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Bitcoin advocate criticized for backing wallet authentication project

29 Jun, 20222 min readBitcoin
Bitcoin advocate criticized for backing wallet authentication project

Crypto Twitter has gone after Nic Carter, a prominent advocate of Bitcoin (BTC), for his involvement in Dynamic, a third-party wallet authentication project that could potentially prevent wallet transactions to be performed if a wallet is categorized as risky.

In a tweet, Carter shared his excitement in backing the project, tweeting Dynamic's announcement about a recently completed $7.5 million raise led by Andreessen Horowitz (a16z). Following this, users flocked to Carter’s Twitter, expressing their disappointment because of the move.

Twitter user Lifetheuniverce argued that what Dynamic is creating is the “antitheses of what Bitcoin was created for.” The Twitter user said that the community needs less permissions and monitoring. According to Lifetheuniverce, they should be allowed to transact without any potential "veto" from a third party.

Samson Mow, the CEO of JAN3, a firm that supports Bitcoin adoption, criticized Carter by saying that the move is “not something to be proud of.” In addition to this, Twitter user Benthecarman also mocked Carter because of supporting what they alleged as a “survelliance software.”

Despite the criticisms, Carter stood his ground, responding to the allegations on Twitter. He also called his critics irrelevant and asked those who disagree with his investments to simply unfollow him on the social platform. “If you have any issues with what I or my firm invests in, please go ahead and unfollow,” he tweeted.

Earlier in June, lending platform Solend approved a whale wallet takeover plan to avoid the liquidation of a Solana whale that could trigger decentralized finance (DeFi) implosion. However, due to backlash from community members, the project decided to create a second vote to invalidate the initial proposal.

Instead of forcibly taking over the whale’s wallet, the Solend team has decided to coordinate with the whale to find solutions like transferring some of the debt to another DeFi platform called Mango Markets.

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