Vitalik Buterin is the co-founder and chief executive of Ethereum. He stated that cryptocurrency is better than gold in recent tweets. Buterin claims that these characteristics make gold less attractive, but some cryptocurrency opponents argue that gold is more appealing because it, unlike the Ethereum blockchain is controlled by a small number of entities.
The Decentralized Issuer Of Money
Vitalik Buterin is the co-founder of Ethereum. He posted a tweet in which he suggested that crypto-versus-gold was a better investment than the precious. In his Oct. 26, 2022 tweet, Buterin slates author Zach Weinersmith’s assertion which implies that gold fits well with what crypto enthusiasts are advocating for.
Weinersmith suggested this in his book tweetThe only argument that crypto supporters have made is calling for decentralized money-issuing authorities, which was posted the same day. Still, the author was puzzled why gold, with its unique qualities, wasn’t being considered as a possible solution.
The only thing I have heard that crypto makes sense in the beliefr’s framework is that they don’t want money centralized to a central authority. Why not use gold in this framework?
— Zach Weinersmith (@ZachWeiner) October 26, 2022
However, in pushing back against Weinersmith’s suggestion, the Ethereum blockchain co-founder reminded the author of the key areas where the precious metal seemingly comes up short. He said:
It is extremely inconvenient to use gold. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multi-sig. At the moment, crypto is preferred over gold, which has lower adoption.
Meanwhile, Buterin’s terse response to Wienersmith’s initial tweet drew an immediate reaction from both crypto opponents and advocates on Twitter. One user named Hayden.eth argued that “gold also has the risk of huge centrally controlled inflation due to asteroid mining.”
The Cryptocurrency is not tangible like Gold
However, Twitter user Golden Knight appeared to question the Ethereum blockchain’s decentralization credentials, given the ongoing reports which suggest that only a few parties are controlling the chain. According to the user, having few parties controlling a blockchain potentially means they “could get control over the transactions worldwide.”
A supporter for gold seemed to doubt the wisdom of digital currency use in an age of power cuts. A user stated that gold, which is not like crypto, is better than digital currencies because it can be physically held.
Twitter user Levraham Spreadsmith, a self-proclaimed “optionality maxi,” appeared to use a reworked version of Buterin’s tweet to attack the Ethereum blockchain.
“Ethereum is incredibly inconvenient. It’s difficult to use, particularly when transacting. It can’t be made into a water bottle like stainless steel. At this point, Ethereum has less adoption and a lower market cap than stainless steel, so stainless steel is the better bet,” Spreadsmith argued.
Additionally, the user listed industries in which the ethereum Blockchain was not required but were widely used by stainless steel.
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