Cryptos vs ICO-based utility tokens: Bobby lee bullish on Bitcoin, Ethereum & Litecoin like cryptos
The argument related to ICO-based utility tokens and ‘pure’ digital currencies is still on. Related to that, former CEO of the BTCC exchange, Bobby Lee, recently shared his opinion regarding the same. He was bullish on cryptos like Bitcoin.
It is to be noted that the debate is, many proponents of PoW-issued crypto claim that tokens that are issued by public funding shouldn’t be called bona fide decentralized backed by blockchain assets, newsBTC reported.
While discussing the issue, Lee, the Bitcoin proponent, reportedly stated at the Crypto Finance Conference in California, “People, companies or investment firms can invest in Bitcoin and cryptocurrencies, [which are] native digital assets.”
He added, “And then there are things like tokens that are issued by groups, teams or projects that are supposed to back certain projects, certain development effort, certain applications. So those are more like securities, even though they call themselves utility tokens.”
According to Lee, who holds a position on the original Bitcoin Foundation board claimed that the utility tokens are often misclassified.
Though Lee didn’t seem to have an overtly negative stance towards ICO-focused projects, he is bullish on cryptos like Bitcoin, Litecoin, and Ethereum when compared “to tokens that represent a company’s efforts and business models.”
Lee was also asked on Ripple co-founder Chris Larsen’s claim that discourse between centralists and decentralists is a drawn-out “religious war”. To which he said, “Well, I think he has a bit of a bias on that front… Ripple (XRP) has the reputation of being centralized, even though some (XRP) proponents claim that it is decentralized. So I do think that it is important because the world up until Bitcoin’s invention has never seen some that is digital that is also decentralized.”
He added, “In the real world, things are decentralized, like water, air, gold — that’s decentralized. Whereas everything else is centralized, so in a digital world everything has been centralized up until Bitcoin.”
Image via Shutterstock
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