A few days ago, Tuur Demeester, a Bitcoin proponent and founder of the Adamant Capital, wrote a series of Tweets criticizing Ethereum (ETH). Clearly, Vitalik Buterin, Ethereum’s co-founder did not like that and decided to answer him back.
On Twitter, Tuur Demeester wrote a 50-tweets-long thread explaining why he is against Ethereum, one of the largest blockchain networks in the market and the third virtual currency in terms of market capitalization.
According to Demeester, Ethereum is an opposite project to Bitcoin and that it is ‘at best a science experiment.’ Furthermore, he noted that its valuation close to $14 billion is too high and that ETH is not money, is not safe and neither scalable.
1/ People often ask me why I’m so “against” Ethereum. Why do I go out of my way to point out flaws or make analogies that put it in a bad light?
— Tuur Demeester (@TuurDemeester) December 28, 2018
Moreover, he emphasized that Ethereum’s project take very long to be launched to the market and that nothing gets delivered on time. Demeester went on explaining that the integration of sharding is a ‘pipe dream’ and that Proof-of-Stake (PoS) is flawed.
After all this long thread, Vitalik Buterin shared his opinion about all this thread on Reddit. Buterin took the necessary time to answer point by point each of the things mentioned by Tuur Demeester.
The first thing that he said was that Ethereum’s culture is ‘far saner’ than the one of Bitcoin. About sharding, he commented that it is not at the pipe dream stage at this point. Additionally, he said that sharding is not yet finished but more incremental things have been also going well.
Demeester said that investing in the Ethereum ICO was equal to buying shares in a startup that wanted to invent time travel as a business plan. For Demeester, it was just a security offering.
Vitalik Buterin answer to his comment:
“Nothing in the Ethereum roadmap requires time-travel-like technical advancements or anything remotely close to that. Proof: we basically have all the fundamental technical advancements we need at this point.”
At the end of the answer provided by Buterin, he said that Demeester skipped over the progress that Ethereum did to expand and make things more professional.
At the moment, Ethereum is the third largest cryptocurrency and it has a market capitalization of $14.44 billion. Each ETH coin can be purchased for $138.