Bitcoiners are crying foul at erstwhile billion-dollar hedge fund managing director Jesse Felder'south "inaccurate" hot have web log post about Bitcoin today in which he claims the crypto asset "doesn't make sense as an investment nor every bit a currency culling." Bitcoiners seemed taken aback past the number of factual inaccuracies in the post coming from someone working in finance.

In the Nov. eighteen mail on his fiscal web log titled "Please Stop Asking Me About Bitcoin," Felder claims Bitcoin (BTC) is not used as a medium of commutation, nor does information technology provide any store of value. He besides questioned the value of one of the key features of the cryptocurrency — its scarcity, with only 21 million possible coins — by claiming that hard forks are "multiplying the number and type of Bitcoins in apportionment."

"If you put together all the difficult forks Bitcoin has undergone since it was first created, the number of total Bitcoins has actually grown faster than the number of dollars," said Felder. "That's a fact."

However, it's not a fact unless yous error BCH or BSV as part of the Bitcoin supply. Coin Metrics co-founder Nic Carter was quick to correct this, stating that "most everything in this post is wrong" and pointed out that "hard forks did not dilute Bitcoin."

The former hedge fund manager also claimed that Bitcoin could "be supplanted by a better cryptocurrency" that hasn't been created withal. More than one Twitter user said that this would be "highly unlikely" due to network effects.

Felder likewise seemed to exist operating nether the belief that the Bitcoin network itself had been attacked, rather than insecure exchanges or wallets with poor security, when he claimed "millions of dollars worth of Bitcoin has been hacked." He continued:

"Bitcoin may make a great bargain of sense as a speculation. Ponzi schemes tin work out cracking for early on adopters."

Felder's confident assertions well-nigh Bitcoin had many Twitter users champing at the flake to set him right.

Bitcoin bull Anthony 'Pomp' Pompliano was one of the start to answer, calling Felder's words "really inaccurate" and offering to educate the former hedge fund manager over a phone call. Alex Gladstein, Primary Strategy Officer at the Homo Rights Foundation, followed conform, stating Felder was "besides lazy to do the inquiry" and out of his depth.

Office of Felder's credible confusion may exist due to him stating he relied on an "old school definition" of investments, yet the fact is that hard forks do not affect the total Bitcoin supply of 21 million coins. While hackers are able to steal coins from time to fourth dimension, these crimes are commonly limited to exchanges and custodians, phishing attempts, and misplaced private keys — not the Bitcoin network itself.

"Better to have no stance than a poorly reasoned 1," said Twitter user anilsaidso.