14.6 C
26 September 2023
Image default

Ethereum News Today – Headlines for August 28

  • Ethereum’s Vitalik Buterin outlines the biggest threat to the crypto market
  • Technical issues and the authorities are the biggest threats to crypto
  • Buterin focused on Ethereum and Bitcoin

Ethereum News Today – the creator of the Ethererum network Vitalik Buterin has weighed in on the risks facing digital assets. His analysis focuses on Bitcoin and Ethereum. In an interview with the What Bitcoin Did podcast, the Ethereum creator said the biggest threats for the crypto market are technical issues and the threat posed by the intervention of authorities. Buterin said:

One of the things that threaten cryptocurrency is the risk of technical failure. Imagine if the NSA launched a quantum computer and steals some tokens before you can react to it? There’s is also the issue of political failure. What if the authorities ban Bitcoin, and commandeered mining pools? Meanwhile, the prices become low because the thing’s ban led to a crisis of confidence?”

Will Developers Continue Showing Interest in Bitcoin?

According to the Ethereum founder, for Bitcoin, specifically, he questions whether the developers and investors will maintain or continue to show the same amount of interest in the number one cryptocurrency (BTC) in the long run. Here is how he puts it:

Bitcoin does not have functionality escape velocity. Sufficient functionality can serve as a trustless layer for different applications. No wonder, there’s a possibility that as time passes people will start to find Bitcoin less interesting and look to other platforms as the more interesting options.”

The opinion of Buterin on Bitcoin’s long-term relevance is a strong argument. However, whether this will be a reality or not in the future remains to be seen.

Can Ethereum Become a New Form of Money?

Additionally, when addressing the debate regarding whether Ethereum can become a new form of money, the Ether founder said it depends on the individual definition of what a currency constitutes. Buterin says both BTC and ETH have already proven that they are a dependable store of value. In his words:

The word money combines a lot of concepts. Take an example, people speak about the unit of account, store of value, or medium of exchange. For the unit of account, Ethereum isn’t that and Bitcoin isn’t that either. As a medium of exchange, BTC is used. ETH is also used as that occasionally. ETH is a store of value. At least that’s something that people use it for.”

At press time, the price of ETH was changing hands at $386.69. While the price of Bitcoin was sitting at $11,462.99.

News Source

Related posts

Three Reasons Why Ethereum Surged to $1,650 Earlier Today


Ethereum Price (ETH) Improving and the Foundation Funding New Wave of Grants


Ethereum: Infura ‘hard fork’ causes debate about update mechanism and centralization