Back to the analysis section

Crypto Twitter Community Reacts with Sarcasm to BIS Negative Report

Author: CoinLive News Team Jun 19, 2018 at 07:00

Judging by the positive day in the crypto arena on Monday, it looks as though the recent report by the Swiss-based Bank for International Settlements (BIS), often referred as the Bank of Central Banks, was completely shrugged off by the market and for good reason, given that it offers a poor reasoning and no evidence of its unfounded allegation that 'BTC could bring the internet to a halt.'

The report states: "Cryptocurrencies promise to replace trusted institutions with distributed ledger technology. Yet, looking beyond the hype, it is hard to identify a specific economic problem which they currently solve. Transactions are slow and costly, prone to congestion, and cannot scale with demand. The decentralised consensus behind the technology is also fragile and consumes vast amounts of energy. Still, distributed ledger technology could have promise in other applications. Policy responses need to prevent abuses while allowing further experimentation. "

As one would expect, the attempt to FUD Bitcoin has been poorly received given the fact that it fails to provide any type of evidence that may support their claim about the risks it represents for the internet era, it also completely ignores the ongoing developments taking place at a second-layer level, which aims to address some of the issues the report highlights (slow and costly), while there also seems to be a short-sighted and rather vague understanding of how the technology actually works. 

At CoinLive, we've collected a handful of reactions by those influencers and non-influencers in the crypto space that we respect and one should pay close attention or we just found their answer suitable as a response to the BIS attempt to FUD BTC. People are especially critic to a report by CNN Money titled "Bitcoin could 'bring the internet to a halt,' banking group warns.

  • Andreas M. Antonopoulos@aantonop referring to the reporting of Money CNN on the BIS report: "Keep writing FUD like this. In the attempt to discredit crypto-currencies you are only discrediting yourselves."

  • Brian Cohen‏ @inthepixels  refers to an article from 2009: "Popularity of BBC iPlayer leads to renewed concerns internet could grind to a halt."

  • Pavol Rusnak  @pavolrusnak CTO of @SatoshiLabs working on Trezor: "Not only Bitcoin will bring the Internet to a halt, it will also eat your cheesecake from the fridge, reschedule your appointments in your calendar, hide your grandma's fake teeth and finally tangle your headphones together with your shoelaces!!!"

  • Alistair Milne  @alistairmilne Investor & Bitcoin evangelist: "Nice to see the @BIS_org using 2015-level FUD against Bitcoin, etc. ... it means they are afraid, yet even now lack the understanding necessary to do anything to fight the disruption about to steamroller the legacy financial industry"

  • CryptoZen‏ @pomomoh Dad, Entrepreneur, Investor, Science & Tech: "Shame on ⁦@CNN⁩ for publishing this one-sided #bitcoin FUD article. Same old tired arguments from an obviously biased origin -"

  • BTC 3MM 2023  @XippixCrypto refers to the BIS FUD by responding, just as we were told that "The automobile will never replace the horse."

  • Łitecoin   @litecoinhodler replies with another line of sarcasm said by Ken Olsen back in 1977: “There is no reason anyone would want a computer in their home.” Hodler [ŁTC]

  • Ed Shiels  @Ed_Shiels: "Let's consider where this opinion is coming from. The entities who will be the most negatively affected by Bitcoin and blockchain."

  • Sandeep‏ @Bottlemani27 "nothing a bank or a banking group says negative about Bitcoin should be taken seriously. They have their own agenda. Obviously Bitcoin is a threat to the existing financial system."

  • CryptoVulture @CBOK15"Massive amounts of FUD campaigning by BIS and others. An awful stench of desperation. For such a large institution to not bother to do a modicum of research. #LightningNetwork They will only be left behind."@

  • Daniel Sax‏ @dansax: "Alternate headline: Bitcoin, an unstoppable force powered by the internet, could bring banking to a halt, according to bankers cowering in fear."

  • And the list goes on... what would be your analogy or quote to the BIS? 

 

Institutional-level Crypto News Feed And Market Scanner.

Lightning fast access to the news that matter covering 600+ crypto assets.

Want to be notified when we are launching this service? Find out more at CoinLive PRO.