In a series of tweets, Mow said Ethereum was “designed solely for the purpose of pumping tokens,” attacking what he called Ethereum’s “evil design choices.”
“It looks like a merge [Power of Stake] PoS leads to full regulatory capture by centralized exchanges and staking platforms, with no way out. ”
With a market cap of over $201 billion, Ethereum is the world’s second-largest cryptocurrency after Bitcoin (around $411 billion), according to Coinmarketcap.
First proposed by Vitalik Buterin in 2013, Ethereum was originally created to complement and improve Bitcoin. He has evolved into one of the most important blockchains in the cryptocurrency industry.
according to it website, Ethereum can be used to “code, decentralize, secure and trade just about anything.” Blockchain is gearing up for a major network upgrade called “Merge” on September 15th, which is expected to reduce energy usage by 99%.
But the network faces criticism Concerns about lack of “sufficient social decentralization” – fears sparked by recent US government sanctions on Tornado cash.
Several entities are now on dozens of blacklists ethereum wallet Sanctions-compliant addresses.
Why Ethereum Is A Shitcoin
Samson Mow is an Ethereum centralization problem It started with the decision to require users to wager a minimum of 32 ETH as part of the protocol. [in order to lockup supply and maximize tokenomics]”
“This has made PoS as centralized as possible … plus there is no Bitcoin culture, not keys and coins,” he denounced. Stakers secure the Ethereum network by storing data, processing transactions, and adding blocks to the blockchain.
“Now we have 66% of validators who must comply with OFAC regulations. And because of tokennomics, withdrawal functionality is not coded, so it is not possible to withdraw ETH that has been deposited in stake.” he added.
about four entities including binance and Coinbase controlled and implemented 66% of Ethereum’s Beacon Chain, a new consensus layer on the blockchain that coordinates a network of stakers. Proof of Stakeit’s all expected to comply under U.S. sanctions law.
If entities do comply, the Ethereum community may be forced to resort to “user-initiated soft forks,” or USAF, to keep the network decentralized. Mow, Blockstream’s former Chief Strategy Officer, said it was unlikely.
“What does that mean, assuming that all the stars magically lined up and that Ethereum users had a way of chopping coinbase and such? I mean having a mechanism to punish.
“This is why we call Ethereum a shitcoin.
According to the online dictionary Investopedia, Bitcoin maximalists believe that BTC is the only crypto asset they will ever need in the future.
They believe that all other digital currencies are inferior to Bitcoin and that it goes against the ideals envisioned by the pseudonymous Bitcoin founder. Satoshi Nakamoto.
However, Bitcoin is facing problems handling increasing transaction volumes, leading to an emergency for other blockchain networks like Ethereum.
Observers Say Top Cryptocurrencies Have We’re screwed Maximalism as a strategy for growth was ineffective.
Several factors have hampered BTC’s growth over the years, including a failure to attract developers to build more user-friendly protocols and applications on top of Bitcoin.
More recently, Bitcoin maximalism has begun to drive away even developers who have been working on the blockchain.
“Bitcoin core developers are considering leaving the Bitcoin project because of ‘Toxic Maxis’. Cultural erosion has been happening slowly since 2017.” murmured Muneeb Ali, founder of Stacks, Bitcoin’s open source smart contract platform.
“We need to revive the Bitcoin builder culture. Keyboard warriors and podcasters are less important.”
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