Wertheimer says, “If I were to grade innovations, I think [bitcoin] is one of the most important ones of recent times.”

Why it’s important Wertheimer is one of a small number of bitcoin zealots who has changed, which is a highly shocking action in a time when it appears like every tribe that might act tribally is doing so and nothing makes an internet star faster than assaulting tribal heretics.

According to Wertheimer, bitcoin has been incredibly helpful as a testbed for use cases like cryptocurrency-based lending, but every time those markets are demonstrated on bitcoin, creators discover they can be done more effectively elsewhere.He continues, “There’s also future utility, and that’s what I think us bitcoiners need to figure out.”It’s unlikely that anyone would have heard Wertheimer make those types of compromises to other projects prior to 2021. I feel annoyed when I see my previous bitcoin-only stuff, says Wertheimer.Present situation: Bitcoiner Wertheimer is most recognised for being well-known. Although he began as a software developer, because he entered the bitcoin market early enough, he now behaves more like a small-scale investor.

Wertheimer used to concur with that viewpoint, mostly because he thought practically everything else about the last boom—the initial coin offering boom of 2017 and 2018—was awful.

His main source of notoriety is his presence on Twitter, where he is one of the funnier voices supporting the principles of bitcoin and the blockchain.Long-term admirers of Wertheimer were able to see his change of heart on the timeline in real time.There is a fierce division in the cryptocurrency world between certain bitcoiners and everyone else. According to a theory known as “bitcoin maximalism,” bitcoin is the sole acceptable form of digital currency and all other forms are harmful.

Yes, but Wertheimer discovered he had to acknowledge that people truly did desire decentralised finance and NFTs as they started to gain traction in 2021 and 2022.

Since Wertheimer displayed interest in those industries, many of his peers have turned against him.Wertheimer, on the other hand, is perplexed as to why bitcoiners aren’t attempting to create markets where people may purchase NFTs. According to him, that is the exact type of digital economy that early Bitcoin supporters hoped for.“People are nameless in the circular economy. They are able to construct things without obtaining permission from others, registering anything, or requesting permission. There is no use of bitcoin there; you simply do it “During a recent podcast appearance, Wertheimer explained.

 

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