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Support CenterNews‘Many Single Points Of Failure’—Twitter Founder Jack Dorsey Issues Stark Ethereum Warning Amid Price Volatility
‘Many Single Points Of Failure’—Twitter Founder Jack Dorsey Issues Stark Ethereum Warning Amid Price Volatility
2022/04/24 22:34:15

Jack Dorsey, the Twitter cofounder who quit the company to transition his payments company Block towards bitcoin, has developed a reputation as a so-called bitcoin maximalist—regularly trashing ethereum and other similar cryptocurrencies.

The ethereum price has swung wildly over the last year but it's up by around 30% compared this time last year, leaving bitcoin and many other major cryptocurrencies in the dust even after a radical ethereum upgrade was again delayed.

Now, Dorsey has made a scathing attack on ethereum, warning it "has many single points of failure" and calling ethereum-based projects "not interesting."

"If you’re building on ethereum you have at least one, if not many, single points of failure and therefore not interesting to me," Dorsey said via Twitter in response to a post from Deso, a crypto-based social network formerly known as BitClout.

Earlier in the thread, Dorsey said he doesn't "believe any individual or institutions should own social media, or more generally media companies" and they "should be [based on] an open and verifiable protocol."

The debate was sparked by a tweet from Vitalik Buterin, an ethereum cofounder and the project's spiritual leader, who was weighing in on Elon Musk's attempted takeover of Twitter.

"Don't oppose Elon running Twitter (at least compared to status quo)," Buterin posted, adding he didn't like the idea of wealthy people, organizations or governments buying social media companies. "Same," Dorsey replied.

Last year at the Bitcoin 2021 conference in Miami, Dorsey said, "bitcoin absolutely changes everything," adding, "I don’t think there’s anything more important in my lifetime to work on." Speaking before he quit Twitter, he said, "If I were not at Square [now Block] or Twitter, I would be working on bitcoin."

Ethereum and similar smart contract blockchains, including its biggest rivals BNB, solana, cardano and avalanche, stand apart from bitcoin despite being based on similar technology. Bitcoin, with its finite supply of 21 million coins and focus on decentralization, has developed a reputation as "digital gold," while ethereum and others are trying to build the foundations of a blockchain-based internet—something that's become known as web3.

Dorsey, who has said Block will never invest in ethereum, has previously criticized the idea of web3, claiming it's overly reliant on venture capital cash and not owned by "the people."

"I’m officially banned from web3," Dorsey posted to Twitter in December last year in response to being blocked by renowned venture capitalist Marc Andreessen, a prominent web3 investor.

(Article Courtesy of Forbes

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