Fans of the two top projects by market capitalization – Bitcoin (BTC) and Ethereum (ETH) – are well-known rivals, occasionally turning enemies, but continuing the same fight over the two’s differences for what might be too long at this point.
The latest round of arguments and accusations begun with a tweet by Adam Back, CEO of Canada-based blockchain technology firm Blockstream and a major Bitcoin supporter, in which he places Ethereum among projects he finds to be scams – and some that are proven to be scams. These include a Ponzi scheme Bitconnect, the inventor of the said type of scheme, Charles Ponzi, even Cardano (ADA), Stellar (XLM), and XRP.
For several years now, Back’s go-to argument against Ethereum seems to have been “70% pre-mined [coins],” meaning that the majority of the tokens were created and available to the founders before it was launched to the public.
The reaction to this was pretty expected by now:
— ＢＵＲＮＩＮＧ ＦＯＲＥＳＴ (@Burning_Forest) August 6, 2020
Vitalik Buterin, co-founder of Ethereum, tweeted in defence of the network and the coin, saying that BTC maximalists such as Back are on the wrong side of history. He added that Back is calling ETH a ponzi “because we don’t fully subscribe to his ideology regarding proof of stake, premines and the like.”
Vitalik be like:
“Enough of that old tired propaganda about ETH being a scam. We’re working hard on the tech here.” pic.twitter.com/6iCIrKta89
— grubles (@notgrubles) August 6, 2020
Meanwhile, the Bitcoin dominance, or the percentage of the total market capitalization, stands at 60% today, compared with Ethereum’s 12%.
At pixel time (11:22 UTC), BTC trades at USD 11,701 and is up by 2% in a day and 7% in a week. The price is also up by 26% in a month and 1% in a year.
At the same time, ETH trades at USD 395 and is unchanged in a day, while rising by 24% in a week. It also rallied by 66.5% in a month and 75% in a year.
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