Co-Founder Of Ethereum, Vitalik Buterin, Counters Criticism From Bitcoin Advocate


The co-founder of Ethereum, Vitalik Buterin, has always been an active member of the cryptocurrency community. Recently, Buterin rebutted criticism from a Bitcoin advocate, Tuur Demeester, who threw shades at the Ethereum network. On Twitter, the Bitcoin advocate posted that Ethereum is a science experiment propelling Buterin to release a series of tweets to correct the notion.


Tuur Demeester Blasts Ethereum


Tuur Demeester has always been skeptical of Ethereum. This is why it wasn’t surprising on Friday when he posted a 50-part thread on Twitter regarding the matter. He stated many reasons why he is skeptical about Ethereum. One of them is that he considers the underlying Ethereum culture and architecture as the direct opposite of the Bitcoin architecture. He said that Ethereum has been unable to achieve full immutability and decentralization as it tries to stand as a smart contract platform, a store of value an and asset insurance platform all at the same time.


Ethereum (ETH) Price Today – BTC / USD
#NamePrice24H %
2
ethereum
Ethereum(ETH)
$209.71
-0.54%


According to Demeester, the platform is too ambitious and its goals are nonsensical. This is why he said that the platform is a science experiment at best. Demeester believes Ethereum isn’t worth its $15 billion valuation. He also said that the chances of success with the platform’s scaling projects are low.


Vitalik Buterin Responds To Demeester’s Criticism

After Demeester aired his opinion about the Ethereum network, he spurred up a lot of controversy in the cryptocurrency community. Some members of the cryptocurrency community agreed with him while others rebuked him. The following day, Buterin replied. One by one he rebutted all the tweets on the thread. First off, he said that the Ethereum culture is much better than the Bitcoin culture. However, he acknowledged that he is being biased in this regard.


Regarding the comment that Demeester made about Ethereum being a science experiment, Buterin said that it was an invalid argument. He noted that all blockchain projects are basically in the prototyping stage at this point. After rebutting the comment about Ethereum being a science experiment, Buterin talked about the issue of scaling. In his words:


“The fundamentals of sharding have been known for years. We have been working on the core design for more than a year and we have been adding details for a few months now. The implementation of sharding is on its way. Sure, it hasn’t been implemented yet but it’s a work in progress. The incremental things have been going well. Things like uncle rates have reached record lows even if chain usage is currently low.”


Finally, Buterin said that Demeester went too far and skipped the mentioning the effort the Ethereum community put into professionalizing and expanding itself. He noted that most of the problems with the Ethereum consensus mechanism are cultural and not technical.


Ethereum (ETH) Price Analysis


At the time of writing, Ethereum (ETH) was trading at $136.93. This shows that it down by 1.35% against the USD but up by 0.41% against BTC. The trading volume over a 24 hour period is $2,363,616,845 and the market capitalization is $14,256,585,022.
The price of ETH has taken a toll this year. However, it isn’t the only cryptocurrency that has fallen significantly against the USD. The entire market has suffered. However, there might be a rebound next year.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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