Ethereum Creator Vitalik Buterin Addresses ‘Classic’ Blockchain
Mr and Mrs Ethereum have announced that they are getting a divorce.
Much was made about Bitcoin’s inability to get its house in order over the blockchain sizing debate, however, with Ethereum’s DAO now looking like a Dysfunctional Autonomous Organisation, Bitcoin is suddenly looking like a well run FTSE 100 company by comparison. Okay, that may be stretching things a little. Bitcoin still doesn’t have its house in order over the block size debate but Ethereum by comparison is a teenage house party that has been advertised on Facebook and now has hundreds of uninvited guests spilling beer on the sofa and vomiting on the carpet. The Bitcoin brigade are eating cucumber sandwiches while Ethereum revelers stub out cigarettes in plant pots and stealing the family jewellery. But hey, once the party is over and the hangover has subsided, perhaps we can pretend that it was all just a bad dream. We can rewind the clock and pretend it didn’t happen. Alas, we can create a hard fork, but no amount of scrubbing and cleaning will remove those vomit stains and the fact Mrs Ethereum’s pearl necklace was returned after it got stolen still doesn’t erase the fact it happened. The pearls are slightly tarnished now. And just as we are waiting for the parents to come back from holiday to restore some order and clean up the mess, Mr and Mrs Ethereum announce they are getting a divorce. Or at least splitting up to live their own lives.
So, what does all of this mean for Bitcoin and for ‘rival’ altcoins in general?
It’s long been CoinCorner’s view that altcoins are just that – an alternative. Certain people will always like an alternative to the mainstream, but we always ask ourselves the same question: what are these coins actually offering that Bitcoin is not, or could not? The answer is typically nothing much. This is why, as a business, we have chosen to hang our hat on Bitcoin. When some of our competitors decided to strategically distance, or dare we say disguise, their involvement with Bitcoin (Uphold, Circle and others) in order to chase mainstream investment, little old CoinCorner stayed right in Bitcoin’s corner (apologies for that small pun).
After an initial period of self denial, Coinbase eventually came out all guns blazing and proudly announced that their new strategy was 100% focused on Bitcoin. So why then, a few weeks later, do we receive an email from them (yes, we have accounts there too so that we can keep an eye on the noisy neighbours for the benefit of our own more discerning customers!) stating: “Coinbase adds support for Ethereum”.
It struck us as slight odd as well, especially given the timing – right in the middle of Mr & Mrs Ethereum’s messy divorce. Now, we all love a good conspiracy theory so we set to work looking for possible answers. If you believe anything that is written on the web, the three reoccurring reasons you’ll find for Coinbase adding Ethereum are:
1. They are in bed with the Ethereum Core team
2. They are desperately looking of additional revenue streams
3. They admire the Etherum’s technology and want to do the blockchain community a nice favour by promoting Ethereum.
None of these three points are ‘news’ as such, so we don’t have a view on them. Feel free to make your own views of course.
So what does this mean for Bitcoin? Well, as the bell rings for the start of round 3, Etherum has a bloody nose and Bitcoin is leading on points.
And what does this mean for CoinCorner? Just think of Rocky II, CoinCorner is Apollo Creed, Bitcoin’s (or Rocky’s) expert in the corner.
Disclaimer: The views and opinions expressed here represent those of the contributor, not necessarily those of CoinCorner.
What does the future hold for Ethereum? Let us know your thoughts in the comments below…