Buterin was also proud to note that he had envisioned the development of decentralized exchanges like UniSwap.
Just a day after the New Year, Ethereum co-founder Vitalik Buterin held a «Mini-tormenta de tweets» in which he reviewed the comments he has made in the past on matters related to cryptocurrencies, in addition to his current position on those topics.
One particular opinion that stood out from his series of tweets was his conclusion that Bitcoin Cash is now largely a failure as he sees it. Launched in August 2017, Bitcoin Cash developed as a fork of Bitcoin offering higher transaction volumes per block and reduced fees due to the larger blocks. In its early stages, the token enjoyed success and by mid-November of that year, it had surpassed Ethereum in market capitalization. At that point, Buterin voiced his opinion that the fork had become a legitimate competitor to the Bitcoin name due to its larger blocks.
“I was bullish on Bitcoin Cash specifically because I agreed with the arguments of the big blockers in the war of scale more than the arguments of the small blockers.” the Pío playful and wonderful.
However, fast-forwarding to 2022, the token has fallen down the pecking order, ranking 25th in market capitalization, compared to Ethereum, which ranks second. Its decline shows that the token was not worthy of owning the Bitcoin name, having given way to the test of time.
“Today, I would say that BCH is primarily a failure. My main takeaway: Communities formed around a rebellion, even if they have a good cause, often have long-term difficulties, because they value bravery over competition and are united around resistance rather than a coherent path to follow, continue “.
The right and the not so right
Buterin stressed that he had correctly foreseen the development of decentralized exchanges. The Canadian-Russian programmer also proved that he was a fan of altcoins even before they were famous. On the other hand, the 27-year-old had missed seeing a future with the NFTs, which exploded on the main stage last year.
He shared a screenshot of a 2015 presentation on PoS timelines and fragmentation predictions that even he finds laughable as they were wildly optimistic. Explaining that he was ingrained as a proof-of-work apologist in 2012, Buterin said he began exploring PoS in 2013. By 2014, he was fully sold on proof-of-stake as an exciting resource.
The Ethereum co-creator was also adamant in his initial claim that the Internet of Money should cost no more than 5 cents per transaction. It revealed that the Ethereum research team was working to find an effective solution to the blockchain’s scaling problems.
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Ethereum co-founder Buterin calls Bitcoin Cash a failure