Ethereum co-founder Vitalik Buterin describes Bitcoin Cash as a failure…Details here
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Answer Ethereum co-founder Vitalik Buterin describes Bitcoin Cash as a failure…Details here
Vitalik Buterin, co-founder of Ethereum, admitted that the Bitcoin Cash project ended up failing, through a long series of tweets.
In one of his tweets, Buterin wrote that Bitcoin Cash, which is a split from Bitcoin, was focused on being a protest movement made up of a group of individuals with a rebellious mindset, and thus lacking a coherent way forward.
happy New Year!
Today, a storm of mini-tweets of some of the things I’ve said and written over the past decade, and what I think about these topics today.
– Vitalik.eth (@VitalikButerin) January 1, 2022
Read:The number of Ethereum coins deposited in the Ethereum 2.0 “staking” contract reaches a new record!
Bitcoin Cash was launched in August 2017 as an alternative to the world’s first cryptocurrency that has the advantage of being able to support higher transaction volumes and lower fees due to its large block size.
After Bitcoin Cash enjoyed initial success and managed to overtake Ethereum in terms of market capitalization in mid-November 2017, Vitalik Buterin tweeted that the controversial fork emerged as a legitimate competitor to Bitcoin.
In 2022, Bitcoin Cash fell to the 25th place in terms of market capitalization. Its value has fallen 98% against bitcoin since its peak in November 2017.
Vitalik re-commented about it, but this time not a positive comment.
Incorrect predictions:
Buterin revisited some of his predictions, some of which were made nearly a decade ago.
The 27-year-old Russian-Canadian programmer spoke about his controversial comment about exorbitant Bitcoin fees in 2017, stating that he continues to criticize the same and sees Ethereum also suffering from scaling problems and high fees.
Buterin also admitted that his Proof of Stakes mechanism and roadmap were laughably wrong.
The co-founder of Ethereum predicted that altcoins would become large in terms of total market capitalization, but they entered a winter and a major price drop in 2013.
Read:A bitcoin investor loses 250 thousand dollars for this reason!
While “Buterin” expected a correct prediction, which is his expectation of the emergence of a decentralized platform, which has already happened, and the Uniswap platform and other decentralized trading platforms appeared.
He also told that he failed to predict the non-fungible NFT tokens, which revolutionized the industry in 2021.
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