Jack Dorsey and Vitalik Buterin war of words about cryptocurrencies

 Jack Dorsey thinks Ethereum has a "failure point", while the father of this blockchain platform Buterin criticized the Twitter founder's ambitions with Bitcoin.


Vitalik Buterin, 26 years old, is the founder of Ethereum - one of the most popular blockchain platforms today. Meanwhile, Jack Dorsey, 46, is the co-founder of Twitter. Late last year, he resigned as CEO of this social network to focus full time on Block, invest in cryptocurrencies and have a special interest in Bitcoin.

Over time, the two still support and often talk about cryptocurrencies, as well as rarely criticize each other. However, over the past year, things started to change.

Jack Dorsey (left) and Vitalik Buterin. Photo: Reuters/Das Magazin
Jack Dorsey (left) and Vitalik Buterin. Photo: Reuters/Das Magazin

In 2012, Buterin along with several founding members of Bitcoin Magazine. For many years, this was the channel he often used to support Bitcoin. However, he began to be cautious with this cryptocurrency in the middle of last year.

Buterin said that mining Bitcoin and Ethereum is increasingly difficult and energy-intensive, requiring more efficient machines. According to him, Ethereum is starting to get ahead and "leave Bitcoin behind" thanks to a new Proof-of-Stake mining mechanism called The Merge to replace the proof-of-work (Proof-Stake) mechanism. of-Work).

"If Bitcoin just sticks with its technologies as it has always been, the risk is huge that it will soon be left behind," he told CNN in May 2021.

Just a month later, Dorsey fired back, sparking an argument between him and Buterin. The creator of Twitter thinks that Bitcoin is the king of digital currencies, and rejects other coins like Ethereum or Dogecoin - the token loved by his friend Elon Musk.

"For me, all the other cryptocurrencies have no effect. Bitcoin will be the thing that I'm most focused on all my life. I've never bought Ethereum," Dorsey said.

On Twitter, he described Bitcoin's white paper as "a poem". When rapper Cardi B asked if cryptocurrencies would replace the dollar, he replied: "Bitcoin is the only digital currency that will be accepted in the future online."

Dorsey's reaction attracted much attention at the time. A Twitter account asked him if he was "hating" Ethereum, Dorsey quickly denied: "Focusing on one thing is not hating on the other. I care about Bitcoin and ignore other cryptocurrencies because of that factor. on its founding principles, security and decentralization".

Even so, Dorsey has repeatedly commented publicly against Ethereum since then. According to Business Insider, this made Buterin "hot face".

In August 2021, Dorsey announced that Block (formerly Square) would establish a Bitcoin-centric cryptocurrency exchange called TBD. Buterin expressed skepticism about the project, arguing that Bitcoin's blockchain technology is flawed in serving as the backbone of the entire DeFi ecosystem.

“I doubt the Decentralized Finance (DeFi) model on Bitcoin, especially the support for flexible smart contracts to handle unusual nodes when transacting,” Buterin told Bloomberg. "Bitcoin hasn't done as well as Ethereum in such smart contracts, so Dorsey will have to build a new system. Even when completed, the system will have a very weak level of trust."

In fact, Buterin's Ethereum blockchain is considered an easy-to-use network for building decentralized applications, creating new tokens, and supporting NFT. In contrast, Bitcoin is the largest cryptocurrency in the world by market capitalization but has a limited role, mainly supporting sending/receiving several cryptocurrencies.

In October 2021, Dorsey even shared a tweet saying Ethereum is a scam from a user on Twitter. He later asserted "no mistake" about this content.

Late last year, an Ethereum developer expressed his desire for Dorsey to switch to supporting diverse blockchain platforms, but he immediately refused. "I trust you and your ability to understand the system. But what's important is that we want a technology that is truly secure and owned by many people, not an individual or organization as you allude to. ", Dorsey replied.

Most recently, Dorsey continued to have criticism aimed at Ethereum. When a blockchain company, whose platform runs on Ethereum, asked the Twitter founder for a partnership to promote the business, he took the opportunity to poke fun at Buterin's platform.

"If you're building a system on top of Ethereum, you're dealing with at least one failure, if not a lot. To me, it's not exciting," Dorsey replied.

According to Business Insider, Dorsey's long-standing hatred of Ethereum has put him in opposition to Buterin. This page believes that the problem will not stop and the two will have more and more critical messages aimed at each other in the future.
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