Adam Back turned to social media to refute claims about paper bitcoin, asserting that large institutions receive their purchases with custodians. However, a debate arose where some claimed that this phenomenon is real and that there are billions of fake bitcoins in the market.
Adam Back refutes paper bitcoin: Is it fake?
The issue of paper bitcoin, which refers to the existence of artificial bitcoin exceeding the 21 million limit on the blockchain, has gradually begun to gain attention recently. Some bitcoin advocates point to the existence of this fake bitcoin as a reason for the relative price stability, despite the increasing demand from institutions that buy thousands of BTC each week.
Adam Back, the legendary cypherpunk who designed Hashcash, which preceded the proof-of-work consensus mechanism for bitcoin, took to social media to try to debunk the idea that this is a real phenomenon.
Back stated:
Billions of BTC purchase prices are stuck at 100-110 thousand "this should be the sale of paper bitcoin" here is another refutation of the paper. People who buy large amounts of BTC receive the shipment: storing it with custodians.
Furthermore, Back doubled down on his rejection of the paper bitcoin issue, emphasizing that it would be difficult to hide all that increase in bitcoin.
