CEO ShapeShift believes that Bitcoin should not try new ideas
Erik Voorhees, the CEO of the popular cryptocurrency exchange ShapeShift,said that Bitcoin developers should refrain from “trying new ideas”.
Voorhees pointed out that “Bitcoin can not be optimized for each variable”. His comments came during the “What Bitcoin Did”podcast, which was held on March 22, in which he said that BTC is not meant to be the “most innovative” digital asset.
He argued that it is not practical to try to integrate each attribute or”desirable” feature in the Bitcoin protocol. Commenting on the different use cases in which other blockchain networks are working, he said: “I think there should be more blockchain-based platforms that are more centralized and have a hig her performance and there should be chains that are less centralized with less performance and that the two existing actually strengthen the entire ecosystem and in both cases we are still much better than any bank”.
In the podcast, he acknowledged being a Bitcoin maximalist, however, changed his mind at the end of 2013, after he began to study monetary theory. He also understood that, if he really was interested indecentralization, you should study other block chains.
At the beginning of the year, Voorhees announced that ShapeShift would dispense with a third of its staff, as a result of the bear market that has dominated in recent times. He also had to close Prism, his investment portfolio in Ethereum.
In addition, Voorhees takes the opportunity to analyze the errors and present the lessons learned in ShapeShift. He highlighted the fact of having started as a simple company and, before the boom, to have created other tools that required financial resources, endless legal reviews.
“Product diversification is fine, but it has to be at the right time. We did it too soon. Our attention branched out in too many directions, too soon, “he said.
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