Vitalik Buterin Says Both Bitcoin And Ethereum Blockchain “Sucks” … Why Surprising?


In a reply to a Cypherpunk known as Jameson Lopp, the co-founder of Ethereum Vitalik Buterin said on September 4 Ethereum and Bitcoin blockchain “sucks”.

James Lopp wrote a tweet stating that:

“Fascinating: @VitalikButerin agrees with @JeremyRubin that the value of ETH will trend toward 0 unless changes are made to the protocol.”

In the reply, Buterin stated that:

“I think I’ve been pretty consistent about my view that (i) every present-day existing blockchain, including ETH and BTC, sucks, and (ii) PoS is necessary. Not sure why anyone surprised.”

The discussion marks the continuation of a series of notes made by Jeremy Rubin, the co-founder of MIT Digital Currency Initiative at TechCrunch and a Bitcoin core contributor. He had remarked that “The collapse of ETH is inevitable,” further predicting that the value of ether will reach zero.

The statement was followed by Ethereum’s co-founder speaking on Reddit, where he claimed that the article in question had missed on important details related to technical and economic terms.

The author of the article had written that the term ‘economic abstraction’ in the Ethereum community sometimes refers to paying for GAS using a non-Ether token for instead of ETH. To this, Vitalik replied that in the state at which Ethereum is at now, its observation is “absolutely true”. He continued to add that if no changes are effected in Ethereum, statements made in the article, including that of Ethereum dropping to zero would become a reality.

However, to keep things in check Vitalik said that the Ethereum community is mulling over two proposals that focus on the position of “pay ETH at a protocol level”.

A Few Things Vitalik Disagrees With

Vitalik Buterin agreed on statements about the price drop if not meaningful changes are effected on the Ethereum platform, but he was quick to disagree on the issue of Proof of Stake written on the article. Jeremy had stated that:

“Without ETH, a modified version of Proof-of-Stake with a multitude of assets could still decide consensus if each node selects a weight vector for the voting power of all assets (let’s call it HD-PoS, or Heterogeneous Deposit Proof Of Stake).”

Replying to this, the Ethereum co-founder said that he observed the HD-PoS in 2014, stating that it was difficult, maybe impossible to “get it right”.

When it comes to the bitcoin blockchain, a twitterati known as JP Thor had said that there wasn’t anything wrong with Bitcoin, and changing it would make it wrong. Vitalik replied, saying that:

“I don’t really think the “pure SoV” vision is sustainable; I think good SoVness comes *as a consequence* of succeeding at other forms of utility.”

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