Max Keizer, one of Bitcoin’s oldest supporters, sharply criticized the creator of Ethereum this Monday (16). According to Emperor, Vitalik Buterin “Never understood Bitcoin”.
Keizer’s comments come as Ethereum reaches its lowest value against Bitcoin since migrating to Proof-of-Stake (PoS), when it abandoned mining via graphics cards.
Although many players, including Arthur Hayes and Vitalik Buterin himself, were confident that the update would make Ethereum a success, the market was not enthusiastic about the news. A year after The Merge, ETH and ETH were at zero to zero against the US dollar.
Max Keizer criticizes Vitalik Buterin
In 2010, Max Keizer tried to convince his friends to buy Bitcoin, but not everyone listened to him. Therefore, it is not uncommon to hear complaints from those who discovered BTC when it was priced at $5, but ultimately passed on the opportunity.
Keizer even launched his own cryptocurrency in 2014, MaxCoin (MAX), but quickly returned to being a “maximalist,” only defending Bitcoin while criticizing all other projects on the market.
One of the main targets of their criticism has always been Ethereum. Last year he called ETH a “useless Ponzi scheme” because of the pre-mined coins.
This Monday (16), Keizer targeted the creator of Ethereum, Vitalik Buterin. In the shared chart, ETH appears to have fallen 29.5% against Bitcoin since Proof-of-Work (PoW) was halted.
“Vitalik never understood Bitcoin. It is no surprise that he turned ETH into a centralized, fiat shitcoin.”
Vitalik never understood it #Bitcoin It’s no surprise that he turned ETH into a pure, centralized fiat money shitcoin. https://t.co/jYBiChCjJl
— Max Keizer (@maxkeiser) October 16, 2023
Ethereum faces market distrust
As Bitcoin mining slowly became professionalized, with major miners listed on exchanges, Ethereum introduced an ASIC-resistant model, allowing for greater decentralization of the mining process.
However, the Ethereum team always had plans to abandon Proof-of-Work (PoW) and adopt Proof-of-Stake (PoS), replacing miners with validators, who lock up their ether (ETH) to receive block rewards .
Implemented in September 2022, PoS brought improvements to Ethereum’s monetary policy, to the point where the currency became deflationary. Still, the new model brought new challenges, such as transaction censorship due to the centralization of block validation.
In any case, Ethereum’s poor performance is also related to the lack of underlying projects.
After all, ETH has always been driven by external projects like ICOs, DeFi, NFTs, play-to-earn games, and other industry fads, but today nothing is capturing the public’s attention.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
