{"id":101077,"date":"2019-04-07T13:39:08","date_gmt":"2019-04-07T20:39:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=101077"},"modified":"2019-11-07T02:53:04","modified_gmt":"2019-11-07T02:53:04","slug":"block-one-ceo-brendan-blumer-criticizes-bitcoin-for-its-huge-scaling-limitations","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/block-one-ceo-brendan-blumer-criticizes-bitcoin-for-its-huge-scaling-limitations\/","title":{"rendered":"Block.one CEO Brendan Blumer criticizes Bitcoin for its &#8220;huge scaling limitations&#8221;"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/people\/brendan-blumer\/\">Brendan Blumer<\/a>, one of the executives behind EOS, criticized Bitcoin\u2019s slow transaction times, low transactions per second, and high costs per transaction (when inflation is considered).<\/p>\n<p>Brendan Blumer, the 32-year-old CEO of Block.one\u2014a Cayman Islands-registered firm that developed <a href=\"https:\/\/cryptoslate.com\/coins\/eos\/\">EOS<\/a>, one of the largest platforms for building and deploying decentralized applications (<a href=\"https:\/\/cryptoslate.com\/products\/category\/dapps\/\">dApps<\/a>)\u2014called Bitcoin \u201cfundamentally transformative\u201d in terms of how financial transactions between two parties will be processed in the world\u2019s future economy, while at the same time scrutinizing it for its limitations.<\/p>\n<figure id=\"attachment_101081\" aria-describedby=\"caption-attachment-101081\" style=\"width: 1055px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-101081 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/brendan-blumer-bitcoin-criticism.png\" alt=\"\" width=\"1055\" height=\"600\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/brendan-blumer-bitcoin-criticism.png 1055w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/brendan-blumer-bitcoin-criticism-300x171.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/brendan-blumer-bitcoin-criticism-768x437.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/brendan-blumer-bitcoin-criticism-1024x582.png 1024w\" sizes=\"(max-width: 1055px) 100vw, 1055px\" \/><figcaption id=\"caption-attachment-101081\" class=\"wp-caption-text\">Blumer at DC Blockchain Summit 2019, Mar. 6th<\/figcaption><\/figure>\n<h2>Bitcoin\u2019s Limitations<\/h2>\n<p>According to Blumer, transacting in bitcoin is expensive if annual inflation from block rewards is considered. On average, the crypto entrepreneur estimated that users are paying an extra $50-$100 per transaction. Furthermore, he asserts the <a href=\"https:\/\/statoshi.info\/\">Bitcoin network<\/a> is constrained because it can only process about 3 transactions per second (TPS). These factors represent \u201chuge scaling limitations,\u201d said Blumer.<\/p>\n<p>In response to Blumer\u2019s <a href=\"https:\/\/twitter.com\/vakeraj\/status\/1114603179751161857\">comments<\/a>, which came last month during the 4th annual DC Blockchain Summit (held on Mar. 6th-7th, 2019), Twitter user vake (@vakeraj) <a href=\"https:\/\/twitter.com\/vakeraj\/status\/1114603184692105217\">emphasized<\/a> the importance of having \u201ctechnically knowledgeable interviewers.\u201d The user also accused Blumer of \u201cspewing lie after lie\u201d in order to indirectly promote EOS, which vake considers to be a scam.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Let me say that this is why it&#39;s important to have technically knowledgeable interviewers. This moderator provided no pushback as Brendan spewed lie after lie in service of his scam, EOS.<\/p>\n<p>The Chamber of Digital Commerce is a joke of an organization.<\/p>\n<p>&mdash; Vake (@vakeraj) <a href=\"https:\/\/twitter.com\/vakeraj\/status\/1114603184692105217?ref_src=twsrc%5Etfw\">April 6, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Optimized For Different Use Cases<\/h2>\n<p>Responding to the statements made by vake, Blumer <a href=\"https:\/\/twitter.com\/BrendanBlumer\/status\/1114687165525401600\">clarified<\/a> that he loves Bitcoin, however that\u2019s not going to help it become \u201cfast or cheap.\u201d Notably, Blumer believes that in the long-term Bitcoin has what it takes to succeed in terms of achieving mass adoption:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I love <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> too, but that won\u2019t make it fast or cheap<\/p>\n<p>Bitcoin has everything it needs to succeed, and I think in time it will become the largest store of value in the world<a href=\"https:\/\/twitter.com\/hashtag\/EOS?src=hash&ref_src=twsrc%5Etfw\">#EOS<\/a> isn\u2019t designed to compete with Bitcoin, it\u2019s optimized for different use cases<\/p>\n<p>&mdash; Brendan Blumer (@BrendanBlumer) <a href=\"https:\/\/twitter.com\/BrendanBlumer\/status\/1114687165525401600?ref_src=twsrc%5Etfw\">April 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He added that EOS was not designed to directly compete with Bitcoin as both cryptocurrency networks have been \u201coptimized for different use cases.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brendan Blumer, one of the executives behind EOS, criticized Bitcoin\u2019s slow transaction times, low transactions per second, and high costs per transaction (when inflation is considered). Brendan Blumer, the 32-year-old CEO of Block.one\u2014a Cayman Islands-registered firm that developed EOS, one of the largest platforms for building and deploying decentralized applications (dApps)\u2014called Bitcoin \u201cfundamentally transformative\u201d in [&hellip;]<\/p>\n","protected":false},"author":67,"featured_media":101090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,37],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Block.one CEO Brendan Blumer criticizes Bitcoin for its &quot;huge scaling limitations&quot;<\/title>\n<meta name=\"description\" content=\"Brendan Blumer, one of the executives behind EOS, criticized Bitcoin\u2019s slow transaction times, low transactions per second, and high costs per transaction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/block-one-ceo-brendan-blumer-criticizes-bitcoin-for-its-huge-scaling-limitations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Block.one CEO Brendan Blumer criticizes Bitcoin for its &quot;huge scaling limitations&quot;\" \/>\n<meta property=\"og:description\" content=\"Brendan Blumer, one of the executives behind EOS, criticized Bitcoin\u2019s slow transaction times, low transactions per second, and high costs per transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/block-one-ceo-brendan-blumer-criticizes-bitcoin-for-its-huge-scaling-limitations\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-07T20:39:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-07T02:53:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/brendan-blumer-block-one-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Omar Faridi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Block.one CEO Brendan Blumer criticizes Bitcoin for its &quot;huge scaling limitations&quot;\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Omar Faridi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/block-one-ceo-brendan-blumer-criticizes-bitcoin-for-its-huge-scaling-limitations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/block-one-ceo-brendan-blumer-criticizes-bitcoin-for-its-huge-scaling-limitations\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/#person\",\"name\":\"Omar Faridi\",\"url\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/02\/omar-faridi-profile-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/02\/omar-faridi-profile-300x300.jpg\",\"caption\":\"Omar Faridi\"},\"jobTitle\":\"Journalist\",\"description\":\"Omar enjoys writing about all topics related to Bitcoin, blockchain, and cryptocurrency. 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He is most interested in crypto regulations, quantum resistant blockchains, and Ethereum and Bitcoin Core development. His academic background includes an undergraduate degree in computer science from the University of Nevada and a masters of science in psychology from the University of Phoenix. He works as an application developer for the University of Houston and a data storage specialist for Dell EMC.","url":"https:\/\/cryptoslate.com\/author\/omar-faridi\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/101077"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=101077"}],"version-history":[{"count":5,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/101077\/revisions"}],"predecessor-version":[{"id":104725,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/101077\/revisions\/104725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/101090"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=101077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=101077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=101077"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=101077"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=101077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}