Buterin claims that these qualities make gold less desirable, but several crypto opponents countered that gold is superior since, unlike the Ethereum network, it is not centralised.
Buterin claims that these qualities make gold less desirable, but several crypto opponents countered that gold is superior since, unlike the Ethereum network, it is not centralised.
Decentralized Money Issuer
After tweeting that cryptocurrencies are a better investment than gold, Vitalik Buterin, the co-founder of the Ethereum blockchain, entered the argument between the two. Buterin criticises author Zach Weinersmith's claim that gold is compatible with the positions taken by crypto fans in his tweet from October 26, 2022.
The only substantive argument put forth by crypto supporters is their request for a decentralised money-issuing authority, as Weinersmith indicated in a tweet on the same day. Even Nevertheless, the author questioned why gold, with its benefits and traits, is not promoted as a fix.
However, in rejecting Weinersmith's proposal, the co-founder of the Ethereum blockchain reminded the author of the crucial areas in which the precious metal appears to fall short. He stated:
Extremely inconvenient is gold. It's challenging to use, especially when dealing with shady characters. Safe storage solutions like multi-sig are not supported. Cryptocurrencies are currently more widely adopted than gold, making them the safer investment.
However, both critics and supporters of cryptocurrency immediately reacted to Buterin's curt reply to Wienersmith's initial remark on Twitter. According to Hayden.eth, a user, mining for asteroids poses the additional risk of massive, centrally controlled inflation for gold.
Bitcoin Isn't Tangible Like Gold
However, given the recurring allegations that show only a small number of people are in control of the chain, Twitter user Golden Knight seemed to doubt the Ethereum blockchain's decentralised credentials. The user claims that having a blockchain controlled by a small number of people could result in them "getting control over the transactions worldwide."
One gold advocate seems to question the wisdom of utilising digital currency in a time when power outages are common. The user claims that gold is a superior substitute because it is tangible in contrast to cryptocurrency.
Self-described "optionality maxi" and Twitter user Levraham Spreadsmith seemed to have used a modified version of Buterin's tweet to attack the Ethereum blockchain.
Extremely inconvenient is Ethereum. It's challenging to use, especially when transacting. Similar to stainless steel, it cannot be manufactured into a water bottle. Spreadsmith suggested that stainless steel is the superior option at this time since it is more widely used and has a higher market valuation than ethereum.
The user continued by listing many businesses where stainless steel is frequently utilised but where the Ethereum blockchain is not required.
