Samson Mow, a vocal Bitcoin proponent and the JAN3 CEO, has taken to his account on the X social media platform to once again point out a key advantage of Bitcoin over altcoins to the global crypto community.
This statement occurred after the recent exodus of the Zcash core developer team.
The JAN3 boss addressed the community with a message, in which he praised the world’s pioneer crypto, Bitcoin, and took a major jab at altcoins and their developer teams once again.
Mow emphasized that unlike with altcoins, whose developers can give up working on them and quit “all at once” all of a sudden, Bitcoin has 100% protection from that. Its initial developer, the mysterious Satoshi Nakamoto, voluntarily disappeared in December 2010.
Bitcoin is now believed to be completely decentralized, unlike altcoins, such as Ethereum, XRP, etc. Mow, along with other Bitcoin maxis, often slams these large-cap altcoins, calling them scams.
Aside from complete decentralization, Bitcoin maxis often name absolute scarcity — with 21 million being the finite supply of coins of BTC — from which more than 19 million have been mined already.
As reported by U.Today earlier, this week, the development team of Zcash’s Electric Coin Company announced it was quitting after they massively clashed regarding governance issues with its nonprofit board, Bootstrap, over distractions from its mission of focusing on privacy.
Reacting to this unfortunate event, the price of the ZEC token immediately fell by roughly 20%, hitting $381 and erasing $1.6 billion in the coin’s market capitalization value. This highlighted vulnerabilities in the governance of this decentralized project and boosted investor interest in the early privacy coin Monero (whose initial developer is no longer on the project either, like Satoshi).
The Zcash core team now has plans to set up a new company to sustain Zcash’s core technological advancements.
When similar things happen in the Bitcoin developer community, such as in 2017 and 2018, they usually result in hard forks (Bitcoin Cash, Bitcoin SV), with a portion of the developers quitting, while the initial BTC protocol continues to function and dominate the cryptocurrency market.
