The Ethereum blockchain co-founder, Vitalik Buterin, insisted in a recent tweet that crypto is a better bet than gold, which is not only inconvenient, but difficult to use as well. While Buterin asserts that such characteristics make gold less appealing, some crypto opponents argued that gold is better, because unlike the Ethereum blockchain, it is not controlled by only a few entities.
decentralized issuer of funds
Ethereum blockchain co-founder, Vitalik Buterin, joined the crypto-vs-gold debate when he posted a tweet suggesting the former is a better bet than the precious metal. In his October 26, 2022 tweet, Buterin outlined author Zach Weinerssmith’s claim, implying that gold fits in well with what crypto enthusiasts are advocating for.
As suggested by Weinersmith in his tweet posted on the same day, the only meaningful argument put forward by crypto advocates is their call for a decentralized money-issuing authority. Still, the author wondered why gold, given its qualities and characteristics, is not being touted as a solution.
However, opposing Weinersmith’s suggestion, the Ethereum blockchain co-founder reminded the author of key areas where the precious metal seems to be undervalued. He Told,
Gold is incredibly inconvenient. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multi-sig. At this point, gold has less adoption than crypto, so crypto is the better bet.
Meanwhile, Buterin’s brief response to Wienersmith’s initial tweet sparked an immediate reaction from both crypto opponents and advocates on Twitter. A user named Hayden.eth argued that “gold also carries the risk of heavy centrally controlled inflation due to asteroid mining.”
Crypto Not Tangible Like Gold
However, Twitter user Golden Knight appeared to question the Ethereum blockchain’s decentralization credentials, given the ongoing reports which suggest that only a few parties are controlling the chain. According to the user, having few parties controlling a blockchain potentially means they “could get control over the transactions worldwide.”
A proponent of gold questioned the wisdom of using digital currencies in an era of power shortages. According to the user, gold is a better option because unlike crypto, it is tangible.
Twitter user Levraham Spreadsmith, a self-proclaimed “optionality maxi,” appeared to use a reworked version of Buterin’s tweet to attack the Ethereum blockchain.
“Ethereum is incredibly inconvenient. It is difficult to use, especially when transacting. It cannot be made into a water bottle like stainless steel. At this point, Ethereum has less adoption and less than stainless steel.” There’s a market cap, so stainless steel is the better bet,” argued Spreadsmith.
