Vitalik Buterin Calls Bitcoin SV a “Dumpster Fire,” Says He “Doesn’t Believe in PoW”

Vitalik Buterin, whose opinions on Twitter always interest the crypto community, recently engaged in a discussion that touched on both Bitcoin and its controversial off-shoots, Bitcoin Cash (BCH) and Bitcoin SV (BSV).

Buterin sparked a conversation on Twitter in recent days, with him and others debating the advantages of the Proof-of-Work and Proof-of-Stake algorithms, as well as scaling. Several crypto enthusiasts joined the debate and offered their thoughts on the matter.

Buterin did not hold back in his criticism for Bitcoin SV, calling it a “dumpster fire.” The blunt description of the network follows a line of unfavorable comments made by the Ethereum founder.

While he does not agree with Bitcoin’s roadmap or the PoW consensus, he thinks the Lightning Network is “cool tech”:

In another tweet, Buterin said that “he doesn’t believe in Proof-of-Work.”

Ethereum has been working towards shifting its protocol to Proof-of-Stake, a much anticipated change that has been delayed. The PoW consensus is resource-intensive and lends itself to being monopolized by a few mining pools with the equipment required to mine increasingly time-consuming blocks.

Last year, Buterin received some flak for “shilling Bitcoin Cash”, though in actuality he simply praised the project for realizing a vision that they believed was the right path for an electronic cash mechanism.

The Bitcoin Cash Controversy Rages On

In mid-November, Bitcoin Cash hard forked into Bitcoin Cash ABC and Bitcoin SV. In doing so, it riled up the market and caused much division in investor’s hopes, who were split in their support for the 2 forks.

Many investors share Buterin’s sentiment on Bitcoin Cash, and others partially pin some of blame on their hard fork for the market’s worst bear run in some time.

Bitcoin Cash and Bitcoin SV have had a tough time in the markets since the fork. The former is currently trading at $170 while the latter is trading at $93.

Though the split has undoubtedly caused rifts, there is still a good deal of support behind both projects.

Meanwhile, as those 2 projects go their separate ways in determining scaling solutions, Ethereum has been working towards refining its own platform. The solution, called sharding, has been scheduled for release in 2020.

Buterin himself has recently invested in start-ups that are working on technical solutions for the project.

5 Comments

  • Daniel
    Posted December 27, 2018 3:46 pm 0Likes

    Hey, Abhimanyu. The title of your article is an outright lie. As you can see in his tweet, he was talking about B-SV, not Bitcoin Cash. Whether clueless or intentionally dishonest, you are a terrible journalist. Clean up your act or no one will take you seriously.

    • Abhimanyu Krishnan
      Abhimanyu Krishnan
      Posted December 27, 2018 3:51 pm 0Likes

      Correct, it was an honest mistake. Thank you for pointing that out. I’ve made the correction.

      • Daniel
        Posted December 27, 2018 4:56 pm 0Likes

        I shouldn’t have been so impolite. It’s just that there are a lot of people who will try to intentionally discredit BCH. Thank you for making the correction.

        • Abhimanyu Krishnan
          Abhimanyu Krishnan
          Posted December 27, 2018 5:03 pm 0Likes

          I understand, and thank you. What with how easy it is for misinformation to spread, it’s doubly important that information is correct and unambiguous.

          Once again, thanks for pointing it out!

  • Nick
    Posted December 28, 2018 12:47 am 0Likes

    Thank you for fixing the aritcle

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.