Vitalik Buterin of Ethereum is in the news today after calling Blockstream COO Samson Mow for his statements on how VCs and advisers need to legitimize “sh * tcoinery” so they can be middlemen .
Retweet a comment from Chris Burniske, Mow added,
“If it’s as easy as buying BTC, which it is, the middleman is obsolete.”
However, Buterin was quick to respond to this comment, commenting,
“Dude, you’re literally part of a company that has created a proprietary consortium chain that people can stick their tokens on that only have to exist because BTC (and even L2s with no trust in it) don’t have it. scalability or functionality to do it natively. “
While Samson Mow was quick to point out that the “intermediaries” he was referring to were financial intermediaries who advise on the complexity of investments, the original context for his statement came from a previous tweet from Chris Burniske, partner at Placeholder.
The more you watch everything without $ BTC as “shitcoins” the more you become blind to the inevitable.
– Chris Burniske (@cburniske) November 21, 2020
According to Burniske, while holding BTC as a retail crypto-investor is sufficient, adding ETH gives greater exposure to crypto-innovation.
This is certainly true when you look at the various protocols and DApps built on the Ethereum blockchain, in some ways making the growth on Ethereum a proxy for the growth of DeFi and crypto-innovation.
That’s not to say that ETH is the only other investable asset class for a retail crypto-investor, as quite a few altcoins have proven to be fundamentally sound choices. For example, Maker, Compound, Aave, and Uniswap have all been the best DeFi platforms for quite some time now, each with quite a sizable community.
However, as expected, Burniske’s statements quickly met a lot of opposition, especially from some of the Bitcoin maximalists in the market. In fact, many of them were quick to argue that many altcoins and DApps are dangerous and prone to hackers, as was the case with Pickle Finance, a DeFi protocol that recently lost $ 20 million in funds deposited in a smart contract, to a hacker.