In the last month alone, the price of bitcoin (BTC) has risen by around 48%, while ethereum (ETH) has seen its value rise by 52%. So it looks like all of these profits would put everyone in a good mood, especially the two diehard camps of the two biggest and most popular cryptoassets. Nonetheless, as new investors bring new capital to the crypto space, the age-old debate between Bitcoin maximalists and Ethereum communities returns with new force.
The arguments have occurred across the spectrum, ironically from Ethereum co-founder Vitalik Buterin join other Bitcoiners criticizing BTC’s stock-to-flow model for Blockstream Adam Back, CEO and Bitcoin maximalist take photos at Ethereum for its lack of capacity for such a model. For all intents and purposes, Bitcoin creator Satoshi Nakamoto hasn’t weighed in yet.
This week, market leaders proved once again that they are not going to take a break, with MessariRyan Selkis adds fuel to the fire by defending Ethereum against Bitcoiners in a Twitter thread that has drawn popular industry players such as Jameson Lopp, chief technology officer of the US crypto security specialist. Casa, Pierre Rochard, Bitcoin evangelist at the crypto exchange Kraken, and, of course, Buterin, among many others.
“Bitcoiners should stop bashing [ETH 2.0] since bitcoin is found either in grayscale ETFs, [rehypothecated] through [Wall Street] in 2-3 years or get wrapped up on Ethereum. At least Ethereum is keeping it on a blockchain, ”Selkis said.
The responses were quick:
@lopp @twobitidiot What is the point of a decentralized base protocol without permission if the lack of permission and… https://t.co/HTjdDJyJhE
@pierre_rochard @twobitidiot I would think that if a private key is actually stored on the blockchain, we could … https://t.co/aXK4WcRgxb
For a little history, Ethereum’s Buterin Finished the origins of the argument in a blog post from six years ago. He described the phenomenon of Bitcoin maximalism, saying that it is “the idea that an environment of multiple competing cryptocurrencies is undesirable, that it is wrong to toss ‘yet another coin’ ”, and that ‘it is both fair and inevitable that Bitcoin currency is coming. take a monopoly position on the cryptocurrency scene. ”
Not everyone is a fan of the theory.
While rivalries in the crypto community are not new, they intensified during the bear market of 2018, when prices were dropping and spirits were soaring.
Now that the bulls have regained control of the market, the infighting has not gone away. If anything, it just got worse. It may have something to do with the fact that new money – from MicroStrategy and PayPal to billionaires Paul Tudor Jones and Mexican Ricardo Salinas Pliego – re-enters that space, fueling competition for the new capital. Plus, there’s more to prove with the prices of the two coins reaching new highs.
Some might say that the feud between the BTC and ETH camps is reminiscent of what goes on in politics in the United States, which in most cases is like banging your head against the wall. Here’s another example of the rivalry:
@ErikVoorhees This price statistic does not demonstrate the superiority of # bitcoin as a currency.
Meanwhile, Messari co-founder Dann McArdle gets the win for the most weighted argument, pointing out that the use cases for Bitcoin and Ethereum are completely different and suggesting there is place at the table for both:
BTC & amp; ETH use cases / stories are finally seeing a pretty healthy divergence. BTC is a monetary asset, an in… https://t.co/AezGlBiCyb
At the time of writing (18:34 UTC), BTC is trading at $ 19,097 and is unchanged overnight. The price increases by 7% in a week and 168% in a year. ETH changes hands at $ 592 and falls 2% in one day, reducing its weekly gains to less than 25%. It has rebounded 305% in one year.
To reach its all-time high, BTC needs to rise by around 5%, ETH – by 142%.
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