Monero (XMR) Leader Riccardo Spagni Shreds Ethereum (ETH)’s Soul, Calls It An “Idiotic Idea”
Riccardo Spagni who is better known as “fluffypony” in the world of cryptocurrency – is the lead maintainer of the Monero, and lives in Plettenberg Bay. After spending many years in software development, he started a successful business in the import/export industry with his wife, which gave him the freedom to tinker with Bitcoin in early 2011. There was no looking back for Spagni since then.
On Twitter, the crypto veteran criticized Ethereum when he was responding to a tweet from Golem’s Chief Strategy & Security officer Joanna Rutkowska. Just from a simple response, the Tweet was followed by what is to be known as a Twitter rant to explain his point clearly.
Ethereum is an idiotic, unscalable idea that has neither delivered on its “world computer” promise, nor created any useful decentralised apps with any real use, nor created a robust and scalable decentralised system.
— Riccardo Spagni (@fluffypony) November 3, 2018
Later in the thread, Spagni says that the way to execute a secure decentralized system is to develop on top of stuff that is established, and evidently sturdy. He maintains something like the Lightning Network on top of bitcoin would fit the bill, but not Ethereum. Spagni even goes as far as telling the network is not decentralized as Ethereum's development companies have all but two of the ETH networks’ decentralized applications.
Notably, this rant was triggered by a Twitter thread by Rutkowska who pondered on finding out,
“the essential _features_ of The Ethereum (computer) vs. mere _implementation_ details.”
Just to make it clear: I'm not proposing to replace Ethereum with @elonmusk's satellite(s) — I'm trying to build a thought experiment to help me grasp the essence of Ethereum and its roadmap… https://t.co/jtDWRqPCDF
— Joanna Rutkowska (@rootkovska) November 3, 2018
Basically, Rutkowska asks is if launching a “traditional server into Earth’s orbit” would be as good a solution as Ethereum.
She later clarified her remarks saying it should not be seen as a project to substitute Ethereum with satellites from Elon Musk but described her remarks as more of a thought experiment on the nature of Ethereum.
Spagni even says that he considers the entire idea of smart contract to be broken. He even says that most dApps currently do not solve real world problems rather make a problem to find a solution.