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Why are some Bitcoiners against Stacks chain?
10 sats \ 6 comments \ @pieceofpineaple 11 Apr 2022 bitcoin
Some Bitcoiners call Stacks a scam. I wonder if it is because of being a maxi or there is some legit reasoning behind it.
#What is Stacks?
Stacks enables DeFi, NFTs, apps, and smart contracts for Bitcoin and uses Proof of Transfer as a consensus mechanism to settle transactions on Bitcoin.
Some dApps on Stacks you can explore.
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23 sats \ 0 replies \ @based 11 Apr 2022 freebie
It uses the Bitcoin network as a component of its consensus algorithm. This gives it some sort of claim to be connected to Bitcoin, however it has its own token which to make it worse is of course premined, and I don't believe its fate is even truly tied to Bitcoin as they could always hardfork to another consensus algorithm.
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2 sats \ 0 replies \ @DarthCoin 11 Apr 2022
Because is a shitcoin scam. No more debate.
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0 sats \ 0 replies \ @nout 11 Apr 2022
STX token has afaik notable pre-mine that went to the authors. If you check Stacks documentation then it tries really hard looking like it's build with/on-top-of Bitcoin, but in reality it's at best remotely connected with Bitcoin.
In the dApps listed there are couple that were just part of their Demo day, but don't really seem to have connection to Stacks, for example Moon. Other apps just have this feel of "we take nice looking company website template, we clone some existing idea and we add login requirement with Stacks wallet".
I'm happy to be proven wrong, but this just raises too many red flags for me.
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0 sats \ 0 replies \ @tetsu_tamasi 11 Apr 2022
it’s a shitcoin
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0 sats \ 0 replies \ @TheBTCManual 11 Apr 2022
From what I see it's just that instead of simply using bitcoin as the asset like layer 2s, they created a token that is minted by locking bitcoin in their addresses, but most of those tokens are sitting in the hands of insiders as they had a regulated ICO.
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0 sats \ 0 replies \ @patrick 11 Apr 2022 freebie
The fact that it uses bitcoin for consensus doesn't mean it's "built on bitcoin" in the way that Stacks' marketing suggests.
It only uses bitcoin as a marketing strategy. Other than that, the connection to bitcoin is incidental. It could have very easily been built exactly the same way on top of any other bitcoin fork like litecoin, bcash, doge, etc.