Mythos Founder Challenges Pomp’s ‘Bitcoin, Not Blockchain’ with “Ethereum, Not Blockchain”
The status of Ethereum (ETH), the top platform for smart contracts and second largest digital currency as “a blockchain” was recently argued on Twitter.
This began when Mythos founder, Ryan Sean Adams tweeted, “Ethereum, not blockchain” and Anthony Pompliano responded,
“Bitcoin, not blockchain”.
Then Udi Wertheimer, a popular Bitcoin activist, also tweeted:
“While “bitcoin” is a digital asset, “ethereum” isn’t, it’s literally the name of a blockchain. The asset there is “ether”, and most people never heard of it.”
In addition, he said:
“When we say ‘bitcoin, not blockchain’, we mean that like ‘gold, not chemistry’. While chemistry is an exciting field, the idea that chemistry will revolutionize money is silly. But the asset might do that. ‘Ethereum, not blockchain’ is like saying ‘Dow Chemical, not chemistry'”
Immutability Of Ethereum
Whalepanda joined the conversation in a tweet
“ I think what @RyanSAdams
is pointing out is that once you lose immutability, like Ethereum did, you're no longer a real blockchain”
There have been several discussions on concerns about Ethereum (ETH)’s immutability in the past.
The main cause of these discussions was the DAO (Decentralized Autonomous Organization) hardfork, which brought about the emergence of the Ethereum and Ethereum Classic chains. This hardfork was to prevent the loss of about 50 million dollars, which many people include those in the Ethereum community called
“against the code of law”.
This is probably a tongue-in-cheek play on “bitcoin, not blockchain”, but reveals an underlying misconception.
While “bitcoin” is a digital asset, “ethereum” isn’t, it’s literally the name of a blockchain. The asset there is “ether”, and most people never heard of it. https://t.co/pQhAuwpYh6
— UDI WERTHEIMER (@UDIWERTHEIMER) May 1, 2019
Ethereum Ledger Is Intact
In response to Whalepanda’s tweet, Andrew, a cybersecurity expert tweeted :
“Ethereum didnt “lose immutability.” The irregular state transition did not censor or revert any txs. The ledger is 100% in tact. It did however exploit a social coordination process (a loophole ALL blockchains have) to move funds from the child DAOs to a new recovery contract”.
He also added that
“By your own definition censoring the value overflow transactions via a socially coordinated soft fork is also a “loss of immutability”…”