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Categories: What Bitcoin Did

What Bitcoin Did #61 Tuur Demeester's Bearish Case for Ethereum

Published on January 4th, 2019 by DSholla

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“With Ethereum there is a culture of recklessness and not keeping to promises.”

— Tuur Demeester

Interview location: Skype

Interview date: Sunday 30th Dec, 2018

Company: Adamant Capital

Role: Founder/CEO

What is Ethereum? Is it money? Is it a platform for building decentralized applications? Is it a world computer? Is it all of this?

The bull run of 2017 was kind to Ethereum, ICO mania led to the issuance of countless tokens, and the price rose from $9 to nearly $1,500 in January of ‘18. But there are dark shadows over Ethereum: scammers have exploited the platform, unregistered securities have been issued, and the promise of a new wave of decentralized applications has not materialized, either project have not shipped or proven to have little to no demand.

Further, the DAO hack placed many questions over the immutability of the Ethereum blockchain, hundreds of millions of dollars in value was frozen with the Parity multi-sig hack and there are serious questions over whether it is decentralized, whether it can scale and the implementation of proof of stake.

Bitcoin itself has faced many challenges and criticisms, so is it right to directly challenge the direction Ethereum is taking and the community or does it deserve patience and time to deliver an alternative to Bitcoin?

In this interview, I talk to Tuur Demeester about his recent Tweetstorm breaking down why he is so against Ethereum. We discuss the culture of the developer community, reckless approaches to security, risks for investors and the challenges Ethereum faces with scaling and moving to proof of stake.

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