In the past month alone, the price of Bitcoin (BTC) has increased by around 48%, while the value of Ethereum (ETH) has increased by 52%. So it seems that all of these wins would put everyone in a good mood, especially both camps of diehards of the two largest and most popular crypto assets. As new investors bring fresh capital into the crypto space, the centuries-old debate between the Bitcoin maximalists and the Ethereum communities returns with a new force.
The arguments have come across the spectrum, ironically from Ethereum co-founder Vitalik Buterin accession other bitcoiners are launching BTC’s stock-to-flow model Block stream CEO and Bitcoin maximalist Adam Back Make recordings at Ethereum due to a lack of capacity for such a model. In every way, Bitcoin creator Satoshi Nakamoto has yet to weigh up.
This week, the market leaders proved once again that they will not take a break MessariRyan Selkis adds fuel to the fire by defending Ethereum against Bitcoiners on a Twitter thread that attracted well-known industry players such as Jameson Lopp, chief technology officer for the US-based crypto security specialist House, Pierre Rochard, Bitcoin evangelist on crypto exchange octopusand of course Buterin among many others.
“Bitcoiners should stop beating [ETH 2.0] since Bitcoin either ends up in grayscale ETFs [rehypothecated] by [Wall Street] wound on Ethereum in 2-3 years or at the end. At least Ethereum keeps it in a blockchain, ”said Selkis.
The answers were quick:
@lopp @twobitidiot What is the point of a decentralized basic protocol without permission, if the lack of permission and the … https://t.co/HTjdDJyJhE
@pierre_rochard @twobitidiot I would think if a private key is effectively stored on the blockchain, one could … https://t.co/aXK4WcRgxb
For a bit of history, Buterin from Ethereum designed the origins of the argument in a blog post from six years ago. Describing the phenomenon of bitcoin maximalism, he said it was “the idea that an environment with multiple competing cryptocurrencies is undesirable, that it is wrong to put” another coin “on the market, and that the bitcoin currency is both fair as well as inevitable take a monopoly on the cryptocurrency scene. ”
Not everyone is a fan of the theory.
While rivalries are nothing new in the crypto community, they escalated during the 2018 bear market when prices plummeted and tempers flared.
However, after the bulls regained control of the market, the battle has not gone away. If anything, it has only gotten worse. Maybe it has something to do with that new money – from MicroStrategy and PayPal to billionaires Paul Tudor Jones and Mexican Ricardo Salinas Pliego – re-enter this area and stir up competition for fresh capital. Plus, there’s more to be proven as the prices of both coins head towards new highs.
Some might say that the feud between the BTC and ETH camps is reminiscent of what is going on in politics in the United States, which in most cases is like banging your head against the wall. Here is another example of the rivalry:
@ErikVoorhees These price stats do not show the superiority of #bitcoin as money.
Meanwhile, Messari co-founder Dann McArdle wins the win for the most level-headed argument. He points out that the use cases for Bitcoin and Ethereum are completely different and suggests that there is room at the table for both:
BTC & amp; ETH use cases / narratives are finally experiencing a pretty healthy divergence. BTC is a monetary asset, a … https://t.co/AezGlBiCyb
At the time of writing (18:34 UTC), BTC is trading at USD 19,097 and is unchanged in one day. The price is up 7% in a week and 168% in a year. ETH changes hands at USD 592 and is down 2% in one day, reducing its weekly profits to less than 25%. It increased by 305% within one year.
To reach its all-time high, BTC has to increase by around 5% and ETH by 142%.
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Did Vitalik Buterin just say that Ethereum is now more important than Bitcoin?
Bitcoiners could change their minds about PoS, “who knows,” says Buterin