Altcoin Community Miffed with Coinbase CEO Over “Distraction” Remark

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Altcoin Community Miffed with Coinbase CEO Over “Distraction” Remark

Coinbase CEO Brian Armstrong recently called altcoins a distraction, a comment that didn’t go down the throats of altcoin communities.

“Ripple, Stellar, and Altcoins are all a distraction,” Armstrong had tweeted. “Bitcoin is way too far ahead. We should be focused on bitcoin and sidechains.”

Response from Litecoin Association Director

The most notable miffed response to Armstrong’s tweet came from Andrew Vegetabile (aka TheMage), the Director of Litecoin Association, who ended up challenging the Coinbase official for a one-to-one radio debate.

“Care to discuss on a radio show the legitimacy of alts with me since you seem so convinced there is no future for them,” Vegatabile tweeted back to Armstrong.

The CEO didn’t respond to Vegatabile yet, until the time of this writing.

An Unbiased Take on Coinbase Comment

For once, we as a community have to understand what Armstrong exactly wanted to convey through his controversial tweet. There are two versions here. First, the man simply wanted to glue up the community under one banner called Bitcoin and simply went a little creative to explain it within 140 word limit. Second, he simply meant it. Ripple, Stellar and all other altcoins are actually a waste of time for Armstrong.

If the latter is the case, then we surely would like to hear a word battle between him and Vegetabile.

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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.
  • FreeJack

    Frankly, I think it’s just the CEO of a company who specializes in servicing only one digital currency, trying to use his “stroke” in the industry to ensure that the prevailing sentiment is that “there can be only one.” Because it benefits both him AND his company if that proves to be true. If he and his company refuse to remain nimble and support multiple currencies, and the prevailing sentiment continues to develop that altcoins are valuable and desirable, then his competition (the likes of GoCoin and Snapcard) will be FAR better-positioned to grab marketshare than Coinbase is.

    And frankly, in twenty years and if digital currency has taken hold the way the web did, companies like Coinbase will be largely irrelevant…because middlemanning will not be necessary, anymore. They will have their currency exchange business, however there is no shortage of options there and it will be a competitive business, with the well-capitalized Winklevoss Twins entering the market with their exchange (as well as existing players abroad).

    Coinbase is in trouble, long-term…because they have tunnel vision.