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8 August 2022
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Bitcoin Vs. Ethereum: Criticism Around the Supply and Consensus of ETH Grows

Criticism of Ethereum creator, Vitalik Buterin, continues to grow on crypto twitter. At the epicentre of it, lies the controversy around the flexible supply design and release of Ethereum 2.0.

As recently reported on CoinGape, the debate around the flexible supply of Ether [ETH] without a definite inflation rate is making investors and critics wary.

Nevertheless, Vitalik and Ethereum Foundation continue to protect their stand on having an upper cap to the generation limit. Buterin says that it has been set of 2 million/per post PoS implementation. The upper limit, however, is not again ‘set in stone,’ an Improvement Protocol could very well be accepted by consensus to change it.  Moreover, the release date of PoS itself has been pushed by a year.

Bitcoin investors, on the other hand, proud themselves on the constant supply of Bitcoin which is a value proposition as well. Keizer tweeted,

It was clear to me when I spoke with Vitalik before he launched ETH he didn’t really get how #Bitcoin works. Even now, the value proposition for BTC completely eludes him.

Vitalik Dreamed of Mining Bitcoin using Quantum Computers back in 2013?

We are talking about the earliest days in Bitcoin [BTC] adoption here. Even Adam Back, the CEO of Blockstream and leading Bitcoin developer, pointed out how Vitalik misunderstood it back in 2013 before Ethereum launch.Advertisement

can confirm I witnessed this pre-eth vitalik “quantum-computer simulatation mining” scam 1st hand at a small 2013 conference in amsterdam. I debunked the comp sci illogicality and impossibility of the claim. did succeed in talking some investors out of parting with their bitcoin.

A computer scientist and child prodigy, Vitalik Buterin, co-founded the Bitcoin Magazine back when was 18. By the time of Ethereum’s launch, Buterin was only 21 years old. He is even rumoured to have an exceptional IQ of over 250 points. Hence, his ideas could have deviated from reality, but it is still hard to fathom that leading to not understanding the mechanics of it.

Proposal to Burn Ethereum?

Currently, Vitalik and his team are relying on consensus and community development to scale Ethereum solutions.

Eric.eth (alias) an Ethereum core developer emphasized on the implementation of the 1559th Improvement Protocol on Ethereum. This would activate the burning of the transaction fees like Binance [BNB] Coin burns from the profits of the exchange. He tweeted,

Ethereum users are paying $500,000 a day to use the network, or 2,175 ETH. Annualized that is 793,875 ETH, much of which could be burned if EIP-1559 was in.

The implementation of the proposal would help in keeping the supply of Ethereum in check. Vitalik’s ambitious projects like The DAO back in 2015 proved to be a massive failure. Even then, the consensus seemed to have saved the project from a complete failure with a roll-back of the transactions to pre-DAO balances.

Despite the criticism, the on-chain activity on Ethereum has been growing considerably since last year. This is acting as a positive catalyst for the price as well. Nevertheless, without the launch of 2.0, it will soon hit the scalability issues again.

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