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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Lead Monero Dev Slams BAT Policies, Brave Founder Clarifies

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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The lead developer for Monero slammed BAT over its policies and “awful design decisions,” putting Brave founder Brendan Eich on the defensive.

Monero Dev Compares BAT to The Mafia

Monero frontman Ricardo “fluffypony” Spagni took to Twitter on Thanksgiving not to give thanks, but to give Basic Attention Token (BAT) a verbal beating, comparing the utility cryptocurrency token developers to “the mafia.” The heavily opinionated developer also called BAT “centralized, permissioned, and thus entirely disinteresting and better done with a database instead of a blockchain.”

Spagni’s comments come after he discovered a “loophole” that allows BAT devs to “steal funds from users.” “The BAT ToS let’s them steal ‘unclaimed’ tokens after 90 days, but they can also use ‘Sybil attack investigation’ and KYC/AML excuses to prevent you from claiming your coins for 90 days,” he alleges.

He asserts that Brave features an overly complicated AML/KYC process disguised as a backdoor, allowing them to hold BAT tokens hostage that were initially intended for content creators.

Brave’s Eich Responds, Clarifies BAT Clawback

While Spagni is only looking out for cryptocurrency investor’s best interests, his comments are exceptionally accusatory and negative despite BAT creator and founder of the Brave browser Brendan Rich’s track record of success in creating game-changing internet technologies. Eich first’s contribution to the world was his development of the JavaScript programming language, and after that he co-founded Mozilla – the company behind the Firefox browser best known for its privacy features.

Eich explains that certain countermeasures are required to prevent “hundreds to thousands of fraudulent users” from accepting grants from Brave’s  User Growth Pool (UGP) and forwarding it to fake content creators. The UGP is designed to grant users with BAT tokens who are encouraged to tip content creators and plant the seeds of the content monetization platform Brave ultimately intends to be.

As for “stealing” BAT, Eich refutes the claim, and clarifies that Brave can only clawback BAT tokens granted from the UGP that go unused – a user’s imported BAT cannot be accessed in any way. “We’re not going to hold a potential grant in limbo forever waiting for it to be used,” Eich explained. The firm makes this clear to users up front, and shows an expiration date on the unused funds. He also clears the air around his company’s access to BAT holdings rightfully owned by individual users. “The only person who can move BAT from a wallet is the person who has that wallet’s key. If we’re talking about BAT that you own, Brave doesn’t have the key,” Eich said in an interview. “There’s nothing we can do to touch your BAT. BAT in a wallet you control cannot be ‘confiscated.’ KYC has nothing to do with this fact, and in any event, user-provided wallet KYC is not yet implemented.”

Related Reading: Basic Attention Token Nosedives 20% Amidst SEC Crackdown Concerns

BAT has been a hot topic amongst the cryptocurrency community as of late, as the utility token was recently listed on Coinbase and saw rapid price gains that eventually turned into losses as concerns mounted around ERC20 tokens like BAT. Last month the operator of decentralized ERC20 trading platform EtherDelta was charged with operating an unregistered securities exchange. Fears over ERC20 tokens being deemed a security by the Securities and Exchange Commission led to a sell off of the Ethereum-based token.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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