Bitcoin and altcoins not ready for primetime

  • Riccardo Spagni, also known as Fluffypony, left Monero to contribute to its decentralization.
  • The developer compared the current state of the ecosystem with the beginnings of the Internet. 

The departure of Ricardo ‘Flufllypony’ Spagni as the leading developer of Monero caused a stir in the community of the privacy coin. In an interview with Monero Talk, Spagni outlined why he quit and the current challenges posed to the cryptocurrencies ecosystem.

State of Bitcoin, Monero and altcoins resembles internet of the 90s

In the Monero Talk episode, Spagni said that although he will remain in the Monero community his previous position will be transferred to the developer Snipa. Spagni explained that his resignation seeks to contribute to the decentralization of Monero. The developer stated that he was delegating tasks to other developers for a long time:

whether it’s the domains or cloud play or whatever (…) there were people who could gain access to it.

During the interview, Fluffypony also described the current state of the ecosystem. According to the developer Monero, Bitcoin and the other altcoins have not reached sufficient development to be incorporated into the mainstream. The crypto space has challenges, for example, Spagni said that Monero has yet to work on the UX perspective:

The cryptocurrency universe is not ready for primetime but I think that we’re getting close and I think if you look at like the Monero UX talk (…) the work that’s being done on like Lightning wallets, we’re definitely getting better and better each time and with each iteration, with each passing year.

The debate then shifted to comparing the current state of the ecosystem with the Internet during its beginnings in the 1990s. At that time it was difficult to use and its functioning was different from that which it had reached during many years of development. Spagni said:

it’s a different world and the fact that we can Skype on like two different continents and it’s crystal clear, it’s just testament to how far the Internet has come past and I feel like, in a very real way cryptocurrencies like the mid-90s right now (…) but you fast forward like five-ten years and things are gonna look totally different.

Monero for privacy, Ethereum for smart contracts

Spagni’s vision differs from others of personalities in the cryptospace. For example, John McAfee praised the progress Monero and Ethereum have made in their respective spaces. In contrast, the former software developer and presidential candidate does not have a good opinion of Bitcoin, which he has called “obsolete technology”.

However, McAfee said significant progress has been made in other networks. McAfee is pleased that there are blockchains with privacy, smart contracts, distributed applications and that progress has been made beyond Bitcoin.

The price of Monero is at $57.15 USD, at the time of publication, and reached a 2.99% loss in the last 24 hours. The weekly chart shows a 6.14% gain following general market sentiment.

Below is the full Fluffypony Spagni interview for Monero Talk:

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