Ethereum is hit with the exact same game book used on IOTA



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The striking similarities seem a little beyond coincidence.

A piece on TechCrunch by Jeremy Rubin has made waves suggesting that Ethereum is economically condemned, and that even though "Ethreum successfully ends up wildly … ETH becomes useless." The crux of the argument is that nature Ethereum as a platform for other tokens is inherently disagreeing with the growth of Ether's value, and that ETH has no future or value proposition.

Vitalik Buterin then replied, emphasizing that the entire node of the piece depends on the hypothesis that Ethereum will remain unchanged and exactly as it is today, which of course is not the case. In fact, says Buterin, the issues described present proposals for active solutions that are currently discussed publicly and prominently.

The case against Ethereum is mainly that its token has no value as a gas. This is because they are mainly secondary projects with their own tokens built on Ethereum. These projects can distribute their token to users to cover gas expenses. In the jargon of Ethereum this is known as "economic abstraction".

Rubin states that Ethereum is destined to go to zero because of this.

Buterin emphasizes that two solutions have now been explored, both of which encompass the need to pay ETH at the protocol level. Problem solved.

Perhaps it is not as interesting or substantial as the discussion around the topic would suggest.



Ameen Soleimani, CEO of SpankChain, was less discreet than Buterin. "Jeremy Rubin's chance of being serious is really low," he said, "so my position is that this is definitely a piece."

An organized piece

The animosity of Soleimani could be based on the digital currency The history of the hits of Initiative and the clear parallels with the previous attempts to assassinate the project. It's a bit disturbing.

Jeremy Rubin, who wrote the last irrelevant piece of Ethereum, is a co-founder of the Digital Currency Initiative, which seems to have a strangely formidable way to chase rivals.

The formula [19659011] The three-step formula seems to be:

  1. Post a hit in an outlet. It does not even need to make sense, as long as it sows doubt and is sufficiently long and complex enough for people to keep rolling with the title rather than breaking it down.
  2. Wait until the project respects the piece.
  3. Skip confutation using a different media outlet and turn it as needed.

With that established foundation, it can be periodically returned to portray it as a sort of endemic problem.

Here's how it went in this case:

  1. The Digital Currency Initiative went after Ethereum in TechCrunch. Title: "Eth's collapse is inevitable."
  2. Buterin refuted the allegations and stressed that it is all meaningless.
  3. The Next Web then responded to the refutation, reporting it as "Vitalik Buterin: Ethereum needs to evolve or ETH will become worthless."

It's all a bit on the nose. In reality, the story is closer to "Eth is evolving to grow in value", but there is room for anyone to transform the story to fit it with their own agenda.

Deja vu

If this process seems familiar, it could be because it is literally the same thing that happened to IOTA, up to all the actors involved.

  1. The Digital Currency Initiative went after the IOTA with a similar hit
  2. The IOTA Foundation refuted the allegations.
  3. Digital Currency Initiative has enrolled its apparent partners at TNW and TechCrunch to keep the narrative stasis. If you look very closely, you can detect a certain amount of prejudice from those taken.

The main difference may be that the DCI has tried to hide its agenda while attacking the IOTA, even going so far as to remove the conflict of interest statements on the day of publication, trying to hide the fact that DCI representatives they drove the hit pieces against the IOTA had invested millions in rival IoT projects.

In this case, Rubin is quite open about his personal revenge against Ethereum, saying in his piece that he was censored by the Ethereum community while trying to raise money by selling digital pins for Ether.

It is strange that Rubin immediately changes gear from "give me Ether" to "Ether is useless" after his efforts to raise money failed, but we do not read too much.

What will happen next?

Assuming it is not a coincidence, Ethereum could expect a new attack of PR attacks. The book of games deployed against IOTA could give some examples of what to expect.

 juicy cryptic words

In the case of IOTA, the more spurious accusations were reduced quite quickly, so the next set of the affected pieces moved to find refuge in more technical discussions . Then even those have been debunked, this time by an email leak rather than a formal response.

By now the carpet had been completely torn from underneath all the original pieces, and it turned out that it was somewhere between almost completely and completely unfounded. But even without original foundations, the stories continued to pedal while the same stores continued to try different representations with the intention of discrediting the project.

When the IOTA Foundation threatened to sue, all the same outlets came simultaneously from "bad programmers" threatening to sue security researchers who discover vulnerability. " Assuming it is not a coincidence, or just a chronic failure of imagination, Ethereum might be able to look forward to a similar series of successes in the near future.

The world of cryptocurrency is full of big PR case studies, and it's probably no surprise that some of them are pretty subtle.

It is probably reasonable to expect further discussions on "Ethereum's economic problems" or similar in the near future. The goal for now could be to sow the permanent doubt through repetition. In this way the doubts can persist even after the problems have been variously resolved or denied, and can be renewed according to need with titles such as "people are still worried about the economic problems of Ethereum" or "Vitalik Buterin is a millionaire, but Eth could be made for, "or anything else. The possibilities are endless.


Disclosure: At the time of writing the author there are ETH, IOTA, ICX, VET, XLM, BTC, ADA

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