Sunday, August 25, 2019

Dumpster Fire: Vitalik Buterin Expresses His Dislike for Bitcoin SV

Ethereum’s co-founder, Vitalik Buterin, has aired his opinion concerning Bitcoin SV in a series of tweets, using the phrase “pure dumpster fire” as a description for the new hard fork launched by Bitcoin Cash. The comments from Buterin came to be during an online Twitter debate on Christmas day with Tuur Demeester, a businessman as well as a cryptocurrency commentator.

In the course of the discussion, Buterin argued on the demerits and merits of the usual algorithms which crypto developers employ in the design of their assets, which are proof-of-stake (Pos) and proof-of-work (PoW). Buterin tweeted the following when his opinion on Bitcoin SV was asked for:

“I have my disagreements with the Bitcoin roadmap, PoW, etc., but they’re trying to do something that’s genuinely cool tech,” he responded, before calling BSV a “pure dumpster fire.”

Buterin Admits That He Doesn’t “Believe in Proof-of-Work”

Among the things Buterin pointed out in the discussion was his contempt for proof-of-work. He admitted that he now lacks faith in the algorithm, further stating that upcoming technologies give him something to look forward to. Concerning Bitcoin SV, his sentiments towards it remain unchanged. Bitcoin SV is one technology that claims to follow the vision of Bitcoin’s main developers.

On November 15, 2018, Bitcoin Cash forked out Bitcoin ABC and Bitcoin SV. The reason for the creation of Bitcoin SV was to provide a solution to the ever increasing issues of scalability which plagued Bitcoin “on the chain” by utilizing giant block sizes. But ever since it was created, it has suffered both technical and publicity issues.

Related Article:  JP Morgan Endorses Ethereum, Claims To Be A Big Believer

Bitcoin SV has not had it easy all this while. Mainstream integration and adoption have been part of the issues experienced by the altcoin. Its total market cap is at $1.49 billion with a trading price of $85.13. Popular crypto exchanges such as Coinbase and Gemini are yet to list the altcoin.

Support Still Exists for the Altcoins

Though there are disagreements among crypto investors because of the hard fork which saw to the creation of BSV, a lot of support still streams in from different quarters for both Bitcoin Cash ABC and Bitcoin Cash SV.

Sometime in the past at an event, Buterin accused Craig S. Wright of being a “fraud”, right to his face.

In early December, Buterin invested 1,000 ETH into three different startups with the aim of developing Ethereum 2.0. The donations given to the startups came as a result of the complaint from Ethereum developers during a conversation, in which they said that adequate funding was unavailable for meaningful projects that could be of benefit to the ecosystem.

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