Tuesday, March 21

“Bitcoin is the biggest joke ever called money in history”, says Unicamp professor

A Unicamp professor got into an internet discussion and ended up claiming that Bitcoin is the biggest joke ever called money in history. Not a fan of Bitcoin and its technology, Jorge Stolfi is a professor in the computer science department at Unicamp, one of the largest Brazilian public colleges.

His revolt with the currency is such that he spends his days attacking Bitcoin wherever he goes. In the past, for example, he has forwarded a letter to the US CVM, the SEC, only to ask the watchdog not to allow a digital currency ETF.

He came back to attack Bitcoin in an argument with Alex Gladstein, who is CSO of the Human Rights Foundation (HRF).

“People are using USDT to pay basic bills,” said Alex Gladstein

For Alex Gladstein, Tether is a dollar-backed currency that helps many people around the world to have a reserve in the US currency. Thus, it is possible for them to avoid local currency inflations and still have the liquidity to pay their bills with USDT.

As he is one of the leaders of HRF, he is concerned about the protection of human rights. It is worth remembering that USDT is the digital currency with the most global trading volume daily, which can facilitate its exchange between people and even payments in trades.

Upon seeing his comment, Jorge Stolfi, a Brazilian professor at Unicamp, attacked the fundamentals of USDT as a currency and said that the company Tether, responsible for issuing it, could disappear and people would have problems.

Alex still tried to convince Jorge that millions of people want this currency in vulnerable countries, but the Brazilian professor followed attacking that this currency has no backing and that it may not last until tomorrow.

The professor’s criticism is that Tether is a currency that is not transparent and part of its volume can even be manipulated on exchanges. At this point, a user told him that Bitcoin is then a better currency.

“Bitcoin is a Ponzi and the biggest joke ever called money,” said Unicamp professor

After his discussion about the usefulness of USDT as a currency, Jorge Stolfi received a message on Twitter even stating that Bitcoin would be the solution to the problem he pointed out.

Upon observing the message, he declared no, as Bitcoin “is pure Ponzi” and will not have any value. The user then exposed that Bitcoin may not be a perfect currency, but it is better than anything that has come before.

Concluding his firm stance, Stolfi said that Bitcoin is the biggest joke ever called money in history, indicating that he doesn’t even like USDT, let alone BTC.

In Brazil, Stolfi is considered one of the biggest enemies of Bitcoin, with his position as a computer scientist being totally against the technology, which he shows he knows the fundamentals.