Issues related to investors in Bitcoin Critical observations on Ethereum
Tuur Demeester, a cynical altcoin, a Bitcoin supporter and a cryptic investor, has recently compiled his years of skepticism about the Ethereum (ETH), formulating a multifaceted topic on why it is against the current third cryptocurrency more important for market capitalization. Demeester, who has become a little respected recently, brought on Twitter to express his opinion through a thread in 50 parts, which quickly became the city's speech.
1 / People often ask me why they are so "against" Ethereum. Why do I go out of my way of highlighting faults or making analogies that put it in a bad light?
– Tuur Demeester (@TuurDemeester) December 28, 2018
Although he gave a multitude of reasons why he is skeptical about the project, some dominant points remained for his entire discussion. Demeester noted that the architecture and basic culture of ETH is the opposite of Bitcoin, while aiming to offer what the peak cryptocurrency intended to solve. In his eyes, the overlap includes decentralization, immutability, value reserve, issuance of assets and smart contracts.
He later noted that, as such, the $ 15 billion estimate of Ether is "still too high", emphasizing that the project remains a scientific experiment at best. The fact that Ether is not a valid form of digital currency in the eyes of Demeester does nothing more than add to this logic that its assessment is well oversized.
Demeester, who founded Adamant Capital (a self-proclaimed Bitcoin Alpha Fund), continued to criticize Ethereum's scale prospects, noting first of all that sharding, often considered the holy grail of blockchain protocols, is still a "bat". that the promise that the downsizing in the chain was close is false, even explaining that a preliminary white paper on Casper was lackluster.
The head of Capital Adamant added that Proof of Stake (PoS), which is the key to the integration of sharding, is not a viable mechanism of consent to be included, noting that there are vulnerabilities of censorship. Demeester also referred to his tweet, which stated that "Ethereumism" sounds like Marxism, like PoS, an "untested yet", [yet] ideal future "for the project, will presumably provide a perpetual income for all the owners of Ether. The critic added:
Vitalik is no stranger to embracing ideas for free lunch, e.g. during his ETH 2014 announcement speech, in which he described a currency with a 20% inflation tax as "no cost" for users.
In closing, doing his best to convey the cardinal points of his argument in a short message, Demeester explained that the Ethereum ICO was similar to an offering of securities, while the purchase of Ether for BTC was like "buying shares in a startup that had" invented travel time "as part of its business plan." He also joked that the project is the "Yahoo of our days" – a "cryptocurrency" cryptocurrency " ".
Vitalik Buterin Reacts
Since Demeester published his fierce comments, a number of Ether supporters have come out to refute some of his points. In particular, the same Vitalik Buterin, the extraordinary Russian-Canadian programmer who is a co-founder of Ethereum, has released a point-by-point reply through a discussion on Reddit.
In Buterin's response, which gained traction on Ethereum subreddit, the developer did his best to break down each of Demeester's points and provide evidence to state why such criticism was groundless or non-sensory. On the matter that ETH is a scientific experiment, Buterin, who recently received an honorary doctorate from the University of Basel, simply stated that this is not an argument.
ETH Logo Title Image Courtesy of Descryptive.com via Flickr