Ethereum’s Vitalik Buterin is in the news today after he called Blockstream COO Samson Mow for his statements on how VCs and consultants need to legitimize “sh * tcoinery” so they can be middlemen.
Retweeting a comment made by Chris Burniske, Mow added,
“If it’s as simple as buying BTC, what it is, brokers are obsolete.”
However, Buterin was quick to reply to this comment, commenting:
“Dude, you are literally part of a company that has created a chain of proprietary consortia on which people can stick their tokens which must exist just because BTC (and even L2 without trust in it) doesn’t have the scalability or functionality. to do it natively. “
While Samson Mow was quick to clarify that the “middlemen” he was referring to were financial intermediaries who advise on investment complexity, the original context for his statement had come from an earlier tweet from Chris Burniske, a partner at Placeholder.
The longer you look at everything without $ BTC like “shit coins”, the more you become blind to the inevitable.
– Chris Burniske (@cburniske) November 21, 2020
According to Burniske, while holding BTC as a retail crypto investor is enough, adding ETH offers wider exposure to crypto innovation.
This is certainly true when looking at the various protocols and DApps built on the Ethereum blockchain, in some ways, making growth on Ethereum a proxy for growth in DeFi and crypto-innovation.
This is not to say that ETH is the only other investable asset class for a retail crypto investor, as some altcoins have proven to be fundamentally sound choices. For example, Maker, Compound, Aave, and Uniswap have all been top DeFi platforms for some time, each with their own fairly large community.
However, as expected, Burniske’s statements were soon met with much opposition, especially from some of the market’s Bitcoin maximalists. In fact, many of them were quick to argue that many altcoins and DApps are not safe and prone to hacking, as is the case with Pickle Finance, a DeFi protocol that recently lost 20 million dollars of funds deposited in a smart contract, to a hacker.