Vitalik Buterin Says Crypto Is A “Better Bet” Than “Incredibly Impractical” Gold – Bitcoin News
Ethereum blockchain co-founder Vitalik Buterin insisted in a recent tweet that crypto is a better bet than gold, which is not only inconvenient but also difficult to use. While Buterin argues that such characteristics make gold less attractive, some crypto opponents argued that gold is better because, unlike the Ethereum blockchain, it is not controlled by just a few entities.
Decentralized issuer of money
Ethereum blockchain co-founder Vitalik Buterin waded into the crypto-versus-gold debate after he posted a tweet suggesting the former is a better bet than the precious metal. In his October 26, 2022 tweet, Buterin addresses author Zach Weinersmith’s claim suggesting that gold fits well with what crypto enthusiasts are advocating.
As suggested by Weinersmith in his chirping published on the same day, the only meaningful argument advanced by crypto advocates is their call for a decentralized money-issuing authority. Still, the author wondered why gold, given its qualities and properties, is not being singled out as a solution.
So the only argument I’ve heard about crypto that makes sense within the believer’s own framework is that they don’t want a centralized authority for money. But in that framework, why not just go with gold?
— Zach Weinersmith (@ZachWeiner) 26 October 2022
But pushing back against Weinersmith’s proposal, the Ethereum blockchain co-founder reminded the author of the key areas where the precious metal apparently falls short. He so:
Gold is incredibly impractical. It is difficult to use, especially when dealing with untrustworthy parties. It does not support secure storage options such as multi-sig. At this point, gold has less adoption than crypto, so crypto is the best option.
Meanwhile, Buterin’s terse response to Wienersmith’s initial tweet drew an immediate reaction from crypto opponents and advocates alike on Twitter. A user named Hayden.eth claimed that “gold also has the risk of major central inflation due to asteroid mining.”
Crypto not tangible like gold
However, Twitter user Golden Knight appeared to question the Ethereum blockchain’s decentralization credentials, given the ongoing reports suggesting that only a few parties control the chain. According to the user, having few parties controlling a blockchain potentially means they “can gain control over transactions worldwide.”
A supporter of gold appeared to question the wisdom of using digital currencies at a time of blackouts. According to the user, gold is a better option because unlike crypto, it is tangible.
Twitter user Levraham Spreadsmith, a self-proclaimed “optionality maxi,” appeared to use a reworked version of Buterin’s tweet to attack the Ethereum blockchain.
“Ethereum is incredibly inconvenient. It’s hard to use, especially when shopping. It can’t be turned into a water bottle like stainless steel. At this point, Ethereum has less usage and a lower market value than stainless steel, so stainless steel is the best the alternative,” argued Spreadsmith.
The user also went on to list industries where the ethereum blockchain is not needed, but where stainless steel is widely used.
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