Famous CEO Issues a Chilling Warning for This Altcoin!
The narrative war between Ethereum and Bitcoin is nothing new. But Satoshi Act Fund CEO Dennis Porter has issued a chilling warning for the leading altcoin Ethereum community. Porter believes that the current cycle is Ethereum's last cycle as the second largest cryptocurrency. Here are the details...
Denis Porter warns for leading altcoin ETH
Dennis Porter is an advocate of the Bitcoin ecosystem and the proof-of-work consensus mechanism. He is also a vital contributor to Bitcoin policy advocacy. Porter notes that Vitalik Buterin has had years to prove the usability of Ethereum. However, according to the CEO, the Ethereum founder has failed to provide a reasonable value for Ethereum. He believes that multiple blockchains can contribute to Ethereum in a similar way. On the other hand, he claims that Bitcoin has no competitor as a store of value.
The long-running battle between Bitcoin and Ethereum continues to exist. However, according to some, this war has intensified even more after the merge. As Kriptokoin.com reported, the merge shifted Ethereum's consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). Ethereum proponents claim that PoW's energy consumption makes it unsustainable. Indeed, many activists claim that the Proof-of-Work consensus mechanism should be banned due to its energy consumption.
PoS creates problems for some
On the other hand, the Bitcoin community claims that proof-of-stake has potential problems with centralisation. Indeed, after the merge, the two largest validators, Lido and Coinbase, performed the majority of block verification. Moreover, Bitcoin maximalists claim that Ethereum has a negative reward structure that will create problems in the long run.
Twitter founder and former CEO Jack Dorsey warned the Bitcoin community to prepare for a narrative war with Ethereum. Similarly, Solidity developer and Ethereum influencer "shegen" talked about the cost of a network attack on the cryptocurrency. He claims that Ethereum is secured with $20 billion while Bitcoin is secured with $700,000.
Will Bitcoin dominance continue?
Experts feared that Bitcoin would lose its market dominance after the Ethereum merge. But so far, Bitcoin remains strong against many of its competitors. Bitcoin currently holds 38.8 percent of the global crypto market. In addition, the value of BTC is changing hands at $ 19,378, an increase of 3.4 percent. The cryptocurrency ranks first with a market cap of $371 billion. Ethereum, on the other hand, rose 3.2 percent and is changing hands at $1,332. ETH's total market capitalization is close to $160 billion.
Source: Coingape
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