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Vitalik Buterin: “Every Present-Day” Blockchain sucks (even BTC and ETH). PoS is Necesary

Vitalik Buterin, the creator of Ethereum and one of the most influential people in the crypto-sphere, published yesterday a series of tweets in which he spoke about the need for today’s blockchain to “evolve” and fit the needs of modern society.

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Vitalik Buterin was mentioned by Jameson Lopp, creator of the Bitcoin Stats tracking website satoshi.info. In one of his tweets, Mr. Lopp says that he finds it “fascinating” to see how Vitalik Buterin spoke about the possibility of a collapse in the Ethereum network, which would plunge the value of Ether to practically zero:

“Every Present-Day Blockahin Sucks,” Vitalik Buterin Says… And He Explains Why

Lopp mentions that Vitalik agrees with the statements of Jeremy Rubin, Bitcoin Core developer, who said in an interview for Tech Crunch that “The collapse of ETH is inevitable.” Vitalik Buterin explained in Reddit that while there was some reason in Mr. Rubin’s arguments, the interview had omitted certain essential aspects of Ethereum’s Blockchain.

According to Vitalik Buterin, the pessimistic scenario presented by Rubin is entirely possible if Ethereum remains as it is today and the market continues to grow. The answer to this problem, according to his opinion, is the change from the PoW algorithm to a PoS system.

Not only did he explain it extensively in Reddit, but he went to tweeter and in a highly concise way summed up all his words by saying that “every present-day existing blockchain, including ETH and BTC, sucks.”

Storage of Value vs Real Utility

Mr. Buterin has always defended his thoughts, not only at a technical level but also from a philosophical point of view. In the tweet’s comment section, user JP Thor said that “There’s nothing wrong with Bitcoin.” Being a storage-of-value oriented crypto, unnecessary changes would do more harm than good.

Given this idea, Vitalik Buterin expressed that a blockchain is not per se oriented to “pure SoV.” For him, the real value is acquired after its success in the markets thanks to another form of verifiable utility.

The Ethereum development team has been actively working to improve the blockchain. One of these changes, Casper, points precisely to a migration of the PoW system to a PoS system.

For more information, Vitalik Buterin’s extensive commentary on Reddit can be found in the link below:

The collapse of ETH is inevitable – TechCrunch. (can someone explain this article to me?) from ethtrader

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John McAfee & Ethereum (ETH) Founder Vitalik Buterin Atop 5 Most Famous Crypto Personalities

The fact that cryptocurrency has become a “phenomenon that the famous personalities of the crypto sphere are almost at par with the popularity of Hollywood stars” has made an exchange release the list of 5 Most Famous Crypto Personalities.

This time, Bithemoth Exchange, who published the ranking placed John McAfee atop several famous crypto personalities.

John McAfee, the creator of the first anti-virus- McAfee Antivirus, joined the crypto community and rose to the point of being a notable influencer.

Bithemoth said about him: “His tweets are not only influential but entertaining as well. He’s known to be different and has already started a movement called ‘Declaration of the Freedom of Currency Independence’ to destroy fiat money around the world”.

John McAfee recently predicted Bitcoin reaching $500,000 by the end of the year 2020. The crypto king also founder the “unhackable” Bitfi Cryptocurrency Wallet.

The second person on the list is Vitalik Buterin. Vitalik Buterin started off as a writer for Bitcoin, and this made him co-found the famous Bitcoin Magazine. While writing about Bitcoin, he thought of unraveling Ethereum

Bithemoth Exchange said about him: “No, he’s not a robot, he’s an unbelievably smart individual who has achieved plenty at the age of 24 years old. His tweets are technical and rises debates with cryptocurrency developers around the world. It is no wonder his decisions make an impact, given Ethereum’s place in the cryptocurrency market placed ranked in at 2nd”.

Also, Roger Ver otherwise known as Bitcoin Jesus, who founded Bitcoin Cash, and financed the invention of Blockchain.info and BitPay, was in the list. Changpeng Zhao, creator of the world largest cryptocurrency exchange, Binance, also made it into the list.

In the same line, Satoshi Nakamoto, an unknown creator of Bitcoin also featured in the list. While the cryptocurrency community is expecting to know Nakamoto, the Chief Technical Officer at Ripple came out some days back to say he had the idea of blockchain before the technology was unraveled.

Image Credit: Bithemoth

Girl in a jacket

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