Sirwin
Sirwin

Bitcoin Vs. Ethereum: Critics Around ETH Supply And Consensus Grows


Criticism of the creator of Ethereum , Vitalik Buterin continues to cro ITRE on Twitter crypto. At the epicenter of this is the controversy surrounding the design of the flexible offering and the release of Ethereum 2.0.

As recently reported on CoinGape, the die fighting around the flexible offer of Ether [ETH] without defined inflation makes investors wary and critical.

Nevertheless, Vitalik and Ethereum Foundation continue to protect their position by having a ceiling above the generation limit. Buterin says it was set at 2 million / per post PoS implementation. The upper limit, however, is not yet "fixed", an improvement protocol could very well be accepted by consensus to change it. In addition, the release date of the PoS itself has been postponed by one year.

Bitcoin investors , on the other hand, are proud of the constant offer of Bitcoin , which is also a value proposition. Keizer tweeted,

It was clear to me when I spoke with Vitalik before launching ETH , he didn't really understand how #Bitcoin works   . Even now, the value proposition for BTC escapes him completely.

Vitalik dreamed of mining Bitcoin using quantum computers in 2013?

We are talking about the early days of the adoption of Bitcoin [BTC]. Even Adam Back, CEO of Blockstream and leading developer of Bitcoin , pointed out how Vitalik misunderstood it in 2013 before the launch of Ethereum .

I can confirm that I witnessed this pre- eth vitalik “exploitation of quantum computer simulations” scam at a small conference in 2013 in Amsterdam. I demystified the illogicality and the impossibility of the claim. has managed to convince some investors not to part with their bitcoin .

Computer scientist and child prodigy Vitalik Buterin co-founded Bitcoin Magazine at the age of 18. When Ethereum was launched , Buterin was only 21 years old. It is even said that he has an exceptional IQ of more than 250 points. Consequently, his ideas could have deviated from reality, but it is still difficult to imagine this leading to not understanding the mechanics.

Proposal to burn Ethereum?

Vitalik and his team currently rely on consensus and community development to scale up Ethereum solutions .

Eric. eth (alias), a lead developer of Ethereum , insisted on implementing the 1559th improvement protocol on Ethereum . This would activate the burning of transaction costs like Binance [BNB] Coin burns from trading profits. He tweeted,

Ethereum users pay $ 500,000 per day to use the network, or 2,175 ETH . Annualized, i.e. 793 875 ETH , a large part of which could be burned if EIP-1559 were present.

The implementation of the proposal would help control the supply of Ethereum . Vitalik's ambitious projects like The DAO in 2015 have proven to be a massive failure. Even then, the consensus seemed to have saved the project from a complete failure with a return of transactions to the pre-CAD balances.

Despite criticism, chain activity on Ethereum has increased significantly since last year. This also acts as a positive catalyst for the price. However, without the release of 2.0, it will soon encounter scalability issues again.

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