Satoshi Fund CEO Issues Serious Warning For ETH

The CEO of Satoshi Act Fund, Dennis Porter, noted that Vitalik Buterin had years to show Ethereum's usefulness. However, Porter believes that ETH's tenure as the second largest cryptocurrency is coming to an end.

29-Sep-2022 By: Divya Behl

The narrative battle between Ethereum and Bitcoin is nothing new.

However, Dennis Porter, the CEO of Satoshi Act Fund, has a chilling message for the Ethereum community. Porter believes that Ethereum's tenure as the second largest cryptocurrency is coming to an end.

Porter is a supporter of the Bitcoin ecosystem and the Proof-of-work consensus method. He also plays an important role in Bitcoin policy advocacy.

According to Porter, Vitalik Buterin had years to show Ethereum's usefulness. However, the Ethereum founder failed to give any real value to Ethereum. He believes that various blockchains may contribute to Ethereum in the same way. Bitcoin, on the other hand, has no rival as a store of value.

Bitcoin vs. Ethereum

The long-running battle between Bitcoin and Ethereum continues. However, following the merge, this battle became much more heated. The merge shifted Ethereum's consensus mechanism from PoW to PoS. Ethereum supporters argue that the PoW's high energy consumption renders it unsustainable.

Indeed, many activists argue that the Proof-of-work consensus mechanism should be prohibited due to its high energy usage.

On the other side, the Bitcoin community claims that Proof-of-stake has potential centralization concerns. Indeed, the two largest validators, Lido and Coinbase, conducted the majority of block validation after the merge. Furthermore, Bitcoin maximalists argue that Ethereum has a negative reward structure, which will create problems in the long run.

Twitter founder and ex-CEO Jack Dorsey has advised the Bitcoin community to brace itself for a narrative war with Ethereum. Similarly, Shegen, a Solidity developer and Ethereum influencer, believes that Ethereum is secured by $20 billion whereas Bitcoin is secured by $700,000. She was referring to the cost of a cryptocurrency network attack.

COINGABBAR VIEWS: Experts predicted that following the successful completion of the Ethereum merge, Bitcoin will lose its market supremacy. However, Bitcoin has so far held strong against its numerous competitors. Bitcoin currently holds 38.8% of the worldwide crypto market valuation.

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