Ethereum has been lambasted by a lot of investors and analysts in the crypto space over the years. Some people don’t seem to like the blockchain project and its underlying architecture. One of those that have been against the blockchain project is Tuur Demeester.
Tuur Demeester is a digital currency investor, Bitcoin (BTC) proponent, and an altcoin cynic. Demeester has been skeptic about Ethereum (ETH), and he recently put together his years of skepticism about the digital currency. He issued a multi-faceted argument about why he has been against Ethereum (ETH) – the third largest digital currency in the world by market cap.
Demeester Conveys His Opinions on Twitter
The Bitcoin proponent recently took to Twitter to talk about his opinion through a 50-part thread, this quickly became the talk of the town. Demeester gave a lot of reasons why he is skeptical about Ethereum. However, some of his predominant points persisted all through the trend.
He said that the underlying culture and architecture of Ethereum (ETH) is the opposite of Bitcoin’s, while it is still aimed at offering what the leading digital currency is set out to solve. According to Demeester, the overlap includes immutability, smart contracts, store of value, decentralization, and asset issuance.
As such, Demeester said that the $13 billion market cap of Ethereum (ETH) is still too high. Demeester subsequently said that the project is still a science experiment at best. The fact that Ethereum (ETH) is not a viable form of digital asset in the eyes of Demeester only adds to the basis that the value of Ether is well overinflated.
Demeester also lambasted the scaling prospect of Ethereum. He first noted that Sharding – usually termed as the holy grail of blockchain protocols – still remains a pipe dream. He also said that the promise that on-chain scaling was imminent are false.
The Bitcoin proponent also added that Proof-of-Stake is not a feasible consensus mechanism to enlist, explaining that there are censorship susceptibilities. He also made reference to his tweet that states “Ethereumism” sounds like Marxism, as Proof of Stake, will allegedly provide continuous income for all Ethereum (ETH) holders.
In conclusion, he said that the Ethereum Initial Coin Offering was similar to a securities offering. Whereas, buying Ethereum (ETH) for Bitcoin (BTC) was like purchasing shares in a startup that had created time travel as an aspect of its business plan.
Ethereum Proponents, Including Buterin, Rebuts Demeester’s Points
Since the Bitcoin proponent released his scornful remarks, a lot of Ethereum proponents have come out to disprove some of his opinions. Even the co-founder of Ethereum (ETH) – Vitalik Buterin – reacted to the comments of Demeester.
Vitalik Buterin reacted to this by releasing a point-by-point response through a Reddit thread. In the response of Buterin, he did all he could to break down all the points raised by Demeester. He also provided evidence to show why such criticism was non-sensical or baseless.
In response to the comment that Ethereum (ETH) is just a science experiment, Buterin said that “that is not an argument.”
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is trading at $142 after a decrease of about two percent over the past twenty-four hours. Ethereum (ETH) currently has a market cap of $13.90 billion and its trading volume over the past twenty-four hours is $2.69 billion.