Cryptocurrency speculation scheme BANCOR looks engineered to be “a planned failure” – interview with Kevin Lawton (part 2)

Tuesday, August 1, 2017
By Paul Martin

by: Mike Adams
Monday, July 31, 2017

In case you missed part one of our Kevin Lawton interview on Bitcoin and cryptocurrencies, you may want to go back and watch it.

Today, we publish part two of the interview, covering all the following topics:

– How Ethereum works, using “Ether” fuel to pay for the running of small programs across the Ethereum network.

– The shocking truth: Nearly all programs (Smart Contracts) running on Ethereum are nothing more than code to create MORE cryptocurrency coins. There are virtually no real-world applications being deployed that might accomplish real tasks.

– “They are nothing more than a spreadsheet.” Despite all the hype about blockchain tech, so far the applications are little more than spreadsheets in the cloud.

– Why Bancor’s entire business model can’t work, even though it raised $150 million in an ICO. “There’s a failure built right into the mechanism.” Lawton says, “I don’t know a way this could actually be valid. It looks to me like this is essentially a planned failure.”

– There’s no upgrade path for smart contracts, so the code is highly vulnerable if code flaws are discovered.

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter