The narrative war between Ethereum and Bitcoin is nothing new. However, Dennis Porter, CEO of the Satoshi Act Fund, issued a chilling warning to the leading altcoin Ethereum community. Porter believes the current cycle is Ethereum’s last cycle as the second largest cryptocurrency. Here are the details…
Denis Porter warns about leading altcoin ETH
Dennis Porter is an advocate of the Bitcoin ecosystem and proof-of-work consensus mechanism. It also makes a vital contribution to Bitcoin policy advocacy. Porter states that Vitalik Buterin has had the opportunity for years to prove the viability of Ethereum. However, according to the CEO, the Ethereum founder failed to provide a reasonable value for Ethereum. He believes that multiple Blockchains can contribute similarly to Ethereum. On the other hand, he claims that Bitcoin has no competitors as a store of value.
The long-running war between Bitcoin and Ethereum continues to exist. However, according to some, this war became even more intense after the merger. cryptocoin.com As we reported, the merge shifted Ethereum’s consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). Proponents of Ethereum argue that the energy consumption of PoW makes it unsustainable. Indeed, many activists argue that the Proof-of-Work consensus mechanism should be banned because of its energy consumption.
PoS poses a problem for some
On the other hand, the Bitcoin community claims that Proof-of-stake has potential issues with centralization. Indeed, after the merge, the two largest validators, Lido and Coinbase, did the majority of the block validation. Moreover, Bitcoin maximalists argue that Ethereum has a negative reward structure that will create problems in the long run.
Jack Dorsey, the founder and former CEO of Twitter, 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 Cryptocurrency. He claims that Ethereum is secured with $20 billion and Bitcoin with $700,000.
Will Bitcoin dominance continue?
Experts feared that after the Ethereum merger, Bitcoin would lose its dominance in the market. But so far, Bitcoin remains strong against many of its competitors. Bitcoin currently owns 38.8 percent of the global crypto market. In addition, the value of BTC is changing hands at $ 19,378 with an increase of 3.4 percent. The cryptocurrency ranks first with a market cap of $371 billion. Ethereum, on the other hand, is up 3.2% and is changing hands at $1,332. The total market capitalization of ETH is close to $160 billion.
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