Adam Back, CEO of Blockstream and a notable pioneer in the Bitcoin community, has publicly attacked the economic framework of the GRAM token, a cryptocurrency tied to Telegram. His critique surfaced shortly after Pavel Durov, Telegram’s founder, criticized traditional fiat systems in favor of Bitcoin, reigniting discussions about cryptocurrency’s future.
Why did Durov’s statements stir controversy?
The controversy coincided with an official announcement regarding The Open Network’s main token reverting to its original GRAM name. Durov’s remarks highlighted the contrasts between fiat currencies and Bitcoin, focusing on the latter’s finite supply unlike government-issued money. This sparked renewed discussions within the crypto community.
Commenting on the dilemma, Durov highlighted, “Governments continue to print money, [but there is] no similar issuance mechanism for Bitcoin.”
In response, Adam Back drew parallels to challenges faced by the GRAM token, insinuating that it hasn’t overcome similar issues inherent in Durov’s critique of fiat currencies. Durov hasn’t yet responded to Back’s assertions.
What fuels Back’s skepticism about Telegram’s crypto journey?
Back’s distrust in Telegram’s crypto endeavors dates back to 2020. During Durov’s legal entanglements with US regulators, Back openly criticized Telegram’s token sale, dubbing it perilous for investors.
Back emphasized that Gram token buyers lacked the conventional rights and securities that venture capital aficionados typically enjoy.
He noted the inconsistent actions of the US Securities and Exchange Commission (SEC), which halted Durov’s project entirely, while EOS developers were lightly penalized—an inconsistency Back found inequitable.
The GRAM name and its renewed adoption
Post SEC scrutiny, Durov stepped back from the Gram project, which independent developers continued as Toncoin. Recently, a community vote reinstated the GRAM name, with 81.22% approval, reviving the original token identity within the TON network.
- Current Name: GRAM
- Previous Name: Toncoin
- Voting Approval: 81.22%
- Reference Year: 2018
Back’s latest comments come amid this renaming decision, potentially indicating his unease not only with Durov’s fiat criticism but also with GRAM’s brand revival.
